From Analyst Monkey to King of the Jungle MD: The Investment Banking Hierarchy

“This is not a fraternity house,” my staffer explained as he hauled me into a small conference room.

“Some of the MDs have complained about how messy your desk is, so clean it up.”

Genuinely curious, I replied, “Were you referring to the empty Red Bull cans or to all the papers too?”

Not a good start to your 3rd week on the job.

I told this story to a few co-workers afterward and they all laughed and responded the same way:

“He’s lying, a bank is exactly like a frat house.”

They were right – just like a fraternity, there’s hazing, a hierarchy, and certain rituals you must go through to advance.

While this site has been analyst-focused in the past, today you’re going to learn all about this hierarchy, how much you get paid at each level, how the work differs, the average age range, and the possible exit opportunities.

And if you’re curious about hours please stop reading this site right now.

Why Bankers Don’t Make Bank: Where Your Paycheck Actually Goes and What to Do About It

If you want to be in finance, you probably like money quite a bit.

And once you break in and become a banker you’ll be making tons of cash – even if bonuses aren’t as good as they were in the old days.

But then you’ll waste it all on $200,000 sports cars, drugs, and alimony – right?

While that scenario applies to many seniors bankers and explains why some finance veterans don’t save much, the problems actually start much earlier – with your first paycheck.

2010 Investment Banking Analyst Bonuses: Disappointed?

Bonus announcements were delayed this year as banks waited to see… what every other bank was going to pay.

Forget about the economy, deal activity, or new financial regulations: you can’t be the one bank to pay out $5K less than everyone else.

Despite the late announcements, there was some good news: bonuses were up over 2009 numbers – just barely.

The Disclaimer