Goldman Sachs first year analyst survey - should I discourage my son from applying?

[kittybritain]

DS is in top uni doing economics and is applying for graduate schemes at investment banks.
I read the GS first year analyst survey and worry his mental health might suffer if he joins the firm, or any other investment bank.

assets.bwbx.io/documents/users/iqjWHBFdfxIU/rim9z3X.NpYk/v0?fbclid=IwAR0ODL_MKntKLsziT2uEzhkC0pW6GuIUG_C-0PPz3pnA7iIqTPaMn0l8fnE

Does anyone have DC at these firms and can advise on working conditions?
Thanks

it is a very high pressurised environment but there are a lot of youngsters who thrive in that environment - it is exciting and you get to be involved in some major projects

I actually think the hours working at the US magic circle law firms are worse if I'm honest - we used to use one of them on major transactions and their juniors would pull all nighters fairly regularly to get documentation done in time

dp's son is starting at one of them in a few months. I think it works if you are ambitious, smart and/or a bit street wise.

I do think this age group of kids will rebel against the hours. I had to work this weekend because we are on a major transaction and dp's son was a bit horrified.

I personally wouldn't want it for my kids - I don't think they would cope with the pressure of it. But it will certainly suit some. I think if he's bright enough that he's applying to the schemes then good for him. I would discuss the report with him - I don't think these places make light of the work needed but they are also rewarded handsomely!

(and yes most contracts have an opt out clause for the EU working times directive)

I do think that no one, no matter how junior or senior you are, should experience swearing or shouting at work. That is always unacceptable and GS should be ashamed that that is happening. I was really surprised that in their 'steps to rectify', there wasn't something immediately addressing that!

Well the top people at Goldman Sachs slave to line their own pockets. People work up through the organisation. No one is getting less than an amazing salary. However 90 hours a week working and a very high salary are not for everyone.

Someone put a very good comment on the Times website about this - people work to damage their health and then they spend the money they earned on fixing their health.

Anyway I could have never worked those sorts of hours because I need and needed too much sleep - even in my 20s.

Someone put a very good comment on the Times website about this - people work to damage their health and then they spend the money they earned on fixing their health.

I think that's a short-sighted view on it, and I say that as someone who never had the slightest interest in doing it and would run like the wind if GS for some reason approached me. People have all sorts of reasons for doing it, some better than others: money, prestige, intellectual stimulation, getting a career kickstart (no one suffers from having worked at GS), working with a high performing team, thrills, liking a fast pace, supporting other people and/or having a strong drive to escape poverty and establish security.

In any case, most people either discover fairly early on it's not for them long-term and recuperate fine, or find a way to make it manageable for themselves. My ex GS friend is now a hedgie still making the bucks but working perfectly livable hours.

I think the survey is a fair reflection of reality. Go in with your eyes open. It’s survival of the fittest at investment banks - as someone said earlier, they let you know pretty quickly if you are not up to it and you are fired. All nighters, long hours, weekend work - it’s all part of the culture. Some love it, and get a great professional experience on their CV and good financial rewards, but it comes at a cost - friends, family, free time and mental health.

people work to damage their health and then they spend the money they earned on fixing their health.

I’ve done nearly 20 years in the City and haven’t damaged my health, physical or mental.
If anything, my mental health is far better now than the nervous 21 year old scared of everything! The City has definitely toughened me up...

I spend my money of private school fees and nice holidays and a nice house.
PT sessions are as close as I get to paying to fix my health

people work to damage their health and then they spend the money they earned on fixing their health.

This is my family...

@VanCleefArpels

As an ex City person I found this fascinating abd quite uplifting in a way. I admire the young employees for saying thus is not a good way to work. However, the things they mention could have been said by me and my cohort in the early 90’s. Nothing has changed mostly because there is a prevailing attitude of “it didn’t do me any harm” and that the big rewards require the proverbial pound of flesh. Wholesale cultural change will take years. So you are sensible to worry about your DC entering this profession (the same probably stands for the big accountants and law firms too) but thinking of coping strategies beforehand will help

I was not surprised to read the accounts but was surprised that they had put this together. Previously I think it has been assumed that this was the lifestyle and that you were signing up for that.