2020 Best Banking Firms for Work/Life Balance # 1. Press J to jump to the feed. Is invest banking worth getting into? So, I suppose the question I am posing to those of you in the professional world is how do you make work-life balance work? I don't necessarily agree. If you’ve ever Googled a term like “investment banking associate”, hoping to discover what banking is like at different levels, you’ve probably come to a sobering conclusion:. No one else can say that your life should be 50% work, 30% relationships, 10% play, 7% chores, and 3% staring blankly at … also, as unsexy as AM might appear, my guess (although I cannot confirm, could be TOTALLY wrong) is that you are less likely to be let go when dealflow slows. 1. But the long hours and the dedication I showed meant that I could turn down a 34% pay rise 6 months in and negotiate for 43%. Also there's the occasional "we need you on a plane this evening" phone call, but, again, that happens pretty infrequently. The bank knows that you can do the work; now they’re assessing how well you can manage teams and work with clients before they promote you to the VP level. Nonetheless, its much better than being on the other side making them. It's not unusual in your first couple of years to work really extreme hours (I've got a buddy in a well know US bank in fixed incomes for example, who works from 8am-11pm every day), but half the time you sort of enjoy the work that you're doing and the people you work with. 2. Compare the career opportunities available in management consulting and investment banking. It’s part of the job. Leading the rankings for the second year in a row is Atlanta-based SunTrust Robinson Humphrey, the corporate and investment banking arm of retail-focused SunTrust Bank. I'm looking for a new job currently, Its tough, because this is what you spend the majority of your week doing, and no one wants to be miserable doing it. Firm A is a collected pool of investors who come together to invest in worthy businesses. Centerview Partners. Boutique investment banks can offer the best of both words through a good experience and less intense hours. The thing is most people fantasise of being an investment banker, they see the employees of an investment banking major as a brand. How would they do it? I simply refuse to let work consume my life. In reality, a 24-hour day is very short. Investment banking grows a company, while corporate finance manages a company. You can clear $200k+ eventually and the work/life balance usually is pretty good. It is a thankless job, and Anon got the analogy spot on - it is the engine that drives the organization, but many people do not want to see it, nor care for its inner workings. And B is an investment banking firm.Most of the people who have little or no sense about this domain would equate the two as similar; but there is a significant difference. Since a common reason for going into IB is the exit opps (PE/HF/etc), how does the work-life balance compare? This is the best post so far. If you want a career that gets you lots of money and you want to advance, you are going to be working more than 40 hours per week. The most common complaint of those who have quit investment banking is that the total lack of work-life balance leads to burnout. Looks like you're using new Reddit on an old browser. The work-pace, structure and efficiency in IB makes you a machine designed to get things done quickly and properly, but I also know there is a limit, and that I’ll give myself time for the important parts of life: family, friends, health, and hobbies. Hours are more predictable, unless something urgent comes up, but that happens far less than banking. No Personal Finance, Homework, Personal blogs, or Career-related posts. What sort of work would you be doing after getting home as a junior, and is that common? Compare the career opportunities available in management consulting and investment banking. How much do investment bankers make? Hours are similar. It's not for everyone, don't get me wrong, but there's a lot of room for development as long as you're willing to put in a bit of hard graft. In general, the closer to the "client" you are, the less hours you can expect in general (simply because even large corporations' M&A departments do far fewer transactions per month / year than do investment banking groups). Do checkout the Investment Banking Lifestyle; Work-Life Balance. Corporate finance appears to be a better choice in terms of working hours as compared to investment banking. formatting slides)? Plus if you actually get a kick out of the job you'll probably enjoy it more often than not. On average, you’ll be in the office 70-85 hours per week, though you won’t necessarily be “working” that entire time. 3. Hours on the buy side are generally better, although those jobs can also be high stress depending on what you do. I remember when I was applying to MBA programs and people asked me what what I wanted to do in terms of career… “I’m considering investment banking but I hear the work life balance is terrible.” How naive I was. SCORE 8.616. 5. They would use their personal funds, pension funds, collect money from insurance companies and wealthy individuals … The only caveat I'd make here is that junior professionals at investment banks / management consulting firms (let's call them analysts) generally have absolute no agency over their schedules, which is stressful and definitely impedes one's ability to have a social life. Myth #1: Investment Banking is a very dazzling industry, and my work will be full of handing demanding transactions and deals. Work some weekends and, especially at this time of the year, lots of people are traveling. Goldman Sachs. I usually get in the office at 7:30/8ish (surprisingly, my MDs are usually in around that time as well - other shops I know of start a little later, around 8:30/9ish). Once upon a time, investment banks were the darling employers of newly minted MBA students. Our users share their insight on the work life balance, firms to avoid, and salary below. There is a lot, and I mean A LOT of negativity on the internet about the work-life balance in finance. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. Work life balance is often a concern for those looking to break into finance. Consider applying for a job to one of the firms above if you’re not getting enough personal time. Before you decide on your career path and start applying for internships or full-time IB analyst or associate programs, ask yourself these eight questions. Afterwards, although I am not entirely sure where I want to work yet, I am looking forward to an intellectually stimulating and lucrative career. Morgan Stanley. I have an accounting undergrad and will be pursuing my MS in Finance this next year. Or is it considered too niche? Founded in 1972, investment banking firm Houlihan Lokey employs approximately 1,300 people worldwide. I just graduated and have been trying but with no luck despite an equity research internship and both finance/accounting degrees. You just have to work out if it'll get better down the line or if it won't how long you can handle it, Good luck trying to find a 70 - 80 hr/wk job in IBD, let alone in NYC, New comments cannot be posted and votes cannot be cast. The demands of investment banking are intense. and we have a marketing team who handles formatting of decks. Press question mark to learn the rest of the keyboard shortcuts. I'm a back office performance analyst for a leading asset manager, i barley do more than 40 hours. Either way i know both medical school, and investment banking will put me in $100+ debt, so i want to make sure i'm positive when i make my final decision.     Investment bankers work as many as 100 hours a week and are under constant time pressure. While the compensation is high, so are the pressures in the investment banking profession. There are always good and bad days; its actually quite manageable overall. Work-life balance is kind of a bad joke if you actually are in a career with high growth potentials imo. New comments cannot be posted and votes cannot be cast, More posts from the FinancialCareers community. That project finished, I'm down to a 45 hour week and I've still got the pay. I really appreciate your willingness to provide me some insight into your careers. And how do hours vary as you work you way up in equity research? Are they more predictable? I went to all of the recruiting training and advice sessions pertaining to investment banking. A quick Google search turns up a number of financial professionals who have written about the horrors of regular 70-80+ hour work weeks, overly demanding bosses, and general unhappiness with their career paths. Seven tips to maintain a semblance of a life outside investment banking by Mark Franczyk 25 January 2017 When I was a banker, I always laughed whenever someone mentioned work-life balance. I know that i will have to work harder than i have ever worked before. The motivation and ambition to become the “Wolf of Wall Street” (read Best movies for MBA students) drives many young professionals to the world of investment banking (IB).After a few months or years of slogging 100 hours a week, some of them have an epiphany: that there is more to life than just big earnings and a lavish lifestyle. Investment Banker Lifestyle. Learn about salaries, skills needed, and work/life balance. How does the work-life balance in Private Equity compare to Investment Banking? Thanks. That complaint is seldom heard from those employed in … Thank you ahead of time for your responses. You Strive for a Work-Life Balance Investment banks are notorious for their demanding hours, with 100-hour work weeks being the norm for entry-level investment banking analysts. I'd say the most mind-numbing thing that I do on a daily basis is reading through the stack of CIMs that we are screening. If you want a 9-5 you can have that but the pay reflects it. A weighted formula, which includes external prestige scores and internal quality of life scores, was applied to this data to create the Banking 50. Hey, they pay us CPAs quite nicely for that "grunt work.". 2 years ago Corporate Banking is probably more what you’re looking for. A lot of AM roles are pretty solid in terms of pay/work/life balance/opps, varies by firm though. 4. I also am a felon. There’s always been less information about Associates, VPs, Directors, and MDs, and that hasn’t changed much over time. I'd say most 9-5 jobs do not provide rapid growth in salary / positions. Is an MD looking at comparable hours during earnings season? Mainly interested from the perspective of an analyst/associate. The thing is most people fantasise of being an investment banker, they see the employees of an investment banking major as a brand. I am at a 45 hour a week job, and its nice to have time off at home and all that, but I don't make enough money to really do too much in my free time. As a finance person you can easily wind up working in the accounting department at a large firm doing 40 hour a week grunt work. Wouldn’t it be great if you have a clear picture of what your life will be as an investment banker so you are well prepared to take that as your career? 1. I've worked for the finance and IR departments of a couple telecom companies and around earnings season you guys are always putting out your reports in the middle of the night, so I sort of assumed the worst. Recently landed an internship at a reputable RE PE shop and think I'd like to stay there long term, but can't hurt to keep my mind open and build transferable skills. Think of it as life-work balance, not work-life balance. 6. In short, when a corporation is in need of financing, it seeks the help of investment bankers to be able to efficiently execute these major transactions. Work-life balance is kind of a bad joke if you actually are in a career with high growth potentials imo. Amazing. "Finance" is a broad term that encompasses many different roles at many different institutions. REIT AM is solid work/life from what I've seen. tl;dr: I will be entering the financial world soon, and there is a lot of negativity on the internet about work-life balance for these jobs. Yes, the hours are bad for the reasons described in our article on investment banking hours. Learn about salaries, skills needed, and work/life balance. At my shop, interns do a lot of the mind-numbing portfolio update reports, LTM figure updates, etc. I spent a year in prison. If you go into front office investment banking, there's no avoiding horrible hours as an analyst (slightly less terrible as associate, less terrible still as VP, etc.). Anyone I know with high growth potential jobs, especially during junior years at the firm, will require quite a bit of OT. EDIT: Thank you all for your informative responses. But how well do you understand the investment banker lifestyle? Investment banking as a career at the analyst level is highly demanding and makes work/life balance difficult. The main points surrounding work-life balance in IB seem to be: ... help Reddit App Reddit coins Reddit premium Reddit gifts. 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