An investment banking analyst at a bulge bracket or elite boutique typically works 80-100 hours per week, arriving around 9-10 AM and leaving between midnight and 2 AM most weekdays. The work centers on building financial models, creating pitch books, and supporting senior bankers on live M&A, IPO, and debt transactions.
What Does an Hour-by-Hour IB Analyst Day Look Like?
| Time | Activity | |---|---| | 9:00 AM | Arrive, check email, review overnight comments from MDs/VPs | | 9:30 AM | Morning team meeting — deal updates, task assignments | | 10:00 AM | Update financial model with new assumptions from client call | | 12:00 PM | Lunch at desk (15-20 minutes) while reviewing comps | | 12:30 PM | Build comparable company analysis for a new pitch | | 2:00 PM | VP review of your model — receive comments, iterate | | 3:00 PM | Draft management presentation slides in PowerPoint | | 5:00 PM | Join client call with MD to discuss deal timeline | | 5:30 PM | Incorporate call feedback into the pitch book | | 7:00 PM | Dinner (ordered to office, 20-30 minutes) | | 7:30 PM | Turn comments on CIM (Confidential Information Memorandum) | | 9:00 PM | Receive new model request from a different deal team | | 10:00 PM | Build sensitivity tables and output pages | | 11:30 PM | Final review of deliverables, send to VP for overnight review | | 12:30 AM | Head home (Uber expensed at Goldman Sachs, JP Morgan, etc.) |
What Do IB Analysts Actually Spend Their Time On?
Based on surveys of 200+ first-year analysts across bulge brackets and elite boutiques:
| Task | % of Time | |---|---| | Financial modeling (DCF, LBO, accretion/dilution) | 30% | | Pitch books and presentations | 25% | | Comparable company / precedent transaction analysis | 15% | | Administrative (formatting, printing, scheduling) | 15% | | Client calls and meetings | 10% | | Learning and training | 5% |
How Does the Schedule Change by Season?
- January-March (deal season): Heaviest workload, 90-100 hour weeks, multiple live deals
- April-June: Slightly lighter, 75-85 hours, mix of pitches and live deals
- July-August: Summer analysts arrive, training responsibilities added
- September-December: Deal closings push hours up, bonus season approaching
What Is the Hardest Part of Being an IB Analyst?
The unpredictability. An MD can send a "quick request" at 11 PM that takes 4 hours. Weekend work is common — roughly 1-2 Saturdays per month are full workdays at most banks. At firms like Moelis, Evercore, and Centerview, the deal flow is smaller but the analyst's ownership stake in each deal is higher.
Is It Worth It?
First-year analyst all-in compensation at bulge brackets is $180K-$220K (base $110-120K + bonus $70-110K) in 2026. Elite boutiques pay $220K-$250K+ all-in. For a full breakdown, see our IB analyst salary guide. Beyond pay, the exit opportunities after 2 years — private equity, hedge funds, corporate development, or business school — are unmatched.
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