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the truth about investment banking

given i have no life and my entire life is just currently downtime i've read through the forums etc.. and it would seem a lot of people want to go into banking without knowing what goes on inside or don't know the truth about the here-say rumours

to the best of my ability i'll try and answer from my experience and stories from the inside any questions about hours, lifestyle etc..

can also answer questions on trading, research

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Reply 1

AenigmaFx

I already know hours are horrible, more so in IBD than markets. Though I am curious about lifestyle:

What do you eat?
How much do you eat?
How often do you take a break?
How much work are you given that needs so much time? Is it infact just that work is given late in the day?
Does leaving early, or relativity early leave a bad impression?
How would you make the best out of spending so much time in the office?
Were there people who you didnt get along with? (arrogance, ego etc)
If so, were said people successful in their role?

Reply 2

juventus100

Thx for doing this.

- Can you explain the difference between a bank being either a global co-ordinator, book runner or financial adviser on an IPO?
- Whats your average working hours for fri/sat/sun?

Reply 3

DamnDaniel2

The manual trading floor has been wiped off for many years now, so do traders trade electronically? And does that mean trying to become an investment banking trader is a higher risk due to computers and algorithms doing the trading?

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Reply 4

Lh030396

Do you think that newly qualified investment bankers are actually underpaid in comparison to the ridiculous hours they work and the high levels of stress that come with the workload?

Reply 5

DamnDaniel2

Also, I know minimal things about Investment Banks, trading, financial affairs etc and would like to know a lot more. How would I be able to learn about all these things?
And how can I prepare to be an Investment Banker if I do decide to become one?

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Reply 6

Himtiaz

Original post by gr8wizard10

Ball park figure how much do you make including bonuses
Do you reckon you work more hours than a doctor?

Reply 7

Breakingbank

do banks have table tennis tables in the offices

Reply 8

gr8wizard10

Original post by AenigmaFx

- i eat anything and everything.. literally.. i enjoy lebanese and chinese food
- i eat a moderate amount, i'm starting to gain weight but tbh i'm not bothered about my outward appearance
- there's no real time, some days i'd be on an 8 hour break, somedays i'd be working a week straight.. it all depends whwat needs doing
- models / rfps / pitches / re-visiting presentations / re-visiting presentations another x100 times more before the md is mildly satisfied tht we indeed now have the right shade of yellow
- as an intern i'd say so.. but then if other analysts/associates/vps are in the office there's a 99% chance there's something you could be doing.. if i was done working and noone had anything on hand, i'd draft emails for the day ahead updating the team about whatever we were working on.. whether that be the debt market environment where we're looking to raise cash for an acquisition or the credit outlook on a country in preperation for a cross-border diversification pitch to find something that can add a bit of value to whatever is being worked on
- to make the most out of it, meet as many people as possible and build some strong relationships.. even if it's going for coffees or having some banter with the guys and girls
- yeah there was 1 person, but you gotta just deal with it and work with them.. such is life. in the end we became good friends xD
- this particular guy was a rain maker, but we could just say he had his own way of doing things, and was very old fasioned in the way he did it

Original post by juventus100

- i haven't a clue but i can take a stab.. global co-ordinator probs means like lead bookrunner so in charge of the actual process and management of the project... bookrunner would be someone who commits to fulfill part of the book (as in raise or underwrite a pre-determined % of funds) and a financial advisor would just be the banks working on the deal who are offering such advice

- fri 15 or so hours, but i'm sure other desks left at like 10pm.. sat/sun vary depending on workload.. could be not even going in, could be 2/5/10/15 hours depending on how much there is to do, how many people are doing it and when its due. everything is about time management, and just getting the work done in time to a good standard

Reply 9

user382

Not much of a life for a 20 something. :redface:

Are you hoping to make it big by 35 and then 'enjoy' life?

Reply 10

gr8wizard10

Original post by DamnDaniel2

what do you mean electronically? yes trades are carried out by computers and they have been for a very long time..

in terms of technological advancements, that does seem to be the trend, jobs are becoming automated and the fin-tech space looks as though it's building up traction by being a cost-effective way to essentially do the same thing.

however the advice and information (such as cross-selling research/sales) banks hold is still fundamental to there current standing. that being said the service itself for many flow products does seem to be getting dropped in favour of more efficient/cost-effective methods.

Original post by Lh030396

Do you think that newly qualified investment bankers are actually underpaid in comparison to the ridiculous hours they work and the high levels of stress that come with the workload?

personally not really, pay is quite good and progression is quite rapid.. if you can stick it out a bit, you can lead a relatively nice lifestyle. but then i'm speaking from a position of coming from a working class background so that's quite a subjective question. i can't complain.

Reply 11

gr8wizard10

Original post by DamnDaniel2

for me google and youtube were my route into understanding wtf was going on.. and then i study a finance degree

and your network and experience is how you get a role.. i.e internships/meeting people/establishing a reputation for yourself as being competent

Original post by Himtiaz

Ball park figure how much do you make including bonuses
Do you reckon you work more hours than a doctor?

street base for a 1st year analyst is around 50k and bonus is like ~10-20k with a ~4-6k sign on in at most bbs iirc

idk how long doctors work, bankers (m&a/coverage) can expect to work approx ~70-100 hours a week

Original post by Breakingbank

do banks have table tennis tables in the offices

i know for a fact that some do.. others just make their own.

Reply 12

gr8wizard10

Original post by stefano865

Not much of a life for a 20 something. :redface:

Are you hoping to make it big by 35 and then 'enjoy' life?

plan is to leave the industry by 23/24

Reply 13

user382

Original post by gr8wizard10

plan is to leave the industry by 23/24

Ah ok.

Moving on to...?

Reply 14

PrinceHarrys

Good books to read for IB?
What sort of people do IBers date? :gah:

Reply 15

gr8wizard10

Original post by stefano865

Ah ok.

Moving on to...?

buy-side, leave the industry who knows.. it's a long time away.

Original post by PrinceHarrys

Good books to read for IB?
What sort of people do IBers date? :gah:

monkey business - swinging through the wall street jungle
how i caused the credit crisis
barbarians at the gate
damn it feels good to be a banker
straight to hell

normal people lol, we're not any different to anyone else. personally i prefer girls/women with some sort of aspiration. well i may or may not be with someone in consulting.