Investment-Banking Job
Is Grueling for New Grad
By SARAH E. NEEDLEMAN
Editor's note: CollegeJournal.com catches up with a 2003 graduate whose
senior-year job search was chronicled in a series of articles.
Since starting his first professional job in July, Patrick Sullivan, a 2003
graduate of Boston College, has had just eight days off of work, including
weekends and holidays. The 22-year-old analyst at the New York branch of
London-based UBS Investment Bank admits his rigorous work schedule is tougher
than he anticipated as a senior majoring in economics and mathematics.
"They tell you that some weeks you'll work 100 hours, but you don't really
know what it feels like until you're actually doing it," he says. "It's
grueling."
While he doesn't always like his schedule, he accepts the long hours that
come with the job -- 17-hour weekdays, plus an additional 10 to 20 hours on
weekends. "You come into this field knowing you'll work really hard for a few
years. The benefit is that if you decide later on to go somewhere else, you have
a multitude of open doors," he explains. "The hard part is seeing that at 22
[years old]. I'm a pretty motivated and driven person, so I know I'm willing to
work hard and make sacrifices."
Sullivan has made several already. For example, "Visiting friends is usually
out of the question," he says. "I struggle just to keep in touch with them."
Sullivan also doesn't spend more than two days in a row away from the office.
"New recruits usually wait a full year before using any extended vacation time,"
he explains.
Homework and Exams
Sullivan spent his first six weeks at UBS in training with about 80 other new
graduates. He was assigned homework and had to complete three challenging
training exams. "A lot of real-world stuff is thrown at you because you hit the
ground running when you start," he says.
At first, Sullivan was concerned that the other new recruits would be
competitive and standoffish. Instead, he found them friendly and down-to-earth.
"I've made some close friendships with co-workers, and we sometimes hang out
outside the office," he says.
Sunrise to Sunset
Sullivan shares an apartment on Manhattan's Upper East Side with a roommate
but is rarely home. On weekday mornings, he travels 20 minutes by subway to
UBS's midtown Manhattan office and is usually at his desk by 9 a.m. When meeting
with clients he puts on a business suit, but most of the time, he goes without
the jacket and just wears a button-down shirt, tie and slacks. "It's a very
professional and positive work environment," he says.
As an analyst in UBS's global industrial group, Sullivan's job mostly entails
providing corporate clients with financial advice and analysis on issues such as
equity and debt offerings (the sale of stock or corporate bonds), leveraged
buyouts of other companies, and merger and acquisitions. Clients typically are
large industrial and chemical companies and private-equity firms.
Sullivan teams up with about three other co-workers on assignments given by a
managing director. They begin by researching new financial options to recommend
to a client, such as issuing stock or bonds. They jointly write a proposal about
their ideas and submit it to an associate for approval. The associate is
Sullivan's boss for the duration of the project. Sullivan doesn't report
regularly to any one person.
If the client agrees to the proposal, other analysts join Sullivan and his
teammates to help execute the deal. Throughout the process, which takes one to
six months, Sullivan and his co-workers keep the client informed on the firm's
progress. They also perform research-related tasks to get the job done.
Sullivan juggles about four or five projects simultaneously, and the heavy
workload keeps him at the office until around 2 a.m. on weeknights. Investment
banks vie for customers and earn fees on their advisory services and execution
of capital-market transactions -- usually the stock or bond sales. The long
hours he keeps reflect the competitiveness of the business. "It's a
volume-driven industry," says Sullivan. "There's a lot of business potential."
To perform his job well, Sullivan must stay current on financial news.
"Little changes can trigger tons of strategic options," he says. "[For example]
if a company announces plans to sell a division, you might want to race to
become its adviser or an adviser to a potential buyer. You're always pushing
ideas, trying to be the first one there."
Sullivan enjoys the challenge. "I've been involved in some very interesting
projects and learned a great deal about finance," he says.
Perks
Sullivan is well-compensated, earning an annual salary far above the $46,093
average reported for 2003 graduates employed at investment-banking firms
in a recent survey by the National Association of Colleges
and Employers in Bethlehem, Pa. He expects to be earning a six-figure
salary within four years.
Sullivan has put most of his earnings in a savings account, but once splurged
on a two-day snorkeling trip to Key Largo, Fla. He doesn't need to watch his
wallet when he goes out on weekends. "I pretty much go wherever I want," he
says.
On weekday evenings, UBS buys and delivers dinner to Sullivan
at his desk. The company also pays for his cab fare home on
most weekday evenings and weekends.
Sullivan enjoys working at UBS and envisions becoming an associate in about
three years. His first performance review was encouraging. "I got a lot of
positive feedback," he says.
-- Sarah E. Needleman is associate editor at CollegeJournal.com.
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