Do Investment Bankers Work Weekends and How Often?

Investment bankers often work long hours, including weekends, to meet deadlines and close deals.

Typically, investment bankers work around 100 hours per week, with some reports suggesting it can be as high as 120 hours.

Many investment bankers are expected to be available 24/7, with some firms even having a "on-call" system where bankers are required to check emails and respond to messages outside of work hours.

The expectation of working weekends is so prevalent that some investment banks even have "Saturday hours" or "Sunday hours" listed in their employee handbooks.

Investment bankers typically work long hours, often exceeding 80 hours in the office, which may equate to 60 hours of actual work due to significant downtime.

The average workday for investment bankers is long, but it's not as insane as it sounds. In fact, 80 hours in the office might be equivalent to 60 hours of real work.

Investment banking hours are much longer than those in other jobs due to four main reasons: huge clients pay huge fees, unpredictable work demands, division of labor failures, and culture.

Here's a rough breakdown of the hours worked by investment bankers at different levels:

Not every day is intense, and the hours worked depend on the company, deals, and market you're working in.

Banking hours during the pandemic have been particularly challenging, even for experienced bankers. The cultural, work, and business model issues that make it difficult to improve hours in investment banking have been exacerbated by the pandemic.

One solution is to limit the number of pitches or materials required for pitches. Not every meeting needs a pitch book with dozens of slides, and the materials don't need to be unique for each meeting. This can help reduce the workload and make hours more bearable.

Setting a "hard stop" for each day's work and dedicated break times can also be beneficial. For example, setting the cutoff at 11 PM or midnight would give junior bankers at least a bit of guaranteed free time. Creating shifts for time to run errands, get food, etc., during the day would also relieve some of the monotony.

If necessary, hiring more analysts can also help alleviate the workload. If an MD feels it is necessary to deliver 10 Zoom pitches per day, each with unique materials, they should be responsible for finding and hiring more analysts to do the work. This can be a feasible solution because pitch work is easier to divide, and a pitch does not necessarily require one dedicated analyst.

Here are some potential solutions to consider:

Investment banking hours tend to improve as you move up the ladder, with Associates working less than Analysts, VPs working less than Associates, and MDs even less.

A Managing Director's workweek is still around 50-60 hours, but it's more manageable.

Outside the U.S., people often argue that hours are "better" in London and other European locations, but this claim is a bit exaggerated.

Working in a smaller, regional financial center and at a regional boutique bank rather than an elite boutique or bulge bracket bank makes a more significant difference in hours.

Regional boutique banks tend to have better work-life balance compared to elite boutique or bulge bracket banks.

Banking hours can be a mystery to those who aren't familiar with the industry. Investment bankers typically measure their hours based on their time in the office, but this doesn't necessarily reflect the actual time spent working. In fact, they might spend a significant amount of time waiting around for clients or senior bankers, or even reading the news.

The average workday in investment banking is long, often exceeding 16 hours. However, not all of that time is spent working. With significant downtime, the actual time spent working might be around 60 hours, depending on the firm and group.

There are four main reasons why investment banking hours are so long: huge clients paying massive fees, unpredictable work demands, division of labor failures, and culture. Banks have tried to improve the work environment by offering protected weekends, but the results were mixed. Junior bankers reported that their total number of hours didn't change, and they often ended up working longer hours on other days.

Investment banking hours vary by position and region. Associates work a bit less than analysts, VPs work a bit less than associates, and MDs work less than VPs. Even MDs, however, don't have a 40-hour workweek, often working 50-60 hours per week.

Here's a rough breakdown of the typical hours worked by investment bankers in different positions:

Keep in mind that these are general estimates and can vary depending on the company, deals, and market.

Investment banking culture is notorious for its demanding work hours, with many senior bankers believing that long hours are a necessary part of paying one's dues.

This cultural expectation can lead to unnecessary work, with bankers introducing extra tasks or requests just to get extra analysis, even if it's not necessary. In fact, many meetings don't require 100-page pitch books, and clients often don't even read the full presentations.

The reality is that investment bankers spend less than half their time doing actual analysis, with a typical day consisting of:

This unsustainable lifestyle takes a serious mental and physical toll on investment bankers, reducing their performance and effectiveness, and leading to high turnover rates.

In the banking industry, cultural norms often dictate that long hours are a sign of dedication and hard work. Many senior bankers view long hours as a necessary step to success.

Plenty of bankers introduce more work or last-minute requests not because they're necessary, but because they want extra analysis "just in case." This can lead to unnecessary overtime and stress.

Most meetings do not require 100-page pitch books; many clients barely even read the full presentations. This can be frustrating for bankers who spend hours creating detailed reports.

And most changes requested at 3 AM for a 9 AM meeting are not important – or they would have been requested much earlier. This highlights the need for clear communication and prioritization in the banking industry.

A typical day for an investment banking analyst is a far cry from what you might expect. They spend less than half their time doing actual analysis, with 50% of their time devoted to creating PowerPoint presentations for pitch books and other presentations.

The workday starts late, around 9:00 am, but can easily stretch into the wee hours of the morning. This is due to the unpredictable nature of financial services, which requires constant attention and juggling of multiple deals at once.

The demands placed on investment bankers are considerable, leading to a serious mental and physical toll on their well-being. They experience reduced performance and effectiveness, and retention rates are alarmingly low, with many leaving the industry before making it past their first year or two.

Fortunately, things are changing. Since 2016, investment banking culture has shifted significantly, with banks forced to treat analysts and interns as human beings. This has led to improved compensation, protected weekends, and social events, making the life of an investment banking analyst much better than it once was.

Here's a breakdown of an analyst's average day:

Investment bankers can work anywhere from 60 to over 100 hours per week, depending on the company and the deals at hand.

Their days are often long, with a typical workday starting relatively late at around 9:00 in the morning and not ending until long after the sun has gone down.

According to a 2021 Working Conditions Survey by Goldman Sachs, first-year investment banking analysts work more than 95 hours per week, on average.

The nature of financial services means that there are always atypical things happening that require more time and attention, from juggling multiple deals at once to pulling an all-nighter to get that last-minute pitch deck done.

Here's a breakdown of a typical day for an investment banking analyst:

This is not a sustainable lifestyle, and the costs of making these kinds of demands on people are considerable, including a serious mental and physical toll on their well-being.

The banking industry is evolving, and careers in investment banking are changing too. Since 2016, investment banking culture has shifted significantly.

Talent is now being pulled away from investment banks due to the perks of tech. This has forced banks to rethink their treatment of analysts and interns.

Protected weekends are now a thing, thanks to the changing culture. Banks are finally treating their employees like human beings.

Higher compensation is also on the table, making the life of an investment banker a lot more appealing.