Deaths Draw Attention to Wall Street’s Grueling Pace

[trader99]

Wall St i-banking must be the most backward anti-modern work/life balance and just unsustainable.

But where else can 29 year olds can make $500K.

"In 2014, Thomas moved to Moelis, which he figured would be more prestigious and less bureaucratic than Citigroup. He was hired in May and promoted to associate, a rare feat for someone without an M.B.A. His father says he was well reviewed in December and received a bonus in the $400,000 range, on top of his $100,000 salary. John says he was amazed by his son’s compensation. “My jaw dropped!” he says. “I kept my mouth shut, but I said, ‘Hey, that’s good. They must like you!’ ” "

This is why startups have blossom and Silicon Valley taking talent away from Wall St. Why kill yourself over a few hundred Ks when you can make millions or more.

But not all startups succeed.

Tradeoff in life for the young and talented.

In contrast, if you know you how to trade well, making $500K is "doable"(assuming you are in the top 1% of retail/prop traders) at a much saner and better lifestyle. But not everyone can be in the top 1% of retail/prop traders.

I think the fundamental lesson is to do what you are good at and sustainable.

http://www.nytimes.com/2015/10/04/b...ntion-to-wall-streets-grueling-pace.html?_r=0

 

[i960]

I'd absolutely never take a job on Wall Street or in investment banking - mainly because I abhor the whole industry and vibe honestly. It's entirely obsessed with money to the exclusion of everything else - and that's a sick road to go down. I'd much rather trade for myself and then go do something more constructive on my own time because, for me, this is a time vs money game when it comes down to it. It's not about lambos and all that other horse-shit.

 

[volpunter]

very much agree with you, though I do see the point to embark for a few years or a decade on a job at "wall street". I have gone down that road and it has taught me invaluable life lessons and it was the place I learned to trade. I was lucky enough to have had some great bosses and mentors. However, I chose the trading side not ibanking/advisory. The hours were totally ok, I do not remember to ever have actually looked at my watch or counted the hours before heading back home. I had to be in the office at 6am-630 which did not sit well with me but that was something I had to compromise on. In exchange I was done at 6pm or so.

Strategic consulting, ibanking/advisory, legal profession all come with very long work hours. Mostly, I would argue, due to inefficiencies of how work is managed. Many people in those jobs sit around for hours without a thing to do, they spend 2-3 hours over lunches and goof around until the idea comes to the supervisor to give some work to do to this associates/underlings which for bizarre reasons often happened from 4 or 5pm deep into the night/early mornings (according to uncountable conversations with friends and buddies in those jobs). It is not everyone's cup of tea, but it is true, hardly any other profession rewards that well, monetarily, in such short period of time.

In the end it also comes down to someone's world view, values in life and above all upbringing. Someone who comes from nothing and for whatever reason values money above everything else in life must be thrilled to be given an opportunity to work hard for a few years and then show off his sports cars and other accumulated gadgets and bedded women (which are mostly bought directly or in exchange for gifts or lavish dinners, travel,...). I pity such individuals because they most often realize later on in life that life is much more than material wealth and status. I in general pity people who work jobs they hate and who either work such jobs because they have no other choices or because they make money to their god and need it to justify their own existence. I chose my career because I loved and still love what I am doing. I have not regretted a single hour at trading desks and easily put up with some of the yelling or insults that were at times hurled around the trading floors in front of everyone. It was a small price to pay for the invaluable lessons, learned.

So, it comes down to each individual. For some who lack self-confidence and self love and self acceptance money is the only way to justify their being and then an ibanking job is a terrific choice to get to where they want to be.

I'd absolutely never take a job on Wall Street or in investment banking - mainly because I abhor the whole industry and vibe honestly. It's entirely obsessed with money to the exclusion of everything else - and that's a sick road to go down. I'd much rather trade for myself and then go do something more constructive on my own time because, for me, this is a time vs money game when it comes down to it. It's not about lambos and all that other horse-shit.