<p>KrazyK I private messaged you check your private messages.</p>
<p>when deals are close to being done, you pull all nighters. simple as that =)</p>
<p>Yeah, it's not uncommon for IBers to work from 6am to 3am - get a few hours of shut eye and then start over again. For a few days in a row. It's crazy.</p>
<p>It seems to me that a lot of the Ivy Leaguers who go into i-banking do not necessarily have burning love for the particular job, but instead have this incredible drive to accomplish and acheive. And what better place to do that than in investment banking? They may not love finance, but work in the field because of their motivation to become the best.</p>
<p>$100,000/52 weeks = $1923 a week. if u work 100 hours that comes out to $19.23 an hour.</p>
<p>Well in the end its not for everybody. I thought about it before but probably would not do IB. Youre basically a glorified slave laborer driven by a shallow sense of "moving up, moving up" like the carrot on a stick in front of the donkey to make it move. I mean, in the end, drive and desire are good qualities, but not if they waste away your life, especially your 20s. I mean, when you are a old fart with cash, it'll be pretty sad when you look back at it with regrets. </p>
<p>I mean, there are also a lot of other ways to make big money. IB is by no means a safe track, because not everybody even makes it up there to the vaulted VP or supervisor positions which is basically what everybody works for(if you knew you would be an analyst for the next 20 years, I doubt anybody would be motivated enough to keep working away their 20s). So if you really think IB is your calling in life, do it. But open your eyes because there are so many other better options out there and do not just settle for this supposedly "simple path to big bucks" that trap so many young people</p>
<p>Also, keep in mind being a IBanker won't really give you a good fame status because you won't have much time to know people outside of your workplace and society doesnt really look up to you in a sense they look to other professions such as doctors, athletes, etc. Basically the way I see it is that a lot of IBankers work away their life to get money--> use money to buy back loss happiness because of wasted time/bad relationships/ finding no meaning to life, feeling of emptiness inside etc --> repeat until they pass away like the rest of us</p>
<p>I mean, admit it, money is the reason you go into this profession. Having a love of financial models will only make swallowing the bitter pill better. If you take away the money factor, its basically a glorified sweatshop. I mean the only time you can relax(relatively speaking) is after your youth and vigor are gone, but maybe then you will still need more money, more bonuses, more models. You'll be having visions of financial models while lying on the deathbed ... </p>
<p>Just trying to show the other side of this. Not everybody will be this burnt out, but make no mistake you will feel the burn and this is why a lot of people break down. Basically if you want to succeed in this profession you always have to look into the future, telling yourself it will get better, etc, all this hell right now is not so bad, until you get to the point when you realize you are gettingtoo old and you realize you dont have much time left to keep up, and then another young man will eventually take your place and it starts all over again. Money does fuel this engine</p>
<p>What Agrophobic said is true, but keep in mind that most people don't stay in ibanking, nor plan to when first accepting the job. Ibanking is probably the quickest way to learn about the world of finance, and after getting the experience, you have a multitude of opportunities that no other profession would have. Although if you don't like finance, you're screwed.</p>
<p>Ya Im definitely not planning to stay in IB, but just to do it for the experience and opportunities.</p>
<p>What Do people do if they don't stay with ibanking? Im still learning so there are still stuff I dont know</p>
<p>
[quote]
I mean, admit it, money is the reason you go into this profession.
[/quote]
This is could be said for any other "high prestige" profession such as doctors and lawyers. Sure you actually may like the idea of saving somebody in the ER or defending someone in a case, but at the end of the day its money. Why else would someone pay six figures to go to law/medical school, and study their butts off?</p>
<p>
[quote]
What Do people do if they don't stay with ibanking? Im still learning so there are still stuff I dont know
[/quote]
Private Equity, Hedge Funds, Consulting, get their MBA, work in the corporate sector, the options are endless...</p>
<p>leo,</p>
<p>boiler room was indeed about stockbrokers. as a matter of fact, it was about a group of guys who sold/traded fraudulent shares. the same as investment banking except they sold to regular folk, not big corporations. either way, same basic idea. i dont think we need to get too technical with terms like investment banking ;)</p>
<p>
[quote]
i dont think we need to get too technical with terms like investment banking.
[/quote]
If you would have related stockbrokers to financial advisors, I would have agreed with you. However, there is a big difference between stockbrokers and Investment Bankers.</p>
<p>Well, funny as it is, I'm not entirely sure what a stockbroker does. So, what is the big difference between a stockbroker and say, a salesperson at an investment bank?</p>
<p>Interesting numbers tim2286. $20/hr. Hmm.........</p>
<p>^um I dont know where you guys are getting your information but according to the vault reports corporate finance/ M&A bankers made more than 100k last year and this year is supposed to be even better for bonuses. so its actually more like $28 an hour.</p>
<p>60k base/10k sign on/60-80k year end bonus =130k-150k first year out
150k/52 divided by 100 hours a week(its probably more like 90 something on the average but w/e).....which equals $28.</p>
<p>The average 1st year salary is nowhere close to 130-150k, even at top banks. I don't know why people think that much straight out. 2nd and 3rd year maybe, but at a bulge bracket the salary is much closer to 100-120k, with boutiques paying lower.</p>
<p>dpa38d2u,</p>
<p>the average first year salary IS that much from what i have heard from friends and acquaintences. even 2 of my buddies from cornell got total first-year compensation of about $140,000 each, and cornell is not even considered as elite as harvard or princeton around the recruiting circles.</p>
<p>wall street is hot right now, and although im sure those two guys will be working back-breaking hours at their new jobs this fall, first-year pay for i-banking analysts seem to be around that figure.</p>
<p>^ No you got it wrong.</p>
<p>First of all, banks don't pay based on pedigree. A guy from Harvard is not going to get a bigger salary than a guy from a non-target, since both can negotiate their salary if they get hired. And furthermore, the majority of your income is determined by your bonus. Saying that Oh my friends went to Cornell so other people got more is just wrong...</p>
<p>Second, no, banks don't pay 1st years on average 140k. Maybe your two friends got more than the average, or more likely they are exaggerating their figures. Also, that might be including relocation bonuses and such, or maybe the entire benefits package as well.</p>
<p>Thirdly, last year was a phenominal year for ibanks, and don't expect to maintain that average. Sure it might go up, but it could be a down year as well.</p>
<p>There is very little exit strategy with Sales and Trading, because it's so specialized. But if you are good, that's where the money is, but M&A is good too. Many people in S&T have ventures outside of work.</p>
<p>I am a veteran - over 20 years in IB, from research, finance, structuring then to IT. It's a love and hate relationship. It's not always about money. It's the pace and the kind of people you get to work with. In IB, people tend to think faster and everything gets done a lot faster. I have tried to move to commercial bank, but after 6 months I left because of the pace. When I interview people, I can quickly see whether the person has it or not. You can strike a balance between work and family (I am a mom with 2 teenagers). I now have people that can finish work after I leave for home. I average about 50 to 60 hours, no more weekends. That being said, I do sleep with my Blackberry next to my bed because after all we are global now.<br>
IB takes strong personality and harwork. It is also very gratifying. There is no other business that would allow 25+ year old to make millions $ commitment on behalf of a firm. I would encourage my kids to work on the Street for 5-10 years then go off on their own after that. It's a great training ground. You grow up very fast. I would encourage you to do internship (even without money) while you are in school to see if you are suited for IB.</p>
<p>''can quickly see whether the person has it or not." Can you elaborate a bit more on this. What signs do you look for?
Also, thats amazing that you now only have to work 50-60 hrs/wk...im assuming your at least a VP? Thank You</p>