Speaking of what many consider classic investment banking, or Mergers & Acquisitions:
- Senior People (Managing Directors and Senior VPs) meet with clients during the day, figure out what to pitch, and what deals need to be done.
- Mid-level Managers (VPs) divide up the work ("create this pitchbook", "model this stock price", "come up with values of comparable companies"), do some of it themselves, assign work out, and check it.
- Low level folks (Analysts & Associates) spend a lot of time waiting for work, and then execute it until it's done.
- Interns try to impress that they have the stamina to get a lot of work done.
There's a lot of waiting implied in this for the juniors that are doing 100 hour weeks. For up to half the day they're goofing off, surfing the net, and looking busy. Then they crunch spreadsheets, and write pitch books.
Other divisions have similar hierarchies, but a little less busywork. Research spends a lot of time writing models and coming up with research papers, pitching trade ideas.
In trading, the hours aren't necessarily that bad, though they can be for juniors. Trading hours are 8-10 hours a day, but the jobs are hard to get so juniors spend a lot of time trying to look and impress.
There's a lot of waiting implied in this for the juniors that are doing 100 hour weeks. For up to half the day they're goofing off, surfing the net, and looking busy. Then they crunch spreadsheets, and write pitch books.
Other divisions have similar hierarchies, but a little less busywork. Research spends a lot of time writing models and coming up with research papers, pitching trade ideas.
In trading, the hours aren't necessarily that bad, though they can be for juniors. Trading hours are 8-10 hours a day, but the jobs are hard to get so juniors spend a lot of time trying to look and impress.