Upon hearing upon my Ross admit, one of the seniors in my organisation commented "So, you are a 250 K guy now, huh?' I was like, but the salary is on average like 100K + 20K joining bonus but then he tells me that if you include your year end bonus, it will certainly equal 250K, especially in finance. Is that correct? My wife and I are both going to B school so buidgeting and repayment considerations are weighing heavily. Any information would be welcome....

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So what are the total salaries like?

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solaris1

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18 Jan 2008, 11:39

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Is that a subtle reference to Liar's Poker?

gmatclb

So will companies try to gip you... for instance during negotiations you quote the average salary for IB employees in the New York office, but you are intervewing for the position in say Dallas and they say that cost of living in Dallas is cheaper, so they pay you less....

Doesn't sound fair, but I can see companies playing this angle....

gmatclb

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18 Jan 2008, 13:57

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I didn't think anyone would pick that up....

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18 Jan 2008, 18:56

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Equities in Dallas.

(I think I'll yell that next time in the winter garden and see what happens)

Audio

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16 Mar 2008, 12:23

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I'm still hesitating between career paths, M&A or hedge fund - very different I know. I love M&A (my current job), but I'm a bit daunted by the 80 - 90h a week potential. Working in Belgium, I do 60 - 65, and I can only imagine how difficult it would be to add 20 hours to that.

What kind of major should I do in schools such as Chicago and Wharton? Is finance ok for hedge funds?

I guess the courses you'll take though are pretty different. Would like to have your input...

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16 Mar 2008, 17:12

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sam77sam7

Truth to the fact that while traders only work 45, they carry a lot more stress and have a lot less job security?

Well, depends on market, business etc. If you end up on the 45hr desk, you picked in the direction of some business where your job might be gone soon anyway (my guess on a 45hr desk - cash equities) - I really don't buy the 45hr job thing. But then again, it normally is thrown from the macho world of working long hours = kool.

I think you are looking at desk time of at least 60 on most desks (6am-6pm) and then the reading and worrying out with.

89nk

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16 Mar 2008, 19:26

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pelihu

I'm going to first disclose that I have never worked as a banker personally. As a lawyer I worked closely with bankers, and I've gotten to know dozens and dozens (perhaps hundreds) of bankers over the course of this fall. I believe that the rumored consistent 100 hour weeks are a falsehood - in fact several bankers I've met laugh at this. I believe it's possible that some first-year analysts might work close to 100 hours per week on a regular basis, but even that is rare. As an average, I'd say that 70 hours a week is a more honest number for new associates. I've been gathering data on this through conversations with people at lots of banks, and I'd say an average day starts at 9-9:30 and ends at 9-10, for about 12 hours per day. That means about 60 hours during the weekdays, and in the early years most people put in say 12-15 hours each weekend. That adds up to about 72 or 75 hours, which is a far cry from 100. There's no doubt that all-nighters and 100 hour weeks happen from time to time, but 70-80 is a more honest number - and trust me it can be a crushing load.

I was wondering, are your hours for IB positions in NYC? Or would this be similar for IB positions in Los Angeles?
Also, do all or most IB positions work on weekends? If so, when do bankers find time to actually have a social life?

Thank you in advance,
KK

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16 Mar 2008, 20:27

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The hours are for positions based in NY, though keep in mind things could vary a lot depending on whether you are with a coverage group or a product group, the people you work for/with, how busy your sector is, the culture of each firm, etc. My sense is that hours in LA are similar, but perhaps slightly better on the fringes. Most if not all bankers regularly work weekends, though on the west coast you might be able to work from home more often and perhaps have a little more flexibility on Fridays.

A lot of bankers have very little time for a social life, and what free time they do have is often spent watching a blackberry or dreading a call recalling them to the office (even if they are on vacation on another continent). There's definitely some truth to the joke that a lot of bankers spend a lot of time at strip clubs. Many people go into banking for a few years for some quick cash or as a career stepping stone (a VP title with a well-known firm after 3 years is pretty sweet); the few that stick it out for the long term make millions (or tens of millions) of dollars a years, but it's definitely a sacrifice getting and staying there.

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17 Mar 2008, 12:11

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Thanks for your response. So what areas in IB work less, and not work weekends? And do these sectors get paid on a different scale? Also can you name some so I can research the different areas of IB?

Thanks,
KK

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17 Mar 2008, 13:29

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Is this "where can I earn the most money per hour post MBA?"

I suggest you contact Spitzer if so.

I think no matter where you work in Investment Banking, if you don't like the job the hours are going to suck. If you work West Coast S+T, you are in the office for New York opening. If you work there for IB, the hours may be better than NYC, but you are at a hub and get less love when the bonuses and promotions come in (I have a friend in Chicago considering coming back to NYC, even though it kills him, for that very reason).

I am sorry if I sound a bit rough on this. I get really tired with the apparent want to earn as much as possible for as little as possible mindset, and it raises my ire.

westsider

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17 Mar 2008, 14:09

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kudos for spitzer reference

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17 Mar 2008, 18:15

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I think IB is one of those fields where if you ask the question "what can i do go make the most money with the least hours?"...IB is not for you.

RVD.

89nk

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19 Mar 2008, 10:21

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3underscore

No, your response is understandable. I am actually originally from LA, and was wanting to make my way back out there, but everyone tells me that if I want to do IB or finance sectors, things will be on the slower track if I am not in NYC, which I am fine with, but I was wondering if the hours are just as bad out in LA, then even location would not suffice enough as a good reason to move back to LA over going to NYC and suffering the cold and the hours. So no, my post was not intentionally meant to ask that, but rather, do the IB branch offices in LA work less because they do support work for NYC headquarter offices, and if so is it different sectors in LA offices? I am wanting to do my own research, but didn't have any idea on what to search for.

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