riverripper wrote:
You need to remember that in the US there is a huge difference between days of vacation you get in your benefit package and what you are actually able to take. Also with the modern wonders of blackberrys dont think you can get away from it all even when on vacations. Especially the higher up you move.
IB has the WORST work/life balance you will find.
All the comments about work & vacation in IB are true - at least for the associate level. I will say that I disagree with the comment that IB has the worst work/life balance. I believe it is true that you will work more hours in IB than in any other industry (at least among the major MBA destinations), but I think there are a lot more factors in the work/life thing.
Let's think about some of the major issues. First, would you rather work till 10PM on average, and go back to your own home each night, or would you rather be a consultant and return to your hotel room at 8PM four or five nights a week? In this comparison, I prefer banking because if I'm able to get off at 10 (no guarantee this will happen of course), I can still catch up with friends if they are out or whatever. I don't like being on the road all the time, but beyond that I'm not a fan of spending time in the aiport and on planes.
This kind of leads to the next point. I was lucky enough to land an internship in LA; and the other destinations for banking are NY (the vast majority) and SF. When my work day ends, whenever that may be, I'll be in LA (or NY or SF). I won't be in Omaha or Detroit or Kansas City. No offense to anyone in those cities (well, maybe just a little
), but I'd rather leave the office at 10PM in LA than at 6PM in Cleveland. Yes, yes, I know people from Cincinnati and Oklahoma City and Boise (have I insulted enough places yet?) are going to get all fired up to write about how great it is to live in those places, but let's be serious. To me, work/life balance would be unbearable if I had to live in [INSERT CITY I HAVEN'T YET INSTULTED HERE], or if I lived in a great city but had to spend 4-5 days a week traveling to various unsavory destinations. I couldn't take that. It kind of reminds me of the argument about cost of living. It's so bad in SF or NY, and it's so much cheaper in Milwaukee...yeah, but you have to live in Milwaukee!!! If I'm able to slip away from work at midnight, I can meet friends for drinks at the Beverly Hills Hotel or a night club with a single name (yeowie); big difference from handing out at the hotel bar in Peoria.
Which leads to a final point (kind of related). If you work in SF or LA or NY, when you do get some free time, you have world class ammenities at your fingertips (these aren't the only cities of course). Exciting new restaurants, cultural events, music, sports, etc. In other cities? Not so much; I mean how many times can you visit the Rock and Roll Hall of Fame (sorry Cleveland). And in LA or SF, if I happen to find on a Friday afternoon that I'm free for the weekend (it does happen from time to time) I can make a last minute decision to drive to Santa Barbara or Vegas or Malibu or Napa or La Jolla or Carmel/Monterey or Mammoth or one of dozens of world class beaches or ski resorts. If I worked in Minneapolis, I could drive to, I don't know, Milwaukee? To me, one of those is living, and the other is not.
So, IB is definitely tough. I'm not saying it's a picnic, definitely not, and it's defintiely not for everyone. But I do think it's incorrect to just look at the hours and slap on a work/life rating. If you do IB in NY or SF or LA, you will have everything at your fingertips, and the ability to afford it. If you're in LA and you
needa new BMW every two years, fine. If you're in NY and
must spend $1000 on dinner and wine once or twice a month, that's OK too. Your work load will be intense, but your life metric will be large as well. To me, that's preferable to a smaller workload and a crappy life quotient (obviously, everyone will take their measurements differently). There are definitely arguments for and against the IB lifestyle, as well as for and against consulting, management, marketing, and other career choices. But there is certainly no shortage of people who try to get into IB every year in spite of the work load, because hours are just one factor in work/life balance.
Regarding the actual number of hours worked, it's pretty straightforward (at least where I'm at) that there's a direct relation between seniority and hours. The analysts stay later than the associates, associates leave after the VPs (deal depenent of course), the SVP/Directors leave earlier than that, and the MDs are often out of the office. There's an SVP/Director here who leaves at 6PM every day, though he does work from home; and at that level they take him $1M+ in good years. Not a bad target lifestyle for 7-8 years down the road.