投行真相2 | 投行男真的每天工作15小时而没时间谈恋爱吗?(中英双语)

聚透Talenset 2015-11-09


习小小陆续推出有关投资银行为主题的系列文章,全面真实逗比深入地剖析投资银行的方方面面。这个系列的文章来自美国知名的投资银行家及投行求职专家Andrew Gutmann的观点整理,亦包括习小小团队的部分观点整理,英文翻译由习小小团队独家完成,供习惯阅读中文的小伙伴参考。


  • 第一部分:有关投资银行、投行的生活方式、投行跳槽机会

  • 第二部分:投行招聘及求职、投行简历及求职信、投行面试一般问题

  • 第三部分:投行行为面试、投行技术面试、投行智力测试


不废话,直接上干货!


II. Banking Life Style

资银行的日常

1. Arethe hours really as bad as Ive heard they are? 工作时长真有那么恐怖么?

Forthe most part, yes! At bulge bracket banks and top boutiques, Analysts can routinely expect to work 90-100 hours per week or even more. Atypical work day during the week might be 10:00 am until 2:00 am. Analysts will also typically work both days on the weekend. During a particularly busy time (working on a big pitch or at the beginning stages of deal), it is not uncommon for Analysts to work all night (“pull an all-nighter”)or even multiple all-nighters in a row.Hopefully (for the Analyst’s sake and for others), they have the time to at least go home to shower and change clothes.

在绝大多数情况下,是的,就是那么恐怖。在综合性投行的Analyst通常一周需要工作90-100小时,甚至更多。工作日的话,大概是早上10点到凌晨2点。并且,双休日工作也是很普遍的事情。在工作特别繁忙的时期(准备pitch或者是交易起始阶段),通宵工作甚至是连续几个通宵工作也不是什么稀罕事。值得“欣慰”的是,一般Analyst们在通宵之后,公司会给你回家冲凉换衣服的时间。更有一些公司会在办公室配备洗澡间,“贴心”的帮你节约时间。

Associates generally have a slightly better schedule (emphasis on “slightly”). Associates might average 80-90 hours per week with a typical weekday schedule being 9:00am until perhaps 11:00 pm and working either Saturday or Sunday. Associates on occasion will also find themselves pulling all-nighters. Atthe Vice President level, the hours start to improve significantly. VP’s,if they have to work weekends or late nights, can often do so from home. Managing Directors have a much more normal work schedule, when they are nottraveling. MD’s tend to come in early (between 7:00 am and 9:00 am)and leave relatively early (6:00 pm – 7:00 pm). However, MD’sare often on the road, traveling perhaps 3 out of every 5 days on average.

升职成为Associate之后,你的schedule可能会稍微松上那么一点儿。每周“只”需要工作80-90小时。工作日是从早上9点到晚上11点。当然了,双休日加班也是逃不过的。再往上走到达VP这个阶层,那就能轻松不少了。就算双休日或者晚上需要工作,他们也可以选择把工作带回家完成。而对于MD而言,在不出差的的时候,schedule就基本和其他行业没太大差别了,他们会更早一些去到办公室(一般是7点到9点之间),不过也会相对较早的离开。不过要注意的是,MD需要频繁的出差。一般而言,每周公出个3天都算是正常的。

It should be noted also, that the hours at boutique banks can vary significantly. As mentioned above, some boutiques tend to have similar work requirements to bulge bracket banks. However, the lifestyle at many other boutiques can be substantially better.

还应该注意的是,精品投行里的工作时间与以上介绍的又会有很大不同。正如第一期提到的,一些精品投行和综合性投行有着相同的工作要求。然而,在许多精品投行的工作会轻松一些。

2.If the hours are so long, why don’tbanks hire more people? 工时那么长,为什么投行不多请人?

Thisis a question that every banker at one point or another (typically while they are staring at Excel sometime around 3:00 am) has asked themselves. Thereis no better answer than to say it’s just the culture of investment banking. Bankers are expected to work a lot of hours and likewise, get paid a lot of money for working those hours.

这个问题不单我们感兴趣,那些凌晨3点还在使用Excel做数据的投行工作者们也很是不解。不过,对于这个问题并没有什么很好的答案。只能说这就是所谓的“投行文化”吧– 你拼命工作,然后拼命赚钱,就这么简单。

3.Is the number of hours the worstthing about investment banking? 还有比工作时长更惨的么?

Most junior bankers will tell you that the worst thing about the banking lifestyle is not the number of hours required per se, but the unpredictability to those hours. Said differently, that you have NO control over your life, as you are expected to be reachable at all time, day and night. This lack ofcontrol makes it extremely difficult to schedule time to see friends andfamily. Analysts and Associates find themselves routinelyhaving to cancel dinner plans, weekend plans and even vacations at the lastminute. Many bankers, after a few months on the job cease scheduling events altogether, for fear of having to cancel.

大多数junior职位的人会告诉你,工作时长并不是最惨的事– 无法预知的工作时间才是!换句话说,进入投行之后,你将失去你对自己生活的控制权。因为你必须做到“all-timereachable”,无论是清早还是半夜,只要上司找你,你就得开始干活。多数Analyst以及Associate都很少有机会和朋友甚至是家人相聚,他们不得不频繁的cancel各类活动–聚会、郊游甚至是一顿简单的晚餐。

4.If the banking lifestyle is so tough,what’s the upside? 投行那么苦,为什么人们还是趋之若鹜?

Firstand foremost, the money. There are very few careers that pay as well asinvestment banking, especially taking into account the level of risk (trading or hedge fund compensation, while potentially equal to or vastly exceedingthat of banking is significantly more volatile). Second, the exitopportunities. Many people treat investment banking as a steppingstone to other finance careers, including private equity and hedge funds. Third, for what you learn. Being a junior investment banker teaches you two things. It teaches you about finance and itteaches you how to work and survive in a difficult and detail obsessedenvironment. Both skills are likely to prove valuable regardless offuture career choice. Fourth, for ego. Many people get a kickout of telling others that they are in banking and for seeing their deals on thefront page of the Wall Street Journal.

首先,钱。基本上没几个行业的薪水能跟投行相提并论,特别是算上风险之后(trading或者是hedge fund的工资可能会高于投行,但是压力却大了很多)。第二,跳板。投行几乎是进入其他金融领域的完美跳板。很多人一开始选择在投行工作就是为了积累经验,然后跳槽进入私募/对冲基金等行业。第三,学习机会。作为一个junior的banker,你能学到扎实的金融知识以及如何在一个近乎偏执于细节的行业生存。第四,面子。当你负责的公司上市登上头条时,你就可以拿着报纸到处给人炫耀了。

5.How does the lifestyle differ atbulge bracket banks vs. boutiques? 那么综合性投行与精品投行的生活有什么差别呢?

It’salways tough to generalize about boutique banks because there is such a broad range of them. There are boutiques that have cultures similar to those of bulge bracket banks and there are plenty of boutiques where the lifestyle is significantly better (and some that are worse). Having said all that,there are some generalizations that can be made that will hold true much of the time. Analysts and Associates at boutiques often havethe opportunity to take more responsibility than their bulge bracket equivalents, as deal teams are often smaller. Junior bankers at boutiques also tend to have more interaction with senior bankers and clients and maybe invited to attend more pitches and meetings. There alsotends to be less “face time” at boutiques than at bulge bracket banks, meaningfewer hours spent in the office.

首先你很难去概括精品投行的,因为它的范围包罗万象。有些精品投行和综合性投行有着类似的传统,当然也有很多精品投行会好很多(当然也有更加恶劣的)。总的来说,有一些可以适用大多数情况的特征。在交易团队较小的时候,精品投行的Analysts 和 Associates经常有机会比综合性投行的承担更多责任。精品投行的Junior有更多和senior level 以及顾客接触的机会,也会被邀请参加更多的聚会和会议。精品投行的工作者没有综合性投行那么多的需要会面的时间,这意味着员工们可以缩短了在办公室的时间。

6.Will the lifestyle be better/worse insome groups than others? 投行里是否会有些部门相对于其他部门氛围更好?

Just like with bulge bracket banks vs. boutiques, it’s tough to generalize here too.Often the lifestyle of a particular group depends most on the dealflow in that sector or product and on the personality and culture portrayed by the group head(s) or senior bankers in that group.Obviously if there are a lot of deals in say, Industrials but few in Healthcare, then the bankersin Industrials will likely be busier.However, if the headof Healthcare is really aggressive about marketing, then the health care bankers may be working 24/7 on pitches.

就像在比较综合性投行和精品投行里说过的,很难进行比较。这个特定群体的生活状态大部分取决于目前交易的对象和由group head(s) 或 senior营造的氛围。假如有很多制造业方面的交易要谈,那么制造业方面的相关人员可能会更忙。然而,如果医疗方面的头对进入市场很关注,那么医疗组相关人员会7天24小时一直工作。

Alas,some groups do have reputations for having better or worse lifestyles.Bankers in product groups (M&A;, Leveraged Finance) on average probably work more hours than bankers in industry groups, except during markets when there are few deals being executed. Groups such as Debt Capital Markets (DCM) and Equity Capital Markets (ECM) are sometimes referred to as “banking-lite” and offer better lifestyles (and lower compensation) than other groups within investment banking.

唉,有些组的确有或好或坏的名声。比如投行员工在产品组(并购、杠杆融资)会比行业组的员工工作更长时间,除非在市场有很少需要执行的交易。债务资本市场组(DCM)和股权资本市场组(ECM)有时也被称为“banking-lite”他们比投行里其他的组轻松但补贴也少。

7.How does the lifestyle in New Yorkdiffer from investment banking jobs elsewhere? 在纽约的投行工作和在其他地方有什么不同吗?

Alwaysa touchy subject, but generally, the life of an investment banker is tougher in New York than anywhere else.The other big international banking centers, London and Hong Kong, come in next. The West Coast of the U.S. is indeed more laid back, as per its stereotype. Bankers in secondary cities (often satellite offices) alsotend to have better lifestyles. Having said all that, banking is still banking, and just because you may have a view of the beach from your cube,don’t expect to work 9 to 5.

这一直是一个敏感的话题,但一般来说,纽约的投行员工生活比其他任何地方更艰难,接下来是伦敦和香港,另两个国际大型银行中心。美国西海岸确实和给大家的印象一样,更悠然自得了。在中等城市的投行员工也会有更好的生活。总的来说,投行就是投行,你可以指望能从办公室看到海,但别指望朝九晚五。

8.As a banker, how much will I have totravel? 身在投行,有多少时间在出差?

Seniorbankers tend to travel a lot, perhaps being out of the office on average 60% ofthe time.Most of the travel for senior bankers is spent marketing and pitching.Sometimes Analysts and Associates will be invited to goto pitches and sometimes not.The majority of a junior banker’s time will be spent in the office.However, junior bankers may have a significant opportunity to travel when they are working on live deals. For example, when working on a sell-side M&A; transaction, often the Analysts and Associates will spend a significant amount of time at the client site, especially at the beginning of the engagement. As the process progresses, the junior bankers might continue to travel to the client’sheadquarters to oversee (babysit) management presentations or to travel to oversee (babysit) due diligence site visits by the prospective buyers. Working on an Initial Public Offering (IPO) will likely require significant travel during the roadshow process.

Senior经常出差,有60%的时间不在办公室。大多数出差是为了营销和推销。有时Analyst以及Associate有时将被邀请去聚会。Junior的大部分时间都会在办公室里度过。然而, 当处理现场交易时,junior将很可能出差。例如,当进行一个并购交易交易时, Analysts 和 Associates经常会在客户地花大量的时间,特别是在双方刚刚接触时。随着这个过程的发展,junior可能会继续前往客户的总部视察管理或前往监督尽职调查买方的dd。在IPO的时候可能会为了路演大量出差。

9.Is it true that as an investmentbanker, I get free dinner every night? 身为一个投行员工, 我真的能每天都有免费晚餐?

Yes,at most banks if you work past 8:00 or 9:00 at night (though you don’t necessarily have to wait until that time to eat), you can have dinner delivered to you on the bank’s tab (generally up to about $35). Since Analysts generally have no lives, and expect to be working far past 8:00, they will often congregate together in a conference room to eat and relax for a little while. Associates, more often eat at their desksas they may still have the hopes of getting home before their loved ones orfriends are asleep. VP’s and above are usually gone by then but it’s always funny when a late working and hungry Managing Director has to ask an Analyst to order them food because they don’t know how to use Seamless Web(the standard food ordering website subscribed to by most banks in New York).

在大多数投行,是的,如果你工作超过晚上8点或9点,你可以吃送到你桌子上的晚餐(通常约35美元)。因为Analysts没有日常生活,工作一般超过8点,他们往往会聚集在会议室吃饭和放松一会儿。虽然Associates经常在办公桌前吃饭,但他们还有希望在他们的亲朋好友睡着之前回到家。副总裁及以上的投行人员往往这个时候已经离开了,但有趣的是有些工作稍晚的项目经理裁会命令一个Analyst交出他们的食物,因为他们不知道如何用Seamless订外卖。

Ofcourse, the consequence of having $35 each night to order dinner is that many Analysts gain a lot of weight. After all, if the company’s paying, let’s max out and add that Tiramisu to my order. More enterprising Analysts,stealthily use some of their daily $35 to pay for groceries for their apartments.

当然很多Analysts增肥的原因就是每天有35刀用来订餐。毕竟,如果公司来支付,他们一般会点最大量的,然后加上提拉米苏。更有甚者,用这一部分钱为公寓添置家用。



Coming SoonExit Opportunities(where do bankers go after they leave investment banking?

下期话题:跳槽机会(离开投行后,投行doge们又去了哪儿?)


查看往期请移步公众号下方菜单栏—见解—深度见解 回复对应关键字即可


***本文不欢迎任何转载,谢谢配合***



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