80,100 hour weeks aren’t exaggerated, this is the job.
If you’ve heard horror stories of analysts grinding past midnight and clocking triple-digit hours, believe them.
It’s not urban legend or Wall Street hyperbole.
This article breaks down just how many hours bankers really work, at each level and in each type of role. We’ll also dive into why the grind is so relentless.
Key Highlights
- Investment bankers often work 80 to 100 hours a week, especially at the junior level.
- The hours depend on your rank, team, and deal activity, but even senior staff are usually on call.
- Long hours come from client demands, last-minute changes, and intense deal prep, not just workload.
Hours by Role: What a 75 – 100+ Hour Week Looks Like for Each Title
Analyst: 75- 105 hours per week
Analysts often bear the worst of the schedule.
A first-year IB analyst can expect to spend 75,105 hours at work a week, basically all your waking hours.
A “typical” week for an analyst might look like this:
Monday-Thursday, 9:00 a.m. to 1:00 a.m – at the office past midnight four nights straight.
Friday, 9:00 a.m. to 10:00 p.m., and a chunk of time on Sunday getting a head start for Monday.
In practical terms, that’s easily 80-90 hours in an average week, with peak weeks pushing past the 100-hour mark when deals heat up.
During these marathon days, analysts juggle Excel models, deck markups, and endless “diligence dumps” of client data.
Associate: 65,85 hours per week
By the time you’re an Associate (usually 2,3 years out of college, or a promoted analyst), the hours improve slightly.
Think 65,85 hours on average, you’ve earned back a few waking hours to maybe see daylight on a Sunday.
The work is still intense, but you’ve learned to manage your time better and aren’t a total newbie to the process.
Associates also learn how to push back a bit. They’ll delegate to analysts and have a tad more control over timelines.
That said, associates can still get crushed when multiple deals heat up.
Vice President (VP): 55 – 70 hours per week
By Vice President, hours become a bit more civilized, often 55,70 per week, though it varies widely.
A lot depends on your personal work style and how many deals you’re running.
A typical VP might put in ~60 hours in a week, but there are plenty of VPs still logging 80-hour weeks if they’re gunning for a promotion or dealing with multiple live transactions.
VP hours vary…depending on how active you are in bringing in deals, covering clients, and supporting MDs
In other words, a VP who is content to cruise on a few steady accounts might leave by 7,8 p.m. most nights, whereas a hungry VP trying to impress the bosses might be right there with the associates at midnight preparing for a big pitch.
Director / Managing Director: 50 – 60+ hours per week
Reaching the lofty title of Managing Director comes with a payoff: you’re no longer chained to a desk at 1:00 a.m. every night.
MDs are often the first to leave the office in the evening.
A senior banker might “only” work 50,60 hours a week in the office.
They’ll take clients to golf outings, long lunches, or head home for family dinners , perks of being the boss.
But here’s the catch: an MD is never truly off.
You’re on call 24/7 in a different sense.
If a client rings you at 10 p.m. on a Saturday with a critical task, you’re answering that phone. You might not be the one building the model anymore, but you’ll be on calls driving the deal forward and putting out fires whenever they ignite.
At the MD level, the nature of “work hours” shifts. It’s not about grinding in Excel until dawn; it’s about constant schmoozing and pressure to bring in revenue.
MDs spend a lot of time traveling, meeting clients, and planting seeds for future business.
There’s also a ton of downtime that isn’t really downtime , long flights, dinners that are technically work, etc.
So while an MD might only appear to be in “work mode” 50 hours in a week, mentally they’re engaged much more.
Client meetings, calls, and relationship-building fill their calendar, and an MD could be juggling 5,10 deal conversations at once.
They may not pull regular all-nighters, but when a live deal is on, an MD might be on back-to-back calls and strategy sessions from dawn until the wee hours.
Why Are the Hours So Brutal?
If you’re thinking “Doesn’t working 100 hours imply banks are terribly understaffed or inefficient?” , you’re on to something.
The truth is, the insane hours in investment banking aren’t purely because there’s 100 hours of essential work to do every week.
Much of it comes down to culture, client service insanity, and optics.
Banks historically have operated with a mentality that more is better, more analysis, more polish, more availability, even when it borders on pointlessness.
Here are the key reasons the hours are so punishing:
Client Demands and “Service 24/7” Mentality
In high-stakes M&A or financing deals, clients (CEOs, private equity firms, etc.) pay huge fees and expect around-the-clock service.
If a client decides at 9:00 p.m. that they want a new analysis done by morning, the team will say “Yes, sir” and do it.
Clients often have impossible demands and timelines, and bankers will bend over backwards to deliver.
Last-Minute Pitch Book Edits
Investment banking is notorious for the “11th hour deck turnaround.”
It goes like this:
You have a critical meeting or pitch tomorrow.
The team has been working for days on a 50-page PowerPoint. It’s 11:30 p.m., and the Managing Director finally looks at it, and wants to add three new slides and overhaul the formatting.
Also in banking, perfectionism and paranoia rule.
MDs often fear a single typo or “misaligned logo” will ruin the bank’s reputation, so they demand endless tweaks.
MD “Ego Slides” and Over-Analysis
Beyond client requests, sometimes senior bankers themselves pile on extra work “just in case.”
There’s a concept of over-preparing in banking: doing 10 variations of an analysis when maybe 2 would suffice, printing 100-page books when the client will skim 10 pages.
Why?
Senior folks often believe it’s part of “paying your dues.”
Plenty of extra analysis is ordered up not because it’s truly necessary, but because a Managing Director wants to cover every base and have something to show for it.
Some MDs have pet slides they insist on including (often dubbed “ego slides” because they exist to impress the client or showcase the MD’s personal ideas).
It becomes a cycle of one-upmanship, adding more data, more slides, more backup detail to prove to the client you did exhaustive work.
Fire Drills and Competitive Urgency
Not all crazy hours are spent polishing existing work, sometimes new “fire drill” projects drop on you unexpectedly.
For example, if a rival bank suddenly swoops in on a deal you thought you had sewn up, your MD might call an emergency “bake-off” prep.
That means dropping everything on a Friday night to produce an entirely new pitch by Monday so your bank can outdo the competitor.
These competitive sprints (often called fire drills) create horrific hours in spurts. It’s common to have periods where nothing huge is going on, and then suddenly a live deal or urgent pitch turns the week upside down with multiple all-nighters in a row.
Best and Worst Banks for Work Hours
It’s not just about what you do, where you do it can make a difference.
Every bank likes to sell recruits on a “great culture,” but in reality some banks simply expect more masochistic hours than others.
Here’s an insider rundown of which big investment banks are known for the craziest hours, and which are (relatively) more humane:
Goldman Sachs
Goldman has earned a reputation for punishing hours and a hard-charging culture.
It’s often said that Goldman’s culture subtly (or not so subtly) celebrates outworking everyone else , juniors at GS almost wear their sleep deprivation as a status symbol.
The recent survey confirming Goldman juniors average ~98 hours per week (nearly 20 hours above peers) hammered this home.
In 2021, Goldman’s first-year analysts famously described their working conditions as “inhumane,” likening it to workplace abuse, and begged for a cap at 80 hours.
Management’s response?
They raised salaries and told everyone to take Saturdays off.
But insiders say little truly changed in expectations, Goldman teams still routinely push past the agreed “limits” because big clients and big deals demand big commitment.
The flip side is Goldman’s name on your resume is gold, and many view the pain as worth it.
JPMorgan
JPMorgan, the largest bank in the US, has a slightly different culture.
Word is that JPM is a bit more “structured” , they have policies meant to prevent excesses.
For instance, in response to industry burnout chatter, JPMorgan instituted an 80-hour weekly cap for juniors in 2024 and historically they had “protected weekends” (one weekend off a month) as early as 2013.
That said, 80 hours is still 80 hours, and plenty of JPM teams quietly ignore the policies when a live deal is on.
The culture is still Wall Street competitive; it’s just a bit more bank-managed.
Internally, some JPM groups are known for heavy workloads (their tech and healthcare teams, for example, or certain financial sponsors teams).
Overall, I’d rank JPM slightly better than Goldman on hours, you might actually have some weekends off, but don’t expect a cakewalk.
Morgan Stanley
Morgan Stanley often gets lumped with Goldman as a top-tier, high-performance culture.
While MS hasn’t had as much public drama about hours, insiders will tell you some Morgan Stanley teams are absolutely brutal.
For example, MS’s M&A group or their Menlo Park tech group historically worked their analysts to death (figuratively).
Morgan Stanley’s reputation is a bit “old school Wall Street”, so long hours and face time are ingrained.
Interestingly, one data point suggested Deutsche Bank employees averaged even longer hours than Morgan Stanley’s, despite MS’s more shark-like reputation. That implies MS might not universally be the worst.
Bank of America (BofA Merrill)
BofA’s investment banking division is large and covers a lot of corporate clients, sometimes more tilted toward financing than pure M&A.
The culture, by many accounts, is a notch more forgiving than Goldman or Morgan Stanley.
Some BofA groups are known to have decent work-life balance (relatively speaking).
For instance, BofA’s Capital Markets groups or certain regional teams might not be as intense. Post-2013 (after a BofA intern’s death from seizures possibly linked to overwork), BofA was one of the first to scrutinize its long-hours culture.
They instituted stricter guidelines for interns and juniors back then, trying to avoid marathon all-nighters.
Citigroup
Citi’s investment banking is often considered less of a pressure cooker compared to the Goldmans of the world.
Part of this is cultural, Citi, historically, has had a “corporate” vibe and wasn’t always at the very top of M&A league tables, meaning maybe a bit less deal frenzy.
Insider chatter often notes Citi’s hours are a tad more moderate.
Data compiled by one site indicated Citi’s firm-wide average hours might be lower (one source suggested average ~54 hours across Citi, which, while not IB-specific, hints at a more 9-to-5 influence in parts of the bank).
In investment banking roles, Citi analysts likely still do ~70-80 hour weeks, but perhaps with fewer 100-hour nightmare stretches.
The firm also hasn’t been in the spotlight for mistreating juniors as much. Citi’s management has been vocal about being competitive on pay but also about not burning people out needlessly. If you work in Citi’s IB, you’ll still be busy, but many would say it’s “less intense overall” versus peer banks.
Barclays
Barclays, a British bank, inherited a lot of Lehman’s US operations and has some strong teams, but the culture is a bit heterogeneous.
People say Barclays’ work-life balance depends entirely on the group and office.
Some Barclays teams in New York (especially in M&A or TMT coverage) are as hardcore as any Wall Street shop , 90 hour weeks, the whole nine yards.
Other teams, especially in Europe or in less deal-heavy sectors, can be relatively tame.
European banks traditionally have a rep for lighter hours than U.S. banks, and Barclays in London might indeed stick closer to a ~60-70 hour norm. Meanwhile, Barclays in the U.S. has been trying to compete head-on in M&A, so those teams work U.S. hours
HSBC
HSBC isn’t a top player in mergers & acquisitions globally; it’s more of a financing and emerging markets-focused bank.
Culturally, HSBC is known for being more laid-back, even “nice” compared to other investment banks.
If you’re in HSBC’s investment banking division, chances are your hours will be closer to normal by Wall Street standards.
One Glassdoor review of HSBC mused that it’s “great for those with family and need work/life balance… nicer culture than most investment banks”.
That says a lot. You might find HSBC bankers in Asia or Europe actually taking evenings off or not working weekends when deals are slow
Is the IB Lifestyle Worth It? Pros, Cons, and Perspective
After all this, you’re probably wondering:
Why on earth do people sign up for this?
Are those 80-100 hour weeks worth sacrificing your 20s?
The answer is deeply personal, but here’s the frank take.
The Pros / Why It’s Worth It (to some):
Elite Training and Skill Development
Investment banking is often called a “boot camp” for finance.
You cram the equivalent of 5-10 years of experience into two. You become an Excel wizard, a PowerPoint ninja, and you gain a deep understanding of transactions, markets, and business strategy.
It’s intense, but you come out with a skill set that’s highly valuable. Many joke that after surviving banking, any other job feels easy.
There’s some truth to that , your time management, attention to detail, and endurance will be forged in fire. It’s like earning a badge of honor.
This training effect is why private equity firms and hedge funds aggressively recruit ex-bankers, they know these kids can handle pressure and build complex models in their sleep.
Compensation
Let’s not beat around the bush.
One big reason people endure IB is the pay.
Wall Street pays analysts straight out of undergrad salaries that most people won’t see for decades in other fields.
As of the past couple years, base salaries for first-year analysts at top banks jumped to around $110k,$120k, plus bonuses that can push total first-year pay to ~$150k-$200k if it’s a good year.
By associate or VP, you’re making multiples of that, mid six-figures is common by your late 20s.
And MDs… well, a successful MD can make seven figures ($1M+ per year) if deals are flowing.
So, yes, the money is real.
It won’t feel completely adequate at 3 a.m. when you’re re-formatting a slide for the fifth time, but when the bonus hits your account, it salves some wounds.
As one ex-banker quipped, “I was 30 years old, earning $400k and working 100-hour weeks” , the hours were insane, but the paycheck was too.
For many, the comp helps justify the sacrifice, at least for a few years.
Career Opportunities
Perhaps the biggest draw is that banking opens doors.
Do a couple of years at a top bank, and you’ll have your pick of exit opportunities: private equity, venture capital, hedge funds, corporate finance at a Fortune 500, startups, you name it.
It’s a launching pad.
Many see the analyst stint as a means to an end, grind for 2-3 years, then jump to a cushier buy-side job with better hours and still great pay.
Adrenaline, Learning, and Prestige
A few folks actually love aspects of the job.
The adrenaline of big deals, the satisfaction of working on multi-billion-dollar transactions that make headlines, the prestige of saying “I work at Goldman Sachs”, these intangible rewards can be fulfilling (or at least ego-boosting).
You’re often in the room (or Zoom) with CEOs and top executives early in your career, which is exciting.
The first time you see a deal you worked on reported in the Financial Times, you might feel a genuine rush that almost makes the lack of sleep worth it.
Some bankers thrive on the intensity, finding it a crucible that brings out their best under pressure.
The Cons / Why It Might Not Be Worth It:
Physical and Mental Health Tolls
Working 80-100 hours week-in, week-out is flat-out unhealthy.
Sleep deprivation, poor diet, no time to exercise, constant stress , it’s a recipe for burnout.
There are well-documented cases of junior bankers suffering mental breakdowns, severe anxiety, or physical exhaustion.
Banks have tried to mitigate these risks, but the culture still pushes the limits.
Even if you don’t reach a breaking point, you’ll likely sacrifice general wellness, expect to gain weight, have weird stress-induced ailments, or at least chronically feel exhausted.
Mental health can suffer: it’s hard to sustain relationships or hobbies when you’re always working.
Burnout is common; some people become cynical or miserable. These are real costs.
Loss of Personal Life / Time
Your time is simply not your own. Birthdays, weddings, weekend getaways , all of these will be missed or interrupted.
Bankers often joke that they live by their Outlook calendar; spontaneity is nil. It’s not just missing big events, but the day-to-day loss of freedom.
Want to have a regular 7 p.m. dinner with your family or friends? Forget it on most weekdays. Planning a vacation involves clearing it with staffing and praying a deal doesn’t blow up. Even then, you might be on calls from the beach.
In your 20s, while your college friends are out having fun or pursuing passions, you’ll likely be in a conference room fixing font sizes on a pitch deck.
Some accept this as paying dues; others deeply regret missing those years.
Time is something you never get back, and banking will take a lot of it from you.
Work That Can Be…Drudgery
Let’s be honest, investment banking work, especially at junior levels, can be extremely mundane and frustrating.
It’s not all high-flying finance theory and cunning negotiations. A lot of it is doing the same Excel adjustments over and over, updating slide presentations, and triple-checking numbers.
When you’re on your third straight 90-hour week, you might think: is what I’m doing even useful?
The value-add of some tasks is dubious.
This leads some to feel disenchanted. If you don’t inherently find finance deals fascinating, the grind will feel that much worse.
Relationships and Family Sacrifice
A lot of bankers either delay serious relationships or see them strain under the job. It’s tough to be a good partner or parent when you’re never around.
The industry has seen many promising young analysts or associates quit because they looked at their burnt-out VP or MD and saw a future they didn’t want (divorces, nannies raising kids, etc.).
It’s a personal choice, some people manage to balance it or find partners who understand , but certainly the job makes it hard to maintain work-life harmony. This is a major con if you value those aspects of life.
In the End, Is It Worth It?
That depends on your goals and tolerance. Many bankers will say it was worth it for a while: they learned a ton, boosted their career, saved money, then got out.
For those who stick with it long-term, some genuinely enjoy the thrill of the deal and the rewards it brings (monetary and ego).
They’ll acknowledge the sacrifice but say “this is the cost of being at the top of finance.” Others will flatly say “no amount of money is worth what I went through”.
They leave for jobs paying half as much but giving them sanity and happiness.
We’ll close with this blunt truth:
Investment banking will take almost everything you’ve got.
It will chew up your time, test your limits, and then ask for more. If you’re up for it, it can also fast-track your career and fatten your wallet in a few short years.
Just go in eyes open.
As the saying goes, “You can have a life, or you can have an investment banking career , but you kind of have to choose.”
For those who choose banking, well, stock up on coffee and try to enjoy the ride (and maybe schedule a therapist appointment just in case).
Good luck, and see you at the office! You’ll be there late.