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Kontiki
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Canada
Aug 2001
time: 00:25
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quote:
Originally posted by Drogue
Oh, I know they work inhuman hours. I just checked my email, it was sent around 7ish. One of the main reasons I wouldn't go for a career there - even with an £80k starting salary, I don't really want to work 60+ hour weeks in stressful conditions. |
Dude, 60 hours a week in I-banking is nothing. I almost went into it, and have lots of friends who do it. Seriously high burnout rate and I know very few people who would actually say it's worth the money they pay.
That said, it is a fantastic opportunity, and if it's just a short-term internship, it'll look great on a resume.
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Drogue
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Omnipresent conscience
Oct 2002
time: 05:25
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quote:
Originally posted by Kontiki
Dude, 60 hours a week in I-banking is nothing. I almost went into it, and have lots of friends who do it. Seriously high burnout rate and I know very few people who would actually say it's worth the money they pay. |
True, which is why I put 60+. From what I've gathered, 60 hours is a normal week, when nothing "exceptional" happens. Most weeks aren't normal.
But hey, it's an internship, and I've never know anyone to work past 8pm on an internship here. We're expected to work hard, but we have socials organised that mean we can't work that late.
quote:
Originally posted by Kontiki
That said, it is a fantastic opportunity, and if it's just a short-term internship, it'll look great on a resume. |
Yeh, it's only 2 weeks. Enough to see if I like it, not too much to burn out. Besides, I work 70+ hours a week at uni anyway, so I doubt it will be much change. Except possible I don't have free time at 2pm and I don't get to work at 2am 
quote:
Originally posted by DanS
Ditto to Kontiki. Inhuman hours is an understatement. I have a friend who works 16 hours a day, 7 days a week as an investment banker. He was in a mutual friend's wedding with me, and couldn't put his Blackberry down during the wedding rehearsal. 
He gets some serious cash, and he's a nice guy otherwise, but if he did that in my wedding, I'd kick his ass. |
quote:
Originally posted by DanS
One of my friends did some time in London, and they tend to do one or two less hours than the folks in New York, but they also get paid less. |
Paid less? Do you guys measure it in millions or something?  IIRC, a million dollars is a pretty normal salary+bonus over here, though it starts at nearer $150k.
Part of me wants to do it for 5 years just to get enough capital to start my chocolate business, but not sure it's even worth that.
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DanS
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Kickball Capital of the World
Jan 1970
time: 00:25
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quote:
Paid less? Do you guys measure it in millions or something? IIRC, a million dollars is a pretty normal salary+bonus over here, though it starts at nearer $150k. |
I don't know. Mind you, the $150k isn't for those right out of undergrad. You've got to put in a couple of years as a galley slave first.
Last edited by DanS on 11-02-2005 at 20:57
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Drogue
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Omnipresent conscience
Oct 2002
time: 05:25
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Bit of an update:
Had the interview, went *fantastically*. They didn't expect us to know anything much concrete, just be interested in it and open to learn. The interview finished about 5 minutes early as she said "The last couple of questions were just about the difference between bonds and equities, but I think you've answered them pretty well alread" - I'd just finished on an argument of the relative risk/return levels of corporate vs. government bonds.
I love people asking me about investment, nobody seems to expect a 20 year old student to have a clue about it 
So pretty hopeful of getting to the 3rd stage (assessment centre), though I know it's tough.
quote:
Originally posted by Saras
It VERY depends on which department you end up in. M&A analysts/associates have no life and 16 hour days are the norm. Fixed income/derivatives dudes don't really stay beyond 8 AM, even in GS. I was interned with CEE Equities desk at UBS in 1997, and these guys also leave 7ish-8ish. |
Yeh, the lady said she starts work at 6:30am and usually finishes by 7 ish. Plus she doesn't work weekends.
quote:
Originally posted by Verres
Good news Drogue 
Is it a paid internship? |
Thanks I think so. Their summer ones pay ~£550 per week, which is pretty fantastic for an internship. But either way, the experience is worth far more than that.
quote:
Originally posted by Whaleboy
Bit of overkill for the chocolate shop though?  |
Nothing's overkill for a chocolate shop
quote:
Originally posted by DanS
I don't know. Mind you, the $150k isn't for those right out of undergrad. You've got to put in a couple of years as a galley slave first. |
Nope, GS starting salary is £40k plus a £40k average bonus. That's about $150k.
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Provost Harrison
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The farce is strong with this one.
Feb 2000
time: 05:25
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quote:
Originally posted by Drogue True, which is why I put 60+. From what I've gathered, 60 hours is a normal week, when nothing "exceptional" happens. Most weeks aren't normal.
But hey, it's an internship, and I've never know anyone to work past 8pm on an internship here. We're expected to work hard, but we have socials organised that mean we can't work that late. |
Talk about the company effectively having your arse. It's that city lifestyle that never, ever appealed to me, plus the concept of investment banking and it's bastard offspring is not an option I would consider morally either, I consider it to be one of the worst form of parasitisms in modern society.
60 hours is one hell of a week Will. You're young, and although this would see you financially OK, you'll soon find your youth has slipped between your fingers in your corporate slavery. Be warned...
quote:
Yeh, it's only 2 weeks. Enough to see if I like it, not too much to burn out. Besides, I work 70+ hours a week at uni anyway, so I doubt it will be much change. Except possible I don't have free time at 2pm and I don't get to work at 2am |
And do tell, what the hell are you doing all that time? It is a relatively quiet year, you should have loads of time...
quote:
Paid less? Do you guys measure it in millions or something? IIRC, a million dollars is a pretty normal salary+bonus over here, though it starts at nearer $150k.
Part of me wants to do it for 5 years just to get enough capital to start my chocolate business, but not sure it's even worth that. |
It is rather sickening that people who, in my eyes, contribute very little to the wellbeing of society, cream off so much and leach so much talent out of society. Fortunately I am not motivated by greed in that respect (don't get me wrong, I am moderately ambitious, but never like that)
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11-02-2005 06:06
though I'm don't think I'm doing too badly on that front, having had a chat with Lord Butler about my civil service application 
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