A DAY IN THE LIFE OF AN INVESTMENT BANKING ANALYST - A Good Day vs. A Bad Day
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- čas přidán 13. 06. 2024
- Learn more about the day in the life of an investment banker. I worked at J.P. Morgan as an investment banking analyst for a few years and share my experience of a good day vs. a bad day in banking. In the video, you’ll learn what investment banking is like through an hour by hour breakdown of my daily tasks and responsibilities.
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⏱Timestamps⏱
0:00 - Introduction
0:48 - A Good Day
4:58 - A Rough Day
🎥My Other Videos🎥
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My Role During a $6.1BN M&A Deal: • My Responsibilities as...
J.P. Morgan Recruiting Secrets: • Former JP Morgan Recru...
Why I quit investment banking: • WHY I QUIT INVESTMENT ...
How Much do Bankers Make?: • THE BEST INVESTMENT BA...
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#investmentbanking #banking #finance
I had anxiety watching the bad day section
LOL
Watching
I was jealous that you get 3 hours on bad day to bad day
Do NOT invest in China stocks and china mutual funds. They are all FAKE! They do NOT have real companies back in China. And China stocks often advertise that they will give 10-15 percent return on your investments to Trick you. Don't fall for it. They are all Pyramid schemes. There are sooooooo many companies in HK, Taiwan, Japan, South korea, and Europe that lose all their money to China fake companies!!
Hearing this brings back SOOOOOOO MANY bad memories for me!
this takes me back to my consulting days at a big4. even though I came from almost no money and was thankful to get a job right after the '08 crash, I quit after 10 months even though I really enjoyed the knowledge I was gathering. No matter how much you think you lacked as a child or how much you want to make your parents proud, the impact on your overall health can't be underestimated. I just see no point in going through so much shit with so many assholes (industry is well known for turning decent people into monsters) almost every single hour of the day just to start over again in 5-10 years time in another industry whether it's another job or a business. There were so many occasions where clients we took out for drinks fell asleep on some couch somewhere on the premises or our VPs just napped in between drinks. Let's not forget the sexual harassment you need to navigate through as a man/woman from mature women and men. oh believe me it happens...a lot. They're as stressed out as you are. 2 colleagues died while I was there. They were both 24. Sleep depravation and too many energy drinks. Their hearts just stopped. There are plenty of jobs that pay 1/3 less where you can enjoy spending it on weekends. I always hear "yeah but I get to retire at 30". Nah bro after you made it, at 30 you want to spend it all because you lived under a neon light for a decade, and what happens is you end up spending it on a lot of stupid shit. Now I'm no NGO employee, I like money, money makes life easier but there's a line where it really doesn't. Find a sweet spot...or don't. To each their own
What are you doing now?
@@yandhi4507 I moved into software development. I loved coding and taught myself from a very young age without thinking I'd ever build a career on it. It was a fun hobby for me. I was lucky to have had an in demand skill when I quit. I didn't quit thinking I'd switch industries, I quit having 0 clue what I'd do next. All I did for the first month was sleep and tried getting back in shape for another 3 months. I was burnt out. I then thought "hmm maybe I should try this". I currently develop products and run research for an exchange with a team of quants and data scientists which eventually get sold to IBs and funds. The work is very interesting and work life balance is fantastic. Base pay is great, bonuses are good (not IB absurd levels) but I do get to enjoy it with my family and I actually enjoy coming to work every day. I never wanted to leave the industry, just that lifestyle so I switched from creating powerpoints with products to creating the products. There's always a way.
@@MsFxtrdr That’s awesome man, congrats! I’m majoring in finance now but I’m really not at all thrilled about any of the typical career paths. I would love to do software engineering but unfortunately my hands are paralyzed and there’s just no way I could type fast enough. I’m hoping to find something tech-related that I can make work.
@@MsFxtrdr I have a few questions. I’m a junior majoring in finance. Im a average student I guess you could say where I have B I’m my classes. My question is when getting a job is everything in your job relies on everything you learn in college or do they train you and teach you everything for the specific job. Thank you and would be greatly appreciated for your response.
@@ALLEN-dh5mi Depends on the college, depends on your degree and depends on the quality of education in your country. Graduates with STEM degrees are better prepared on average anywhere in the world than any other graduates just because of the nature of the domain. Graduates from top schools have better (again on average) curriculums and better professors so there's that. A Finance degree is very broad. You do some stats, some economics, some of this, some of that. By the third year you should have an idea of what you like and pick any optional courses that you think would fit your future career and be an A+ student at least in those. Once you get a job, the real world starts and depending on how technical your job is, college might have been more or less useful. University is what you make of it. I didn't go to a fancy school but it had a great library and I made good use of it. I studied my ass off but I enjoyed the domain. I still refer to my 2nd year econometrics books at my job, almost a decade later. For a STEM degree, I'd say college would give you 30-40% of your domain knowledge with your employer covering the rest. In Finance, unless it's statistics, financial engineering etc., you'd be lucky if you hit 10%. If you find yourself not reading the extra bibliography at the end of the book chapters and just want to finish college for the sake of finishing it then you've picked the wrong domain. It's one thing to make a mistake and waste 3 years of your life, it's another to waste your entire life doing something you find unappealing.
"On my worst D A Y
I have worked around 28 H O U R S"
My brain: *calculation intensifies*
If you have the money you can get extra hours in a day
@@gustavorocu hahahahaha
Thanks for being so detailed. Often times videos like this are super vague and you don't actually get a sense of what happens beyond a bunch of jargon. This video helped me understand what is actually going on enough for just a regular person. Clean editing btw
thank you for the kind comment! and glad you found it helpful
Actually
Do NOT invest in China stocks and china mutual funds. They are all FAKE! They do NOT have real companies back in China. And China stocks often advertise that they will give 10-15 percent return on your investments to Trick you. Don't fall for it. They are all Pyramid schemes. There are sooooooo many companies in HK, Taiwan, Japan, South korea, and Europe that lose all their money to China fake companies!!
Even the good day feels so overloaded. Can work for 1 year maximum in such a job
I can't believe even on a good day you almost get off the work at midnight. This video has really changed my plan of future career a lot.😂
Best "one day in the life of" video I've seen in a long time!
You're amazing. I can't thank you enough for this. Blessings man!
holy molly going to bed at 4:30am and be back at office at 8-9am..........
i feel so incredibly appreciative of my job now.
For real. I only thought very high-end supervisors/directors did that, not analysts.
@@robertc6293 actually it’s the opposite : the more you grind the ladder the less you work
I bet it would help the general public interested in this topic to have you walk through examples of changes, presentations you've built, deep dives on models, etc. Redacted versions of course
Great suggestion thanks Chris!
Wang public passbook
Help
I'd like to see the company models. 😁 sanitized of course.
@@rareliquid i would also be interested in the workflow you had. if you would make a video it would be great.
This is the most detailed day in the life video. Appreciate the information 👍
Glad it was helpful!
Anything else you'd want to know about banking? Happy to make new videos on the topic!
Heyy love your videos ! Do you think there's a difference in the working hours between merchant banking and the IB division ?
Want
Can you talk about the pay
Great detailed vid of what we can actually expect, ty!
Watching this video makes me a lot more appreciative of my job working as an Aerospace Engineer. It sounds like the work/life balance is not prioritized in this field of work.
yup you definitely don't join for the work life balance
Yooo, Im also an aerospace engineer. Im literally watching this while Im waiting for my simulations to converge!!!
@@rareliquid Well you join for the work life balance, 10 years from now.
during the meeting, I was just eating my burrito... lmao that sent me.
food first
Eating
Make sure that phone is on mute…lol! I also worked at J.P. Morgan in the Securities Services business.
This was super helpful for someone from the outside trying to get a better understanding of what IB work is like.
Glad it was helpful!
Leif passbook
Thanks for sharing, I'm about to get into this field so ill remember you and your video :) 👍
ya same which grade your in
Hands down best video I've seen on this topic. Only suggestion is that many of the questions in the comment section are pretty good, so it would boost your channel to increase your communication with your audience....just saying my friend ;)
thank you! i have been doing my best to respond to all comments and have a long list of content to create based on feedback haha so will try to get to all of them eventually!
Topic
Thanks for the video man!
Another great video Ben! Super transparent! Thanks!
Thank you!
Great stuff dude!!
Every day in investment banking is a bad except pay day.
Hi Ben, I'll be joining JP Morgan as an investment banking analyst intern. Thank you so much, your videos helped alot.
When they overwork people like this it has affect the work quality in a negative way. Exhausted, sleepy colleagues are much more likely to make mistakes.
That's why they check, make comments, recheck, remake comments, etc...
Honestly just tell your boss that you’ll get to it tomorrow, need breaks
Super helpful. Thank you Ben sensei.
Lolol
cleared my head tbh, thanks ;))
no prob!
Hand
Very informative, Thank you
Great video thanks rareeeee liquid
Great overview, thank you!
Glad it was helpful!
What are you planning on doing after IB? Have you looked at going into PE? Are there any other jobs related to IB but less hectic? I’m assuming you’re not going to continue IB because of the crazy hours, but maybe you may like it. Sorry for all the questions lol I’m about to be a freshman and majoring in Finance and looking at different job opportunities.
Good day sounds like a corporate nightmare fueled with unnecessary time wasting with having you, “in the office”.
All the things you did sounds like you could to that from home, but instead they make you fiddle for 8-10 hours when really about half of that is time actually spent doing work. But then the higher up, “gets to spend time with their family”, while you do all the work.
Bad day sounds like you are you’re associate are essentially the backbone of the actual work being done, and then some measly higher up probably just waits for you to finish your work or they force you to work faster, as you stay up till 4 am skipping meals, with 3 hours of sleep but those above you probably get a comfy 8 hours, and come into the office whenever they feel.
What a hell.
I feel like anyone working like this long enough would be so bitter, they want the newcomers to suffer like they did. So the cycle never ends.
Congratulations you found out how the world works you have to work your way to the top do you want a cookie now
Nice video.
Similar here for a senior associate banking lawyer in a big law firm...
I love how it's always former or EX HAHA. The turnover rate in IB is extremely cucked.
haha yes it is
Always
You’re giving me PTSD re: the M&A deals my friend. I never want to relive that again haha (worked in tech M&A in NYC for a couple of years).
Really great video.
And I thought I worked a long day. Lol.
everything is relative my friend haha
I was about to say this 🤣
Thought
I am a engineer and I worked 50 - 60 hours a week but constantly busy with no down time. I work 6 am - 6 pm. It would be difficult to have lots of slow time to late night.
Thanks for sharing your experience
no problem!
Sharing
Its very stressful for me if it is a good day.
you get used to it haha
Me
Thanks for sharing this Ben! During a live M&A deal, how long does that ‘bad day’ usually last? (e.g., weeks, months straight) And do you typically handle only one or multiple M&A live deal/s at once?
usually the worst of it doesn't go on for longer than a few weeks
It is a series of rapid sprints in quick succession - you will still get breathing space during the day
Never say never. I was one to focus only on the regular 9-5, I’ve been on the market just over a year now and I can only ask myself why I didn’t get in any sooner. The pandemic more than showed the need for multiple sources of passive income, really happy for a market as that of stocks and crypto.
Facts the need for passive income and in multiple cannot be overemphasized
I’ve tried times and times but you do have to admit there’s much technicality in the profiting nature of stocks, crypto when you try to get into it, I find real estate easier and lucrative for me
@@monsoe9748 I can more than relate, I’ve had my share of losses at the onset of my trading career, took some months to understand it’s no con game, nor trial and error. Professionalism experience and skill has a major role to play in making profitable outcomes, these passed few months I’ve had the chance of working with one just so Noud Mikan, his method has guaranteed me positive results on my trades. My profit withdrawn in the last 3 months I’ve summed $91,300 using his system
Again his name pops up. I came across a review commending this man work in the passed,
I also read Noud is only concerned with guiding to lucrative results rather than showing you how do it all alone.
Is it the same with you? How are you sure of your trades?
@@bnmyron4225 Can’t eat your cake and have it, the primary and major point of getting into any investment is profit making. Can’t expect a man to share all his secrets talk more of someone like Noud Mikan, I’m making profit and this way I could learn about the market while I earn. Works for me
Thank you for this video
Me aiming to become IB
Wish me good luck
Currently I'm doing cfa level 1
How? Through what?
Do you get any days off? How many days in a row have you had to withstand, let’s say, 3 to 5 hours of sleep (before you finally got a day where you could get 7 to 8 to 9?
Hi Ben, I really enjoyed watching your video. I am currently pursuing investment banking and looking for an internship. I’d like to learn more and be ready for this career. I am wondering if you have any books that you would recommend me to read about investment banking?
there aren't really many books about banking i'd recommend. i'd moreso recommend investing yourself, building your own models, etc. if you are really set on a book there is this one:
Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions
Book by Joshua Pearl and Joshua Rosenbaum
Ben fantastic and appreciate for the details you’d given, I would say it is interesting to know such busy day as an analyst ...
Anyway, I watched couple of your video and they are not boring as I think, 😅😅😅 so I subscribed at once, becos I wanna know more ...
thank you!
Now I understand why you are a youtuber now
end results are on that powerpoint presentation LO...day in day out POWERPOINT PRESENTATION !
Very good presentation.
Could you tell us sort of the ladder that you can climb once you start as an analyst? What are the actual positions you can be promoted to or apply to? I would really appreciate this. Great video btw, really gave me a sense of what to expect.
analyst ==> Associate ==> VP (vice president) ==> Senior VP ===> Director ==> MD (Managing director)
this is soooo hard. The bad day is anxious.
Great video, and it has given me insights in whether I want to pursue a career in IB! (Which is probably not going to happen lol)
The best part of any of the days was when he mentioned food
those were the best parts of my days lolol
I work at a securities company but in risk management division. I like the job and the working hour. The retail division (bond and equity analyst, sales, trader, brokerage) work longer hours than me and I think that's already too much. And then I found out that the IB guys work WAY LONGER hours than the retail div. It's insane and inhumane. My good friends are mostly from IB div and theyre about to quit (im gonna lose friends). I was offered to transfer to IB division because of my skills and work ethique but I refused. I'll never be an inv. Banker. My life is worth more than any amount of money.
I am a current third year med student. At one time in my life, I wanted to become an investment banker. I am kinda glad that I didn't at this point.
That is not to say med student life or resident life is better than an investment banker.
But it is tho
I give him my little nod of thankyou and time it
Can you explain or do a video on how what techniques you use to not let your body degrade with this much work. I heard you said salad for lunch so sounds like choosing good foods is 1 way. But do you drink 8 cups of coffee a day….?
And you look fresh as a flower. Take care of your health ✨
I gotta be honest, I really wanted to find a day in the life in being in the corporate banking world. Right now I am currently in the retail side of banking and been wondering if I want to switch to the corporate side. For these hours that seemed to be very long were you salaried or paid by the hour? Also just curious was their extensive training before you started the position? I'm currently 24 with a Bachelor Degree in Business Administration. Thanks again for such a detailed video!
salaried and training was 2 months before the job!
@@rareliquid hey if you don’t answering, what was your salary for this job?
@@tanimmahfuz8689 He made a video about his salary, look up "How I spent my salary and bonus as an Investment banker" or something like that
@@Hobby_Technology guessing that was a year 2/3 analyst salary + bonus. 1st yr salary should be about $100k
Currently even low level analyst jobs are paying over 150k a year, there's a shortage of Financial analyst, even interns are getting paid crazy salaries
Hi Ben! Thanks for this video. Do you have any insight on whether European banks respect more of the work-life balance in IB?
Not sure on weekends but summers are sacred in EU
Hey thank you so much for this video! I am currently learning economics and finance (under grad degree) at Australia and am interested in pursuing IB! How hard is it to get into JP Morgan? Like obviously you need really good grades but are there other things you can do to increase your chances of getting into a big bank like that? Idk like so case competitions about IB for example?
And I just wanted to say I am so sorry about what happened to your mother and I wish you and your family so much happiness and prosperity in the future!
Thank you so much! I just Subscribed ❤️
hmm i would say it's pretty competitive as it's typically ranked as one of the top 3 banks in the world. usually you need to go to a good school, get good grades, network hard, get good internship experience, and prepare heavily for technical interviews.
also thank you for the note~
The data and information that you need to do all the analysis that you do throughout the day. How much of that do you need to source and how much do you get delivered from the client or others?
Working until 1030pm is a waste of a life.
No money is worth that.
You probably didn’t watch till the end to see what a bad day looks like 😂
Do u have a video on what you used the skills you developed in chase, in your current lifestyle/business
There are a lot of inefficiencies in the process. Most of the results are boilerplates and yet they require approval from far too many. Yes there are some unique dynamics between deals, but if you can't trust your lower level analysts, then your training, process, and protocols are poor. Too often it is assumed that bigger is better; three guys sitting on cinder blocks with Excel and PowerPoint on their laptops can handle a billion dollar deal.
thanks raj!
Hey! i wanted to ask whether it was possible to be hired at jp morgan or any of the wall street banks if i go to a college thats not in america but still considered a great college with a high ranking in my country ?
How often do you get good days, bad days, and moderate work load days?
lol now that I’m in the industry , this is so accurate. My work day starts at 8am doesn’t end till 11:30pm. Forget about what you know about personal life lol
Bad choice, get into tech and make 1.2x salary of a banker and work half the hours 😂
it's not late for investors to review their portfolios and pick up some investments that might do well in the this year.. looking at the performance of various stocks and the dip in the crypto space, there’s so much opening to get in a earn good profits.
Not everyone has their financial freedom so well sorted out, it’s ideal to start saving and investing early. An early start gives your money more time to grow.
I’ve allocated my capital in a safe and sustainable way but still leave room for exciting stocks and crypto opportunities. I’m trying to take full advantage of every opening to increase capacity.
@@joerobert1801 Stocks and crypto trading are no doubt one of the simplest forms of earning good returns, I made my first million through consistent trading in crypto, and that was achieved with the help of my trading coach Dan Raziel, who takes on my trade and ensure I benefit irrespective of how the market turns. There are some stocks in my portfolio as well that has done the numbers.
@@seanroger6954 I’m aware of Dan Raziel trades.. quite impressive. Are you at all bothered about the risks?
@@rahultoggi4672 I’m least worried about the risks, Dan has greatly enhanced my earnings and helped build a solid portfolio that’s helped cleared all my debt. In my first 5 months I received a trade profit of $87,000 with an investment of $12,000. It’s been 3 years and I’m very confident in the future performance of my portfolio.
Sending this over to all of my friends hyped about working at Goldman XD
Hahah well it’s still a great career just not for everyone
Over
Thanks for sharing its really helpful. I used to work in a sell side dealer but I got to work with legal a lot on offering documents. For private offerings in Canada, we call it an offering memorandum. Question - did you work with the counsel at all? As an IBA, did you get to provide comments to the prospectus? Thank you!
When you first started, how did you feel with the modelling where you wouldnt know how to do something, did your associate give good guidance or? you would just ask some other analysts
It depended on the associate but they were some that would provide really great guidance while others wouldn’t. Usually after getting some guidance from the associate I would do my best to build the model myself by looking at other previous similar models. Then when I had questions I would ask my associate or other analysts. Also would watch CZcams tutorial videos sometimes lol
@@rareliquid Did you have to build new models for each new deal, or could you use the old models with minor changes the next time?
How
I'm looking at a career in the debt capital markets of an investment bank, I'm just curious if the working hours are similar to the 12-16hours people usually state
What’s the split between those days - 60% “normal” days and 40% bad days? I assume it’s more likely to be a bad week than bad day though!
very much depend on team/deal, I have to say for the past year, it is probabaly 90% bad days and 10% normal day as the deals are busting!
Hey. Great insight. Thank you a lot.
A question: What happens if sonebody wants to have a family or does have kids? of course you have enough to pay nannies and cooks and ubers and stuff. but what if somebody wants to be a ‚present‘ parent. they have to quit, no?
At an interview for a master in finance, when asked in which company you would like to work and why, which reasons would you give in favor of JP Morgan?
1) The company really supports internal mobility if that's something you're looking for (i.e. I had multiple colleagues who went to different offices across the world)
2) The largest bank in the world with one of the biggest balance sheets meaning that the company is involved in almost every single major deal one way or another
The beset thing to really do though is to talk to people who worked at the firm so you can talk about the firm's culture and saying you talked to someone who worked at the firm provides your answer with more credibility
@@rareliquid thanks man. really helpful
I just went for a longggg walk after the watching the bad day section.
very few people can actually do that and that's why only a few can get into investment banking. You need to be very fast with precision and being able to finish vast amount of work in a very short period of time. And you have to do it over and over again until your big boss says okay. To break it down, you really need to be a master of Excel sheet, financial accounting, model expert and overall a lot expertise in one specific industry, anyway JP is specialized in M&A.
Do you have a video on what you you used to look at when reading reports?
very very helpful!
Thanks Yuhe!
Helpful
hey just a question, while in ib did you go to the office everyday or only on certain days and the rest you worked from home?
hats off to you
Thanks a lot for the video. How much are the salary usually? With bonuses and stuffs. I was thinking switch to IB analyst from actuarial. We do similar stuffs but 40 hr/week always.
What do you think of going into investment banking with a business administration degree?
hi, i would like to know if you could talk more about worklife balance in investment banking because it's a field i'm very interested in but i also give a lot of importance to worklife balance. On avg how many bad days can you expect to go through in a week?
Amazing. Now i know what awaits for me! 😂
In a given year, even though each day is different and can vary, how many number of days are no work days, good days, mediocre work load days and bad days? An approximation works, just to get an idea. Thanks in advance!
hm i'd say 25 / 50 / 25
Investment Banking really seems so interesting (and demanding). I hope I'll make it there one day.
best of luck! and nice user name haha
good stuff. wish you had some visuals.
Hey man. Do you think we can make a video call one of these days? I’m currently an undergrad student and I’m pretty keen into doing a career in IBD. I’ll be glad to meet with you to discuss some specific questions.
sorry i'm not taking calls with people outside my network as i have a lot going on at the moment but if you ever leave a comment in my videos i will answer!
Can
Hi I am currently pursuing the FRM designation. Any idea how is the work environment regarding the Risk Management division in a bank like JP Morgan ?
I think that would be closer to more of a 40 hour per week "normal" job but i'm not sure tbh
did not expect that much downtime on any day as an IB
You think you're gonna have another qna session soon? I have questions about working in ib on the west coast.
i announced one for may 12th at 7pm PST! feel free to join my discord which is where i'll be updating people with the link
Will to work in finance can be seen in the money poster behind..
Very cool!
thanks!
How did you learn how to do all technical stuff like models etc? Did they teach you?
May I know where did you get the poster behind you? is it real us dollars ?
Hello. I'm actually looking for a good trader that can help me trade and make good profit, I've been seeing so many recommendations but i don't think they're trusted. Please do you have any recommendation?
Most time having knowledge or insight about a particular activity can as well be a pleasing exercise. I can boldly say that forex and crypto trading is one of the profitable money exchange services that elevates investors and their financial status.
That's true most people today have been having a lot of failures in forex and crypto sector because of poor orientation and bad experts
I have been seeing so many recommendations about miriam klein on Instagram and telegram trending, her strategy must be good for people to talk about her
I did invest with her and I made huge profits
I saw the recommendation but I didn't bother chatting her up I keep loosing teally i still don't understand how the forex market works tho
So the associates and managing Directors are wotking much more than you do? Is vice president higher than MD?
Studying cfa or frm with investment banking job is in thud case damn hard.Its best to complete cfa MBA or masters in statistics first then go for investment banking job
I am curious whether the person in charge of JP Morgan's internal long term model is a math/stat background person or someone from a finance background. The way you are describing it sounds like a math guy.