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[quote=Anonymous][quote=Anonymous][quote] The bank's salaries are the biggest expense and yes, pay is great at the top ones or boutique. There are smaller, regional IB firms (there are a couple in DC area too) and newcomers like M&T Bank and those pay much much less. (Big) banking has NO W/L balance. We had to work more than 100 hours and I got so many UTIs because I couldn't use the bathroom enough. My friend got shingles in his 20s. Lots of cavities (nobody had time to go to the dentist), lots of coke to stay awake. Most burned out after 2 years, went to grad school to do something else or move to the industry related to their group. Lots in research try to transition from the sell side to the buy side, where the schedule is better and $ is good. If you survive and are able to backstab most of the analysts, the bank pays for 2 years of MBA (Stern is great and in the city) and then you become a VP, make more $, torture the analysts, and backstab more to get to MD. My understand is that law is the same but with slightly lower salaries, as if you don't have partner potential, you are asked to start looking around. 
IMO, going for big consulting like Bain and McKinsey is better, as the salaries are great and the W/L balance is better. The work is fun and easy too, as you don't have to implement anything, like Accenture.[/quote]

Many new hires at an IB have no intention of ever staying more than two years.  My DC went directly from undergrad into private equity, which is fairly uncommon.  Many IB hires use banking as a path into PE, and actually interview in the fall after graduating to move to a PE firm after two years at a bank.  Those kids are going from the frying pan into the fire.  There is no w/l balance in PE, especially during Covid because the deal flow has been insane.  Like the cavity story above, my DC finally went to the dentist this week (after two years and tons of prodding by us) and the dentist referred DC to a specialist because teeth have been ground down (stress) and jaw has been impacted.  IMO, no amount of money is worth the terrible lifestyle, but it can be intoxicating to a kid just out of college.[/quote]

PE=TMJD.  Sorry to hear that.  Hope that your kid gets some relief soon. I turned to PT and traditional Chinese medicine after my stint in Chicago advertising that was causing me myriad issues.  Glad to have escaped.[/quote]

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