Alcoholism. Depression. Heart disease due to stress. Delusions of failure.
If you’re on the path to become an investment banker on Wall Street, this is what you have to look forward to. Yes, you’ll make tons of money and your materialistic friends will silently envy you while despising you, but what use is money if you’re killing yourself slowly?
The article seems to exaggerate the situation, but I don’t know any investment bankers. So, you tell me. What’s it really like to work on Wall Street?
Subscribe
Does anybody know how Chase banks calculate their utilization ratio on their credit cards? Thanks!
I don’t know any investment bankers per se, but this article hit close to home. I’ve spent the last two years in the car business, and I see people just like the ones described in the article, ever single day. It’s truly depressing to see, and I’m thankful that I’ve avoided that path. I look forward to the day that I’m financially well-off enough to venture down a different career route.
I was in investment banking (IB) for a year, and I can tell you that it was a living hell. I don’t know how the ppl who were in the industry for twenty years did it; but I know it wasn’t the kind of work I wanted to be doing for the next 20 years. If you want an accurate account of IB, read “Monkey Business”.
Every now and then I miss the earnings that I gave up—I would have been a millionaire before 30—but what’s the point if you’re miserable? Money is a tool, not the goal for happiness.
I’ve done banking for the summer and accepted a job in the same field next year. The hours are bad (80-120 per week), you have no control over your time (blackberry means you’re essentially on call), and since it’s a client-focused business, deadlines come before weddings, dinners, and vacations. But I’ve known this during the summer, so I guess I can’t really complain.
I’ve worked in banking for about 10 years and I gotta say, the business itself is pretty awful overall. The money’s good, while it lasts, because every few years they do massive layoffs (I’ve been affected before and went back). The people, while very smart, are generally pretty mean-spirited and boring. So why do it? Sometimes it’s fun serving clients, particularly if you’re in an industry you like (which I am, healthcare). And don’t kid yourself, money is very important if you want a house, children and a nice life. Believe me, I ain’t buying Porsches, but banking has allowed me to build a life that I want for myself, my wife and children. And don’t forget, it does get better. Being an analyst is HORRIBLE, but it’s worth it for some people to stick with it.