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1st Year Associate in IBD AMA

Just made first year associate. Work in a Power & Utilities team at a BB, but I have worked across LevFin and TMT in my ~4 years in banking (3 years post grad, and about 6 months of internships in uni in total). AMA

Try keep questions concise. cba to be reading essays

Also, please keep it to questions about IBD or PE specifically - if you want to know about other divisions, you will ofc be best served by someone in those divisions
(edited 7 years ago)

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Thanks for your time, I'm sure people will find it helpful.

What part of your job do you enjoy most and what do you find most challenging?
Original post by Nightmare Abyss
Just made first year associate. Work in a Power & Utilities team at a BB, but I have worked across LevFin and TMT in my ~4 years in banking (3 years post grad, and about 6 months of internships in uni in total). AMA

Try keep questions concise. cba to be reading essays

Also, please keep it to questions about IBD or PE specifically - if you want to know about other divisions, you will ofc be best served by someone in those divisions


Finally got promoted, eh?

Also, how come you haven't accepted my linkedin request? :frown:


1. How is your life going to change now that you're an Associate? Less all-nighters?

2. What is the main takeaway or piece of insight from your time in banking so far?

3. Where do you see yourself going in 5 or even 10 years time?

4. On a scale of 1-10 how hot are the girls on your team? And do you have a girlfriend, if so how does she cope with the hours?

5. What's your rent like in London and what have you spent your last couple bonus checks on?

Posted from TSR Mobile
Original post by tengentoppa
Thanks for your time, I'm sure people will find it helpful.

What part of your job do you enjoy most and what do you find most challenging?


Most fun aspects = modelling & valuation work; having technical, complex discussions about things like regulation, financing (e.g. different types of swaps; different types of debt); also, where you can feels good to learn a sector/product and become an expert on it

Worst aspects = how unpredictable your day can be, especially when you Analyst/Associate level. Like just today I spent 5 hours with no work to do, and then bam! client sends through an email and have to start cranking. Worst example is when you get staffed with work on friday afternoon - just when you about to leaver for the weekend, staffer sends through email and your weekend is f****d.

unpredictability is one aspect of the job you dont really get used to.
(edited 7 years ago)
Where did you go to uni for undergad?
Original post by Princepieman
Finally got promoted, eh?

Also, how come you haven't accepted my linkedin request? :frown:


1. How is your life going to change now that you're an Associate? Less all-nighters?

2. What is the main takeaway or piece of insight from your time in banking so far?

3. Where do you see yourself going in 5 or even 10 years time?

4. On a scale of 1-10 how hot are the girls on your team? And do you have a girlfriend, if so how does she cope with the hours?

5. What's your rent like in London and what have you spent your last couple bonus checks on?

Posted from TSR Mobile


oh no, is this him?:biggrin:
Thank you for this. What would you say are the three best traits for a undergrad to have for your role?
Original post by Princepieman
Finally got promoted, eh?

Also, how come you haven't accepted my linkedin request? :frown:




Posted from TSR Mobile


Also, how come you haven't accepted my linkedin request?

lol dude, I'm not sure who think I am, and I'm not sure who you are exactly. PM me who you are and I will check my linkedin.

1. How is your life going to change now that you're an Associate? Less all-nighters?

Well yes hours will get better, because job over time will become less about me doing the work, bur rather an analyst doing it, and me checking it.

2. What is the main takeaway or piece of insight from your time in banking so far?

Attention to detail to most important factor. Really do double check literally every task that you do, because seniors can spot mistakes/things that dont look right very easily given their experience and it only takes a few f**ups for people to not trust you and start seeing you as "bottom tier bonus bracket"

Outside of work key tip for survival is that you have smth that allows you to completely forget about work. Whether that be a relationship or a hobby, you just need to have something to look forward to when weekend comes round and something that's available given your inevitably busy and unpredictable schedule. if you dont have some sort of life outside of work you really wont last, because this job will consume you. I mean it.


3. Where do you see yourself going in 5 or even 10 years time?

interviewing for PE right now, and then hopefully that will be end of the road. Industry does equip you will skills to go and do pretty much anything , e.g.go work in a corporate, startup other business go into investment (AM, PE, HFs, VC etc)start your own business. I've even had headhunters call me up about jobs in government (i.e. where they need business/finance experience to help inform gov't policy/regulation)


4. On a scale of 1-10 how hot are the girls on your team? And do you have a girlfriend, if so how does she cope with the hours?

Girls in my team are average to below average attractiveness. Generally speaking attractiveness of women in IBD is quite low - this is applies across all the banks I have worked at. I mean think about this - why would hot girls do this job when they can just have thirsty, desperate guys give them everything they want without having to lift a finger?

I tried to start a new relationship after starting IBD. My gf at the time was working 9-5 (I was working avg 9-1am). unsurprisingly it didnt work out, because I never had any time for her. As analyst dating wise, its only really going to work if you date someone who also works a sh*tload (e.g. other bankers; junior lawyers. e3tc), or you date someone that you knew before going into IBD so there's an established relationship already there (e.g. right now am dating girl I knew in uni.)

Hours get better as Associate, but first year as Associate will still be pretty much analyst hours as you transition and team starts to see you more as an Associate.


5. What's your rent like in London and what have you spent your last couple bonus checks on?

I pay £600/month living in Stratford (East London). No point paying more than minimum imo when between the Analyst & Associate years you are never going to be at home anyway.

Bonus checks are all invested/saved. I am saving to I can become buy 2 let landlord / build property development side gig, and bring eventual retirement date closer to today.
(edited 7 years ago)
Original post by Nightmare Abyss
Also, how come you haven't accepted my linkedin request?

lol dude, I'm not sure who think I am, and I'm not sure who you are exactly. PM me who you are and I will check my linkedin.

1. How is your life going to change now that you're an Associate? Less all-nighters?

Well yes hours will get better, because job over time will become less about me doing the work, bur rather an analyst doing it, and me checking it.

2. What is the main takeaway or piece of insight from your time in banking so far?

Attention to detail to most important factor. Really do double check literally every task that you do, because seniors can spot mistakes/things that dont look right very easily given their experience and it only takes a few f**ups for people to not trust you and start seeing you as "bottom tier bonus bracket"

Outside of work key tip for survival is that you have smth that allows you to completely forget about work. Whether that be a relationship or a hobby, you just need to have something to look forward to when weekend comes round and something that's available given your inevitably busy and unpredictable schedule. if you dont have some sort of life outside of work you really wont last, because this job will consume you. I mean it.


3. Where do you see yourself going in 5 or even 10 years time?

interviewing for PE right now, and then hopefully that will be end of the road. Industry does equip you will skills to go and do pretty much anything , e.g.go work in a corporate, startup other business go into investment (AM, PE, HFs, VC etc)start your own business. I've even had headhunters call me up about jobs in government (i.e. where they need business/finance experience to help inform gov't policy/regulation)


4. On a scale of 1-10 how hot are the girls on your team? And do you have a girlfriend, if so how does she cope with the hours?

Girls in my team are average to below average attractiveness. Generally speaking attractiveness of women in IBD is quite low - this is applies across all the banks I have worked at. I mean think about this - why would hot girls do this job when they can just have thirsty, desperate guys give them everything they want without having to lift a finger?

I tried to start a new relationship after starting IBD. My gf at the time was working 9-5 (I was working avg 9-1am). unsurprisingly it didnt work out, because I never had any time for her. As analyst dating wise, its only really going to work if you date someone who also works a sh*tload (e.g. other bankers; junior lawyers. e3tc), or you date someone that you knew before going into IBD so there's an established relationship already there (e.g. right now am dating girl I knew in uni.)

Hours get better as Associate, but first year as Associate will still be pretty much analyst hours as you transition and team starts to see you more as an Associate.


5. What's your rent like in London and what have you spent your last couple bonus checks on?

I pay £600/month living in Stratford (East London). No point paying more than minimum imo when between the Analyst & Associate years you are never going to be at home anyway.

Bonus checks are all invested/saved. I am saving to I can become buy 2 let landlord / build property development side gig, and bring eventual retirement date closer to today.


Great response man!!!

PM'ed you

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Original post by glebp
Where did you go to uni for undergad?


Warwick.

Target bias is a very real thing. majority (>60%) of cohort at any i bank in any given year will come from the target unis (that's UK Top 6+ on the continent, Bocconi and SSE are the strongest)
(edited 7 years ago)
Original post by President J
Thank you for this. What would you say are the three best traits for a undergrad to have for your role?


What are you asking me exactly here - are you asking:

- what best 3 things can an undergrad do to get into FO IBD?

or are you asking, what are best 3 personality qualities to work in IBD?
Original post by Nightmare Abyss
Warwick.

Target bias is a very real thing. majority (>60%) of cohort at any i bank in any given year will come from the target unis (that's UK Top 6+ on the continent, Bocconi and SSE are the strongest)


you sound a lot more optimistic about ibd than you did roughly 8 months ago on a different account. whats changed, are the hours easier now, or you are just in the groove of work better now so to speak? i wasnt sure it was you, but you said warwick so im pretty sure this is Z/M
Some follow ups:

- Why the PE route vs staying as a career banker?
- You said ~£600/m rent, how did you manage to get rent that low? Is there a long commute? Do you know the 'hotspots' for analysts/associates?
- Where do you usually spend your holidays and how interrupted are they?
- How does work in Power compare to other groups? UK coverage, M&A, TMT etc?

Finally:
- Let's talk comp, what does a first year associate bring in typically? And what was your comp trajectory as an analyst?


Posted from TSR Mobile
(edited 7 years ago)
Original post by Nightmare Abyss
Target bias is a very real thing. majority (>60%) of cohort at any i bank in any given year will come from the target unis (that's UK Top 6+ on the continent, Bocconi and SSE are the strongest)

Do you think that's because most of the top candidates with stellar CVs happen to go to target unis or that banks tend to choose candidates purely because they went to a target?
Original post by welcometoib
you sound a lot more optimistic about ibd than you did roughly 8 months ago on a different account. whats changed, are the hours easier now, or you are just in the groove of work better now so to speak? i wasnt sure it was you, but you said warwick so im pretty sure this is Z/M


Lols I'm more pessimistic about it now if anything, especially because after 3 years now I have worked on enough deals that I've pretty much seen / learnt everything I can, so now jobs just feels like same old same old

Hours have not got better in last year. Wont expect them to change notably until I get to Associate 2 though
Original post by Nightmare Abyss
What are you asking me exactly here - are you asking:

- what best 3 things can an undergrad do to get into FO IBD?

or are you asking, what are best 3 personality qualities to work in IBD?


I was asking the latter but would appreciate answers for both.
(edited 7 years ago)
Original post by Terry Tibbs
Do you think that's because most of the top candidates with stellar CVs happen to go to target unis or that banks tend to choose candidates purely because they went to a target?


Both. It's a feedback loop.
Original post by Princepieman
Some follow ups:

- Why the PE route vs staying as a career banker?
- You said ~£600/m rent, how did you manage to get rent that low? Is there a long commute? Do you know the 'hotspots' for analysts/associates?
- Where do you usually spend your holidays and how interrupted are they?
- How does work in Power compare to other groups? UK coverage, M&A, TMT etc?

Finally:
- Let's talk comp, what does a first year associate bring in typically? And what was your comp trajectory as an analyst?


Posted from TSR Mobile


Going out for some food right now, will answer these when I get back
Original post by Nightmare Abyss
Both. It's a feedback loop.
Indeed. How many people do you know from your firm in FO positions that went to semi-targets or non-targets?

Also at what point in your life did you discover IB and decide it's what you want to do?
Do you have a busy season or do hours remain pretty constant throughout the year.
What tips would you give to an aspiring IB'er who hasnt started uni yet?

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