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    (Original post by Chassez)
    A 3 minute sprint and I'm still the last one in lol..
    6.20am wake up, shower, change
    6.45am get to work
    7.30am breakfast
    12.30pm lunch
    6pm back home
    6pm-11pm/12am free
    The benefits of living near work--crucial for markets. I've got a 15 minute commute door to door.

    As for rent, I hope you're calculating rent per month as x per week x 52/12. 160/week is about 700/month, which does get you a nice place if you're willing to share.

    I'm about to become a baby salesperson, I've got my suit and heels all ready
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    (Original post by MaxMaxMax)
    Well if there is the option to do longer hours for more money, why on Earth can't you just do less hours, like 9-5 Mon-Fri, for less pay?
    why are you trying to get into IB..... You need to be looking at other job options, i'm sure there are some stimulating one around for less money and less hours.

    Anyone have suggestions?? (i'm kinda interested to hear what they are myself).
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    heh the only thing on MaxMaxMaxs mind seems to be NOT working rather than working...all these questions about holidays, when he can go home...hehe.
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    I'm concerned about the hours not because I'm lazy but because I'm a realist. If i lived 15 minutes from work I wouldn't mind working 12 hours a day Monday-Friday, but anything more than that just seems silly. If I did a 10-week internship I certainly couldn't do more than 12 hours a day because I've got to commute -which would take me an hour and a half each way. Renting a flat in the City for a 10-week summer internship seems very silly and impractical, you'd lose most of the money the bank pays you in rent.

    You get paid disproportionately less outside of banking because of the bonuses. A trainee accountant would get perhaps £20k in his first year out of Uni, whereas a banker would get £40k salary PLUS £40k bonus, meaning he gets 4 times what the accountant gets, despite working probably less than twice the hours. Surely a bank could just pay 2 people to share a 16-hour-a-day job, and pay them half each, that would seem perfectly logical, and they would still get £40k in their first year, working bearable hours, which is good going by anyone's standards. I just don't see why/how a bank could possibly need 16 hours a day of someone's time to do work for it -and if they do then what's the difference between one person doing 16 hours a day and 2 people each doing 8 hours a day of the exact same work, maybe 9/10 hours if they want to be greedy, and still pay them the same.
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    You're assuming the bank could maintain the same quality of graduate, which is unlikely.
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    Plenty of people have written on the subject of the long hours culture in IBD. I'm of the personal belief that it's designed as a selection mechanism to weed out all but those who are 100% dedicated to select for promotion up the ladder. Yes, IBD could probably do the work with more people and fewer hours, but you could also outsource a lot of it to India. The whole point of the hours is to work out after 2 years who has what it takes to motivate themselves to get up the ladder no matter what.

    On the sales and trading side, 12 hours is pretty much necessary. You have to be in at 7 to catch the end of the Tokyo market and be early enough to know what's going on before trading really kicks off. Same as you have to stay to about 6-7 to cover the end of the trading day at about 5-6 and have an hour to sort out stuff at the end of the day. I don't see how you could 'job-share' or whatever at the middle of the day.


    Overall, the industry expects you to make sacrifices. That includes your time, it includes spending your money on rent, even if it is during your internship. If you don't understand why or they do not seem reasonable to you, the simple advice is just don't go into it.
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    I'm not complaining about working 12 hours a day, it's 17 hours a day and working BOTH Saturday and Sunday in a 10 week summer internship I'm complaining about.
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    It's just the labour market. That's why they work the hours they work.

    End Of.
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    (Original post by MaxMaxMax)
    I'm not complaining about working 12 hours a day, it's 17 hours a day and working BOTH Saturday and Sunday in a 10 week summer internship I'm complaining about.
    No one is forcing you to go into IB. Don't go. The fact is these jobs require people that are prepared to work long hours and there are plenty of people who are happy to do it.
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    (Original post by MaxMaxMax)
    I'm not complaining about working 12 hours a day, it's 17 hours a day and working BOTH Saturday and Sunday in a 10 week summer internship I'm complaining about.
    So that you can mortgage a 600000 house at the age of 23 while everyone else in the country will struggle to do that by 40. Sleep is overrated anyway.
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    haha, I love when people make the pursuit of money as the anchor of their decision making. a 600k is nothing in the long run.
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    (Original post by MaxMaxMax)
    If I did a 10-week internship I certainly couldn't do more than 12 hours a day because I've got to commute -which would take me an hour and a half each way. Renting a flat in the City for a 10-week summer internship seems very silly and impractical, you'd lose most of the money the bank pays you in rent.
    If you earn £8000 in an internship and spend (if you want to live in central london in nice accommodation) £2000, you are still making a £6000 profit.

    Seriously what are you complaining about.. are you hoping to pay no rent for the rest of your life, by living at home? People don't say "oh I won't get a mortgage because it takes up some of my earnings, I'll just carry on living with my parents as it is silly to spend money on accommodation" do they?
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    (Original post by rboogie)
    haha, I love when people make the pursuit of money as the anchor of their decision making. a 600k is nothing in the long run.
    In the long run, everyone is dead.
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    The main point of doing an internship anyway is not the money but the experience and enhancing your future career prospects.
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    (Original post by supernova2)
    So that you can mortgage a 600000 house at the age of 23 while everyone else in the country will struggle to do that by 40. Sleep is overrated anyway.
    well said. Though I slept my half the time in my first yr at uni
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    (Original post by Azmeister)
    In the long run, everyone is dead.

    ***** keynes. In the long run, you're 2 bills a year.
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    2 bills a year?
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    (Original post by supernova2)
    So that you can mortgage a 600000 house at the age of 23 while everyone else in the country will struggle to do that by 40. Sleep is overrated anyway.
    £600,000 flat at 23 sounds unlikely, implies an income of somewhere between £150-200k, which you are not going to get in your 2nd year. Either way, 600 doesn't buy anything spectacular, max of 2 bedrooms if you move towards the edges of zone 1.
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    (Original post by MonteCristo)
    £600,000 flat at 23 sounds unlikely, implies an income of somewhere between £150-200k, which you are not going to get in your 2nd year.
    Nah, if you're Associate this is possible - 5.0* x [100% base (£60k) + 60% bonus (£80k)] = £540k, + £60k deposit. Loads I know are aiming for at least £500k properties upon hitting Assoc.

    *Normally 4.5x, can get up to 5.5x at City specialists.
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    (Original post by MonteCristo)
    £600,000 flat at 23 sounds unlikely, implies an income of somewhere between £150-200k, which you are not going to get in your 2nd year. Either way, 600 doesn't buy anything spectacular, max of 2 bedrooms if you move towards the edges of zone 1.
    Still compared to how long its going to take most people you're in a pretty good position. Unless you really hate the job, the money alone is probably worth those hours.
 
 
 
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