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Are you in IB for the long-term?

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    (Original post by KLL)
    Germany is doing well ow thanks to its last recession, so yeah, recession isn't all bad. It drives necessary reform. A recession is what you make out of it.
    What reforms do you suggest for this recession then? What are we to make of it Einstein?
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    i'd quite like to get into IB and assuming i do i dont think i could answer that question untill ive experienced what its actually like, i remember my dad worked in IB for UBS and Credit suisse for about 15years before he threw in the towel and told his manager where he could stick it :rolleyes:
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    It is quite rare for someone to last in investment banking beyond 7 years. Sackings and lay-offs were common even during the good years. Think of the GE-way and that isn't too far off the truth in most IBs, with the main difference being GE gets rid of 10% of its lowest performing managers each year, IBs get rid off at bare minimum 15% of their lowest performers each year not just managers or you get transferred out to some other divisions such as their retail banking arms. The other thing to consider, even if you are consistently above target and you always qualify for the balloon/graduated bonuses you might not exactly be in a safe situation, your immediate boss might start to hate you as he/she would see you as a threat and all of a sudden you could find yourself out of a job too. But if you are good at what you do and you had been with a highly reputable institution you won't ever need to worry about not having a job.

    The big American IBs generally the higher up you go the higher and tougher your annual targets become, they don't pay you the big bucks for nothing This month will be my 13th year in IB, I sometimes wonder how I lasted so long in here....LOL. I been telling myself it is my last year since 2006 In fact earlier this year the institution I was working for was doing a downsizing exercise I quickly decided to negotiate an exit with a fairly generous "golden handshake", I was actually going to quit to be a "good dad" and spend time with my other businesses which are also growing but that plan only lasted 2 hours, and I swear I never even told my dog that I had quit, in fact I had just said my goodbyes and bought everyone a round of drinks before I decided to head for my evening class session. I had 11 phone calls asking me to name the price to come work for them and even 2 of my coursemates knew I was jobless and both said they had specific instructions from their boss to offer me a job.

    As a whole, if you work at one of those big American IBs, you can expect your 50-70 hours per week in your first 3 years, usually at least 50% of juniors leave before even they complete their 1st year, many of them voluntary. After your 3rd year, on average your hours gets around 60-80 hours, though it gets a bit easier these days as you usually can do part of it from home or at a nice location of your choice. These hours will continue up until your 5th to 7th year, after which either you get recognized by the higher management and you get to climb the corporate ladder or essentially you are placed in cold storage. If you are one of the lucky ones to climb, then the higher you go the lesser in office hours you will need to spend though on average you still will work on average 60-80 hours per week.

    Things are quite different if you join one of the Swiss or European IBs, these places tend to work you less hard and don't really favour the long working hours as much as the American or Asian IBs. Swiss IBs, the hours are long, but they are not always consistently long as they somewhat believe in work-life balance and truth be told, their bonuses aren't anywhere near as fantastic as the American or Asian ones even if you have a UK role.

    You can be at an IB long term, in fact you can build up a great network of friends, there are people who have families as well while in IB.... generally it is what you want to put into it that matters, just don't expect the high returns if you don't put into it as much as your colleagues do.

    Also one thing that's important is to not ever put yourself in a position where you can no longer afford to be in IB.... I know plenty of those in IB who has rather expensive habits to the point that if ever they were to lose their jobs they would be so far up the **** creek without a paddle it wouldn't even be funny.

    Is it a viable long term career? Of course it is, just don't put all your eggs into one basket
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    (Original post by tkane)
    What reforms do you suggest for this recession then? What are we to make of it Einstein?
    Do i look like its my job to fix this country?
    There are people who get paid for that. Ask them. If they don't have the answers, elect a new government.
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    (Original post by PoorRichBoy)
    Hi All,

    I didn't expect so many on this forum to be interested in IB. For those of you who are interested in IB, are you willing to stay in this industry for the long-term?

    This is a shrewd industry where many individuals can easily be laid off for not performing. It doesn't matter whether you're a trader with just GCSEs or a analyst with a Masters degree. You'll realise quite early on especially those wanting to go into S&T that this industry only cares about those generating the ££!

    I know many in IB, mainly FO S&T. This is a career which many cannot do for the long-term. 60-80hours a week, little leisure time, not many friends unless you count work colleagues, no real time to settle down and start a family..etc.

    I know many who come into this industry and then gather £100-150k by 26/27 and leave into more less pressurised roles which offer £40-50k per year..
    Some even go back to the original cities they came from and look for financial jobs there..

    Look forward to hearing the views of others..
    What about that other IB quality - currying favour with the bosses based on nothing more than your ability to .... curry favour, o/w known as ......
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    (Original post by Amit92)
    You're correct. The other guy seems a little deluded. Average is about £100-150k in savings by 27-28 and then usually exit into a more stable job or something completely different. I agree with OP.
    All of my friends who graduated five years ago and have kept working since then have got substantially more than 150k in equity/savings.
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    (Original post by KLL)
    Do i look like its my job to fix this country?
    There are people who get paid for that. Ask them. If they don't have the answers, elect a new government.
    As I thought, you made a wild statement without thinking about what you were talking about.
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    (Original post by President_Ben)
    All of my friends who graduated five years ago and have kept working since then have got substantially more than 150k in equity/savings.
    Were they from London originally as living at home can save costs ..Graduate at 21. £200k max then?
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    (Original post by PoorRichBoy)
    Hi All,

    I didn't expect so many on this forum to be interested in IB. For those of you who are interested in IB, are you willing to stay in this industry for the long-term?

    This is a shrewd industry where many individuals can easily be laid off for not performing. It doesn't matter whether you're a trader with just GCSEs or a analyst with a Masters degree. You'll realise quite early on especially those wanting to go into S&T that this industry only cares about those generating the ££!

    I know many in IB, mainly FO S&T. This is a career which many cannot do for the long-term. 60-80hours a week, little leisure time, not many friends unless you count work colleagues, no real time to settle down and start a family..etc.

    I know many who come into this industry and then gather £100-150k by 26/27 and leave into more less pressurised roles which offer £40-50k per year..
    Some even go back to the original cities they came from and look for financial jobs there..

    Look forward to hearing the views of others..
    I'm not in it for the long term. 1-2 years max.
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    (Original post by i_hate_teeth)
    I'm not in it for the long term. 1-2 years max.
    Then dont bother
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    (Original post by tehforum)
    Then dont bother
    IB is a back up for me.I am an active entrepreneur and I have reasonable expectations of my business's performance. Landing a FO job in an IB (or anywhere else) when I graduate is not my 'best case scenario'.
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    (Original post by i_hate_teeth)
    IB is a back up for me.I am an active entrepreneur and I have reasonable expectations of my business's performance. Landing a FO job in an IB (or anywhere else) when I graduate is not my 'best case scenario'.
    Then that's fine.
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    (Original post by tkane)
    As I thought, you made a wild statement without thinking about what you were talking about.
    You mean referencing to actual reforms and events in Germany? Where the last recession caused the government to loosen labour laws and reform it to allow companies to deal with the current recession more flexibly and bounce back immediately without mass-lay-offs and ensuring that graduate employment is at its highest levels in history and general unemployment is near an all-time low? Wild....
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    (Original post by KLL)
    You mean referencing to actual reforms and events in Germany? Where the last recession caused the government to loosen labour laws and reform it to allow companies to deal with the current recession more flexibly and bounce back immediately without mass-lay-offs and ensuring that graduate employment is at its highest levels in history and general unemployment is near an all-time low? Wild....

    Look back at your statement, you suggested that recessions were good and they were what we make of them. The issues you highlight above are specific German structural reforms which were speeded up by a recession.
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    (Original post by tkane)
    Look back at your statement, you suggested that recessions were good and they were what we make of them. The issues you highlight above are specific German structural reforms which were speeded up by a recession.
    Reforms that wouldn't have occurred without a recession. And looking back at this recession, wouldn't you say that some things in the UK economy and legislation that might need fixing?
    Look at it as learning from mistakes. If you don't make mistakes, you don't learn from them. If you don't have recession, you have no incentive to improve on things.

    I never said it was goo.d
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    When people are working in IB do they have time? As in, time to see their girlfriend, time to maybe even start a family and maybe even see them? And maybe, if they are lucky, see their friends once in a while who don't work in banking..I love the idea of working in IB, but this is the only thing that concerns me, it really splits me. Some people tell me its impossible to have any life outside of it? How true is this, and how much sleep do people get? And how on earth do you cope with it? Is it possible to have a job in IB and then juggle, even if to a small extent, your other personal committments?
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    (Original post by will2348)
    When people are working in IB do they have time? As in, time to see their girlfriend, time to maybe even start a family and maybe even see them? And maybe, if they are lucky, see their friends once in a while who don't work in banking..I love the idea of working in IB, but this is the only thing that concerns me, it really splits me. Some people tell me its impossible to have any life outside of it? How true is this, and how much sleep do people get? And how on earth do you cope with it? Is it possible to have a job in IB and then juggle, even if to a small extent, your other personal committments?
    Read a few of the posts here:

    http://www.guardian.co.uk/commentisf...k-banking-blog

    It should give you a good idea of what to expect from many different viewpoints of those who have worked and still work in IB.
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    (Original post by will2348)
    When people are working in IB do they have time? As in, time to see their girlfriend, time to maybe even start a family and maybe even see them? And maybe, if they are lucky, see their friends once in a while who don't work in banking..I love the idea of working in IB, but this is the only thing that concerns me, it really splits me. Some people tell me its impossible to have any life outside of it? How true is this, and how much sleep do people get? And how on earth do you cope with it? Is it possible to have a job in IB and then juggle, even if to a small extent, your other personal committments?
    Try: http://www.guardian.co.uk/commentisf...sitions-banker

    http://www.guardian.co.uk/commentisf...atical-finance

    http://www.guardian.co.uk/commentisf...financial-work

    http://www.guardian.co.uk/commentisf...ers-girlfriend
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    (Original post by i_hate_teeth)
    IB is a back up for me.I am an active entrepreneur and I have reasonable expectations of my business's performance. Landing a FO job in an IB (or anywhere else) when I graduate is not my 'best case scenario'.
    if you don't mind saying, what type of entrepreneur do you want to be? so what type of business do you want to create?
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    Thank you for those posts, I found them really enlightening and interesting. From reading them, I think it could be possible even with children, not easy, but possible. Just one more, is going drinking all the time and visiting strip clubs crucial to doing well long-term in IB?

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