The life of an iBanker (1 Viewer)

[ninjapuppet]

just came across this and thought its an interesting insight into what this guy says

BBC World Service - Programmes - 27/03/2009 - Geraint Anderson

For the ppl in here who's already working in banks, is it a similar situation here in Australia?

 

[Studentleader]

DB Seminar at UWA:

Recent Grad: I LOVE IB! WE WORK AND HARDLY GET ANY SLEEP BUT IT'S WICKED

25 years experience manager: *bags under eyes, really monotonic depressed tone* It is tiring to say the least

Edit: I remember reading an article which describes the world of an investment banker as "cars, chicks and cocaine" - if you watch 30 rock there was an episode where the firm took on a bunch of grad IB workers who got pissed everynight and came back into work everyday asif nothing happened the night before.

My friends who have work in IB or have had quite a bit of summer experience all party quite a bit - they sure arent 90 average study 100 hrs a week nerds.

Edit 2: Read 'Liar's Poker'

 

[velox]

I've read the book. Just dont read it before any interviews...

 

[Omnidragon]

Hahaha why would I want to spend the rest of my life helping people pick stocks? Accounting ftw!!

 

[RDX]

good read, always interesting to read about IB.

 

[blue_chameleon]

Here's an article from The Guardian that I found really interesting. About a IBer in the UK that wrote a book titled "Golden Handcuffs".

'My high-flying City job was not worth a life of misery' | Money | The Observer

I take my hat off to young IBer's at the top firms.

 

[Monstar]

it seems like half of these people are ignorant to the harsh realities of IB.. and then they come out with tears saying they dont want to 'sell their soul' or weren't ready for the backstabbing. They should all grow some cajones and man up seriously...

 

[blue_chameleon]

it seems like half of these people are ignorant to the harsh realities of IB.. and then they come out with tears saying they dont want to 'sell their soul' or weren't ready for the backstabbing. They should all grow some cajones and man up seriously...

You're forging ahead in your IB career, carving it up I hear?

Congrats man. artygirl:





If you read the article fully you'd understand the means by which the girl was lead into IB.

 

[Monstar]

Yeah I did read it and the fact she was lulled into that made me even angrier.. and when the 'challenge' became too tough She copped out.

 

[Omnidragon]

It's about what other options you have.

What's attracting you and lots of other kids to IB is the high pay at the start. Thing is if you've done 1-2 years at a respectiable IB, you can get into a good paying job elsewhere anyway that pays as good as your IB if not better (depending on your luck). So no need to put up with the misery when you make the same money and work 9-6.

 

[blue_chameleon]

Yeah I did read it and the fact she was lulled into that made me even angrier.. and when the 'challenge' became too tough She copped out.

Are you qualified to make the assertion that she wasn't tough enough for it, though?

Simple question to answer this would be: Do you work in IB currently?

 

[blue_chameleon]

It's about what other options you have.

What's attracting you and lots of other kids to IB is the high pay at the start. Thing is if you've done 1-2 years at a respectiable IB, you can get into a good paying job elsewhere anyway that pays as good as your IB if not better (depending on your luck). So no need to put up with the misery when you make the same money and work 9-6.

Explains the attrition from the IB ranks amongst mid 20somethings. Make fast money, get some experience and get out or get thrown out.

 

[Monstar]

Are you qualified to make the assertion that she wasn't tough enough for it, though?

Simple question to answer this would be: Do you work in IB currently?

Nah I dont work in IB, but is that not a reasonable inference from reading the article?

 

[extensorindicis]

in the interview he was referring to institutional racism, is that prevalent here?

 

[Omnidragon]

Yea.

Not such a bad idea to get thrown out or leave. Heaps of examples but cbf explaining.

Just wanted to add, all analysts I worked with and defn most I know (ie people my year) did/do not enjoy the hardcore hours. But in hindsight it was a worthwhile experience

 

[blue_chameleon]

Nah I dont work in IB, but is that not a reasonable inference from reading the article?

"One guy was sent home suffering from exhaustion after working all night twice in a row. Sometimes I'd manage to get out by 8pm, but there was this bizarre notion that analysts should not leave before their senior colleagues. It was frowned on."

"One night I left at 11pm and went home to bed. Just after 1am I woke to the sound of my front doorbell ringing. I had not heard my mobile - although it was supposed to be always in earshot - and they wanted me back in the office. Eventually, they had sent a taxi driver round to wake me up."

"During my internship I saw one employee who would slip out in the evening and snort cocaine to pep himself up."

"Of the 32 graduates who joined in my year, there are three left today and all have moved out of that department."

In all honesty Monstar, I am struggle to find any possible inference from this that she is just "not tough enough". Fair enough this is anecdotal, but it's pretty widely accepted that there's a fair bit of substance abuse involved.

Other than that, is it reasonable to expect to be whisked back to the office in a cab in the early hours of the morning?

I get that to succeed in IB it takes a special kind of person, and a fuckload of sacrifices. The reality of the environment is that it's not for everyone. However, the issue that she raises is not solely that the demands of the job are too great, but moreso that they prey on young and naive grads by promising them the world and all it's riches.

A good illustration of this is the popularity of IB as a career. I'd suggest a large majority of people that consider IB as a career don't fully appreciate the demands that they will be placed under, and this couldn't work any better in favour for the firms that are trying to attract the top talent. But that's just my opinion.

Of course, experiences may differ across firms and countries, and the environment that this lady experienced may well have shifted to placing less demand on the fresh grad analysts. I just think that it's downright naive to counter any claims of harsh work environments by saying that a person the soft, especially if you haven't experienced it for yourself.

/rant.

 

[Studentleader]

In all honesty Monstar, I am struggle to find any possible inference from this that she is just "not tough enough". Fair enough this is anecdotal, but it's pretty widely accepted that there's a fair bit of substance abuse involved.

Other than that, is it reasonable to expect to be whisked back to the office in a cab in the early hours of the morning?

I get that to succeed in IB it takes a special kind of person, and a fuckload of sacrifices. The reality of the environment is that it's not for everyone. However, the issue that she raises is not solely that the demands of the job are too great, but moreso that they prey on young and naive grads by promising them the world and all it's riches.

A good illustration of this is the popularity of IB as a career. I'd suggest a large majority of people that consider IB as a career don't fully appreciate the demands that they will be placed under, and this couldn't work any better in favour for the firms that are trying to attract the top talent. But that's just my opinion.

Of course, experiences may differ across firms and countries, and the environment that this lady experienced may well have shifted to placing less demand on the fresh grad analysts. I just think that it's downright naive to counter any claims of harsh work environments by saying that a person the soft, especially if you haven't experienced it for yourself.

/rant.

If IB/law/medicine was so good you'd expect it to be alot higher up on the 'best jobs' as opposed to the 'fastest ways to get rich' lists

 

[Monstar]

In all honesty Monstar, I am struggle to find any possible inference from this that she is just "not tough enough". Fair enough this is anecdotal, but it's pretty widely accepted that there's a fair bit of substance abuse involved.

Other than that, is it reasonable to expect to be whisked back to the office in a cab in the early hours of the morning?

I get that to succeed in IB it takes a special kind of person, and a fuckload of sacrifices. The reality of the environment is that it's not for everyone. However, the issue that she raises is not solely that the demands of the job are too great, but moreso that they prey on young and naive grads by promising them the world and all it's riches.

A good illustration of this is the popularity of IB as a career. I'd suggest a large majority of people that consider IB as a career don't fully appreciate the demands that they will be placed under, and this couldn't work any better in favour for the firms that are trying to attract the top talent. But that's just my opinion.

Of course, experiences may differ across firms and countries, and the environment that this lady experienced may well have shifted to placing less demand on the fresh grad analysts. I just think that it's downright naive to counter any claims of harsh work environments by saying that a person the soft, especially if you haven't experienced it for yourself.

/rant.

Maybe I should've clarified as to what i trying to arrive to. As you said IB is quite demanding. From what I gather you need to be tough as nails to survive and be successful. Unfortunately she wasn't and she left.. in my eyes she 'soft' ie couldn't handle it so she left.

 

[blue_chameleon]

Maybe I should've clarified as to what i trying to arrive to. As you said IB is quite demanding. From what I gather you need to be tough as nails to survive and be successful. Unfortunately she wasn't and she left.. in my eyes she 'soft' ie couldn't handle it so she left.

There's really no need to clarify though, I understand your view. I'm just saying that it's extremely naive to say that based off the article and her personal experiences, that's she soft.

If you're placing the tag of 'soft' on her, you might as well place it on the other 30 or so graduates that followed her out the door, presumably because they all couldn't hack it.

One person leaving might say more about the individual. A whole team of grads leaving, says a whole lot more about the firm they work for.

 

[Omnidragon]

Maybe I should've clarified as to what i trying to arrive to. As you said IB is quite demanding. From what I gather you need to be tough as nails to survive and be successful. Unfortunately she wasn't and she left.. in my eyes she 'soft' ie couldn't handle it so she left.

Like I said it's about choices. If she found a hedge fund job paying her $120k with a 100% bonus and that fund works 9-6pm, why would she stay in the IB?

It's all about rational decisions and what choices you have. That then depends on how good you are and if you're not good then you won't even get the opportunity for an interview.