<p>^Thanks for that post.</p>
<p>Do iBankers work 80+ hours even after a few years? Or is it that many hours for the beginning?</p>
<p>My dad is an MD for GS and he looks like he's 50 when he's in the early 40s. But that probably is worth it when you're driving a Modena and owns a couple more cars. Though I wouldn't wanna be like him when I grow up, its very stressful he tells me.</p>
<p>your hour's won't go down until you are VP/MD. vps are on the road more than they work in office associate/analyst will be the ones working 90+ hour weeks</p>
<p>So how long will it take when I can be working 30-40 hours a week and can spend time with my family and go on vacations and stuff?</p>
<p>Retirement?</p>
<p>How do investment bankers have children and families when working so much?</p>
<p>Never. I don't think you can ever work 30-40 hours a week in an IB position. Unless, of course, you're in operations. Which is a different can of worms I will NOT open here.</p>
<p>If I looked 50 when I was 40, I'd spend SO much money trying to make myself look younger....</p>
<p>You should read the book, Monkey Business: Swinging Through the Wall Street Jungle. It is cowritten by John Rolfe and Peter Troob. Basicaly, it is just the anecdotes of two former ibankers, but it is funny and informative about what an associate really does.</p>
<p>I really don't think that I should go into this iBanking. I mean, it's not that I can't work hard but I don't want to be working 80+ hours until I'm I'm 40-50. I mean, I do plan on having a family and stuff.</p>
<p>That's no longer a problem, ever since man invented boarding school.</p>
<p>huh?...........</p>
<p>Indeed. Plus you aren't going to want to see your wife at all after a few years so it works out pretty conveniently.</p>
<p>lol luminaire</p>
<p>
[quote]
Never. I don't think you can ever work 30-40 hours a week in an IB position. Unless, of course, you're in operations. Which is a different can of worms I will NOT open here.
[/quote]
</p>
<p>just to clarify, true you won't likely to ever have 30-40 hour weeks , but MDs have slight more control over their lives (when hey work / doesn't). the youngest MD I've met reached MD within 6 years of getting the position, starting at analyst and skipping b-school. he reached MD in early 30s. and challenged us to beat his record...-.-''</p>
<p>o yea.. and operations don't have 40 hr weeks either depends which department you are in, if you work for any of the bulges, your hour can easily become 9-7, 8-6.. etc (although it goes down as you gain seniority</p>
<p>^^^Wait, so they MD person went from analyst straight out of undergrad to MD within 6 years and no MBA?</p>
<p>Wow</p>
<p>It happens, but it is rather rare.</p>
<p>The youngest Goldman Sachs Partner Managing Director ever, Eric Mindich, achieved the position at the age of 27</p>
<p>Some questions. MD's....how much would they work and what are their salaries and job responsibilities??</p>
<p>Also, what is "operations"??</p>
<p>ALSO, let's say I get into Merrill Lynch for example as an analysist...going from their to MD is basically how well you work. Once I get a job there, all promotions and everything is based on how I work and perform, my college/major/etc don't effect anything once I get the job?</p>
<p>mmm, money</p>
<p>Just curious, but how in the world did Eric Mindich manage to pull off something like that?</p>
<p>kyzan,</p>
<p>Mindich worked for J.Aron, which was a commodities firm owned by Goldman Sachs, for MULTIPLE summers during his time at Harvard.</p>
<p>When he graduated, people at Goldman Sachs pleaded with him to work there full-time, and he quickly rose through the ranks (since S&T is less hierarchical than IBD) -- he was just that much of a whiz kid.</p>
<p>Mindich worked in risk-arbitrage and when the head was promoted to an executive position, he took over and expanded the business in a time when the risk-arb market was shrinking.</p>
<p>Goldman Sachs saw his value and quickly gave him PMD. The rest is history.</p>
<p>He runs a multi-billion dollar hedge fund now.</p>
<p>Can you guys answer my questions??</p>
<p>"Some questions. MD's....how much would they work and what are their salaries and job responsibilities??</p>
<p>Also, what is "operations"??</p>
<p>ALSO, let's say I get into Merrill Lynch for example as an analysist...going from their to MD is basically how well you work. Once I get a job there, all promotions and everything is based on how I work and perform, my college/major/etc don't effect anything once I get the job?"</p>
<p>CamaroLover,</p>
<p>Managing Directors focus mostly on client relationship/management unlike analysts and associates who are essentially grunts.</p>
<p>Managing Directors make the bulk of their compensation from the bonus.</p>
<p>The base salary typically ranges from 200 to 350k. Including bonus, the typical yearly compensation ranges from $1.5 to $3 million for a NORMAL MD.</p>
<p>Now when you start thinking about MDs that are Group Heads or Division Heads, note that the compensation can increase astronomically from that typical compensation.</p>
<p>The ability to make it to MD is virtually based on the value added to the firm (i.e. your performance). It is highly unlikely that anyone will care where you graduated or what you majored in if you're bringing in large revenues for the firm.</p>