June 4, 2014
By Justice
"Jack" Litle
“It’s definitely not worth
the money. You’re working 90 hours a week on average. It can go up to 120 when it’s
really bad. It is worth it? No.”
- Patrick Curtis, founder of
WallStreetOasis.com
Why
was the investment banking path, as brutal and dehumanizing as it is, so
popular for so long among Ivy League high achievers?
My
theory: It was more about self-esteem than money, and more about fear than
greed. The new generation “best and brightest” often have something to prove —
to their parents, their friends, and themselves. The very fact of being seen as
“best and brightest” creates a palpable sense of having something to lose.
This
group thus faces pressure not to be seen as failures, which manifests itself in
two ways: The need for a high status career path, and the need to avoid risk of
falling short. Put the two together and investment banking — a “safe” path to
prestige and money, with general acceptance as high status — looked very good
for a very long time, though the hours are brutal and the work is often shit.
But
now the kids are waking up, especially with the help of eye-openers like this:
[Alexandra] Michel, who has a Ph.D. in management from the Wharton
School, has spent the past 13 years studying the working conditions of
investment bankers. She has found that the long hours and stress begin taking
their toll after four years.
‘Chronic Pain’
“On year four, physical breakdowns occur, initially minor,” she
says. “Chronic pain, insomnia, endocrine disorders set in. Pain is really
common.” Weight gain, hair loss, anxiety, depression and generalized low energy
are also common complaints, Michel says.
When severe stress kicks in, the young bankers are often able to
perform at a high level only with the help of high-caffeine drinks,
prescription stimulants and sleeping pills, she says.
“It’s whatever it takes to keep functioning,” Michel says. “So if
you have to work around the clock, you take the chemicals you need to still be
sharp and awake, and if you can’t sleep because you’re so depressed and
stressed, you take a different set of pills.”
Are
you frickin’ kidding me?
On
top of that, you’re screamed at and treated like a subhuman piece of dirt your
first few years… at which point you graduate to treating others like subhuman
pieces of dirt.
Oh
and by the way, your mid six figures won’t go all that far in New York City —
especially once the obligatory “lifestyle costs” are added in. For a life you
never get to enjoy because, whenever you get a few days off to hit Mexico or
wherever, you’re so exhausted you basically fall into a multi-day coma.
Wow,
what a deal. I’d rather work the line in a poultry factory, using a big pair of
scissors to cut the assholes out of chickens. Seriously, that’s a real job —
and I would seriously take it over a typical Wall Street gig. (One of my little
brothers was a junior i-banker for two years. He said it was like being in
prison.)
My
two cents: Forget image and expectations and “something to prove.” Put ego
aside in favor of building the best life. Work is incredibly important — it
takes up the lion’s share of hours for the lion’s share of your time on earth.
So work hard to get to a place where you can do what you love. And take risks
to do what you love — screw ego. If it pans out, the risks will be more than
worth it. If it doesn’t, you’ll pick up valuable lessons for future pursuits.
And
if you can’t do what you love — because let’s be honest, not everyone gets that
privilege — for cripe’s sake, at least avoid doing what stomps your soul flat
and slowly kills you.
JS
