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IB in the US - how many days off per year on average?

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Re: IB in the US - how many days off per year on average? [#permalink] New post 16 Jul 2008, 15:36
I agree with the idea of having to travel with MC being worse than hours in IB.

The comments about a family from the bankers I know is that it really will cost you seeing your kids early childhood unless you wait longer to have kids. Have kids a few years out of school and you will miss far more of their early years than a lot of other jobs. Also to get to the level where hours arent terrible you need to be promoted, and have to survive the rough years. There are far more associates than MDs.
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Re: IB in the US - how many days off per year on average? [#permalink] New post 16 Jul 2008, 15:53
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I was an IB analyst for less than a year at the fixed income desk of a non-US, non-bulge bracket (but among the 10 largest financial institutions in the world) in New York until I was laid off in late '07.

Official vacation time was 20 days (4 weeks) and I ended up taking 13 days before getting canned. :)
Average work week was 70 hours. At least 1 VP in our group took her full allowance of 20 days every year - with no major negative repercussions. I will also say that our MD rarely took more than 8-10 days off in a year.
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Re: IB in the US - how many days off per year on average? [#permalink] New post 16 Jul 2008, 17:43
I'm not totally sure on this, but I have a feeling that the whole "finance culture" of working your tail off and taking very little time off is sort of ingrained into the culture of NYC.

i.e. If you grew up in Milwaukee, had all of your family and friends there, and all of a sudden started working 90 hours/week and making big bucks, I have a feeling that you may be ostracized as a greedy, money-oriented person with no work-life balance. If you live in Manhattan, it just seems like everyone understands what you're going through and doesn't hate on you as much for it - girls, friends, family, etc. The general, college educated population in NYC knows what an investment banker or a hedge fund manager is - you probably can't say the same about the general educated population in Middle America.
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Re: IB in the US - how many days off per year on average? [#permalink] New post 16 Jul 2008, 19:05
terp06 wrote:
I'm not totally sure on this, but I have a feeling that the whole "finance culture" of working your tail off and taking very little time off is sort of ingrained into the culture of NYC.

i.e. If you grew up in Milwaukee, had all of your family and friends there, and all of a sudden started working 90 hours/week and making big bucks, I have a feeling that you may be ostracized as a greedy, money-oriented person with no work-life balance. If you live in Manhattan, it just seems like everyone understands what you're going through and doesn't hate on you as much for it - girls, friends, family, etc. The general, college educated population in NYC knows what an investment banker or a hedge fund manager is - you probably can't say the same about the general educated population in Middle America.


I think how the hours you work, etc are viewed are not just a result of location (Milwaukee vs. NYC) but also the reputation of your company in that region....For instance, I live in Madison, WI and work a job with between 60-80 hrs/week and travel Monday-Thursday 3 of 4 weeks out of the month (Fridays are "in office" days). In Madison, my company and role within the company have a reuptuation for being work/travel intensive...and at the same time, high-paid :) I get a lot of "oh you must make a lot of money" and a lot of "wow I can't believe you do X at company Y, you must work so much!" More often than not, it's not viewed as a bad thing - just something that's different from the majority of the working population in Madison...

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Re: IB in the US - how many days off per year on average? [#permalink] New post 17 Jul 2008, 14:03
Going back to the original question (and some other comments), I've been thinking about where the pressure to skip vacations and work longer hours comes from. I think I've identified one potential explanation.

First, a little background. I'm summering at a BB in LA. My workload has actually eased a bit this past week. I didn't work over the weekend, and I've left before midnight every day this week so far; not bad all things considered. I'm on three transactions right now, and one might have just died on the vine this morning. I don't think (hoping actually) that things will get worse before the coming weekend; we'll see.

So here's the meat of the story, and my insight. I took off about 10:30 last night, pretty long day but still some time for myself. I got in a little earlier than normal today to get ready for a 9AM call. The guy I share an office with was still here from the night before. Not a huge shocker, it happens; but here's the rub. They are trying to wrap stuff up on both deals he is working on before the weekend. Earlier, he said, rather matter-of-factly, tht it's going to be another long night. You never know you're doing to have an all-nighter until it actually hits, but it looks like he's going to back-to-back all-nighters (I think he got an hour nap in the pre-dawn hourse this morning).

So, what does that mean exactly? Well, he's my friend, and even if I'm completely done with my own stuff tonight, I probably won't take off before 10 or 11PM. It's not because I'm worried about what senior bankers or others will think of me (reviews have confirmed that they know I've been working hard), and it's not for face-time or anything like that. I'm going to find something to do and stay a little later tonight kind of as support I guess, because it's my friend. I know from experience that late nights aren't so bad if others are around, but it really sucks if you're alone (or if only people more junior than yourself are around).

Part of it arises from the culture of investment banking, of course. Most other businesses would probably look at the situation and just conclude there's too much work and put it off until the following week. In IB, there's really no such thing as too much work; people just don't look at things that way. Our office environment is actually really good; there are no @ssholes that I've noticed (not true everywhere of course), but people do work hard. Nobody hands out work just to cause pain, but there definitely is an attitude that we will do whatever it takes to get the job done.
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Re: IB in the US - how many days off per year on average? [#permalink] New post 17 Jul 2008, 14:12
pelihu wrote:
Going back to the original question (and some other comments), I've been thinking about where the pressure to skip vacations and work longer hours comes from. I think I've identified one potential explanation.

First, a little background. I'm summering at a BB in LA. My workload has actually eased a bit this past week. I didn't work over the weekend, and I've left before midnight every day this week so far; not bad all things considered. I'm on three transactions right now, and one might have just died on the vine this morning. I don't think (hoping actually) that things will get worse before the coming weekend; we'll see.

So here's the meat of the story, and my insight. I took off about 10:30 last night, pretty long day but still some time for myself. I got in a little earlier than normal today to get ready for a 9AM call. The guy I share an office with was still here from the night before. Not a huge shocker, it happens; but here's the rub. They are trying to wrap stuff up on both deals he is working on before the weekend. Earlier, he said, rather matter-of-factly, tht it's going to be another long night. You never know you're doing to have an all-nighter until it actually hits, but it looks like he's going to back-to-back all-nighters (I think he got an hour nap in the pre-dawn hourse this morning).

So, what does that mean exactly? Well, he's my friend, and even if I'm completely done with my own stuff tonight, I probably won't take off before 10 or 11PM. It's not because I'm worried about what senior bankers or others will think of me (reviews have confirmed that they know I've been working hard), and it's not for face-time or anything like that. I'm going to find something to do and stay a little later tonight kind of as support I guess, because it's my friend. I know from experience that late nights aren't so bad if others are around, but it really sucks if you're alone (or if only people more junior than yourself are around).

Part of it arises from the culture of investment banking, of course. Most other businesses would probably look at the situation and just conclude there's too much work and put it off until the following week. In IB, there's really no such thing as too much work; people just don't look at things that way. Our office environment is actually really good; there are no @ssholes that I've noticed (not true everywhere of course), but people do work hard. Nobody hands out work just to cause pain, but there definitely is an attitude that we will do whatever it takes to get the job done.


Here's the part I don't get - how exactly do you drive home safely after these kinds of hours? Guys in New York have the subway and black cars, but in LA I am guessing that you have to drive yourself to and from work. Driving on 2 hours of sleep is about as bad, if not worse, than driving drunk.

Do you get black cars? Also, do people in LA have SeamlessWeb?
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Re: IB in the US - how many days off per year on average? [#permalink] New post 17 Jul 2008, 14:22
terp06 wrote:
Here's the part I don't get - how exactly do you drive home safely after these kinds of hours? Guys in New York have the subway and black cars, but in LA I am guessing that you have to drive yourself to and from work. Driving on 2 hours of sleep is about as bad, if not worse, than driving drunk.

Do you get black cars? Also, do people in LA have SeamlessWeb?


I would assume that they have transportation provided. It seems to be a common for lots of companies these days.

I am curious if they have bunk rooms like in Hospitals where people routinely work 24+ hours straight.
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Re: IB in the US - how many days off per year on average? [#permalink] New post 17 Jul 2008, 16:46
riverripper wrote:
terp06 wrote:
Here's the part I don't get - how exactly do you drive home safely after these kinds of hours? Guys in New York have the subway and black cars, but in LA I am guessing that you have to drive yourself to and from work. Driving on 2 hours of sleep is about as bad, if not worse, than driving drunk.

Do you get black cars? Also, do people in LA have SeamlessWeb?


I would assume that they have transportation provided. It seems to be a common for lots of companies these days.

I am curious if they have bunk rooms like in Hospitals where people routinely work 24+ hours straight.

If so, I certainly hope they're nicer than hospital call rooms :roll:
And I'm in 100% agreement on the driving issue. I once fell asleep at a traffic light post-call... I have a couple friends who actually got into accidents (thankfully they were OK).
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Re: IB in the US - how many days off per year on average? [#permalink] New post 17 Jul 2008, 20:48
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SeamlessWeb - Yes (for those that don't know, this is a food ordering service, and I assume it varies according to firm)
Car Service - Yes, but I've never seen or heard of anyone using it. People in LA just don't want to leave their cars.
Sleeping quarters - No.

I do recall when I was in New York (law firm, not bank) that they signed all the new associates up for something called Club Quarters, which was right around the corner from our firm. It was kind of like a hotel, but it was membership based, and if didn't have time to go home, you could head over for a few hours of rest. If I recall, the rooms had no TVs, and were tiny (even by NY standards), but there was a bed and a shower. Nothing like that here in LA though (that I know of). I think the hours tend to be a little better.
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Re: IB in the US - how many days off per year on average? [#permalink] New post 19 Jul 2008, 02:41
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hmmm maybe an MBA is not the right thing to do for me ..... or actually a career in the US is not the right thing for me.

It is amaizing how so many people see nothing wrong with working untill midnight on average. I mean ... even prisoners would complain if they were only getting 2 hrs of sleep per night.
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Re: IB in the US - how many days off per year on average? [#permalink] New post 19 Jul 2008, 03:32
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Darden2010 wrote:
hmmm maybe an MBA is not the right thing to do for me ..... or actually a career in the US is not the right thing for me.

It is amaizing how so many people see nothing wrong with working untill midnight on average. I mean ... even prisoners would complain if they were only getting 2 hrs of sleep per night.


I live in the US and I think it's obscene. Sure, every now and then all-nighters or super long days are necessary, but they should be far from the norm. My opposition to such a lifestyle is among the main reasons I'm not at all interested in banking.

But such hours are not common everywhere in the US. General management types of jobs can have long hours, but much more at the worker's discretion.
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Re: IB in the US - how many days off per year on average? [#permalink] New post 19 Jul 2008, 04:59
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yeah I guess some people were not born to live, they were born to make money :)

It is not like I expect to not work overtime at all, but ... back-to-back all-nighters ... all the time ... It is actually sad that these people value their life only about $ 300K per year
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Re: IB in the US - how many days off per year on average? [#permalink] New post 19 Jul 2008, 09:12
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Well, I think that's a short-sighted view. There are a lot of people that do banking (or consulting) for 2-3 years, and transfer into general management at an accelerated level. If you look at an executive roster at any top company, you're going to find that a substantial portion have experience with big 3 consulting and bulge bracket banks. It really is the fast-track to the top. In fact, I'd bet that most top companies (depending on industry, competitiveness, things like that) will have more people with top consulting/banking experience than pure home-grown talent. We've all heard the statistic that people graduating from business school these days will change jobs 10 times on average in their careers. Having Bain or Morgan Stanley on your resume, especially as VP or senior manager or something like that, gives you instant credibility in future job searches regardless of industry.

Another way to look at it is to browse company websites and look at the qualifications they value for senior roles. It's unbelievable how often you will see things like "investment banking and consulting experience a big plus". This is true for roles in all fields and different types of firms, including finance and strategy of course, but also marketing, business development, any type of business or quantitative analysis...pretty much everything. If you go straight into general management, you can be sure that 6-8 years down the line, when you're trying to make your move into upper management, you will be competing for jobs with folks with 2-3 years of consulting and banking experience. That's just how it is. And of course, banking and consulting are well-beaten paths to the highest paying jobs of the day, whatever that may be. During the tech boom, many top leaders came from Goldman, McKinsey, BCG, etc. even though they had no tech background; these days, PE/HFs recruit from the same places; and 5 or 10 years from now, whatever industry or business is most desirable will cherry pick top talent from...you guessed it... big three consulting and bulge bracket banks. It really is a great way to position yourself for the future, even if your future isn't in banking or consulting.

A third way to think about it is that you make enough as a banker to take a year-long sabbatical after every two years of work - and you actually see this happen. You'll make more money in 2 years at a bank than people working 4 years in general management. It's relatively common to see people who switch banking jobs take substantial time off between jobs; and when people get laid off from banking, many are in no hurry to transition to a new job because they can afford the time off. Of course, some people spend every penny they have, but those that plan ahead, but those that plan ahead have the option of taking substantial breaks during their careers.

A fourth way to look at it is that bankers will make more in 10-15 years than people in most other industries will in their entire careers. The implications of this are obvious, especially for those that plan ahead and see the big picture. If you're good at what you do, you can start seeing 7 figure paydays after 5-7 years; how many million dollar paychecks do you need before you can start thinking about hanging them up? It's silly to just think about life as a first year associate and the salary of a first year associate. Many SVP/Directors leave before 6PM every day and take home money by the barrel - in fact I just had a chat about this yesterday with a soon-to-be MD as he headed out the door at 5:15 (he leaves before 6 every day). I doubt it's the goal of very many people to work 100 hours or be on the road 4-5 nights every week to make $2-300k; but I think many people can see working 60 hours a week and bringing home $1mm or more (maybe lots more). The thing is people, aren't just going to hand that to you your first year out of business school - you're going to have to work and learn and perform to get to that level.

Another thing that cannot be ignored is that (yes I'm going to come right out and say it) money does matter. Sure, everyone has a different threshold for how much they'd like to make, the things they'd like to have and do, but I think few people are shelling out cash for MBAs without doing some type of calculation on future returns. And statements like "money isn't everything" and "money can't buy happiness" are folksy and sweet, but they aren't implicit truths any more than "a stitch in time saves nine" (whatever the hell that means). They are just sayings. For a lot of people, the ability to afford a nice car, or go to nice restaurants, or live in certain cities, or in a nice neighborhood, or vacation in top destinations, or send their kids to private school, or provide elder care for their parents, or fund their wine or car hobby, or any number of the million other possibilities, are reasons to work harder and make more money. Sure, if you're main concern is yourself, and all you want to do is live a quiet life with plenty of free time, then take whatever job makes you happy; heck go work for the government and count on a steady paycheck and 40 hour work weeks. Back when I waited tables in college, I knew a lot of people that went through this same decision process; they decided that surfing was their top priority and that they would work just enough to afford the rent on their shack near the beach. Hmm, doesn't sound too bad actually, and woe to the dumbasses that wasted their lives attending college. Don't know what those guys and gals are up to these days though...

In a lot of ways, competing for a top consulting or banking job is a lot like choosing to get an MBA (probably why such firms are favorite destinations for MBAs year after year). To get an MBA you have to go above and beyond and spend time doing things that a lot of your peers do not (GMAT, applications, visiting schools, interviewing, all a lot of work you're not getting paid for). Business school itself is an intense experience, to say nothing of sacrificing salary for two years and paying a buttload of money to go. But once you do it, especially at a top school, your career is accelerated and you shoot out the back end ahead of peers from your former career. Same thing applies to banking and consulting roles. These aren't easy jobs, and they aren't the easiest jobs to get; and you definitely have to make lifestyle choices in the short run (sounds like getting an MBA huh?), but in most cases you'll come out ahead of people that don't do it.

To say someone views their life as equivalent to their pay of $300k is silly and lacks vision. Perhaps someone believes their life is worth $2mm, but nobody is willing to pay them that yet - what's the most certain way to get there? I think it's stupid to try and impose a particular viewpoint on what others are doing. A lot of the bankers I know live fairly modest lifestyles (some flashy big spenders as well of course), and have the ultimate goal of financial security. You can weather downturns a lot better if you have some cash tucked away and everything is paid off. Personally, I'd love to put away enough change to quite work and help with mental health and animal charities, but you need to achieve some measure of financial freedom before you can so something like that.

Which leads to the final point. A lot of people take banking and consulting roles out of business school because it's the best way to pay off student debt. It's the most direct way to make a dent after two years of not working and accumulating debt. We have an analyst here where I work who ran up $120k in loans as an undergrad (not that rare for people from private schools that now charge $30k for tuition plus room, board, etc.). Pile on another $150k to attend business school and maybe some more for deferred interest, and such a person would be highly motivated to take the highest paying job possible, at least in the short run. I'm not sure exactly, but I think even with extended payments, debt service might be $3k per month at today's rates. Taking a $100k job would be absurd, and I think pretty much all people pursuing MBAs at top schools have thought about this (unless they have rich parents or something). But a lot, even before applying to business school, plan to work their asses off for 2-3 years in banking or consulting to ramp up to the next stage of their lives. It helps pay down debt and it definitely opens doors and accelerates your career. One might argue that it would be shortsighted to not give banking or consulting some serious consideration given these circumstances.
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Re: IB in the US - how many days off per year on average? [#permalink] New post 19 Jul 2008, 09:32
extremely well-reasoned post, pelihu. it's a pleasure to have you on this board.
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Re: IB in the US - how many days off per year on average? [#permalink] New post 19 Jul 2008, 13:57
Great Post, kudos... Very insightful !
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Re: IB in the US - how many days off per year on average? [#permalink] New post 19 Jul 2008, 15:08
pelihu, how tough was the IB internship out of Darden? Did you have previous IB exp?
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Re: IB in the US - how many days off per year on average? [#permalink] New post 19 Jul 2008, 16:12
pelihu wrote:
Well, I think that's a short-sighted view. There are a lot of people that do banking (or consulting) for 2-3 years, and transfer into general management at an accelerated level. If you look at an executive roster at any top company, you're going to find that a substantial portion have experience with big 3 consulting and bulge bracket banks. It really is the fast-track to the top. In fact, I'd bet that most top companies (depending on industry, competitiveness, things like that) will have more people with top consulting/banking experience than pure home-grown talent. We've all heard the statistic that people graduating from business school these days will change jobs 10 times on average in their careers. Having Bain or Morgan Stanley on your resume, especially as VP or senior manager or something like that, gives you instant credibility in future job searches regardless of industry.

Another way to look at it is to browse company websites and look at the qualifications they value for senior roles. It's unbelievable how often you will see things like "investment banking and consulting experience a big plus". This is true for roles in all fields and different types of firms, including finance and strategy of course, but also marketing, business development, any type of business or quantitative analysis...pretty much everything. If you go straight into general management, you can be sure that 6-8 years down the line, when you're trying to make your move into upper management, you will be competing for jobs with folks with 2-3 years of consulting and banking experience. That's just how it is. And of course, banking and consulting are well-beaten paths to the highest paying jobs of the day, whatever that may be. During the tech boom, many top leaders came from Goldman, McKinsey, BCG, etc. even though they had no tech background; these days, PE/HFs recruit from the same places; and 5 or 10 years from now, whatever industry or business is most desirable will cherry pick top talent from...you guessed it... big three consulting and bulge bracket banks. It really is a great way to position yourself for the future, even if your future isn't in banking or consulting.

A third way to think about it is that you make enough as a banker to take a year-long sabbatical after every two years of work - and you actually see this happen. You'll make more money in 2 years at a bank than people working 4 years in general management. It's relatively common to see people who switch banking jobs take substantial time off between jobs; and when people get laid off from banking, many are in no hurry to transition to a new job because they can afford the time off. Of course, some people spend every penny they have, but those that plan ahead, but those that plan ahead have the option of taking substantial breaks during their careers.

A fourth way to look at it is that bankers will make more in 10-15 years than people in most other industries will in their entire careers. The implications of this are obvious, especially for those that plan ahead and see the big picture. If you're good at what you do, you can start seeing 7 figure paydays after 5-7 years; how many million dollar paychecks do you need before you can start thinking about hanging them up? It's silly to just think about life as a first year associate and the salary of a first year associate. Many SVP/Directors leave before 6PM every day and take home money by the barrel - in fact I just had a chat about this yesterday with a soon-to-be MD as he headed out the door at 5:15 (he leaves before 6 every day). I doubt it's the goal of very many people to work 100 hours or be on the road 4-5 nights every week to make $2-300k; but I think many people can see working 60 hours a week and bringing home $1mm or more (maybe lots more). The thing is people, aren't just going to hand that to you your first year out of business school - you're going to have to work and learn and perform to get to that level.

Another thing that cannot be ignored is that (yes I'm going to come right out and say it) money does matter. Sure, everyone has a different threshold for how much they'd like to make, the things they'd like to have and do, but I think few people are shelling out cash for MBAs without doing some type of calculation on future returns. And statements like "money isn't everything" and "money can't buy happiness" are folksy and sweet, but they aren't implicit truths any more than "a stitch in time saves nine" (whatever the hell that means). They are just sayings. For a lot of people, the ability to afford a nice car, or go to nice restaurants, or live in certain cities, or in a nice neighborhood, or vacation in top destinations, or send their kids to private school, or provide elder care for their parents, or fund their wine or car hobby, or any number of the million other possibilities, are reasons to work harder and make more money. Sure, if you're main concern is yourself, and all you want to do is live a quiet life with plenty of free time, then take whatever job makes you happy; heck go work for the government and count on a steady paycheck and 40 hour work weeks. Back when I waited tables in college, I knew a lot of people that went through this same decision process; they decided that surfing was their top priority and that they would work just enough to afford the rent on their shack near the beach. Hmm, doesn't sound too bad actually, and woe to the dumbasses that wasted their lives attending college. Don't know what those guys and gals are up to these days though...

In a lot of ways, competing for a top consulting or banking job is a lot like choosing to get an MBA (probably why such firms are favorite destinations for MBAs year after year). To get an MBA you have to go above and beyond and spend time doing things that a lot of your peers do not (GMAT, applications, visiting schools, interviewing, all a lot of work you're not getting paid for). Business school itself is an intense experience, to say nothing of sacrificing salary for two years and paying a buttload of money to go. But once you do it, especially at a top school, your career is accelerated and you shoot out the back end ahead of peers from your former career. Same thing applies to banking and consulting roles. These aren't easy jobs, and they aren't the easiest jobs to get; and you definitely have to make lifestyle choices in the short run (sounds like getting an MBA huh?), but in most cases you'll come out ahead of people that don't do it.

To say someone views their life as equivalent to their pay of $300k is silly and lacks vision. Perhaps someone believes their life is worth $2mm, but nobody is willing to pay them that yet - what's the most certain way to get there? I think it's stupid to try and impose a particular viewpoint on what others are doing. A lot of the bankers I know live fairly modest lifestyles (some flashy big spenders as well of course), and have the ultimate goal of financial security. You can weather downturns a lot better if you have some cash tucked away and everything is paid off. Personally, I'd love to put away enough change to quite work and help with mental health and animal charities, but you need to achieve some measure of financial freedom before you can so something like that.

Which leads to the final point. A lot of people take banking and consulting roles out of business school because it's the best way to pay off student debt. It's the most direct way to make a dent after two years of not working and accumulating debt. We have an analyst here where I work who ran up $120k in loans as an undergrad (not that rare for people from private schools that now charge $30k for tuition plus room, board, etc.). Pile on another $150k to attend business school and maybe some more for deferred interest, and such a person would be highly motivated to take the highest paying job possible, at least in the short run. I'm not sure exactly, but I think even with extended payments, debt service might be $3k per month at today's rates. Taking a $100k job would be absurd, and I think pretty much all people pursuing MBAs at top schools have thought about this (unless they have rich parents or something). But a lot, even before applying to business school, plan to work their asses off for 2-3 years in banking or consulting to ramp up to the next stage of their lives. It helps pay down debt and it definitely opens doors and accelerates your career. One might argue that it would be shortsighted to not give banking or consulting some serious consideration given these circumstances.


Excellent, thoughtful post. I agree with most things you just mentioned. The only thing that I disagree with is when you mentioned that many bankers tend to be "thrifty" or save a lot. I'm really not sure about the banking culture in LA, but from what I know of the bankers in Chicago - almost all of them are big spenders. The junior guys live in some of the city's most expensive neighborhoods and the senior guys almost all tend to live along the North Shore suburbs lining Lake Michigan. They did not go into investment banking so that they could live alongside the upper-middle class families making $250K/year - they went into banking so that they could reasonably fit into the upper class. Along with living in these neighborhoods and maintaining this social standing obviously come several other demands - private schools for the kids, new cars, jewelry, designer clothes, etc. It's really just part of being a conformist and living in a large metropolitan area. I don't think you're going to find very many investment bankers living like Warren Buffett. From what I have seen in Chicago, most of them seem to consistently upgrade their lifestyles as they move up the ranks and they become slaves to the year end bonus check.

If someone is looking to build a net worth, have financial independence, and also be able to take large chunks off time off (9 months-1 year), I would guess that the best way to do this is to spend your career as a serial entrepeneur building 4-5 companies with the purpose of exiting/selling them. Obviously, this is a lot more risky path than banking. Banking is the most risk averse way to build a net worth of $5-10M by the time you're 50. Entrepeneurs tend to rarely be lavish spenders, and the same cost-control mechanisms that they apply to their businesses are often applied to their personal lives. When you're getting steak dinners from SeamlessWeb every night, black car service, first class flights, etc. at work, it is a bit more difficult to cut back your spending during your personal time.
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Re: IB in the US - how many days off per year on average? [#permalink] New post 20 Jul 2008, 11:48
+1 pelihu

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Re: IB in the US - how many days off per year on average? [#permalink] New post 20 Jul 2008, 13:01
pelihu wrote:
Another thing that cannot be ignored is that (yes I'm going to come right out and say it) money does matter.


What in the world is this "money" thing you speak of? I just want an MBA to save the world.
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Re: IB in the US - how many days off per year on average? [#permalink] New post 21 Jul 2008, 01:57
kidderek wrote:
pelihu wrote:
Another thing that cannot be ignored is that (yes I'm going to come right out and say it) money does matter.


What in the world is this "money" thing you speak of? I just want an MBA to save the world.


Actually I've heard things about this money thing; I've been told that some dude called "taxman" helps you to get rid of it. Very helpful guy apparently.
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Re: IB in the US - how many days off per year on average?   [#permalink] 21 Jul 2008, 01:57
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