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How many hours do investment bankers work?

I hear so many different answers, some say 70-80 hours usually and 90-100 hours during busy times (like if you're about to close a deal).
Others say it's always 90-100 hours every week.

People also say that the bankers don't have to work as much as they do but they do it because they'll get a higher bonus (so out of greed). Is this true?

Do you also never get the weekend off? So it's basically like you're working forever...

Also, after 2-3 years at an investment bank (M&A) is it possible to move to PE?

What books/videos/websites do you suggest I look at to get more information on investment banking in the UK since most things I find are based on Ameria's Wall Street.

One more question (sorry), what is asset management?
(edited 9 years ago)
70-80 hours is what you'd expect for a Junior Analyst (they tend to be the work horses of the firm) and yes you could find yourself working 90-100 hours when a deal is about to be closed. However, of course you'll find that this varies firm to firm; you may find at boutique IBs that you work on average 65-75 hours a week.

Juniors may work longer hours if they're trying to ensure they get noticed and get promoted to associate level. I don't see how putting in longer hours could be considered greedy though.

You do get weekends off but you'll find you may need to come into the office on a Saturday and/or Sunday if you're about to close a deal or if you're about to publish research. Of course whether you have to come in on a weekend is usually to a certain extent up to you and depends how much work you managed to get done during the week.

Working in IB is highly pressured and it may feel at times that you're working non-stop. However, that shouldn't necessarily be an issue if you enjoy doing what you're doing. You have to be fully committed and genuinely interested to even get a graduate job in IB so you'll find the people at IBs, with some exceptions, throughly enjoy the work. The perks of the job such as travelling all over the world and fine dining with clients certainty mitigate the long hours. So it's not all work, there's some play too.

Yes people often move into PE having dabbled in IB. People often leave their bank to go do an MBA and then move to PE.


https://targetjobs.co.uk/ is a very good website if you want to find out about graduate jobs in finance. I also wouldn't disregard the sources concerning Wall Street as UK IB has become much more like US IB in recent years. This website is particularly good: http://www.mergersandinquisitions.com

You could consider doing the CFAs IMC qualification. It's a great introduction into most areas of finance and it may give you a better idea of what area you want to go into.

Finally, asset managers are investment managers which means they manage securities (bonds, shares ect) to meet the goals of their clients/investors. They're on the buy side whereas IB is the sell side. They manage funds for people and charge a commission on the percentage profit they make on their investments. Blackrock is the largest asset management firm in terms of assets under management at around $4.5 trillion. Massive amounts of money are involved. You'll tend to find the buy side is certainly more relaxed than IB in terms of hours you may work a very maximum of 65 hours a week for a top asset management firm. However, your career progression in asset management is more performance related than IB. If you're bad at managing your portfolio you'll be out, if you have a real knack at it you can't really be fired. Your progression in IB on the other hand can be more about politics than performance.

Has that answered your questions?
Reply 2
Original post by BarbicanFTW
70-80 hours is what you'd expect for a Junior Analyst (they tend to be the work horses of the firm) and yes you could find yourself working 90-100 hours when a deal is about to be closed. However, of course you'll find that this varies firm to firm; you may find at boutique IBs that you work on average 65-75 hours a week. Juniors may work longer hours if they're trying to ensure they get noticed and get promoted to associate level. I don't see how putting in longer hours could be considered greedy though. You do get weekends off but you'll find you may need to come into the office on a Saturday and/or Sunday if you're about to close a deal or if you're about to publish research. Of course whether you have to come in on a weekend is usually to a certain extent up to you and depends how much work you managed to get done during the week. Working in IB is highly pressured and it may feel at times that you're working non-stop. However, that shouldn't necessarily be an issue if you enjoy doing what you're doing. You have to be fully committed and genuinely interested to even get a graduate job in IB so you'll find the people at IBs, with some exceptions, throughly enjoy the work. The perks of the job such as travelling all over the world and fine dining with clients certainty mitigate the long hours. So it's not all work, there's some play too.Yes people often move into PE having dabbled in IB. People often leave their bank to go do an MBA and then move to PE. https://targetjobs.co.uk/ is a very good website if you want to find out about graduate jobs in finance. I also wouldn't disregard the sources concerning Wall Street as UK IB has become much more like US IB in recent years. This website is particularly good: http://www.mergersandinquisitions.comYou could consider doing the CFAs IMC qualification. It's a great introduction into most areas of finance and it may give you a better idea of what area you want to go into. Finally, asset managers are investment managers which means they manage securities (bonds, shares ect) to meet the goals of their clients/investors. They're on the buy side whereas IB is the sell side. They manage funds for people and charge a commission on the percentage profit they make on their investments. Blackrock is the largest asset management firm in terms of assets under management at around $4.5 trillion. Massive amounts of money are involved. You'll tend to find the buy side is certainly more relaxed than IB in terms of hours you may work a very maximum of 65 hours a week for a top asset management firm. However, your career progression in asset management is more performance related than IB. If you're bad at managing your portfolio you'll be out, if you have a real knack at it you can't really be fired. Your progression in IB on the other hand can be more about politics than performance. Has that answered your questions?


thanks

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