But what industry is this, exactly? First year analysts are now looking at between $110k and $125k in basic salary alone, which could still mean as much as $150k total comp even in a bad year. They would rather go to a place where they can earn 20% less, but enjoy their 20s”. Many of the other traditional competitors for graduate talent, like consultancy, big law and media are also not looking particularly attractive.Īccording to the grumpy 25-year olds, “Top graduates are smart enough to understand that money is not the main driver. On the other hand, if the investment banking industry is not getting the top students, who is? They’re not likely to be flocking to crypto startups in the current climate, and although the big-tech firms still have graduate programs, neither Meta nor Twitter seem to be making themselves look like employers of choice. No wonder, then, they might regard the kids who joined last September in the same way that grizzled pirates look at landlubbers. It’s quite unusual for people to have seen a full industry cycle at such a young age, and in terms of the hours they’ve put in and the deals they’ve worked on, they’re unusually experienced.
They joined just in time to have their experience disrupted by the pandemic, and then they lived through the deal booms of 20 before suffering the drought of 2022. Of course, analysts who joined in the class of 2019 are a uniquely battle-hardened group. The people telling Financial News, “We aren’t getting the top students” are apparently bankers with three or four years of experience – the top of the analyst class and the bottom rung of the associates.
Their lack of dedication to the industry, sloppy Excel skills and unwillingness to stay up until past midnight waiting for a “pls fix” are a constant source of annoyance to old hands who don’t remember what it was like to be young themselves.Įxcept this year, the complaints seem to be coming from “veterans” who are barely older than the analysts they're criticizing. It’s not exactly unprecedented for more experienced bankers to grumble about the new analyst class. “ The quality of new joiners this year has noticeably changed”.
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