A Week in the Life of an Investment Banking Analyst: Friday
Back when I wrote that Friday at 4 PM is the worst time to be an investment banker, I wasn’t joking. Mondays and Fridays tend to be the worst because of all the last-minute surprises – though in this case my “Friday surprise” arrived earlier than 4 PM.
7:30 AM – Wake up late for an 8:30 AM meeting with Client A. The associate is calling to ask where I am.
8:15 AM – Arrive and the Director running the deal looks upset. Luckily, he already has all the presentations so he has nothing specific to be upset at, other than me arriving 15 minutes in advance of the meeting rather than 30.
8:29 AM – As I’m about to join the meeting for Client A, I get interrupted and the Managing Director in charge of Client C (the company being sold to a group of private equity firms) wants us to speak with our Leveraged Finance team and figure out how much debt the company can take on and what the terms would be.
The Leveraged Finance group at an investment bank is responsible for debt issuances and works on all debt-related deals. Often the work on a Leveraged Buyout deal is split between the M&A group (us) and Leveraged Finance and they will do more of the debt modeling work.
I speak with the Leveraged Finance analyst and figure out what materials they need from us, and then get started working on a brief memo that they need by the end of the day.
11 AM – Miss a call with the lawyers to review the Purchase Agreement for Client B (public company being sold to larger public company); VP needs me to swap some files on a USB drive quickly before a potential client leaves. Luckily the associate for Client B covers for me.
12 PM – At long last, we’re almost done with the materials we’re sending out for Client C. We hold a call with them to go over everything one last time.
1 PM – Leveraged Finance calls to yell at me for not sending over enough information. There’s often a fair amount of friction between different groups in a bank.
3 PM – The associate for Client C finally sends out the finished materials. I run to Starbucks with a few other analysts to celebrate the Friday afternoon. We discuss plans for the weekend.
One of the best parts of the investment banking analyst job that few people ever mention is the camaraderie you develop with your fellow analysts (and sometimes associates and senior bankers as well). It’s almost like being in college again, except you’re making a lot more money.
6 PM – Finish off the materials the Leveraged Finance analyst needs and send them over. Almost everyone else has left the office for Happy Hour; I show up briefly but I’m really tired so I head home shortly thereafter.
7 PM – Pass out.
10:30 PM – Wake up. Meet up with some friends and head out for the night. We mostly discuss plans for next year; some already have private equity jobs lined up, while others are still looking and some just want to retire to Thailand.
3 AM – Head back to my apartment and go to sleep.
Even though it’s 3 AM on a Friday night, it’s not the end of the workweek for investment bankers. The workweek never ends, and immediately after passing out on Friday you wake up to do it all over again on Saturday.
Series: A Week in the Life of an Investment Banker
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