Majayiduke09

From an absolute perspective it is great; however, remember high finance attracts Type-A personalities (smart, hungry, and aggressive), and from a relative perspective, the buy-side is FAR more attractive.

futurenyustudent

Law school and getting into a law firm is a cakewalk compared making managing director at a major IB. But making 7 figures as an investment banker is a cakewalk compared to making 7 figures as a law firm partner.

Luminaire

You're 19.

megaman123

LOL, love that comment luminaire...I swear I'm laughing my ass off right now hahahah

SimonSayss

I did investment banking for a little over 2 years and I would say that the money isn't worth it in the beginning. As an analyst, you make 60K+bonus your first year, 70K+bonus your second year, and 80K+bonus your third year. Bonus will depend on the year you are working. If you are in a bull market, you'll probably make out pretty well even if you're not the top analyst. Last year, the top 2nd year analyst made 115K in bonus at my bank. Keep in mind, that this is all pretax income. Taxes will literally take more than 35% of your income. So, like I said, you shouldn't just do it for the money. Money is a great incentive, but shouldn't be the sole reason you do it.

You won't know if you want to do banking for a career until you actually try it. You may realize that you are really good at it and love the adrenaline of getting a deal done. You may find doing all the quantitative, technical analysis comes easy to you. You may find a sector that really piques your interest. Think of an investment banker as an agent. If you watch Entourage, Ari Gold has the exaggerated personality of an investment banker. It's very fast paced. A lot of wheeling and dealing goes on and the general motto is "do whatever it takes to get the job done." I think the reason anyone should get into it is for the EXPERIENCE. Even though that's pretty cliche, it's still very true. Investment banking will train you hardcore in finance and business in general. Think of it as a 2 year boot camp. And if you have i-banking experience on your resume, you will already prove to your future employers that you know how to work hard. You will learn a ton on the job and learn how to get things done quickly, build complex financial models, learn how to deal with clients, learn different financial products/services, as well as industries. Yes, you will have 100+ hour weeks, you will pull several allnighters in a row, you will drink coffee and red bull like no other. But it's not always like that. There are times (esp. now I bet) when you don't have much to do and you can get home before 10pm. Overall, I think banking was one of the best learning experiences in my life. I wouldn't go back into it, but it's definitely worth trying as your first or second job out of college.

CamaroLover

^Thanks for that post.

Do iBankers work 80+ hours even after a few years? Or is it that many hours for the beginning?

tubbies

My dad is an MD for GS and he looks like he's 50 when he's in the early 40s. But that probably is worth it when you're driving a Modena and owns a couple more cars. Though I wouldn't wanna be like him when I grow up, its very stressful he tells me.

lynda

your hour's won't go down until you are VP/MD. vps are on the road more than they work in office associate/analyst will be the ones working 90+ hour weeks

CamaroLover

So how long will it take when I can be working 30-40 hours a week and can spend time with my family and go on vacations and stuff?

Retirement?

How do investment bankers have children and families when working so much?

futurenyustudent

Never. I don't think you can ever work 30-40 hours a week in an IB position. Unless, of course, you're in operations. Which is a different can of worms I will NOT open here.

If I looked 50 when I was 40, I'd spend SO much money trying to make myself look younger....

wolfpack12

You should read the book, Monkey Business: Swinging Through the Wall Street Jungle. It is cowritten by John Rolfe and Peter Troob. Basicaly, it is just the anecdotes of two former ibankers, but it is funny and informative about what an associate really does.

CamaroLover

I really don't think that I should go into this iBanking. I mean, it's not that I can't work hard but I don't want to be working 80+ hours until I'm I'm 40-50. I mean, I do plan on having a family and stuff.

futurenyustudent

That's no longer a problem, ever since man invented boarding school.

CamaroLover

huh?...........

Luminaire

Indeed. Plus you aren't going to want to see your wife at all after a few years so it works out pretty conveniently.