The reading material of the investment banking weekender
What's your Sunday routine? Do you lie in bed until 10am before cooking a carb-light, protein-heavy breakfast and then walking in the park before going out for a lunch? Lucky you. That's not how it is for the sad denizens of the financial services sector.
In investment banking, as in fund management, Sunday is a day of work. More than that, it is often the day when all the important work that couldn't get done during the week is completed.
"I'm trying to think back to the last time I had a Sunday off," one fund professional tells us. "I think it was around November. We've been very busy launching new products and I've been in the office every weekend, including over Christmas."
"Sundays are the time for writing up your research," says an ex-managing director in fixed income at one European bank. "When I was a publishing research analyst I had so little time during working days that I ended up finalizing the drafts I'd written in evenings and at weekends," he adds. "Weekends were the perfect quiet times for actually focusing on what needed to happen."
In theory, traders have a less intense time than people in the investment banking divisions (IBD). Theoretically, IBD work is deal-oriented and can require bankers to work for as long as is necessary to get a deal done, whereas traders are only engaged for as long as markets are open. In reality, however, traders say they work Sundays too. "As a trader you're not in the office, but you're still working," says one fixed income trader. "Sundays are the time for getting through your pile of publications - all the research documents you didn't get to read during the week. On a trading desk you're always busy and getting interrupted all the time, so there's never a chance to read."
Even Lloyd Blankfein, CEO of Goldman Sachs, says he spends weekends lying on the couch and reading through research.
And when you're not working? Then it's all about catching up on sleep, paying bills and sorting socks. "It's pretty mundane really," says the fund professional. "You're working so hard during the week that you don't have time to do all the administrative mundane things that need to be done. Unfortunately there's only so much of that stuff you can outsource," he adds.
FAQs
Minimum overall GPA of 3.5. Relevant internship experience (preferred) Accounting, security analysis, and financial modeling skills. Strong communications skills, both written and oral.
What is the Goldman Sachs 15 minute rule? ›
The Goldman Sachs 15-Minute Rule You have to respond to an email within 15 minutes, no matter what. Even if that just means acknowledging the email and saying "Will be back shortly on this". It's an unspoken rule.
Do investment bankers actually work 100 hour weeks? ›
How Many Hours do Investment Bankers Work? Investment bankers work notoriously long hours, with the typical work week filling in 60-80 hours per week, and the occasional high-intensity work week that can push a banker to 100+ hours.
Do investment bankers get Sunday off? ›
There's no such thing as a weekend in investment banking. Take it or leave it, those are the rules. Yes, it has been part of the culture for many years. Only recently have big firms begin suggesting associates take the occasional weekend off.
Is a 3.7 GPA good enough for investment banking? ›
The cutoffs can vary by bank and year, and a GPA between 3.5 and 3.7 might still be acceptable for candidates from target schools. For those from non-target schools, the bar can be higher, though exceptional stories or connections can sometimes make a difference.
What Ivy League accepts the lowest GPA? ›
None of the Ivy League schools have a minimum GPA requirement for applications, which means anyone can apply with any GPA.
How much PTO do investment bankers get? ›
Typically, entry-level investment bankers, for instance, can expect to receive around 10-15 days of vacation per year. This can increase to 20 or more days as they gain seniority and move up the ranks.
What is the highest paying finance job? ›
Highest-paying finance jobs
- Investment banker.
- Hedge fund manager.
- Financial analyst.
- Information technology auditor.
- Financial software developer.
- Private equity associate.
- Chief compliance officer.
- Chief financial officer.
One of the reasons why investment banking is stressful is because it is a goal-oriented and result-driven field. You may feel overwhelmed by the amount of work, the complexity of the problems, and the uncertainty of the outcomes.
How much sleep do investment bankers get? ›
Bankers, generally speaking, are not sleeping well. Across all respondents to our survey, people working in finance got an average of 6.72 hours of sleep a night.
The typical structural hierarchy of an investment bank includes investment analysts, associates, vice presidents, senior vice presidents, and a managing director.
Do investment bankers get a lunch break? ›
The investment banking lifestyle is fast paced and very demanding. On any given day, investment bankers are busy from dusk til dawn with meetings, projects, and presentations. They usually eat all three meals at work and don't go home until late at night.
Can you get into investment banking with a 3.3 GPA? ›
Does GPA Matter for Investment Banking Jobs? Yes, GPA matters! Bulge bracket banks and almost all other investment banks will look at your GPA when applying for a job and you should include it in your resume. Typically banks screen resumes based on GPA and will often remove anyone below 3.5.
What is considered a good GPA for investment banking? ›
Generally, anything above a 3.5/4.0 is considered good, while a 3.7+ is looked at very favorably as an excellent GPA. If your overall GPA was less than 3.5 but your major GPA was above, then list your major GPA instead.
What is the target GPA for investment banking? ›
This is pretty simple - investment banks want to hire people with good grades in school. The closer you are to 4.0, the better. Anything 3.7 or above is considered a good GPA, and you probably won't get questioned about it.
What are the minimum requirements for Evercore heroes? ›
To play on the EVERCORE Heroes minimum requirements, you will need a minimum CPU equivalent to an Intel Core i5-3300, an AMD Radeon HD 6950 GPU, and 8 GB of RAM installed in your computer. This will get you up and running on the game, but only barely.
