Credit Suisse may be encouraging its young bankers to shun the office on weekends if they are not working on a big deal. And Goldman Sachs might have a “junior banker task force” to examine how to make the lives of lower-ranking analysts and associates more efficient and humane. But Randall Dillard, managing director and chief investment officer at Liongate Capital Management, a fund of hedge funds, had a distinctly different message for a roomful of prospective financiers on Monday morning: expect to work hard – really, hard. And don’t look for short cuts. “I don’t say that because I enjoy telling people to work long hours,” he said. “There’s just not a lot of coasting.” He cited a recent Financial Times poll that asked young bankers how much they worked. Fifty percent reported that they worked 60 hours a week. “That’s not even in the game,” he said…the crux of his unusually frank speech was to explain how to get – and keep – a job in the industry. “It requires discipline, not incredible insight,” he said. Start early, he advised, right after college. And offer to work without pay, he said. Only 4 percent of those who apply will get jobs. “I don’t say that to be elitist,” he said, sounding very sincere. [Dealbook]

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Comments (13)

  1. Posted by NAAWP | January 22, 2014 at 4:01 PM

    As President and CEO of the NAAWP, I strongly condemn breaking media and it's liberal agenda.

  2. Posted by guest | January 22, 2014 at 4:01 PM

    fund of funds ≠ actual hedge fund

  3. Posted by guest | January 22, 2014 at 4:09 PM

    Wonder if he beat the SPX last year after all those long hours.

  4. Posted by CTA | January 22, 2014 at 4:42 PM

    So much work and nothing to show for it.

    You don't get success by working hard, you get success by working smart.

  5. Posted by Guest | January 22, 2014 at 4:51 PM

    Working hard is working smart dumdum

  6. Posted by Guest | January 22, 2014 at 4:55 PM

    Agreed! Just the due diligence aspect is a full time job at a fund of funds.

    – W. Noel

  7. Posted by IBANK4LIFE | January 22, 2014 at 5:03 PM

    Randall you are so cool and inspiring man. It's cool to work a lot of hours you know, it makes you tough and awesome. Damn, you are badass. That speech was just you tellin the truth, it wasn't about your pent up frustration with life or your dysfunction of your erectile. Way to talk tough to these punks man. Awesome.

  8. Posted by Quant me maybe... | January 22, 2014 at 5:16 PM

    Only 4 percent of those who apply will get jobs….

    > About the same success rate as that degree in 'Parks and Recreation' that your college roommate had. Only he got laid a lot while you learned everything there was to know about ANOVA.

  9. Posted by klhoughton | January 22, 2014 at 5:26 PM

    Shorter Randall Dillard: You do a lot of work, I'll take all the choice pieces. You get the carrion until you are the carrion.

  10. Posted by Noel Daughters | January 22, 2014 at 5:31 PM

    Hay!

  11. Posted by Guest | January 22, 2014 at 6:54 PM

    WTF are you talking about "due diligence"? If you're doing it right, marketing takes 110% of your time.

    A. Busson

  12. Posted by uwotm8 | January 22, 2014 at 7:46 PM

    lol, with which banks do these analysts only work 60 hrs/week on average?

  13. Posted by بروج دي في بي 2014 | January 24, 2014 at 6:53 PM

    it makes you tough and awesome. Damn, you are badass. That speech was just you tellin the truth, it wasn't about your pent up