Is Working on Wall Street Really That Bad?

As someone who left in my 20s, my answer might surprise you.

There’s quite a bit of stigma (and many myths) surrounding the job title of an investment banker and the Wall Street corporate environment. And it isn’t all misplaced or ill-informed. While movies like The Wolf of Wall Street and shows like HBO’s Industry rely on a bit of overdramatization to captivate and retain a non-Wall Street audience, there’s still an element of truth in what they portray — from the roles to the workplace culture.

I was one of the fortunate few to be plucked straight out of my graduating class and inserted into the Mergers and Acquisitions group at an esteemed investment bank. From my late teens through my mid-twenties, I had the pleasure of working at three highly-regarded financial institutions in major “finance cities” across both coasts before I dipped out and bought a one-way ticket to LALA land to embark on my well-deserved (jokes) mid-twenties sabbatical. (Also known as an attempt at entrepreneurship).

Since I don’t currently work for a financial institution — or any employer other than yours truly — I’m happy to open up the vault and spill the truth. Here’s the juicy reality behind my time in finance (from which I ultimately escaped, just barely unscathed). Aspiring investment bankers and future finance professionals beware — you may be in for a surprise.

The obvious (what you want me to admit)

Yes, the hours were long. Brutal, I guess? If you didn’t plan on working long and hard, you probably didn’t read the job description, speak to a recruiter, or do any research at all…

I’m not afraid of hard work — it didn’t bother me then, and it doesn’t now. But hours aside, there were some “cons”, you could say.

Let’s get these out of the way quickly:

• Your first few days (or weeks) will be akin to drinking from a fire hose. No matter how much preparation you think you’ve done, it’s going to be a crash-course in everything from formulas to formatting. Have fun.
• The dress code is the exact opposite of the 2020 quarantine uniform. There’s no such thing as being “overdressed” in this industry. While your firm may not require you to wear a suit and tie, they also won’t penalize you for it. And no, your wardrobe is not the time to be creative. Except for socks — for some reason, they like colorful, amusing, not-so-professional work socks on men. I’ve seen everything from Spongebob to South Park dress socks, so apparently, socks are the free-for-all — for men. Women: no socks; stockings or bare feet in heels, only.
• You’re there to make your boss’s life better and easier. You should aim to make them happy. This goes for most jobs (and should be included in job descriptions) — some of us non-people-pleasers were never given this vital tip. I was guilty of ignorance in this department in my early 20's.
• Your peer colleagues are your competition — kind of. You can be friends and learn from each other, but realize you will be judged directly against one another when it comes time for bonus allocation.

A few workplace horror stories for your reading pleasure

I’m sure if I dug deep into my chest of stowed-away workplace horror stories, I could throw you a titillating bone here and there.

Like the time my senior analyst abandoned me on my first assignment, and I was left haphazardly printing 30 pitch decks until 6 am. I called my fiance sobbing because I couldn’t carry all of them down to an uber and make it to my boss’s house before his flight. My fiance rushed to the office, helped me carry them, and sped to that boss’s house so we could deposit the decks onto his porch mere minutes before he left for the airport.

Or the time I was called into the office for an emergency fire drill and impromptu client call on a Sunday afternoon, right as I pulled up to the parking lot at our hiking trail. Two hours away from the city (and office), with no computer and poor reception. You can imagine the race back to the office — we probably cut 30 minutes off that drive, and my entrance was still met with disgust and disappointment. How dare I go hiking on my day off?! Unthinkable.

I could probably dig up countless more negative experiences from my finance days, but the truth is, it would be futile. Every job has its pros and cons, and I knew what I was getting by going into finance. My early career choice wasn’t an accident, and I was no victim.

That’s why, when I think back on my experience in finance, I feel that I got a lot out of it. For me, the pros outweigh the cons.

What the movies and ex-bankers don’t tell you about working in finance

My years on Wall Street and in the finance world were some of the most formative of my personal and professional life. Make no mistake — I was no star employee. Not by a long shot. In comparison to my uber-smart, highly-prepared, much-more-confident (and competent) colleagues, I was probably viewed by many as the opposite.

But I think I benefited more than them. I went into finance so flawed, so lacking, and so ignorant about so many things, from financial models to workplace etiquette. While my peers probably got more out of it than me financially (due to what I’m assuming are higher bonuses), I think I may have gotten the most in terms of progress, growth, and personal and professional development.

Here are the pros from my time in finance

And yes, in my opinion, they justified the long hours, not-so-friendly working conditions, and annoying professional attire requirement. Though I will say, I don’t believe my wearing heels or a structured blazer ever improved my productivity or the quality of my deliverables, perhaps the “2020 quarantine uniform” has earned its place in the office setting.

• I was paid to learn. I was paid a LOT to learn. We’re talking 6-figure salary plus multiple-5-figure bonus plus $30/nightly meal allowance if I stayed past 8 or 9 (which was pretty much a given). All the while, I was getting paid that much to figure things out! Just because someone holds the title “investment banker” doesn’t mean they know what they’re doing from day one. They don’t dock your pay for days spent climbing the learning curve.
• Prestige gave me a bit of imposter syndrome — which made me up my skill set and my confidence. I truly didn’t feel like I deserved the job or belonged among such bright, talented people. And it’s true — they were better than me. And that sucked, but it was also great because it made me work that much harder to improve my skills and competence. Once I did that, my confidence followed. And sure, it was nice to see people’s impressed reactions at hearing of my job title or employer firm.
• The insight, access, and exposure I got to client companies were unparalleled. Being in an M&A capacity (marketing and selling companies to interested buyers), I was afforded a unique and rare insight into the inner workings of a wide variety of businesses, from big to small. I also gained a deep and robust understanding of deal structures, sales tactics, and marketing strategies for large B2B deals. I had countless conversations with C-suite executives who shared their backgrounds, viewpoints, and future plans for themselves and their companies. This exposure was like none other and has been invaluable in my entrepreneurial career.
• Money — I guess it deserves a second mention, but only because of how I planned to use it later on. I saved every dime, carefully rationed my daily meal allowance to eliminate groceries from my personal budget, and came away with a pile of cash big enough to fund my subsequent startup and keep me running for a few years — even if we failed. (Which, surprise, surprise, we did! But that was a valuable learning experience too, and if you’re lucky enough to get your big failure out of the way early, go for it.)

While this might be an unpopular opinion — especially from other young (and female) ex-investment bankers, I feel a strong sense of gratitude towards my time in finance. I stand behind my early career decisions to this day.

Money isn’t the biggest Wall Street perk

Whether in an undergraduate degree, a subsequent master’s program, or just independent courses online, most of us pay money to learn. In finance, I was paid to do just that, and my incompetence and inexperience were tolerated and treated as curable ailments to be treated on-the-job. And those shortcomings didn’t result in a discounted rate of pay or substandard salary.

I was also given the type of exposure at age 22 that most people don’t get after 22 years in the corporate world. How many professions allow you insight into the C-suite of a wide array of other companies? How many other industries give you direct access to those executives before you’ve earned your seat at the table? I don’t know of many.

Be a sponge, they said

And all I had to do was be a sponge. They wanted me to come in malleable, motivated, and eager to learn. They would provide the tools, access, and opportunity in which to do so. That doesn’t mean they always equipped me with every tool or instruction I needed — far from it — but even when they didn’t, I was forced into resourcefulness that I’ve carried with me for years to come.

I could have taken an easier job. I could have opted for “nicer” working conditions. I could have done many things that might have made my early twenties a walk in the rainbow unicorn corporate park. But I’m infinitely glad that I didn’t. I consider my time on Wall Street a once-in-a-lifetime experiential learning opportunity like no other, and even if they hadn’t paid me a fraction of that salary or bonus, I think it still would have been worth its weight in gold to me and my career.

Is Wall Street right for you?

For those considering Wall Street among their career options, I actually would recommend it, with a caveat. That caveat being the need to know your intention going in. If you simply look at the job as a paycheck or resume booster, you’re probably going to get burnt out and question your choices. If, instead, you look at the job as a valuable learning opportunity and a pivotal stepping stone on the way to your ultimate goal (be that in finance, another corporate field, or something else entirely), then I do believe working on Wall Street has its merits and yes, they can outweigh those glaring drawbacks.

While career decisions can be difficult, upfront intentionality is going to make them that much easier and get you through the long hours, complex tasks, and demanding bosses. Good luck!

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