An Indian Warns His Countrymen Against the Allure of Investment Banking

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The India Times blog today warns bright young Indians about the reality of investment banking.

3. Now what an analyst does. First of all they work mind numbing hours. They are supposed to work 18 hrs a day, 7 days a week. non stop! night outs are frequent. You are always on call. you can not plan anything. no vacations! This life is hell.

This could be better if you could do some interesting work. But the works is absolute dumb and mindless. You spend infinite hours putting together spreadsheets and power point presentations. In all this you do not add any value because you are not supposed to think. Then a good chunk of your time you spend in formatting - making a powerpoint look good for MD. Bottom line - you will hate the work, has zero intellectual challenge, no people interaction, zero learning. what you will learn there in years, you could learn by yourself in weeks. Now, you may be thinking at least you will make some money. Let's run the numbers.
4. How much money is to be made? Assume you will earn $100000 and you are based in NY. Be aware that your basic will be much less and your bonus will make a chunk of it which uncertain. Assuming you are making 100K, your federal tax-28%, state tax-8%, Social Sec tax-6% and Medicare-1.5% will eat up at least 40%. So you are left with total 60K cash. Now, even if you share a house in NY, it will cost you at least 2K per month with related expenses. So there goes your another 24K, you are left with 36K. Now you could argue that you will not have time to do anything so you will save all this money. I hope that you will spend at least 6K on vacation and other entertainment. So you are left with 30K. Which is like 13Lac rupee. This money for working 7 days a week, 18 hrs a day for doing a mind numbing job which does not teach you anything but stamp you with an I-banker sticker which is a stigma in learned societey. I am sure you could save similar money in India, little less may be, and along the way could have much larger impact.

Sigh. It's only funny because it's true.
Wall Street Is A Trap! [India Times Blog]

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