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Old 05-09-2009, 06:35 PM   #1
SMUgger
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Default Investment banking : How bad can a job get?

How bad can a job get? Very bad. I am in investment banking (corporate finance/M&A). Let me tell you why I hate this job so much (despite the $$$)...pardon me while I get all these things off my chest:

- MDs (the senior bankers) have no respect for your time. They email and expect you to reply or get the stuff done even at midnight on a saturday. I am their slave 24/7 with no life of my own. I've been sleeping an average of 4 hours a day for the last 6 months. How long can this go on before my health is permanently damaged?

- It's an intellectually dishonest job. If you are on the sell-side, you tweak the projections to make the valuation go up. Buyside, do the reverse. You continue doing this even if no one believes in these projections and the work product any more. I can't believe that I am wasting my life on something so worthless and so dishonest.

- Generally, investment bankers are the most money-driven idiots around without any moral principles. It's all about cover-your-ass and the office politics is just AMAZING. Everything has to be written on email for records sake and so you can point your finger at others when things go wrong. Colleagues are jerks.

- Investment bankers really know sh*t about the clients' business but we do a good job of pretending we do and then we fleece our clients with millions in fees. How come no one sees through this folly?

http://www.expatsingapore.com/forum/...c,52364.0.html
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Old 05-09-2009, 10:17 PM   #2
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Hmmm interesting Some of the reasons why I've crossed IB off my possible options after graduation.
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Old 05-09-2009, 10:49 PM   #3
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Check out this too... a finance intern pens a diary of her 6 weeks of hell:

http://news.students.efinancialcaree...wsItemId-14243
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Old 05-23-2009, 01:47 AM   #4
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Quote:
Originally Posted by yanshuo View Post
Check out this too... a finance intern pens a diary of her 6 weeks of hell:

http://news.students.efinancialcaree...wsItemId-14243
It's a she and on the trading floor? Amazing.
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Old 03-16-2012, 09:59 AM   #5
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Why I Am Leaving Goldman Sachs
http://www.nytimes.com/2012/03/14/op...man-sachs.html

Yes, Mr. Smith, Goldman Sachs Is All About Making Money: View
http://www.bloomberg.com/news/2012-0...oney-view.html

Hazard of the Trade: Bankers' Health
http://online.wsj.com/article/SB1000...824944472.html

Last edited by PureFitness; 04-05-2012 at 12:20 PM.
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Old 05-22-2012, 09:37 AM   #6
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Banking Burnouts Blow Away Myths of Wall Street Glamour

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former banker Stephen Ridley, who survived as a junior investment banker at a "top tier" European investment bank for all of 16 months before throwing in the towel on his finance career in October last year.

Having since been reconstituted as a singer/songwriter and pianist - and a damn fine one at that - in the mould of Coldplay's Chris Martin, Mr Ridley decided last month to go public with his tale of investment-banking woe. He tells a powerful story that anyone considering a Wall Street career would do well to read before falling into the investment-banking black hole.

Mr Ridley writes that he graduated from a top British university - he doesn't say which one - in 2010 with a degree in philosophy, politics and economics. The summer before graduation, he interned in the "European" bank he joined a year later (despite knowing first-hand from his internship just how "brutal" the life of an investment banker was).

His sole motivation was to make as much money as possible. He assumed having a lot of money would make him happy and earn him the respect of the people around him.

"I wanted to be a somebody in the eyes of myself and others," he wrote on the blog Wall Street Oasis. "But most of all, I wanted money. Why? Because money is freedom. Money means I can wear what I want, live where I want, go where I want, eat what I want, be who I want. Money would make me happy. Right?"

Wrong.

Mr Ridley explains: "In fact, money didn't seem to make any of the bankers happy. Not one person in the roughly 200 I got to know in banking were happy. Yet all earned multiples of the national average salary."

He then explained why he was so unhappy.

"Like everyone there, I worked my ass to the bone, working mind-numbingly boring work," he continued. "Fifteen-hour days were a minimum, 16 to 17 were normal, 20-plus were frequent and once or twice a month there would be the dreaded all-nighter. I worked around two out of every four weekends in some form. I was never free, I always had my Blackberry with me, and thus I could never truly detach myself from the job."

What about the perks, the lavish lifestyle?

"These are the objective facts, contrary to what any 'baller' wants to tell you," writes Mr Ridley. "The only models were Excel models, the only bottles were Coca-Cola, which I drank a lot of to stay awake."
http://www.bloomberg.com/news/2012-0...t-glamour.html
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Old 05-22-2012, 09:39 AM   #7
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Voices of Finance: http://www.guardian.co.uk/commentisf...ces-of-finance

Written in the form of monologues, bankers and others across the financial sector speak about their lives and describe a typical working day.
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Old 05-23-2012, 10:40 AM   #8
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Investment banking nowadays has a wide range of finance-oriented functions. You can control in issuance of stock and oversee its sale to the public and investment Banking is blooming now a days. It has no limitations on income also.
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Old 09-24-2012, 09:39 AM   #9
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Confessions Of A Young Banker - The Day I Snapped
http://hereisthecity.com/2012/09/18/...it-was-the-be/
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Old 02-03-2013, 09:58 PM   #10
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If you want to know more about how to get an appropriate interview skills for your application at an Investment Bank , you can check this blog http://bestopcareer.blogspot.sg/

Good luck!
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