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Why do investment bankers work insanely long hours?

Before you shout the obvious "beause they make 140k+ starting salary," read what I have to say below. I've always wondered why many investment bankers, especially entry level are forced to work 80-100 hour weeks. As far as I can tell, the only effect this has is to make them completely ineffective at work and draw in people who are more interested in money than in what they are actually doing. There have been numermous studies that show that when people work those kind of hours, their work exhibits low quality as they are always tired and do not have the attention span to focus. Also by making the job so tough that the only reward is the high salary, the people drawn into the industry are people more interested in the money than the science of finance. I postulate that if the banks hired more people and worked them 55 hours per week and paid them less accordingly they would get employees who are less money motivated and do higher quality work. Do any banks do this?

Asked By: binfordaepi - 6/11/2007
Best Answer - Chosen by Asker
Ignore the previous poster, she has no idea what ibankers do. Investment banking is a sales job where the item they're trying to sell (for example, a smaller public company) has limited quantities, fluctuating price tag, and targeted potential buyers... More
Answered By: Kevin Y - 6/11/2007
Additional Answers (3)
This job involves a lot of presure. And since ur dealing with people's money, the paper work shud b perfect and up to date. Dats the reason y bankers work so long. Coz in the daytime they are busy completing their targets and in the evenings doing the paper work. Also the documents are audited anytime. Dats one more... More
Answered By: sash - 6/11/2007
 
omg and i want to be an investment banker. i dont know if i can commit to 70-80 hours a week. hmm... what should i do....good pay but not worth dying for.
Answered By: bullet b - 6/11/2007
 
$140K to start is nothing. Senior I-bankers make unprintable sums of money. To be one of those chosen few you need strong sales skills, a reasonable but not exceptional head for business, and an overwhelming desire to make unprintable sums of money. Having a gift for the science of finance doesn't really apply. (... More
Answered By: Bullhead - 6/11/2007
 
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