What an Investment Banking Associate at a Middle Market Investment Bank Wishes They Had Known Before Entering the Investment Banking Industry
Jonathan, a Middle Market Investment Banking Associate, found the internship experience didn't fully prepare them for the sustained intensity of the job; "actually being in investment banking and doing it for years is different," with long stretches of hard work punctuated by less busy periods, requiring a careful consideration of the work-life balance implications. The excitement of working on "the most important thing happening at that company" and interacting with high-level professionals must be weighed against the demanding periods.
Industry Realities, Workplace Challenges, Hard Truths, Overcoming Challenges, Stress Management
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
Jonathan Freeman
Investment Banking Associate
Middle Market Investment Bank
CWRU
UCSD Master of Finance, UCLA FTMBA
Economics
Finance (Banking, Fintech, Investing)
Finance
Student Athlete
Video Highlights
1. The reality of working long hours in investment banking is different from the experience of a summer internship.
2. Extended periods of intense work (3-6 months) are common and can be draining.
3. The job is exciting and involves interacting with high-level executives, founders, and investors, but this needs to be balanced against the demanding workload.
Transcript
What have you learned about this role that you wish someone had told you before you entered the industry?
I think one thing is that I don't think there's anything in particular where I wish someone had told me. I went in pretty eyes wide open.
That being said, an internship in investment banking is just a snippet of the lifestyle. You could work hard for two months and then go back to school and hang out.
But actually being in investment banking and doing it for years is different, especially if you go through a stretch where you're working hard for six months. You get breaks here and there; you might not be busy for a few months, or even an extended period.
But you'll also go through periods where you're working long hours for three to six months at a time. That can be draining, so that's something to think about.
It's an exciting career. There's a saying in finance, "There's no free lunch," and it's the same with banking. Sometimes you put in the hours, but you also get to work on important things.
If you're working in M&A, you're working on whatever is most important at that company. You get to engage with executives and founders of companies, and with different investors. So it's an exciting job.
But you have to weigh that with going through extended periods where you're working really hard and asking yourself if you want to continue doing this. I think a lot of junior bankers go through that. It's just something to be aware of.