The worst part about corporate finance is like all the deadlines are fake and in reality the stakes don’t matter. The culture of the industry is insane and cult-like mindset.
My portfolio has good companies, however it has been stalling this year. With the present inflation and dollar devaluation I just got my money out of the bank, I invested some in gold and silver and I’ve approximately $700k stagnant in my reserve that needs growth, any suggestions to grow my portfolio will be highly appreciated.
@Mike Caves Some people realize instant gratification is a downside to their end goals. IB is for people who have determination to get to where they want to be and will sacrifice living that life for 5 years to end up majorly on top in their late twenties.
@Mike Caves I wouldnt say clearing 7 figs a year is a couple extra dollars. You could retire in your early 40s with 10M+, a perfectly healthy age to still be extremely active and work on things you enjoy without having worries for the next 30 years of your life.
I worked for a company that GS contracted. Every person I interacted with at GS was malicious, moronic, or both. I knew people who went to work at GS and I'd rather make a fraction of their salary than spend any amount of time with them. Good luck, Angela. You made a good life choice.
Sounds about the same as big 4 advisory/consulting. I'm middle age now and quit long ago because my body scream "NO". It takes certain type of people to survive, like my psychopathic ex, aggressive, cunning, love competition but hate losing. I'm not saying all of us in big 4 has the same experience, but that's my experience. It's a toxic environment. I choose health, family, wellbeing and happiness over so-called success.
@@20-NYC Kpmg PwC EY Deloitte. I can't say about Mackenzie or Booz Allen but i heard its pretty much the same. If you are male, white, tall, come from a well-to-do family, golf is your hobby and country music lover (you know the demographic), your experience might be very different. We are like crabs in a bucket, all tried our might to climb to the top and stay there. If you are like this young tiny asian lady who looks 10 years younger than your actual age, you started among the bottom of the barrel. So to your question about long hours, yes that was expected.
This sounds so much like big law. The part about canceling plans really hit home lol. At some point you wonder if not making plans in the first place might be less detrimental to your relationships than making plans and flaking. But some of us end up sticking around because of future earning potential, crazy smart coworkers and hopes that it will get better as you become more senior.
I’m a JD and in my investment banking interview they told me the only job worse then investment banking is commercial big law. Cause IB finish at 1-2am.. and then give the work to the lawyers and expect it back by morning. Made me feel better cause if I hadn’t got IB position I would have gone big law.
Good for you! It only gets better from this point - I had the same issues working in big 4, left and never looked back - much happier and more productive now!
Ohhh absolutely. In Big 4, worked average 85/wks. Peak was 120. I did 72 hrs straight twice in a month for a $5 mil client. I quit after my second year....pay was great for me, but absolutely not worth it. I think I’m still recovering 😆.
As usual, thank you for the amazing content! Love the insight you are able to provide with each and every video. On another note, what keyboard is that in the background?
Hi Angela! I'm working in the banking sector too, just not in IB. I totally get the anxiety part whenever someone pings you when WFH and I feel like I have to be on the desk to reply to emails immediately in case any colleagues think I'm slacking lol 😔 depression and mental anxiety on a job is real and I hope people take it more seriously!!! (btw what screen size is your current monitor? I'm hoping to get either a 24" or 27" one but I can't decide!)
Oh god it all brings back so many bad memories when i listen to this video.. i'm so happy i parted ways with the mentioned firm, needed it badly to stay sane .. and guys just to give you an ex-employee picture "ITS ALL TRUE, IF NOT WORSE"..
@@sophiek5208 Who wants to be average? 95% of people fail at it, but so do most people at being an MD (which I am) or lawyer or IBanker. However, being a day trader and MD, I earn much more being a day trader and if not for my med school loan debt, I'd have quit my day job already. LOL
@@drjqool yeah, i’m not saying it’s not possible, my dad retired from his job at 40 and has only traded ever since. so i know it’s def possible, i’m just saying it’s not feasible for most people to quit their jobs to day trade and make tons of money. it takes skill and commitment and drive.
Exactly . I remember them putting out reports that AMD had a bad outlook . Within a year and a half the stock doubled. Some people fell for that misinformation and sold cheap while GS made millions.
Nice video Angela. Before the decline in the commission business you can argue it was the worth the pain and stress as in the early 00's associate prop traders were earning 7 figures in their mid to late 20's. Although Goldman is still one of the highest payers, the comp is nowhere near these levels due to the declines in the Agency business. I can't speak for the U.S. but in London earning 1-300k will buy you a very basic life and you'll be living month to month. It's very sad.
I used to work in an IB back office in Hong Kong. Even the workload can be crazy in those capacities, the work culture is just as toxic lol. I left the industry with an email sent to my entire company globally to call out the politics and sarcastically chew out the shitty people who worked there. And that felt great! Then I ended up going to a coding boot camp and became a software engineer instead and making six figures in my first job. Ah~ life is great.
Varies from bank to bank and group to group on getting a FT offer - know my group usually gave 90-100% returns. Will do a future video specifically for incoming interns!
Hello Angela. Thank you for the great video. I am not in IB but have an ex-banking background and a desire to become a better performer like yourself. Recently, I have come across the Spike email app which allows you to respond to email in a more conversational manner while still appearing formal to the recipient. I was wondering if you have used this app before or taken a look at it? Also, do you have any tips for using keyboard shortcuts or typing faster? Thanks again.
Hi Idrissa - I haven't used Spike before but I'll check it out! Practice, muscle memory, and a mechanical keyboard all help a ton on typing faster haha
Angela! Question for you 🙋🏻♀️ What did you say during your new job interview when they asked “why do you want to leave IB?” I don’t know what to say since I don’t want to complain about my 8am to 3am workload...and seem I am taking easier route. Any advice would be appreciated! Love your videos xoxo
Great job in presenting your material. There is a take away from all of this, and that the banks need to do a better job recruiting and screening their entry level analysts. They need to do a better job identifying those that thrive in that environment and those that do not. Churn and burn is expensive and ultimately unproductive.
@@angelasunx3Perhaps, the universities are also culpable. For example, a pre-med program weeds out those that would not be good fits for medical school. They do this by making certain required classes brutally difficult. In my day, it was Organic Chemistry and the requirement to take Engineering Physics. These two classes crushed enough GPAs to make it obvious who had the goods and who did not. Additionally, the pre-med curriculum was high stress and high pressure enough to give you a good taste of what you were signing up for. I have no idea how the rigors of a business/finance degree compares with pre-med or any other undergrad STEM program.
I always feel like it's exagerated I remember the hours were crazy but during the day I would have 2 or 3 hours were nothing was done because I was waiting for my superiors to tell me if the work I did was good Like I would go to work for 9a.m then leave at 2a.m, but from 5p.m to 6p.m I would just wait for them to review my work
Go work in startups or tech. I work in a big startup in their corporate strategy department, my salary is equal of tha investment bankers with only 40-45 hours per week (I get stuff done fast, my other team members told me they work about 50-60 hours which is still better than IB at Goldman I suppose) and most of the stuff I do is due diligence for m&a, competitive benchmarking and monitoring company OKRs. I'm assuming the first one was kinda similar to what you were doing as an investment banker?
Try to go to hedge funds, it is more difficult to enter but the salary is high, the job is more interesting and you will likely work with less people because the firm is smaller.
While it does not seem as extreme (though certain companies definitely have a certain reputation) there seems to be so many parallels in the programming industry and investment banking. Internally, lots of devs compete and act as though it’s a roman coliseum.
Love all your videos! I'm still in high school but I have been dreaming of working in investment banking in the US but I am kind of reconsidering it. Do you think it might be better in Frankfurt, Germany? Maybe somebody has experience working in Germany?
Im a college student, finance major, with plans to work at an IB or something along the lines of that. After watching this video and reflecting a bit, I don’t think that the IB life is the life i want. Thanks for the video haha
Hey, I just came across your channel and I really like it! 🙂 I am wondering if those 95 hours of work per week include the time you need to commute between work and home. I'd really appreciate an answer. It would be cool as well if you could show up the difference in working-time between working at home and in the office. 😊
I was aspiring to work as intern in GS but this video is demotivating me to go that side........ i wanted know about investment banking and being an analyst... what should i opt for to work for could you please suggest
Hi, what can I do to increase my chances of getting into IB. I feel that even if I get into a really good university, I will still not be able to get in. That's what is making me consider going to computer science instead of finance, even though I think I can relate better to finance, since I have well defined ambitions and goals. My other doubt are my comunication skills(my native language is not english), and I'm scared I won't perform well. Can you tell me what you think I should do, I know you don't know me, so you can't really say what I should do, but what would you advise me to. Love your content, keep the videos coming.
Thanks! Getting into a target school helps increase your visibility to banks (you can also do so by networking) - there are people with accents who get into top investment banks too. They really care mostly about grades / relevant experience so I'd focus on that. Shouldn't quit before you start if you think that's what you're interested in.
@@angelasunx3 thank you! Was really contemplating with all the recent news within the industry. Do you have any insight regarding conflict resolution side of the business where deals are being assessed for conflicts?
@@poojabhavsar877 I've worked with that team during my time in investment banking, however, don't have as much insight on it since I've never done it myself!
Some people don't fully realize the sacrifices prior to going in, while others feel it's worthwhile given the money / prestige / actually enjoy the job
@@gunner8216 Don't *fully* - it's clear what the sacrifices involve, but it's hard to understand it until you've actually gone through the experience of working as an analyst in a grind-y group
I am honestly reconsidering going into IB 😂. But the thing is GS will give you a pretty good salary for the work your doing plus they will give you the GS name on your resume. You would easily find a job anywhere after you're done. Also, do you think this could hurt GS reputation?
Short term does hurt reputation a tad, but don't think there will be any long term implications. And agree, good brand to have on resume so just depends on what you want to do after.
Hi Angela, I just landed an interview with UBS and found your videos very useful. But there’s still some questions that isn’t covered. Any chance we can connect to have them clarified? Thanks so much!
Hi Stephen, congratulations on landing an interview! Check out my Patreon (link in description) as I have more specific help geared toward recruiting on there
Oh boy I could so much relate to my bone making creeks and cracks too because of long hours and I don't even work for IB. Have you ever thought on how to get rid of that creek and crack cause it really scares me about my health condition and I can't find any answer?
life quality sounds like 0 in Investement Banking. I studied economics, but joined the government as a junior. Was taking off a month in a row backpacking in Asia every year. I don't regret my choice if I hear your story.
Due to combination of culture and nature of job, and as a junior you're constantly getting comments from more senior members to do throughout the day which are almost all due asap
There are some weeks where it's 9AM-3AM but definitely not all the time. On average I'd say 9AM-12AM, which is not great by any means but not AS bad as 3AM! Plenty of analysts also leave a year or two in.
Your video was really helpful! Well, i wanted to pursue ib but now i’m bit confused ! Should i go for it knowing that this is the real scene or is there any chance that these scenarios will change 🥺
Thanks Trilok! I think WFH makes hours longer but you should still expect an average of 70-80 hours per week as a junior person in IB even when in person
Thanks a lot! My goal os to work for any bulge bracket company for few years and then shift to private equity! Can you please make videos about “ what to do after ib” . It will be really helpful. Also, thanks a lot . You deserve a million subscribers!
Do you think its realistic to earn 400k as investment banking? Im from Zurich, I think the pay is similar to New York? Dont really know. Im studing Economics + international relations (Double grade), I already have a Higher Level Training Cycle of administration and finances and a medium training cycle in microinformatic and networks (nothing impressive), my plan is to do an MBA in Oxford after finish my studies. I will finish all my studies at late 20s-30 years old, so I dont know if I will be a little old.
Dude I work with 45 hours and get paid 50k I rather do more hours and get paid more.i Don mind working 60 hrs and making 100k. My current job is constant, breaks are monitored and constant stress not worth it.
I don’t work in IE, but in my industry women are afraid to have children then later on they adopt the notion that they don’t want children at all. Most of the women are divorced and excessively drink at workplace events. It’s really sad.
Commercial Real Estate Property Management/Brokerage. Some of the companies are based solely on commission. If you are a manager you can make 6 figures, I know someone who made a million. Men definitely have more of an advantage.
I’m not in banking however it would appear that they need more employees with the stats you put up. Personally less than 8 hrs of sleep, I’m useless. Been in the work force for over 10yrs and the most productive people I’ve seen have sleep. Yes you can force people to follow the bs structure but you’ll get more and better with more sleep. (Yes I know I’m hung up on that)
Its no secret that banking is nowhere near as it was before crisis.....and one that dreams of IB should think really really well before doing it because you are working for pretty average wage/hour in biggest (read most expensive) cities in the world where at least half of you income will go on rent......and yeah.....all that during best years of your life.....if someone has the ability to step a foot into IB then they can achieve great stuff working in other industry with better work-life balance, salary......and can also start a company...be innovative, work for themselves....i dunno myb its just me thinking this way😐
Great review! I got advice to speak up more in aggressive environments like IBD. But it seems, also as you said, analysts are not expected to share opinions in meetings. Would like to hear about your experience with this and how do you find a balance?
There's a lot you can gain from speaking up / managing up, so even if you think you're being "aggressive" or it's stigmatized not to do so, should do it anyway. A lot of the times even if you think you're being too "aggressive" you're actually not at all. There's a fine line, but the majority of juniors are not too aggressive at all.
I want to work in Corporate Finance or something related with capital markets... Which job position would be the best in terms of work / life balance?? Great video!
I worked in Events team at Goldman Sachs. It was the WORST working atmosphere I've ever experienced. I was there six months, and left due to exhaustion essentially what turned out to be a breakdown. This company is TOXIC.
I don't understand why people look up to these IBs and look down upon the software engineers. If you are working in the silicon valley you will probably be paid the same but your lifestyle will be totally different. On top of that you are paid not to invest some millions for someone else rather to innovate a new tech for which probably you will have your own patent too.
From what I hear, Goldman Sachs is like the Harvard of firms. If you can't stand the all-nighters, the weekends and the sacrifice than perhaps find another place?
There are better ways to earn a living. Ironic, too, that when business slows down they fire those "dedicated" people who put in all that time. The company doesn't move the people to somewhere else in the company, or spend time giving them more training, or wait for business to improve (the way Toyota would do it). The company fires them without blinking an eye.
The worst part about corporate finance is like all the deadlines are fake and in reality the stakes don’t matter. The culture of the industry is insane and cult-like mindset.
Fake deadlines are the worst
and they require English fluency. :.(
My portfolio has good companies, however it has been stalling this year. With the present inflation and dollar devaluation I just got my money out of the bank, I invested some in gold and silver and I’ve approximately $700k stagnant in my reserve that needs growth, any suggestions to grow my portfolio will be highly appreciated.
Imagine investing the same amount of time for yourself, your passion and goals. It feels amazing
Absolutely!
Can’t banking be your passion?
@Mike Caves Some people realize instant gratification is a downside to their end goals. IB is for people who have determination to get to where they want to be and will sacrifice living that life for 5 years to end up majorly on top in their late twenties.
@Mike Caves I wouldnt say clearing 7 figs a year is a couple extra dollars. You could retire in your early 40s with 10M+, a perfectly healthy age to still be extremely active and work on things you enjoy without having worries for the next 30 years of your life.
@@gunner8216 and I wouldn't say you'd be "perfectly healthy" after ~20 years of job slavery...
I worked for a company that GS contracted. Every person I interacted with at GS was malicious, moronic, or both. I knew people who went to work at GS and I'd rather make a fraction of their salary than spend any amount of time with them. Good luck, Angela. You made a good life choice.
Thanks for sharing your experience!
Sounds about the same as big 4 advisory/consulting. I'm middle age now and quit long ago because my body scream "NO". It takes certain type of people to survive, like my psychopathic ex, aggressive, cunning, love competition but hate losing. I'm not saying all of us in big 4 has the same experience, but that's my experience. It's a toxic environment. I choose health, family, wellbeing and happiness over so-called success.
So important! Thanks for sharing your experiences Cecilia
Not me wanting to work in Advisory lmao
When u say big 4 advisory/consulting who are u referring to & is every position within the company insane hours?
@@20-NYC Kpmg PwC EY Deloitte. I can't say about Mackenzie or Booz Allen but i heard its pretty much the same. If you are male, white, tall, come from a well-to-do family, golf is your hobby and country music lover (you know the demographic), your experience might be very different. We are like crabs in a bucket, all tried our might to climb to the top and stay there. If you are like this young tiny asian lady who looks 10 years younger than your actual age, you started among the bottom of the barrel. So to your question about long hours, yes that was expected.
Barely any investment banker/ trader is a billionaire. The true way to riches is through entrepreneurship.
Love how consistent you are! :)
Thank you! :)
This sounds so much like big law. The part about canceling plans really hit home lol. At some point you wonder if not making plans in the first place might be less detrimental to your relationships than making plans and flaking. But some of us end up sticking around because of future earning potential, crazy smart coworkers and hopes that it will get better as you become more senior.
Agree with your last point! I just make them in case because if I don't, I'll literally never meet anyone
I’m a JD and in my investment banking interview they told me the only job worse then investment banking is commercial big law. Cause IB finish at 1-2am.. and then give the work to the lawyers and expect it back by morning. Made me feel better cause if I hadn’t got IB position I would have gone big law.
I'VE BEEN WAITING FOR THIS
Woot! Spent a while editing but it's finally out :) Thanks for waiting!
Good for you! It only gets better from this point - I had the same issues working in big 4, left and never looked back - much happier and more productive now!
Happy for you!
Ohhh absolutely. In Big 4, worked average 85/wks. Peak was 120. I did 72 hrs straight twice in a month for a $5 mil client. I quit after my second year....pay was great for me, but absolutely not worth it. I think I’m still recovering 😆.
Yup, big4 is the same. I left the big4 after 14 years. Work-life balance much better outside!
Another great video! Thanks for sharing :) love your patreon as well!
Thanks so much for your support!!
Your channel keeps me motivated to wake up to my internship at 5:30AM everyday. 👌
That's dedication 💪🏼
"My bones crack with every move I make" ***Nice and fluffy backing track***
Cracks all the time!
As usual, thank you for the amazing content! Love the insight you are able to provide with each and every video. On another note, what keyboard is that in the background?
Of course, thanks so much for watching! K552 mechanical keyboard from redragon
Amazing video! Thank you for being so honest
Of course!! Thanks for watching
Love your honesty to speak up. I believe you mention the culture of fear is used to push for OT.
Thank you! Yes best to be honest
Thank you for this. I thought I was the only one feeling this way. The pay is good, but it really is not worth your sanity.
Agree!
Congratulations on 6k 🥳✨
Thanks so much! Appreciate all your support ☺️
Congrats on starting your patreon! Subbing there
Thank you very much!
Awesome video, appreciate the honesty and insight.
Thank you!
Hi Angela! I'm working in the banking sector too, just not in IB. I totally get the anxiety part whenever someone pings you when WFH and I feel like I have to be on the desk to reply to emails immediately in case any colleagues think I'm slacking lol 😔 depression and mental anxiety on a job is real and I hope people take it more seriously!!!
(btw what screen size is your current monitor? I'm hoping to get either a 24" or 27" one but I can't decide!)
Completely agree!! I'm using 24" ones and it's enough for me but 27" ones would def be nice too
I totally understand... Im working in client onboarding division for over 4 years now and bank job really2 tough
Yes!
Oh god it all brings back so many bad memories when i listen to this video.. i'm so happy i parted ways with the mentioned firm, needed it badly to stay sane .. and guys just to give you an ex-employee picture "ITS ALL TRUE, IF NOT WORSE"..
Haha thanks for including your perspectives too Sahar, hope you're in a better place now!
People think that making a lot of money = happiness. I would much rather have an average income with more free time. Life is way too short for this.
Yes life is way too short!!
Learn day trading. You'll make much more than a stupid IB job.
@@drjqool if you look up average day trader income, this is not true...
@@sophiek5208 Who wants to be average? 95% of people fail at it, but so do most people at being an MD (which I am) or lawyer or IBanker. However, being a day trader and MD, I earn much more being a day trader and if not for my med school loan debt, I'd have quit my day job already. LOL
@@drjqool yeah, i’m not saying it’s not possible, my dad retired from his job at 40 and has only traded ever since. so i know it’s def possible, i’m just saying it’s not feasible for most people to quit their jobs to day trade and make tons of money. it takes skill and commitment and drive.
Look at their track record of shady practices. You know how that organization is run.
😬
Exactly . I remember them putting out reports that AMD had a bad outlook . Within a year and a half the stock doubled. Some people fell for that misinformation and sold cheap while GS made millions.
I am now a little bit hesitated to pursed a path on IB
me too haha
IB is not for everyone...
Work for a broker dealership.
Don't blame ya
Nice video Angela. Before the decline in the commission business you can argue it was the worth the pain and stress as in the early 00's associate prop traders were earning 7 figures in their mid to late 20's. Although Goldman is still one of the highest payers, the comp is nowhere near these levels due to the declines in the Agency business. I can't speak for the U.S. but in London earning 1-300k will buy you a very basic life and you'll be living month to month. It's very sad.
Thanks for your insight Inder!
I used to work in an IB back office in Hong Kong. Even the workload can be crazy in those capacities, the work culture is just as toxic lol. I left the industry with an email sent to my entire company globally to call out the politics and sarcastically chew out the shitty people who worked there. And that felt great! Then I ended up going to a coding boot camp and became a software engineer instead and making six figures in my first job. Ah~ life is great.
Haha I'd be interested to see the email
Hey do you have social media? Can you talk about your experiences of moving from IB into coding and how long the bootcamp & finding jobs take?
Law firms are like this too. 23 year old making six figures and long hours and abuse. Plenty of turnover I witnessed.
Makes sense!
how many hours a week?
I went into research for the better work-life balance and super happy for it!!
Amazing!!
What type of a job in research ?
@@zaheraaliya equities covering therapeutics
@@johnnyies your highest qualification dear ?
@@zaheraaliya just a bachelors but i lateraled from industry (3 years exp)
I will start my internship in 2 months, is there any recommendation you think I need to know? and what's the chance getting returning full time offer?
Varies from bank to bank and group to group on getting a FT offer - know my group usually gave 90-100% returns. Will do a future video specifically for incoming interns!
Hello Angela. Thank you for the great video. I am not in IB but have an ex-banking background and a desire to become a better performer like yourself. Recently, I have come across the Spike email app which allows you to respond to email in a more conversational manner while still appearing formal to the recipient. I was wondering if you have used this app before or taken a look at it? Also, do you have any tips for using keyboard shortcuts or typing faster? Thanks again.
Hi Idrissa - I haven't used Spike before but I'll check it out! Practice, muscle memory, and a mechanical keyboard all help a ton on typing faster haha
To what extent should someone go into investment banking just for the money?
Many do, but those who go into it purely for money/prestige generally aren't happy there
Thanks Angela for making videos like this, appreciate your work, gives me motivation that yes even I could have a great life out of IB
Thanks Karan!!
Angela! Question for you 🙋🏻♀️ What did you say during your new job interview when they asked “why do you want to leave IB?” I don’t know what to say since I don’t want to complain about my 8am to 3am workload...and seem I am taking easier route. Any advice would be appreciated! Love your videos xoxo
You should talk about your interest for the new role and the job function itself rather than focusing on hours
@@angelasunx3 thank you!
Great job in presenting your material. There is a take away from all of this, and that the banks need to do a better job recruiting and screening their entry level analysts. They need to do a better job identifying those that thrive in that environment and those that do not. Churn and burn is expensive and ultimately unproductive.
Difficult when every analyst shows "passion" and says they want to stay in banking at the interview!
@@angelasunx3Perhaps, the universities are also culpable. For example, a pre-med program weeds out those that would not be good fits for medical school. They do this by making certain required classes brutally difficult. In my day, it was Organic Chemistry and the requirement to take Engineering Physics. These two classes crushed enough GPAs to make it obvious who had the goods and who did not. Additionally, the pre-med curriculum was high stress and high pressure enough to give you a good taste of what you were signing up for. I have no idea how the rigors of a business/finance degree compares with pre-med or any other undergrad STEM program.
Whose a good fit for this shitty lifestyle? it’s not a personality problem it’s an institutional problem.
@@qfason5836 Robots perhaps.
Where is the top necklace from?? It’s so beautiful!
Thanks! It's from Van Cleef & Arpel
I always feel like it's exagerated
I remember the hours were crazy but during the day I would have 2 or 3 hours were nothing was done because I was waiting for my superiors to tell me if the work I did was good
Like I would go to work for 9a.m then leave at 2a.m, but from 5p.m to 6p.m I would just wait for them to review my work
Seems like these analysts had some downtime during the day as well with the hours (2-3 hours though is much needed if you're working until 2am)
Go work in startups or tech. I work in a big startup in their corporate strategy department, my salary is equal of tha investment bankers with only 40-45 hours per week (I get stuff done fast, my other team members told me they work about 50-60 hours which is still better than IB at Goldman I suppose) and most of the stuff I do is due diligence for m&a, competitive benchmarking and monitoring company OKRs. I'm assuming the first one was kinda similar to what you were doing as an investment banker?
That's what I'm working in now
@@angelasunx3 oh wow nice! We're in the same boat then haha. What company if you don't mind me asking
Try to go to hedge funds, it is more difficult to enter but the salary is high, the job is more interesting and you will likely work with less people because the firm is smaller.
Thanks Bernardo!
While it does not seem as extreme (though certain companies definitely have a certain reputation) there seems to be so many parallels in the programming industry and investment banking. Internally, lots of devs compete and act as though it’s a roman coliseum.
Cultures in both definitely need to change!!
You just missed the extra $20k bonus if you just waited until March.
That was for Credit Suisse
Goldman Sachs just sent their analysts a fruit basket, at least in the UK. No bonus.
@@Blashmack I saw! By MDs though not the firm
@@angelasunx3 Given the recent loss of CS - I now doubt they will receive this $20k bonus
@@aellero6658 there is a 20k bonus coming soon?!!! For who?
Love all your videos! I'm still in high school but I have been dreaming of working in investment banking in the US but I am kind of reconsidering it. Do you think it might be better in Frankfurt, Germany? Maybe somebody has experience working in Germany?
Thanks so much, Ella! Personally haven't had experience working in Germany so welcome any perspectives from others who have had
Great video! Can you please tell what's your keyboard reference?
I use the Redragon K552 but really any mechanical keyboard is great
Im a college student, finance major, with plans to work at an IB or something along the lines of that. After watching this video and reflecting a bit, I don’t think that the IB life is the life i want. Thanks for the video haha
Good! Important to reflect first and think about it :)
I’m in the same situation and I agree
I have another question. How many days of vacation do you normally have when working at Goldman Sachs or other BBs in IBD?
14 days
Hey, I just came across your channel and I really like it! 🙂
I am wondering if those 95 hours of work per week include the time you need to commute between work and home.
I'd really appreciate an answer.
It would be cool as well if you could show up the difference in working-time between working at home and in the office. 😊
Not including the time to commute! To be fair though my commute time was maybe about 15 minutes out of my day
That's a great idea! Thank you ☺️
@@angelasunx3 Oh, wow. That's though. Apart from Covid, were there days when you worked from home?
I was aspiring to work as intern in GS but this video is demotivating me to go that side........ i wanted know about investment banking and being an analyst... what should i opt for to work for could you please suggest
Depends on your interests!
Hi, what can I do to increase my chances of getting into IB. I feel that even if I get into a really good university, I will still not be able to get in. That's what is making me consider going to computer science instead of finance, even though I think I can relate better to finance, since I have well defined ambitions and goals. My other doubt are my comunication skills(my native language is not english), and I'm scared I won't perform well.
Can you tell me what you think I should do, I know you don't know me, so you can't really say what I should do, but what would you advise me to.
Love your content, keep the videos coming.
Thanks! Getting into a target school helps increase your visibility to banks (you can also do so by networking) - there are people with accents who get into top investment banks too. They really care mostly about grades / relevant experience so I'd focus on that. Shouldn't quit before you start if you think that's what you're interested in.
I wonder if there are any historical links between GS and the military. I get strong military vibes from the issues discussed.
I've heard similar comparisons from friends in the army
I can’t imagine a civilian berating a vet at work. If word leaks out, I would think the backlash would be severe.
Is the median annual TC of second year analysts above US$250k nowadays?
It's less than that
I quit at Vanguard too I was just sick and tired of the lack of sleep.
Congrats!
What is your take on the compliance side of IB? Conflict resolution specifically? Would the work hours be just as high?
Better work life balance in compliance
@@angelasunx3 thank you! Was really contemplating with all the recent news within the industry. Do you have any insight regarding conflict resolution side of the business where deals are being assessed for conflicts?
@@poojabhavsar877 I've worked with that team during my time in investment banking, however, don't have as much insight on it since I've never done it myself!
@@angelasunx3 no problem thank you for providing your insight!
If you are compromising your mental health, family life, social life, work life balance, why would you go into IB in the first place?
Some people don't fully realize the sacrifices prior to going in, while others feel it's worthwhile given the money / prestige / actually enjoy the job
Ib is overhyped for guys who drank the Koaid
@@angelasunx3 Not sure how you dont recognize the sacrifice going into IB, its literally the most obvious thing about it lol.
@@gunner8216 Don't *fully* - it's clear what the sacrifices involve, but it's hard to understand it until you've actually gone through the experience of working as an analyst in a grind-y group
Nice video Angela! How many hours on an average did you work in a week before as an ib analyst?
Thanks Ananya! During WFH, about 85 hours
love this !
😊😊
Left IB for PE, never ever look back since. Better work life balance especially during weekends, roughly the same lifestyle and perks.
Amazing!
What is PE?
@@playersan14 private equity
@@leolee7411 thanks buddy
I am honestly reconsidering going into IB 😂. But the thing is GS will give you a pretty good salary for the work your doing plus they will give you the GS name on your resume. You would easily find a job anywhere after you're done. Also, do you think this could hurt GS reputation?
Short term does hurt reputation a tad, but don't think there will be any long term implications. And agree, good brand to have on resume so just depends on what you want to do after.
pretty sure Goldman pays average / Street at best. Look up the "Goldman discount"
the salary isnt worth the hours imo, it was much higher pre-2008
Hi Angela, I just landed an interview with UBS and found your videos very useful. But there’s still some questions that isn’t covered. Any chance we can connect to have them clarified? Thanks so much!
Hi Stephen, congratulations on landing an interview! Check out my Patreon (link in description) as I have more specific help geared toward recruiting on there
I got it! Report duty in June! Thanks Angela!
@@MrPh3n Congrats!!
Thats like an hourly rate of $20
Pretty much
Oh boy I could so much relate to my bone making creeks and cracks too because of long hours and I don't even work for IB. Have you ever thought on how to get rid of that creek and crack cause it really scares me about my health condition and I can't find any answer?
I still haven't gotten rid of it... BUT stretching has helped!!
@@angelasunx3 yeah maybe I should try that. I don't even know why does that happen in the first place.
I wonder, if there is so much work load, then why the company don't hire more resources to reduce the work load per head.
Hiring more would help to an extent, but much of the long hours is due to the culture
life quality sounds like 0 in Investement Banking. I studied economics, but joined the government as a junior. Was taking off a month in a row backpacking in Asia every year. I don't regret my choice if I hear your story.
That sounds amazing!
that is pretty bad....why so many hours I don't get it? Are there not enough workers?
Due to combination of culture and nature of job, and as a junior you're constantly getting comments from more senior members to do throughout the day which are almost all due asap
How can anyone do this job tho? It seems so unreal, working from 9AM to 3AM is insane.
There are some weeks where it's 9AM-3AM but definitely not all the time. On average I'd say 9AM-12AM, which is not great by any means but not AS bad as 3AM! Plenty of analysts also leave a year or two in.
@@angelasunx3 yeah, 9AM-12AM is insane too, haha.
@@angelasunx3 how much downtime between those hours tho?
I’m thinking adderall
@Duncan Donut Donut would do that tho.
Which is the highest level in investment banking where we do less work?
Not necessarily less work since it just changes to being client focused the more you move up - managing director is the highest level
Your video was really helpful!
Well, i wanted to pursue ib but now i’m bit confused ! Should i go for it knowing that this is the real scene or is there any chance that these scenarios will change 🥺
Thanks Trilok! I think WFH makes hours longer but you should still expect an average of 70-80 hours per week as a junior person in IB even when in person
Thanks a lot! My goal os to work for any bulge bracket company for few years and then shift to private equity! Can you please make videos about “ what to do after ib” . It will be really helpful. Also, thanks a lot . You deserve a million subscribers!
Do you think its realistic to earn 400k as investment banking? Im from Zurich, I think the pay is similar to New York? Dont really know. Im studing Economics + international relations (Double grade), I already have a Higher Level Training Cycle of administration and finances and a medium training cycle in microinformatic and networks (nothing impressive), my plan is to do an MBA in Oxford after finish my studies.
I will finish all my studies at late 20s-30 years old, so I dont know if I will be a little old.
If you do an MBA, you'll be able to join as an associate. Yes it's realistic to earn 400k, but only at VP or ED levels
@@angelasunx3 Thanks¡¡¡ Does VP and ED work crazy long hours?
@@snyless6528 🤦♂️
@@legendary_hurricane7732 ?
Glad I am in tech :). Make almost the same but 40-50 hours or work per week :)p
That's awesome
What is your job title?
@@armaan618 hot secretary for the tech ceo...
Dude I work with 45 hours and get paid 50k I rather do more hours and get paid more.i Don mind working 60 hrs and making 100k. My current job is constant, breaks are monitored and constant stress not worth it.
@@PsyQoBoy difference is, these people in IB work 95 hours a week while making 75k-90k
Hi Angela, im an economics major. Do I have any shot at getting an IB job ?
Definitely!
@@angelasunx3 Do you have any tips of what I should do to prep for one ? I am still a junior in college.
@@yazanalbaz6963 Would check out some of my other videos for help on networking / prep. I'd focus on making sure your technicals are up to speed too
5 hours per night, you can last a year. Personal experience. Not a job for everyone.
Agree
Wow why are the hours so long? Is it the workload?
Overall culture of the job and the work, and the fact that it's client facing so tight deadlines
Not me getting my will in order as I enter banking
On the list of to-do's before starting the job!
Cute Gary
Please mention name of medicating app.
Meditating apps: Muse, Headspace
I don’t work in IE, but in my industry women are afraid to have children then later on they adopt the notion that they don’t want children at all. Most of the women are divorced and excessively drink at workplace events. It’s really sad.
What industry is that?
Commercial Real Estate Property Management/Brokerage. Some of the companies are based solely on commission. If you are a manager you can make 6 figures, I know someone who made a million. Men definitely have more of an advantage.
I’m not in banking however it would appear that they need more employees with the stats you put up. Personally less than 8 hrs of sleep, I’m useless. Been in the work force for over 10yrs and the most productive people I’ve seen have sleep. Yes you can force people to follow the bs structure but you’ll get more and better with more sleep. (Yes I know I’m hung up on that)
Agree with the sleep part! More employees help to an extent but it's really about the culture ultimately that result in long hours
Its no secret that banking is nowhere near as it was before crisis.....and one that dreams of IB should think really really well before doing it because you are working for pretty average wage/hour in biggest (read most expensive) cities in the world where at least half of you income will go on rent......and yeah.....all that during best years of your life.....if someone has the ability to step a foot into IB then they can achieve great stuff working in other industry with better work-life balance, salary......and can also start a company...be innovative, work for themselves....i dunno myb its just me thinking this way😐
Thanks for your perspectives, Marino!
Great review! I got advice to speak up more in aggressive environments like IBD. But it seems, also as you said, analysts are not expected to share opinions in meetings. Would like to hear about your experience with this and how do you find a balance?
There's a lot you can gain from speaking up / managing up, so even if you think you're being "aggressive" or it's stigmatized not to do so, should do it anyway. A lot of the times even if you think you're being too "aggressive" you're actually not at all. There's a fine line, but the majority of juniors are not too aggressive at all.
@@angelasunx3 Very helpful! Thanks!
@@irisxu2397 No problem!
I want to work in Corporate Finance or something related with capital markets... Which job position would be the best in terms of work / life balance?? Great video!
Thanks Fabian! Both should be fine from a work life balance perspective. It'd largely depend on the company at that point
why is this only 480p :(
Apologies for that! Will be higher in other ones
What happened to the video quality? 480p
Sorry about that!
I worked in Events team at Goldman Sachs. It was the WORST working atmosphere I've ever experienced. I was there six months, and left due to exhaustion essentially what turned out to be a breakdown. This company is TOXIC.
Glad you're out of that now!
Hey did you Start in the Game honey, and what advice do you have for Young People ?
Yup - still consider myself "young" but one thing I've learned is how precious time is
Angela you’re pretty !
Thanks!
this music tho haha
My last minute addition to try and jazz up the video lol
which college do you go to? and why you landed a so great job in goldman sachs
Went to nyu and did not work at GS
Pay sucks as well when you look at rate per hour...I make now more in rental income and trading
Definitely not great on an hourly basis for analysts
Lmao I knew this was coming
Lolol here it is!
I don't understand why people look up to these IBs and look down upon the software engineers. If you are working in the silicon valley you will probably be paid the same but your lifestyle will be totally different.
On top of that you are paid not to invest some millions for someone else rather to innovate a new tech for which probably you will have your own patent too.
Personally find software engineers really admirable
Idc how much money you pile up. How do you spend your time?
It's the only thing of value you have.
Agree time is so valuable
Can u help us to make coffechat with ex GS employee you know
So was it worth it? How much money are gonna make now in your new
job/career path? Sounds like such a waste of life working there.
Didn't see the light of day during my time in ib (exaggeration.. not really) but don't regret it
wow working at a reputable company is like working for slavery, I thought my warehouse job is bad enough for work-life balance
Yup lol you win some you lose some
and people are boycotting forced labor in Xinjiang. How is this not a forced labor?
😬😬
From what I hear, Goldman Sachs is like the Harvard of firms. If you can't stand the all-nighters, the weekends and the sacrifice than perhaps find another place?
Many do find another firm!
It sounds like auditing, but with way more money
😬
Does big4 audit have the same toxic environment
Seems to be a tad better from my friends who work there
Where did you go to college?
NYU
Although less hours, but I just left a Leveraged Finance role for nearly the same reasons.
Good for you!!
Awfully similar name and description. Are you Bill Hwang of Archegos.
This is painful to listen to. I'm a silicon valley programmer who struggles to put in 40 hour weeks
Haha that's amazing
There are better ways to earn a living. Ironic, too, that when business slows down they fire those "dedicated" people who put in all that time. The company doesn't move the people to somewhere else in the company, or spend time giving them more training, or wait for business to improve (the way Toyota would do it). The company fires them without blinking an eye.
Unfortunately yeah ):