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Banking is hard work – everyone knows it. But how do bankers feel about their lives?
We may be able to answer that. He received more than 1,000 responses to a lifestyle survey and found that while the situation wasn’t great, it wasn’t too bad.
What we found is that at the beginning of 2024, respondents were…moderately satisfied with their lives. The average score for lifestyle was 5.75 out of 10. However, there were variations by sector, age, and bank.
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Contrary to popular belief, our research suggests that satisfaction with people working in financial services does not decline with age, but rather that lifestyle satisfaction declines significantly between the ages of 20 and 50. Did. It wasn’t until he was over 50 that people’s satisfaction levels rose again.
We also found that people who are most satisfied with their lives work in technology-related fields, followed by compliance, another middle-office role. By a wide margin, the least satisfied employees work in accounting, followed by operations.
What’s also interesting is that some of the hardest working bankers were also the happiest. Goldman Sachs, known for its hard-working people, topped the lifestyle satisfaction rankings, followed by Bank of America and Societe Generale.
Interestingly, despite Goldman’s reputation, many of the firm’s respondents thought their jobs offered good work-life balance. They included employees from various departments such as Sales & Trading and Risk, as well as Vice Presidents (VPs) and Managing Directors (MDs). One Goldman respondent said, “After spending anything now, I have enough income to save for the future.”
The 20-something vice president of Morgan Stanley’s Debt Capital Markets (DCM) team, based in the UK, gave his lifestyle a two-point rating. Despite total compensation being between $250,000 and $300,000, he lamented a “lean team”, said he was “overworked” and was paid 40% below market average. complained.
Meanwhile, the vice president of sales and trading at Barclays in New York gave his lifestyle a score of 9, citing his hybrid work schedule (7am to 5pm), light workload on weekends, and “the ability to go out.” ” was pointed out. During the day I go to the gym for training. But New York is a very expensive place, “especially for new parents,” he said. Even if you’re spending over $300,000, your budget may be tight.
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