Don't Talk To Randall Dillard About Your Little 60 Hour Work Week Unless You're Willing To Do It For Free

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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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