P&Q’s Must Reads: Investment Bankers Call BS On Lousy Hours And Ruined Relationships

 

Hello everyone  –- Welcome back to Poets&Quants’ Must Reads, a quick, digestible recap of the top business school news, sponsored by CentreCourt, P&Q’s virtual admission events.

I’m your host, Kristy Bleizeffer, and I’ll be highlighting the most important P&Q stories you might have missed. So, Let’s get to it. 

 

No. 1: Investment bankers call BS on lousy hours and ruined relationships

Wall Street Oasis, a community for those aspiring for jobs in finance, recently released its 2022 Investment Banking Work-Conditions survey and man, it’s a doozy. Some 485 bankers from dozens of banks of all sizes answered questions about pay, hours worked, toxic culture–and they certainly had a lot to say. 

Overall 52% said they are not satisfied with their current pay, 14% averaged 91 or more hours of work per week, and 75% say their work hours have negatively impacted personal relationships. They also reported a 28% decline in their mental health and a 33% decline in physical health from before accepting their current positions.

One citigroup employee summed up the industry’s work conditions this way: “This is all bull crap.” (That’s censored for adult language, by the way.)

The analyst and associate comments are actually quite insightful, and if you’re considering a career in banking, you should take the time to read them on our homepage.

 

No. 2: Economy’s impact on MBA applications

MBA programs are known to be “counter-cyclical” in popularity: When the economy is good, interest in getting a graduate business degree drops. When the economy dips interest heats up. So what to make of MBA’s popularity as the world plods out of an unprecedented pandemic?

Poets&Quants editor Marc Ethier caught up with four prominent business school deans attending the Comprehensive Business School Deans Summit and asked them their perspectives on the business degree.

Read their thoughts now in our MBA news tab.

 

No. 3: News You Can Use

This past week, we’ve published several great stories in the News You Can Use category. If you’re at any point in the MBA journey, take a minute to check them out.

First, we lay out the MBA application deadlines for the top programs, with dates for first, second, and third rounds along with expected decision and interview timelines. There’s also great advice from successful applicants, admissions coaches and more. This story will be updated as new information rolls in, so keep check back if your preferred schools aren’t yet on the list.

We also highlight how MBA candidates navigated the complicated application process to get into their dream schools. Like this enterprising candidate who got into six elite MBA programs – including Harvard, Wharton, and MIT Sloan. Or this first-generation college student, son of Pakistani immigrants, who just graduated from Chicago Booth at the ripe old age of 22. 

All of these stories–and much more tips, advice, and resources–can be found in our admissions hub, accessible from our main menu.

 

No. 4: 2022 Darden MBAs see 21% Jump In Median Salary 

Finally, we are getting the first glimpses of MBA Class of 2022 outcomes, and they look strong. In April, UC-Berkeley Haas School of Business released early data showing an uptick in consulting employment at the top-10 school; now the Darden School of Business is indicating a 21% jump in the newly graduated class’s overall median base salary.

Darden MBAs made a median $175,000, according to a report late last month timed to coincide with the school’s commencement ceremony, which was held live for the first time since 2019 because of the pandemic.

Our career outcome stories offer a program by program look at how graduates fair in job acceptance, salary, bonus, and other key metrics, and are a great tool for school comparison. We’ll be publishing more school specific data as it is released, or you can look at our 2021 school reports in this roundup. 

And, that’s it for this week’s Must Reads recap. But, before I go, I want to alert all the school seekers out there to CentreCourt’s upcoming MBA Festival events. These events connect prospective students with admission experts, alumni, and career development teams at the top MBA programs around the country – and the world. 

Our next series, The MBA & Your Career, is happening October 4-5, and you can register for free on our events tab at Poets&Quants.com. 

For online MBA prospects, our next Backstage event is July 12. This is your chance to hear from current students, admission teams, and alumni from some of the best online programs around. Register on our events page

Thank you for listening. Again, I’m Kristy Bleizeffer with Poets&Quants, and you can join me next week, right here, for a recap of what’s important in the world of business education. Stay informed!

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