U of Mi Student, Dies After Consecutive 24 Hour Shifts at Bank of America

[No1]

no, i work in i-banking and those numbers are pretty spot on for a first/second year analyst right out of school. And as far as the hours, yea they suck. i typically work 10-10 on average. A bad day would be 9am till about 2-3am. Sometimes you get a couple of those in a row, but typically just once a week..if that. Its the weekends that pushed those hours way up. But it all depends on the projects you get. Lately, i've only worked one weekend a month.

No, all my friends work in i-banking and no you are not making 30 to 40k in the summer. Not to mention a large percentage of the people I go to law school with came out of the most prestigious i-banking firms and consulting firms. Please stop lying to these people. The average starting salary for an investment banking firm in NYC is like 75k, you are not making half of that in the summer alone.

I think you need to re-read what he just said. As for an analyst out of school, in NYC it's like 75k plus signing bonus plus 20 to 40k bonus depending on performance. I wasn't questioning that. But that summer salary is a farce. This kid was not out there in London getting paid the same amount per week that they pay entry level attorneys at the magic circle firms.

 

[No1]

Im going to guess you guys aren't unionized? What the benefits like? Sounds brutal on some Industrial Revolution shyt.

Nobody in this country is unionized anymore. Be for real.

 

[-G$-]

If you can't clear a g a week you lost at life

 

[Mr. Somebody]

Why didnt he just take a nap, o, and nourish himself. Sad the management at BOA allowed him to drive himself into the ground like that. I guess better training is needed for management there.

Its so demonic, friends.

 

[OneManGang]

Nobody in this country is unionized anymore. Be for real.

That's why I stayed it like that. Especially not in the south.

 

[Reckless]

No, all my friends work in i-banking and no you are not making 30 to 40k in the summer. Not to mention a large percentage of the people I go to law school with came out of the most prestigious i-banking firms and consulting firms. Please stop lying to these people. The average starting salary for an investment banking firm in NYC is like 75k, you are not making half of that in the summer alone.

I think you need to re-read what he just said. As for an analyst out of school, in NYC it's like 75k plus signing bonus plus 20 to 40k bonus depending on performance. I wasn't questioning that. But that summer salary is a farce. This kid was not out there in London getting paid the same amount per week that they pay entry level attorneys at the magic circle firms.

ok, i agree with the fact that they prob dont make 30-40k for the summer. Not sure what the summer analysts make for the entire summer. But it should be based on the 75k starting salary which we agree on. I was moreso disputing your comment about the bonuses. First year bonuses here for top analysts were about 50-55k. Low end were 40-45k. So your 20-40k is a bit low. But it depends on where you work. Regardless, sounds like were saying the same thing.

 

[Reckless]

...

 

[Trip]

At least he died doing what he loved.

 

[Hiesenberg]

Im going to guess you guys aren't unionized? What the benefits like? Sounds brutal on some Industrial Revolution shyt.

We have a UAW. Benefits are good but not as good as they were when I was a kid on my parents same policy.

Doc visits were free, medication was free, dentists were free 401k matched up to 10%.

Now that I work there doc visits are $30, medication is $8 for a 30 day supply, basic dentistry is free while the more advanced stuff is covered up to $1500/yr, and my pay maxes at $20/hr while both my parents make $25/hr. Anything over 10 hrs/day is double time, Saturday is time and a half and Sunday is double time.

I have a he diploma and make more then 98% of the people I went to hs with who now have degrees. There is a grip to be made in manufacturing still.

EDIT:
And now 401k only matches up to 6%

 

[Hiesenberg]

Nobody in this country is unionized anymore. Be for real.

You only think you know. The company I work for employs around 4k unionized workers in the south

 

[SuikodenII]

I bet he didnt bank on that

:deadintern:

 

[No1]

You only think you know. The company I work for employs around 4k unionized workers in the south

Nah, I was talking about in actual percentages...it was off-hand joke. What are we like, less than 10% to 15% of the country now that are unionized

 

[Ohene]

I'm tired and lazy, but a lot of this is false bro. They're not making that in the summer. That's the equivalent to 3 Gs a week and that just isn't happening for a college student. Also those type of bonuses do not happen until you've been around awhile and most often that is after you go back and get your MBA. You've been lied to.

Do you have a source?

Because I do


http://www.mergersandinquisitions.com/investment-banking-salaries-mcdonalds/
http://www.wallstreetoasis.com/salary/investment-banking-compensation
http://www.wallstreetprep.com/knowledge/investment-banker-salary/
http://www.theguardian.com/education/2011/may/18/students-higher-education

A summer analyst in LA...at a bank like Goldman Sachs or Barclays can make that in a summer because of the over time.

80 hours a week * 16 weeks is like 1280 hours. 35,000/that is $27 an hour on average.Its not that absurd. And many of them like the article says are have a couple 100 hour weeks. It's relatively well known. With full timers its part of the job however and they dont get the OT but I think it might depend on state laws. You think $30-50K bonuses are reserved for seniors? Wrong. MDs and VPs probably get bonuses anywhere from 100s of thousands to millions depending on the deals theyre bringing in. But I dont have info on that.

What person in their right mind would work 80 hours a week for a simple 60K salary and 10K bonus? Everybody knows that the year-end bonuses are legendary for bankers but that was moreso before the financial crisis. Think about it. 20 dollars an hour as the base...so that's 800 a week. Then $30 bucks over time for another 40 hours so thats another $1200. $2000 * 16 weeks and youre looking at $32,000. Most I-Banking internships might be 10 weeks though. Cant remember. Either way, theyre getting paid.

 

[Kid McNamara]

Intern,...if the state permits overtime like it should youre lookin at 30-40k as a summer analyst. As a fulltimer (no overtime)...youre looking at about 60-75K starting salary and then a bonus thats like 30-50K. It all depends really...but as a 20 something year old that is cake.

Only thing is when you break it down to the hours youre working its like 20 something an hour probably

Internships regularly run from June until August which works out to around two months. You're suggesting that a third-year summer analyst is banking around 3-4k a week? Subtract anywhere from 20-25k and you're on the right track (depends on whether the company offers housing/food stipends and so on).

Stop with these fabrications.

 

[MewTwo]

Back when I was deluded into thinking I could hack it in IB, I used to frequent Wall Street Oasis. It's The Coli for bankers and traders. 80-90 hour work weeks are normal hours. 100-110 hours when closing a deal. Thankfully, I never went past round two of any IB interview Look at all those dudes rationalizing sleeping four hours every night

http://www.wallstreetoasis.com/forums/100-hours-a-week

So you decided against being an investment banker. What route did you take instead?