Work-Life Schmalance

Balance, schmalance. Let me start off by saying that work-life balance as an investment banking analyst or associate is next to non-existent. Given the harsh demands of the job, we spend an inordinate majority of our waking hours in the office cranking spreadsheets, memos and pitchbooks.

Our schedules are not our own. We live and breathe at the mercy of work's ebb and flow. Your time is never yours. Carrying a blackberry around may seem cool, but it virtually connects you to work 24/7 and puts you at the beck and call of your superiors.

As analysts right out of college, the hours are still manageable. Young and energetic, ready to pour our souls into our careers, we are fully committed to performing the best we can at work. The story is a little different for associates. At a later period in life, associates are looking to start families, commit to relationships and build a home for themselves. Associates who are thinking of having children, or who have just had children, find little time to give to their families because of their work.

So why do so many people still fling themselves at the industry? Firstly, and I loosely quote a VP, you have to be greedy for money to be in the industry. Compensation is obviously a major draw for most joining the industry. Secondly, and I quote another analyst now - "you get in and you get out". People join for the exit opportunities, whether it be to hedge funds or PE shops. The experience sets you up for life (arguably).

It is a tough decision. I think when you choose investment banking, you are not choosing a job but a lifestyle. You must think about whether you are willing to cede control of your schedule, whether you are ready to lose touch with a few friends along the way, and whether you can handle a family/relationship in addition to work.