<p>Everyone says that in the Ibanking field, you make a ton of cash. And yes you do make a ton of cash, however you are pulling off about 15 hour days as an associate and 18 hour days as an analyst. Plus you have to work on weekends, if not at least on saturdays. They make alot of money but rarely do they have time to spend it. Also, I heard landing a job isn't easy seeing how so many people pursue this job and there is alot of competetion. On top of that, it probably really screws your family over. Your kids mother/father is never around, and that usually causes them to become snobs. And your wife/husband would be pretty lonely and may start to have an affair.</p>
<p>I apologize for listing so many negatives about Ibanking and not so much of the positives, however I don't know too many pluses about this job. Please don't get the wrong idea of me those of you who wish to pursue Ibanking, I too have thought about becomming one.</p>
<p>The reason I created this topic was not to sway people away from becomming an Ibanker, but to know why you chose this career, please respond openly.</p>
<ol>
<li><p>prestige and money factors: "although i'm busy, im rich and prestigious, girls fall for me coz i can buy them gucci bags, i can spend ridiculous money in bars, people respect me, i'm elite, the rest of society is trash."</p></li>
<li><p>exit opportunities: "i can work my ass off in ibanking for 3 years, and then switch to work at hedge funds where i don't do ***** work (less hours), and get paid even more."</p></li>
<li><p>passion: "i love to study markets and meet clients, it's so fun, it's my life."</p></li>
</ol>
<ol>
<li>exit opps. no one says you have to stay a banker forever. some do, but many do not. by putting in your 80-120 hour weeks for two years you show that you're an extremely capable worker who can do long hours and take pressure, it's good. think of it like boot camp. after a 2-3 year stint in IB if you're in a pretty good group within your bank you should have plent of exit ops.</li>
</ol>
<p>HF, VC, PE, and Corporate Development to name a few. Most of these require people with banking stints</p>
<p>Hmm, if after 2 years you switch to being a banker, how much money do they make? I realize that there are several diffrent types of bankers, but can you tell me the salary for several of them please?</p>
<p>wait that was stupid, as an Ibanker your already a banker, what I mean is when you switch to another company not as an Ibanker, but a diffrent type of banker</p>
<p>"1. prestige and money factors: "although i'm busy, im rich and prestigious, girls fall for me coz i can buy them gucci bags, i can spend ridiculous money in bars, people respect me, i'm elite, the rest of society is trash." "</p>
<p>haha, just because you have alot of money, doesn't meant your happy, you can be making millions but dread going to work everyday. Also, if your making 100K or more a year i'm pretty sure you can buy gucci bags :P</p>
<p>
[quote]
wait that was stupid, as an Ibanker your already a banker, what I mean is when you switch to another company not as an Ibanker, but a diffrent type of banker
[/quote]
</p>
<p>why do you care? your initial post makes it seem like you're pretty uninterested in it and then in post #6 you make it seem like money isn't a big deal.</p>
<p>First of all, I said i've researched Ibanking and came across more bad then good, I was hoping if I created this topic I may learn some more pros about it. And second, I never said money wasn't a big deal, I would like to make alot of money, and be happy with my job at the same time.</p>
<p>When I said with 100K + you can buy "guuci bags", I wasn't just referring to buying gifts for other women. I was also implying you can buy nice things for yourself as well.</p>
<p>Say for example you are an analyst for 2 years at an Ibanking company and then switch to being a banker, how much money would you make and how many hours a day would you have to work></p>
<p>well, considering that you would be ibanking about 8 years before you could become a full doctor, being an ibanker is more prestigious than being a presumable med school student.</p>
<p>ibanking is for money and connections. but hey, once you go there, maybe youll actually like it, in which case longer-term employees make more money at more reasonable hours. the crazy ibanking hours you hear about are only for the first two years.</p>
<p>While it is true that the hours in banking do decrease as one moves up, this needs to be qualified. The hours do decrease, but they are never "good", or normal, and moving up doesn't exactly happen to everyone, or even the majority of people in the industry.</p>
<p>^^^ it happens for everyone...but maybe not in the same firm...if a banker is not able to break to an upper level of the branch he might stick for an year or 2 but then move to another firm where he may get the same money but the position will be higher hence less work hours....some people also quit ibanking if they cannot make it up the ranks and find good jobs due to their banking experience...
The remaining are just plain crap who shouldnt be having dreams to make it big....coz you have to have talent and hardwork to make it big....</p>
<p>I wonder whether every doctor or consultant or any other professional would be guaranteed a move up the ladder...so its the same for banking...</p>
<p>Btw after u become an associate the hours go down to 15 a day...and eventually u will become a VP when the hours are manageable..so even if u dont move further up then still u work 9-10 hrs ( maybe more on some days)</p>
<p>I-banking is not neccessarily just IBD; people often use it to refer to Trading/Sales and quant research, which pay analysts almost as much, associates the same, and has more interesting work with 10 hour days</p>
<p>
[quote]
I-banking is not neccessarily just IBD; people often use it to refer to Trading/Sales and quant research, which pay analysts almost as much, associates the same, and has more interesting work with 10 hour days
[/quote]
</p>
<p>I'd disagree. I'd definitely make a distinction between I-Banking and trading. Traders are not bankers. I-Banking refers to working on the banking side. Now if you said I work at Goldman Sachs, that is a totally different thing. Then you could say I work at GS S&T or GS IBD.</p>
<p>As for your trading comments, I think the hours are more like 12 a day and only market days for the most part. Also, you say that traders make 'almost as much' depending on how your desk does in a given year, a trading analyst can make more than the banker. At the associate level a trader's pay should definitely be better, as long as their product is hot and they're performing well (after all, trading is eat what you kill)</p>