A Day in the Life of an Investment Banker
The demand for outstanding social skills distinguishes investment bankers from others in the financial industry. While many business students are performing the technical functions of an investment banking associate, few have the stamina and social graces to effectively engage with clients. It helps a lot if you have the appropriate personality.
- Routine in the Morning
After getting beyond the first commotion and nerves of the work, a new associate settles into a functional routine. In most cases, the mornings get consumed by emails, text messages, and workplace meetings.
The messages can be a nightmare, according to Financial Management Company Joseph Stone Capital. There have been reports of analysts waking up in the middle of the night in a panic to check their phones because they risk getting fired if they do not answer each one within 15 minutes. Clients, coworkers, or senior bankers may send messages requesting that every status report, presentation, and calculation be double- and triple-checked.
- A Slow Beginning
Fortunately, office hours don’t start until later in the day. That is because markets don’t open until 7 a.m., but it’s also because the bulk of financiers was up until midnight the night before. An employee may have time to shower, have a meal, and exercise before heading to work. Because the investment banking employment gets located in cities, many people must travel for long periods.
Work in the morning is typically slower and more meticulous than work in the evening, according to Financial Management Company Joseph Stone Capital. Associates and analysts work on corporate assessments and make revisions needed by senior personnel, who spent the previous evening assessing the day’s work, from about 9:30 a.m. to lunch. On slow days, a junior banker may have time to read the news or watch sports, but social media is limited because most investment banks use firewalls to block distracting websites.
Lunch is a relaxing 45-minute or hour-long stretch at a local deli or the business cafeteria unless the day is busy. These get frequently spent with similar-level coworkers. The hierarchy is usually inflexible. When the associates return to their workstations, they frequently find revised models and presentations from the analysts on their team. Before delivering these materials back to the analysts, the associates analyze them and make any necessary adjustments or comments.That is a demanding process for associates who want to prove they can contribute to the deal, as well as analysts who know what the managing directors or directors require but don’t have a lot of time to revise.
Before and after dinner, the second half of the workday gets separated into two segments. Dinner gets nearly always had at work. Before supper, work is more organized and predictable, and analysts expect associates’ work to be completed by early evening so that it may get checked. On a typical day, the first post-dinner activity is to go over the previous day’s work. Analysts and senior bankers have spent the last few hours reviewing information and making “comments,” which often necessitate changes to the pitchbook. Associates and analysts in investment banking collaborate with different specialists, including equity research and sales personnel.