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- Unpredictable workflow: client demands are extremely unpredictable and workflow comes in extreme "peaks".
You could have nothing to do for a week, but suddenly a client may call to ask for urgent advice on a large M&A transaction.
One of the key question students and future bankers ask themselves is "how bad are the hours in investment banking"?
It is quite often difficult to get a real answer to this question.
- The situation: working hours are usually better in economic downturns, when you are not working on deals, and also during the summer and around Christmas time. When you are a fresh graduate, you will spend a lot of time learning the ropes, so you will stay late.
That is simply because clients are not active, which means less meetings. Also, you won't have anybody below you (except interns) to share the workload.
It is related to the working style of the team head (some bankers can be more easy going, especially UK and some European bankers) , and also of the deal flow of the specific team.
The investment banking modelling test is the ultimate test of your ability to be a good analyst or associate. The answer to the DCF modelling test is also available.Overall, it is cheaper to stretch resources (and pay them a lot of compensate for the "stretching") rather than hiring more bankers that would be idle most of the time.Investment banks will often require top-notch Excel modelling skills when they hire analysts or associates from other investment banks or from other professionals in the finance sector (i.e. Part of those interviews almost always includes a full-blown Excel modelling test to be completed in a few hours to test your operational and DCF modelling skills.- You will be given some assumptions, either on a separate page, or in an Excel file saved on the laptop.Except for the assumptions and maybe some basic headings, the file will be totally blank.