Posted on 07/23/2015 8:30:02 AM PDT by SeekAndFind
Back in June a bright, young, soon-to-be Deutsche Bank intern prepared for his first summer on Wall Street. He told us he knew what he was getting into:
"Terrible hours."
He was right.
On this 21-year-old's very first day, he was staffed on a project at 8 p.m. and ended up working until 2:30 a.m.
His hours have let up somewhat since, but he rarely leaves before 10:30 p.m. or 11:30 p.m.
On weekends, if he's not working and can meet a friend for lunch, he'll choose a table near an open window because the fresh air is such a welcome treat.
Most interns at investment banks are rising seniors, recruited in their junior year of college for 10-week summer programs. If they succeed, they're usually offered two-year analyst gigs or full-time jobs at the banks.
The internships are very competitive. They're seen as an important stepping stone to careers at banks, hedge funds, and private-equity firms.
They're also typically known for grueling 90- or 100-hour workweeks, filled with busywork assigned on very tight deadlines. It used to be normal for interns to keep sleeping bags under their desks and regularly spend nights at the office.
Then, in August 2013, a sudden death sparked a change.
A London-based Bank of America intern in the midst of a summer internship was found dead in his dorm room. Though the death was attributed to natural causes, it raised questions about young Wall Streeters working excessive hours.
(Excerpt) Read more at businessinsider.com ...
All for the princely sum of $666 per month.
Screw that! My boss knows that I will not work over 40 a week without a really good reason and timely notice. I don’t “need” my job but it’s nice to have.
My life outside work is far too important to neglect it for work.
Exactly! Boo-freakin-hoo. Can’t stand the heat, get outta the kitchen! Go flip burgers.
Big deal.
When I was in college, it was not uncommon to put-in 100 hours on obligatory activities just Monday - Friday.
I never worked that hard, and I never will.
I put in insane hours as a rookie. In the retail business. For about $20K salary. Supporting a wife, a kid, and one on the way. Quit when I realized I was working 60-80 hours per week and would still qualify for Food Stamps.
Whatever their situation I am sure that these rookies are being better-compensated. It’s called paying your dues.
I worked myself into the ER twice while at criminally mismanaged electronic recycling and resale (haha) branch facility.
Dilbert’s company would be near utopia compared to that crowd of Missouri based psychos.
I could come up with a page or two of just highlights of just my misadventues. Other’s experiences, a few more.
Does one live to work, or work to live?
Bet that would be an interesting read. Sounds like it would be a fun thread.
Bet that would be an interesting read. Sounds like it would be a fun thread.
Bet that would be an interesting read. Sounds like it would be a fun thread.
Bet that would be an interesting read. Sounds like it would be a fun thread.
I am amazed that I lasted as long as I did. It was the only thing going at the time in early 2008 or 09. I needed a job and medical insurance.
Sometimes I think about that experience and cringe.
Exactly. These interns are 21-22 years old. They don't have families. They don't have yard work on the weekends. If they weren't working, they'd be playing video games or hanging out with their friends.
If they can't hack it, there's others behind them who can. If they rise to the top, they'll be pretty much guaranteed middle 6-figure jobs.
It's called "ambition" and it used to be celebrated in this country.
Worked for one particular company....talk about a bunch of unrepentant a-holes. One of my proudest achievements is that despite it all I did NOT load up the car with a bunch of guns, drive to the home office and blow them all away.
Postal workers think THEY are provoked? It’s nothing compared to retail.
I do not equate your honorable service to our country with someone dying for their bank.
One contract job crowd I worked for because of nothing else darn near succeeded in drink me postal for minute a few times.
Screwed me on pay and fuel reimbursement. I was almost paying them it seemed.
Yes.
FMCDH(BITS)
Little snowflakes should try doing a start-up sometime. 80 hour weeks with no days off for months on end, IE work/sleep/work/sleep.
I have no doubt that those intern jobs are rough mentally. That said, sitting in comfy chairs in air conditioned offices makes the rest pretty secondary. They could be roofing houses in Arizona in July for a fraction of the money. And if it’s not about the money for them, they are in the wrong line of work to begin with.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.