Burnout

Burnout is a particularly interesting subject to me, considering the job I’ll be beginning after graduation. In finance, my industry of choice, 70 or 80-hour work weeks are the norm for junior-level employees. Consequently, burnout is an issue which must be acknowledged and managed within the banking and finance industries. Those who work within banking claim that burnout is a direct result of the long hours analysts and associates are expected to work. While this may certainly be a factor, I would argue that it is not the only factor. After reading the piece about Marissa Mayer’s contrarian opinion on burnout, I started thinking about other causes of burnout.

While 70- or 80-hour workweeks are an obvious contributor to the burnout all-too-commonly seen in banking, perhaps just as important is the tendency for banking to grind against a person’s personality. Analysts spend most of their time carrying out tasks which they almost never see to full completion. Rather, they perform tasks whose completion and worth lies completely with the more senior bankers. For example, last summer as an intern I spent a lot of time developing models of various financial transactions my company was considering entering. These models were fueled by my ability to cleverly use various computer programs and my desire to figure out a company’s true story through thorough research. I enjoyed building these models, but I never got to see them put to use to determine the worth of a deal. Those decisions were waay above my paygrade. Many banking analysts do not like to see their work go somewhat unfulfilled; nor do they enjoy spending their time performing often arduous tasks which are constantly being demanded of them by senior people. Consequently, as Mayer says, they become resentful of their companies and leave after a short time.

I do not plan to let this stop me. As The Economist points out, tech is a ruthless meritocracy. Banking is perhaps the only more ruthless meritocracy in the world. One cannot rise to the top without proving themselves in the lower ranks or through other business avenues. Young bank employees often fail to realize this fact. I’m fully aware of it. As I progress into my job, I will work very hard to perform well and move up the ranks. As a great movie villain once said, “it’s all... part of the plan.” I cannot become resentful toward others for expecting me to prove myself. The opportunities which open up to a person who has made a successful career rising through the banking ranks are akin to the paradise spoken of in the Economist article. My goal is to acquire those opportunities.

Of course, I’m not oblivious to the perils of hard, if not completely fulfilling, work for 80 hours a week. As Andrew Dumont points out, hobbies and good life habits will be important diversions for me over the next few years. One of my goals is to get my golf handicap back to where it was when I golfed every day after caddying in the morning—this was in high school before my summers were spent in internships. Ideally, I’d like to be better at golf in three years than I was five years ago at my previous peak. Furthermore, I’m currently in a new phase of my life where fitness is a priority. Since I’ve been training for the Holy Half Marathon, I’ve noticed that having a fitness goal can actually be rewarding (and fun, too!) During the first few years of my career, I intend to hone fitness and diet habits which will enable me to more greatly enjoy life later on, after the good work has been done. Ultimately, for me, avoiding burnout will come down to three factors: having thick skin against present difficulties, being future-minded, and meeting goals which will improve my life forever.