<p>No Lusitano, I don’t work in the industry and I don’t even have plans to work in the industry. I am just saying that you hear about the heavy workloads involved with the banking industry all the time. It’s really not a surprising thing and I am not sure why you are acting surprised by it. It’s an extremely demanding profession.</p>
<p>I do believe the banking industry is demanding as many other industries in this country. I see the example described above as very extreme and coated with great negativity. I am not sure about the motivation behind it.
As a future finance undergraduate and older working student, having 60-80 hour weeks is very common in my routine, so I am not really concerned about the amount of work need to make it in banking. The things I look for in a forum like this, is not just to know how bad things can be, but to find coping solutions to be successful in the banking industry.
I have worked the past 15 years on a commission only paid structure, so I know what money motivation can do for you, and how that leads to working extra hours. Is that a bad thing? Not for me because that really motivates me to do more. So I think there is a very positive perspective about working extra hours at a demanding industry that newbies should also know about. I believe there is time for everything, and each person will manage their time differently, but there are more good things than bad when you have to work extra hours, or most people wouldn’t want to do it.
“Some people dream of success while others wake up and work hard it”. Name of the game!</p>
<p>How is my post negative? This is the business. Not only do I currently work in one segment of it, I have many close, personal friends that work for both middle market and bulge bracket banks. The information I posted is 100% accurate and a true reflection of how things are. </p>
<p>Coping solutions? Just be able to deal with the bull crap. That is it. The job sucks and people do it for the money. </p>
<p>More good things than bad when it comes to working extra hours? Please tell me how that works? You are salaried so every hour past 40 decreases you per hour income. You are formatting powerpoint and excel. At the junior level you are doing very clerical work. That is the nature of the business. </p>
<p>Come back and comment when you get an internship in the business or something. Your comments are silly and unhelpful.</p>
<p>I am sorry you are so frustrated with your life and with your job. I hope you find balance in the future.</p>
<p>Haha ok man. Come back and talk when you have your undergrad finished.</p>
<p>Wait you get payed less for over time? why?</p>
<p>
Yup. That’s exactly what he said. -_-</p>
<p>Because they know he’s tired and won’t be as productive. Makes perfect sense from the managers point of view.</p>
<p>Wait, I said that your hourly wage declines anything past 40. No overtime. Look at it like this. </p>
<p>70K Base Salary in banking (I will ignore signing and end of year bonus)</p>
<p>70K / 52 Weeks – 1,346 per week</p>
<p>1,346 / 40 hours per week = 33.65 per hour</p>
<p>Now suppose you start working 80-90 hour weeks, which are rather common. </p>
<p>1,346 / 85 hours = 15.84 an hour</p>
<p>Now this analysis is not perfect for a bunch of reasons, but the basic point is that you work for a large base, but work so many hours that your per hour wage drops pretty low. </p>
<p>Banking provides a lot of positives, but just be prepared for the negatives, that’s all. Nothing more, nothing less.</p>
<p>That makes sense.</p>
<p>Well do you find any part of the work mentally engaging, interesting, and enjoyable?</p>
<p>No comment ha. This isn’t saving the whales or helping needy children. If you are going into finance looking for enrichment I think most people will be sadly disappointed.</p>
<p>Here’s a good article for you to read Newton:</p>
<p>[A</a> Roadmap to a Life that Matters - Umair Haque - Harvard Business Review](<a href=“http://blogs.hbr.org/haque/2011/07/a_roadmap_to_a_life_that.html]A”>A Roadmap to a Life that Matters)</p>
<p>Thanks for the info just trying to pick your brain a little.</p>
<p>Finance is a huge field. My day to day is boring and mixed with stressful situations. Maybe you enjoy the markets more than analyzing spread sheets. If that is the case you might be interested in capital markets vs M&A banking. Maybe you like something more fast paced, that might be trading or institutional sales. Maybe you like helping people invest their money and the freedom to build your own book of business, that would be private wealth management. Maybe you like working for a company and helping them realize their fullest potential, that would be corporate finance. </p>
<p>Finance is very large with a lot of different career aspects. It is financially rewarding and also teaches you a lot. Life is not always high fives and party time. Being able to suck it up and push forward, work long and hard, deal with stress, fail repeatedly and keep coming back for more, all those skills are extremely important throughout your life.</p>
<p>MSFHQsite,</p>
<p>Great post! That info is very help and with some insight. I think it is important to understand all options in finance, and it seems that there are a lot. This is the kind of discussion I like!</p>
<p>Hi MSFHQ, I have a few questions</p>
<p>What are the schools beside Princeton and MIT that are good? Do they have rankings on MSF?
Good as in getting a job wise.</p>
<p>Not sure if you know this, but what are the placement like for international students?</p>
<p>What are the pay range? Is it possible to get you out of the tuition debt for MSF?</p>
<p>How’s the market for MSF grads now? Very competitive? So-so?</p>
<p>Princeton and MIT are the gold standards. Great programs and world renowned names. Outside of those two you have what I like to call the solid core. Schools with good business programs and known brands. Villanova, Vanderbilt, Boston College, UIUC, WUSLT,
U of Florida, Claremont McKenna, Tulane, etc. These schools are really good, but not Ivy League. </p>
<p>I tell people that MSF programs are regional. I feel this is true. If you want to work in NYC or Philadelphia, Villanova is going to be tops. If you want to work in Cali, Claremont McKenna will be tops. UIUC is Chicago/NYC. Vanderbilt is south/NYC. Florida is really south with some NYC. Tulane is big with energy/Texas with some NYC. </p>
<p>MSF’s are great for giving you another shot at recruiting. Front office finance will place you as an analyst, but if you go into F500 or other types of finance, most places will consider an MSF as an MBA. </p>
<p>Pay depends on the metro you work in. Most analyst positions will start you at around 60-70K base with a bonus. Bonus depends on what type of finance you work in. As far as paying off your loans, depends on the cost. </p>
<p>Villanova is like 30K. MIT is around 80K. Your break even point will be different depending on where you go. </p>
<p>International students have to be more flexible because of the H1 status issues. Every international student got a job in my class and the class after. I would say just be prepared to be more focused and work a little harder and you should be fine. Every MSF program I listed have great alumni networks so you just need to be proactive.</p>
<p>I know you are biased because you went to Nova, but also by the fact that you said Villanova was the top program in Finance for Philadelphia and NYC when Nova is a short drive from UPenn, which is clearly the top program in Finance.</p>
<p>Nova is a very good school and all, but don’t get ahead of yourself.</p>
<p>Wharton is definitely in the awesome level…they only offer MBA not MSF which this forum is discussing about.</p>
<p>Thanks btw MSFHQ :)</p>
<p>Wharton offers a PhD in Finance.</p>
<p>It’s ranked as the top graduate Finance program.</p>
<p>You can get an MBA with a finance concentration. Perhaps they let you drop out of the PhD in Finance program after two years with a Masters.</p>