{ "media_type": "text", "post_content": "Pretty sure there will be similar stories at other companies as well. Speak up please.", "post_id": "6054f34399b30f002244b3a9", "reply_count": 109, "vote_count": 169, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting", "feed_type": "crowd" }
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Pretty sure there will be similar stories at other companies as well. Speak up please.

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All the talk about casual drug use is super sad. I’ve heard that about IB but honestly didn’t know it was so widespread. As a long time recovering addict completely unrelated to work, it just sort of breaks my heart to think of all the misery that kind of culture is spreading.

Then again they make more than I do out of UG and I’m 10+ years into my career, so there’s that lol...

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Agree. I am freaking out because my daughter is in the IB job and she is not (actually) in it for the money (and stop laughing everyone) but so that she can learn the healthcare business as that is her passion. But if there were any drugs involved in the business... would just break my heart.

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Perhaps this sounds a bit blunt, but isn’t the BB IB analyst route a just a 2-year quid pro quo agreement?
My roommate was an analyst at DB, and my understanding is this: 22-year-old analysts agree to work like dogs, and IBs work them to the bone. HOWEVER, some analysts at BB begin the interview process for PE funds only 6 months into their analyst role, end of first year the analysts paid nice bonuses, they also gain professional experience and can leave after only 2 years and leave to go to a PE fund where (if chosen correctly) they can work less and make an even higher salary.
Perhaps the MBA/associate-career banker route is a diff story, but the analyst route is tough to have sympathy for. They know what they’re getting into, they work crazy when they’re young, and some of these kids make more at 24 y/o at their new PE gig than some of their parents ever made in a year.

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I agree M3 if it’s in the 80 hours range. Only thing id say is once it gets to consistent 100+ hour weeks I do feel bad. That’s insane and even with the $ they get paid it’s crazy.

100 hours is 14 hour days like 10am-midnight 7 days straight for weeks. Or maybe 10-12 hours on Saturday/Sunday and 10am - 3am on weekdays. No off days in there sheesh

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This is why organized labor is always a good thing

likefunnysmart

Exactly, thank you!! It's not like highly paid salaried workers aren't exploited. If they're working 100 hours but getting paid for 40 hours they're making significantly less than they expected to when they negotiated salary. Collective bargaining is so important not just for a paycheck but to ensure working conditions aren't going to kill them.

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It well known that IB are working those hours. Not sure why they are complaining despite knowing full well what they signed up for.

likesmarthelpfulfunny

MC2 - couldn’t agree more. One thing that covid19 has taught us all is that we don’t need traditional work environments to do business. Next is removing the inefficiencies resulting in too much time being spent behind the screen. Could be as simple as automating tasks to remove barriers.

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Good thing about IB is that you simply don’t have time to spend money, hence saving more money. It’s part of the benefits lol
Bad thing is the years of therapy (which probz cost money)

likefunny

Plus broken relationships

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*13 soon-to-be former first year analysts

likefunny

They really should have waited to release it until the N was higher. 13 makes it sound lame

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I really don’t see how 9am-5am is even possible. Would like to see what the breakdown of time actually spent is and what Goldman has to show for it.

likesmartfunny

SA1- your drug use comment concerns me
because my daughter is in IB 1st year and pulling these long hours.

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I have zero sympathy.

likefunny

Then you’re just a lousy person lol🤷🏿‍♂️🥴

likesmartfunny

How much do these first years even make? Trying to compare to my 50 hour work week 😅✌🏼

likesmart

The person I know now as 1st year IB analyst (out of college) is $85k base, will get $50k + bonus (maybe more), $10k signing bonus. Expects to get around $20k increase to base salary to go into 2nd year.

I have very little sympathy for these analysts. They knew exactly what they signed up for and they are 100% free to leave at anytime. In fact, an analyst with any duration at GS on their CV can have their pick of the very best exit opps. They stay because they are greedy or pedigree chasers.

likefunny

Exactly. They are really just embarrassing themselves and if their names get tied to this they’ll likely just get blacklisted from other firms.

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According to my friends in IB: they would be going hard from like 8am -6pm doing modeling/decks/meetings etc, but then after hours they were basically just waiting around for their MD to send the deck back with updates and pls fixes. At which point they’d get back to work until 3am doing the fixes.
They all said they’d go to the gym, get dinner, play catch in the office just waiting around for hours

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Lol really bcg?

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Meanwhile..

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Companies that take advantage of employees to the detriment of their health, and continue to promote a toxic and dangerous environment year after year, need to be spoken about and action has to be taken against these illegal practices. I also feel bad for the people commenting on this chain “they knew what they signed up for” as if that somehow negates their right to speak up. You must be empty/numb inside to blame employees and imply they deserve this treatment. Check into therapy pls.

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Lmao at everyone who thinks this isn’t realistic. Do you know anyone who has worked in IB?

This info is unsurprising. The surprising part is that they put a deck together about it.

likefunny

You guys seen the TV show Industry? It’s awesome, but the WLB is about like this

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Omg that show is literally the craziest shit I’ve ever seen!!!

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Still better than SOX 404, that's a war crime

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Tangential thought. If these folks are literally working day and night, might as well offshore the majority of it and give people some break by adding more heads? Win win?

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SM1 nailed it.

Remember the good times when the 25 year old analysts would get 6 figure bonuses and go to Vegas for a week

likefunny

Does drugs to work long hours on little sleep to earn a bonus to go to Vegas to do drugs and party long hours on little sleep. #WLB

likefunny

It’s a lot harder to get a hookup to go skiing when you work from home. And if you can’t go skiing, it’s pretty hard to find the energy to work the hours described.

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Yes

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Imagine if IB unionized lol we’d be ready to follow suit

likefunny

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Some humor for you thirsty people....

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Do you use paid legal services as a freelancer? I'm starting up and just need simple contract review, non-disclosure agreement, invoice terms. I've found a fair amount online for free.

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