I have an opportunity to lateral to Goldman IBD. Obviously pay post bonus is a lot more than I make now but I am a bit concerned about the hours and lifestyle. Would you do it? Edit: I’m 27 so no kids yet

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Posting as :
works at
You are currently posting as works at

WLB doesn’t exits at IB. A friend hasn’t taken a single day off in his first year after joining as an associate after his MBA. He worked all weekends. I think he could only stay home one or two days in his first year. One was Christmas…

likehelpful

I was in IB before McK. Still have PTSD from it. The hours are brutal, the work is mind-numbing and the people are mostly jerks. Wouldn’t go back.

likehelpfulfunny

Curious but how does hours differ with McKinsey and IB?

Income difference really only matters if you stick with it. If you’re really into money and talking about money, and you’re willing to let everything else in your life fall by the wayside for an extended period of time, it’s a great move.

likefunny

McKinsey senior partners are now 6-10M. At my firm, it’s about a third of that. I think banking MDs are somewhere in the middle but it’s been a long time since I’ve bothered to ask around

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Are you moving as an associate? Does pay make a huge difference at that level?

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Last year Goldman VPs touched 600+ to low 7 figures all in, but also there were monster bonuses from Covid

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What role in IBD? How much do you care about the money (e.g. are you meeting your goals now or would the extra cash push to you a key milestone like a down payment)

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Healthcare coverage group. I’m in NYC so more money goes a long way especially if I want to stay here or near here long term (which I do).

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How sure are you that you can make VP? Do you have pre-consulting IB experience?

How are you performing at Mck (I assume)? If you’re thinking long-term, make sure you know if it’s better to make the switch than to stay here and try to make partner

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What’s the breakdown of base + bonus at current level and one level up?

Might be best to try in IBD bowl to get feedback from bankers actually working

WLB does not exist. Other than that, if it aligns with your goals, go for it.

I would do it if you plan to switch to PE after working a couple years and potentially getting an MBA. That's what I did. I could never imagine myself working in IB my entire life.

Where do you work now?

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“Between stimulus and response there is a space. In that space is our power to choose our response” -Viktor Frankl

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