How Many Hours Do Investment Bankers Work: Understanding the Long Hours

Investment bankers often work extremely long hours, with some reports suggesting they can put in over 100 hours per week.

The average investment banker works around 90-100 hours per week, with some firms reporting even higher numbers.

This grueling schedule can be due in part to the demanding nature of the job, which requires bankers to be highly available to clients and colleagues at all times.

Long hours can also be a result of the intense period of time investment banks have during initial public offerings (IPOs), mergers and acquisitions, and other major deals.

Investment bankers can work anywhere from 60 to over 100 hours per week, depending on the company and deals at hand. According to a 2021 Working Conditions Survey by Goldman Sachs, first-year analysts work more than 95 hours per week, on average.

Not every day is that intense, though. Oliver Rolfe, an investment banking specialist, notes that the official market hours are just a small part of the day, with the rest spent on activities like preparing client pitches and growing your network.

The median hours worked by an investment banking analyst can be as high as 70 hours per week, with most weeks spent in the 60 to 80 hour range. This distribution is likely true for most analysts and associates across bulge brackets and elite boutiques.

Here's a rough breakdown of the hours worked by analysts:

Working 60 hours a week can be tough, but it's still doable for many people. In fact, many non-banking professions require 60 hours of work, and some even average 60 hours per week.

Most private equity and hedge fund people probably work 60 hours, with the buy side being even more demanding. This means you'll get home between 8-10pm and have a few hours to yourself before bed, but you'll likely have to do some work on the weekend.

You can still celebrate a glorious work-free Friday night if you work 60 hours a week, getting off around 5-6pm and not touching your laptop until Sunday. However, you might not get to choose exactly when your free time is, and you'll likely have to do some light work on the other day.

Banks have a unique schedule, with most people getting into work around 10am. This is partly because people don't always know when you stopped working the night before, and you typically start way later than other professions.

Here's a rough breakdown of what 60 hours a week might look like:

Keep in mind that these are general estimates, and your actual schedule may vary depending on your specific job and industry.

Working 80 hours a week is a reality for many in the investment banking industry. It's a dramatic increase from 60 hours, and can be even more intense when working on live deals. You can easily get to 60 hours just by being on pitches and doing face time, but getting to 80 hours often means you have consistent deadlines or are pushing towards a deal announcement.

The difference between 80 and 60 hours is noticeable, especially in your physical health. You may get to the gym only once or twice a week, and your sleep schedule suffers as a result. You'll likely get less than 6 hours of sleep per night and have no days off, leaving you feeling perpetually unwell-rested.

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Working 80 hours a week can be unsustainable in the long term. Even small breaks, like taking an hour or 30 minutes to decompress after work, can be crucial for maintaining your mental health.

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

As you rise through the ranks, your hours can improve significantly. Partners, in particular, can spend as little as 40 hours in the office, focusing on meeting new people and creating new deal opportunities. They also travel extensively, often multiple times a week.

Keep in mind that these hours are averages, and actual hours worked can vary greatly depending on the company, market conditions, and individual circumstances.

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Working internationally in investment banking can have some variations in workload and schedule. Outside the U.S., people often argue that hours are "better" in London and other European locations. However, this may be exaggerated, and the reality is that it's still investment banking.

Working in a smaller, regional financial center, such as Houston in the U.S., can make a difference in workload. Regional boutique banks tend to have better work-life balance compared to elite boutique or bulge bracket banks.

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Investment bankers work long hours because the industry is highly lucrative and competitive. This creates an unpredictable workflow where banks must keep clients satisfied and analysts must impress their superiors.

The reason investment bankers have all-nighters or very late nights is because deals are happening at that moment, which go all the way through the evening and have to be completed no matter where they are. This is according to Rolfe, who explains that this is simply the nature of the job.

The long hours have become embedded in the industry's culture, with those higher up the ladder sometimes believing that new analysts have to work the same hours they did when they were analysts. This perpetuates the cycle of long hours and substandard work-life balance.

However, there is hope for change. A 2021 Goldman Sachs Working Conditions Survey suggests that investment banks may be transitioning towards slightly healthier, sustainable hours. The survey recommends capping the workweek at 80 hours, among other directives aimed at improving employee health and happiness.

Being truly passionate about the work can help handle demanding hours. This passion can make the long hours more manageable.

Eating healthy food is essential to cope with the stress of long hours. It's not just about physical health, but also mental well-being.

Getting good sleep is crucial to recharge and prepare for the next day. Aim for 7-8 hours of sleep each night.

Exercise is a great way to blow off steam and reduce stress. Even a short walk or some stretching can make a big difference.

Avoid unhealthy coping mechanisms such as drugs or alcohol, as they can lead to more problems down the line.

Using downtime purposefully is key to maintaining a healthy work-life balance. This can include seeing friends, fostering hobbies, or simply resting.

Coping Mechanisms are a must for investment bankers. Being truly passionate about the work can help make the long hours more bearable.

Eating healthy food is a simple yet effective way to cope with the demands of the job. According to Example 4, eating healthy food is one of the ways to handle the hours.

Getting good sleep is also crucial. As Example 4 states, getting good sleep is another way to cope with the hours.

Exercise is also a great way to manage stress and maintain a healthy work-life balance. It's a key way to handle the hours, as mentioned in Example 4.

Some investment bankers may turn to unhealthy coping mechanisms like drugs or alcohol. However, as Example 4 warns, avoiding these habits is essential.

Using downtime purposefully, such as seeing friends or fostering hobbies, can also help investment bankers cope with the long hours. According to Example 4, using downtime purposefully is another way to handle the hours.

Here are some additional ways investment bankers cope with the hours:

The pandemic has made investment banking hours even more challenging. Even in a normal environment, it's difficult to "improve" the hours due to cultural, work, and business model issues.

Limiting the number of pitches or the materials required for pitches can be a partial solution. Not every meeting needs a pitch book with dozens of slides, and the materials don't need to be unique for each meeting.

Setting a "hard stop" for each day's work and dedicated break times is another option. For example, setting the cutoff at 11 PM or midnight would give junior bankers at least a bit of guaranteed free time.

If truly necessary, hiring more analysts can be a solution. If an MD feels it is necessary to deliver 10 Zoom pitches per day, each with unique materials, make them responsible for finding and hiring more Analysts to do the work.

Much of the added workload this past year has come from speculative pitches, not deals – or nearly identical deals, like SPACs. Pitch work is easier to divide, and a pitch does not necessarily require one dedicated Analyst because it's more of a "one-time event."

Here are some possible partial solutions to consider:

As you progress in your career, the number of hours you work in the office can significantly decrease. You might even have a normal life by the time you're 40, with a typical workweek of around 50 hours.

The role of an Associate is demanding, with long hours spent building models and creating presentations. However, as you rise in the ranks, you'll spend more time leading calls and less time doing actual work.

For every promotion, you can likely shave off 5-10 hours of office time. This means that mid-level professionals, typically in their 30s, can get by working around 50 hours per week in the office.

As you advance to the Partner level, your main job becomes meeting new people and creating new deal opportunities. You can spend as little as 40 hours in the office, dedicating most of your time to travel and meetings with new companies.

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