I Banking - Lifestyle

[daniel90]

I am going to be starting as a summer analyst this May for a BB. If anyone out there has experience in the industry, could you please answer a few questions.

1) I will probably be married when I make my decision to go back full time with the bank(assuming I recieve an offer). Is it possible to live in Manhattan supporting a wife in grad school as a first year? I know it would be tought with hours etc. Just any advice or previous experience with colleagues would be helpful.

2) Would it be frowned upon by my management if I let them know that I most likely will be married by the time I start full time?

Thanks for any help. I know I will probably be able to answer this after this summer, but I am trying to plan ahead.

cheers

[gvibes]

Not sure about the first one (sounds unlikely), but I wouldn't mention anything about your personal life in the interview. It's pretty much irrelevant.

[admo415]

Well,

I will answer your first question with another question, Are you paying for her to go to school, just wondering what support means. Matters what kind of place you want to stay in and where you want to live. Ask about grad housing also, may be cheaper to live their, see if they have anything for married couple, I am sure they do.

Second question, shouldn't matter, my friend who worked with me at a bank over last summer just got engaged (she is coming back to work full time as am I starting in July). They don't care about stuff like that.

[midas]

1. What does supporting your wife through grad school mean? You have no shot of paying for tuition, living in NYC and having any sort of life on an analyst's salary.

2. Telling your future employer that you'll be married when you start can only hurt you becaue they might think your won't work the hours.

3. Assuming you're 21, why are you getting married so young? Live together for a while and see if you still feel the same after a few years.

[daniel90]

1) she is going to go to grad school for art history

2) wont be telling my employer im getting married. no reason too, i agree.

2) been dating 4 years+

[Paluka]

WTF kind of job discourages getting married? Sounds like a great place to work!

[Recliner]

When you work long long long and super long hours. If its a good bank and your in your first year hopefully they'll give you a cot and toothbrush.

[zaxx19]

[ QUOTE ]
WTF kind of job discourages getting married?

[/ QUOTE ]

I banking....its basically giving up your entire life to be moderately wealthy.

If that seems like a good trade off, do it.

[JTrout]

I banking....its basically giving up your entire life to be moderately wealthy.

Sure, when you put it that way it sounds great, but......

[Ass Master]

I don't have any direct experience with working in an IB but I have friends who do.

I think the answer to #1 is yes.

As far as #2 is concerned I suggest that if they do frown upon it you should tell them to [censored] OFF.

[howzit]

Contrary to most rumors, a lot of managers and higher uppers in the finance world support having a life outside of the office. Getting married is definitely something that falls in that category.

But for money, I speak from experience and from other friends that first year or maybe even two years out, you will be broke. Very broke. NYC is in the top 5 most expensive cities to live in and w/a spouse who isn't working but instead spending money on tuitition, I think you'll find yourself cherishing the 15th and the 30th.
You may want to consider living in burrough outside Manhattan cuz the rent is siginificantly cheaper and their are neighborhoods w/a lot of personality/character.

[player24]

Married men are seldom discriminated against on Wall Street. (Married women are discriminated against in some organizations - but things are getting better.)

Are you in college or business school? Obviously, your starting income will be affected by your education level.

Are you paying your wife's tuition?

Assuming you get a descent signing bonus (or you have some money saved to help you get settled), you and your wife can probably get by on a starting salary of $40K to $50K (not counting tuition). Expect to pay $1500+ per month for a tiny appartment. Lots of young workers lower their housing cost by having roomates. Obviously, you will have a roomate who won't be contributing to the rent.