Banking is difficult work, everybody is aware of that. However how do bankers really feel about their lives?
Perhaps we will reply that for you. We acquired over 1,000 responses to our life-style survey they usually counsel that issues aren't nice, however they're not that unhealthy both.
What we discovered is that, at the start of 2024, our respondents have been… Reasonably proud of life. The typical life-style rating was 5.75 out of 10. Nevertheless, there have been variations each by sector and by age and financial institution.
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Opposite to common notion, our survey steered that folks working in monetary companies develop into much less blissful, no more, with age, and life-style satisfaction declines solidly between ages 20 and 50. Solely after the age of 50 do folks develop into extra glad once more.
We additionally discovered that the folks most glad with their lives work in know-how, adopted by one other center workplace operate: compliance. The least glad work in accounting departments, by far, adopted by operations departments.
It's additionally attention-grabbing that a number of the bankers who labored the toughest have been the happiest. Goldman Sachs has a fame for working laborious with folks, but it got here in first place in our rankings for life-style satisfaction, adopted by Financial institution of America and Société Générale.
Curiously, regardless of Goldman's fame, many agency respondents thought of their jobs to supply a very good work-life stability. They included associates, vice presidents (VPs), and managing administrators (MDs) throughout varied divisions, together with gross sales, buying and selling, and danger. “Earn sufficient to avoid wasting for the longer term after spending some within the current,” stated one Goldman respondent.
A UK-based vice chairman of Morgan Stanley's debt capital markets (DCM) crew, in his 20s, gave his life-style a rating of two. Regardless of having complete compensation of between $250,000 and $300,000, he lamented his “environment friendly crew,” stated he was “overworked,” and complained that he was paid 40% beneath the market common.
On the different finish of the dimensions, a vice chairman of gross sales and operations at Barclays in New York gave his life-style a rating of 9, highlighting his hybrid work regime (7 a.m. to five p.m.) in addition to weekends. of the week with a low workload and their “skill to go to work.” to the gymnasium to train in the course of the day.” Nevertheless, he famous that New York is a really costly place, “particularly for brand new mother and father.” The price range may be tight, even when you’ve got greater than $300 thousand.
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