Re:Pushed to the limit as a banking intern
by rayiner on Thursday September 12, 2013 @03:13PM
(#6376265)
You're not working 100 hour weeks consistently over the year. I'd be surprised if the yearly average is over 75 (in IB; I'd be surprised if it were over 60 in trading). Moreover, you don't take the job for the first-year salary. You take it for the potential of making $500k+ before 30 (if you stick it out), or going the MBA route and getting a cushy $200k 9-6 at some F500 afterward.
Re:Pushed to the limit as a banking intern
by saalweachter on Friday September 13, 2013 @12:14AM
(#6378565)
What is the success rate like? Do 100% of IB starters make it? 1%? 10%?
If you've got decent odds of hitting the big payoff, that's one thing, but if the expected value is low, it just becomes another lottery, with a few winners, a lot of losers, and a the winners enriching themselves at the expense of the losers.
Re:Pushed to the limit as a banking intern
by refurb on Thursday September 12, 2013 @09:12PM
(#6377981)
Putting up with banking hours is all about the pay-off 7-10 years down the road.
If you can put up with the hours until you end up as a director or higher, you can pretty reliably makes over a million dollars per year (with continuous increases in salary) putting only 50-60 hrs a week.
People do banking because it's one of the lowest risk ways to becoming rich.
I do not think I could be coerced to work 100 hours a week regularly for less than $50/hour of cash and equity, and the lower bound might be closer to $100/hour.