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）
II. Banking Life Style
1. Arethe hours really as bad as I’ve 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.
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.
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.
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.
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.
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.
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.
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.
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吗?
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).
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.
Coming Soon：Exit Opportunities（where do bankers go after they leave investment banking？）