Episode 28: The 100 Hour Work Week to Start an Investment Banking Career with Linda Wan
Synopsis
Episode 28. Investment Banking is one of the most intense place to start your career, but every year thousands of new recruits join the junior ranks of banks from Goldman Sachs to Merrill Lynch to Greenhill to a tiny boutique nobody has heard of. They work all night on powerpoint and excel, pitches and models, selling companies and raising money. The experience is amazing, but everyday is intense.
In this interview we dive deep into the true life as an investment banking analyst. Throughout the episode host Greg Martin shares what it was like in the mergers & acquisitions group of a major Canadian boutique, while Linda Wan shares her experience with a large global bank.
The interview goes beyond the comps, slides and deals into the ups and downs, career meaning and the doors that open after accomplishing two great years. If you’re interested in a career in finance, are curious about what investment bankers do every day or have ever felt like you spent too much time at work, this is a great episode for you.
Key Takeaways
Investment banks help advise companies on strategic decisions and in raising capital, while an analyst performs lots of analysis and creates presentations to communicate ideas to clients (the decision makers)
The emotional and mental toll of working 14+ hour days is intense, while certain mental strategies will get you to overcome the idea of an all-nighter
Compensation is a large appeal to the job, typically starting around $150,000/year and going up
Many banks in the industry are missing out on developing good talent right from an analyst, and instead burn them out and hire MBAs
Part of the motivation that gets you through is the team environment (many others are doing it), but also the amount you learn, the gratitude and accomplishment of doing good work
The thought of quitting can happen often, but most of the time doesn’t seem like an option
Keys to getting on a recruiters good side are solid grades, making a connection with the interviewer and asking good questions
The industry experience is unlike most other careers, as is the access to board of director meetings, CEOs and top level executives from early in your career (early 20s)
There are many paths and career doors that open after completing 2 years as an investment banking analyst including private equity, corporate strategy, asset management or even working at a startup
Linda’s Background
Linda graduated from Queens University. She completed a summer internship in investment banking at a global bank and was hired to return full time upon graduation
After completing 2 years as an investment banking analyst, she left to travel for many months and consider the next stage
Linda joined a startup in customer success and today performs a very different role than her prior analyst position