| Topic Name: |
100 hours per week? |
| Message Name: |
Banking isn't for whimps |
| Date Posted: |
01/19/2000 |
| In Reply To: |
I'm a 2nd year law student from the best school in NY who has managed to get a job as a summer associate at a bulge bracket bank. I've been told I have a good chance of coming on permanently when I graduate, and also that I will work my ass off.
My questions: what will the workload/lifestyle/compensation (I know comp for this summer) be like as a summer and then as a 1st and 2nd year associate? I'm not entirely clueless but would appreciate more info. Am I likely to work as many or more hours as the abused analyst caste? What can I do to become more efficient (i.e. excel mastery etc.) so I don't have to work more hours than I need to?
Also, how does the workload/comp vary among sector groups and product groups; M&A, Corp Fin, and Lev Fin et al? Any advice for squeezing into the better sectors (eg Tech or Media/Telecom) w/o industry experience?
I'm not sure If there is a need for anonymity or vagueness re my future employer, but let's just say it's not GS, MSDW, or ML, but would be included in anyone's bulge bracket.
I would appreciate all kinds of advice. |
| Message: |
The most demanding lifestyle (next to an analyst of course) is that of an associate. As far as the hours required, M&A and CorpFin are killers. You'll work as much as an analyst, travel more, get shit on less -- as associates are usually the one's who do the shitting on, and get paid much, much more.
If you want the money with more perdictible hours and want to be in banking, you might consider S&T. As far as becoming more efficient in certian areas to reduce your time commitment. . . don't kid yourself. All of these guys who work 100 hr wks are proficient in all of these areas. If they weren't they wouldn't get the 2 hr of sleep they do now. You better be able to model in excel in your sleep.
IBanking (especially M&A and CorpFin) isn't for whimps. You will be pushed harder than you ever were at Cornell (or maybe it's Columbia). In my experience, the only way to survive and maintain your sanity, is to LOVE what you do.
If you like IBanking, M&A, etc. and want to practice law why don't you look into firms like Skadden, Arps, or Davis, Polk. Those guys do a ton of advisory work with all of the BB firms. You may only end up working 95 hrs a wk instead of 100. If your concerned with "quality of life" stay away from Wall Street, Finance, and Law.
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