The terrible life of analysts

Cannot agree more with Mr. Jonathan Evans. Mr. Evans has been arnd long enough to know the difference average and great

I am an undergraduate in my last year of university and have a job offer for a position in IBD of a top-tier investment bank and an offer for a training contract for a magic circle law firm. Banking job would start July 08, law would require two more years of study and start job in sep 2010. Can't decide which to do - realise that I can do my training at the law firm and then join banking afterwards but not sure whether I should just get on with it. What do people think? Any advice? Anyone that's made the switch from law to banking - if so why and what level did you join the bank at? Cheers.

If you wanna do I-banking, best advise to do it in a M&A boutique, no red tape, more exposure, dealing directly with partners, no mid-level bankers. If you start at a big bank, first 3 years will be documentation and you will rarely see live deals. Most of them are like military, your rank goes up each year. That's why I see too many unfortunate mid-level bankers (VPs) who are good at documentation but cannot execute transactions. Also too much bullying at big banks, and too much politics as well. Sometimes, doing an excellent job is not enough. You have to watch your back. I just completed 4 years in i-banking (3 at a boutique and 1 at a big bank; and some military experience prior i-banking)now joining a fund as the head of finance and strategy.
Be ready to work 100 hours a week and spend best years of your youth for preparing non-sense documentation :) Beware of the bullies in big banks and expect the unexpected. Good luck to all!!!

I agree with IBD. Used to be M&A analyst for one year. Now Associate in leveraged finance. It changed my life: workload is like " Oh my God, i have a social life now!", of course you don't leave the office at 6pm but rarely after 8 or 9pm and never worked around the clock as i used to do sometimes as M&A analyst. More importantly, you have much more responsibity and great exposure to client. This is my first year as associate, and I talk directly with the client to negotiate term sheet/confidentiality letters etc...Sometimes, I handle a project all by myself, just need final approval from my boss on key issues of the file. I have so much to say but in brief M&A is only good for pay. Leveraged financiers get great pay as well although less than in M&A. Overall, your hourly salary in leverage finance is much higher than in M&A :)

May be it is time,Investment Banking open up more opportunities for mature candidates