If you have reservations about an investment banking career, this episode should give you a clearer picture of what to expect. In Part 1 of this series we covered the pros – this episode will give you a truthful look at the cons.
This mid-week episode of Finance Career Launch is the third of a four-part series about Getting into Investment Banking. In this episode, we’ll cover the truth about investment banking.
As I mention in the episode, every career path has its pros and cons. Not everything you hear in this episode is unique to investment banking, although some of it may seem to be at first.
Everything I say in this episode is how I see the industry in its current state, not how I think it should be or where I think it could be in 5-10 years. Things are definitely changing and if I were to redo this episode in five years it might sound very different.
In this episode:
- The different ways in which investment banking is a roller coaster
- How quickly your position can go away (in bad times)
- Why your career and compensation can fluctuate wildly
- Yes, it is tough to get in, but the work is even tougher
- Reasons you may struggle with the work, even after getting hired
- Why you might find the work frustrating or emotionally draining
- How only thinking with the left side of your brain can get you into trouble
- What can happen when you put a bunch of Type-A high achievers on one team
- The state of training and mentoring in the investment banking industry
- Read Monkey Business or Liar’s Poker for additional glimpses into the culture (although some of the examples are extreme, come from a different time, and were written for entertainment)
- The truth about financial rewards in investment banking (for both senior and junior professionals)
- As I mentioned, every firm is different and you’ll have to decide where you best fit, if anywhere
- Here is that article about parental leave, evidence that things are changing
Music by Elijah from NOMADS