A first-year investment banking analyst typically works 70-85 hours per week, with the intensity varying significantly based on deal flow. The role is a mix of financial modeling, creating presentations, managing deal logistics, and learning from senior bankers. Here is what a realistic day looks like.
A Typical Day: Hour by Hour
9:00-10:00 AM — Arrive and Triage
Most analysts arrive between 9:00 and 10:00 AM unless there is an active deal requiring earlier hours. The first task is checking email for overnight requests from senior bankers or clients. Prioritize the day's deliverables and flag anything urgent.
10:00 AM-12:00 PM — Modeling and Analysis
The morning is typically the most productive block for analytical work. This could mean building or updating a DCF model, running sensitivity analyses, compiling comparable company data ("comps"), or refreshing a merger model with new assumptions. Analysts spend roughly 30-40% of their time on financial modeling.
12:00-1:00 PM — Lunch and Team Check-In
Lunch is often eaten at your desk or grabbed quickly. Many teams have informal midday check-ins where associates or VPs assign afternoon tasks and discuss deal progress.
1:00-5:00 PM — Pitch Books and Client Materials
Afternoon hours are frequently spent on presentation materials. Pitch books, management presentations, and information memoranda require extensive formatting, data entry, and attention to detail in PowerPoint. While this work can feel tedious, it teaches you how deals are structured and marketed. Expect to spend 30-40% of your time on presentation work.
5:00-7:00 PM — Meetings and Reviews
Late afternoon often brings meetings with deal teams, review sessions with associates or VPs on your work product, or conference calls with clients. This is when you receive feedback and the next round of revisions.
7:00-8:00 PM — Dinner
Most banks provide a dinner allowance (typically $25-35) for analysts working past a certain hour. Dinner is often ordered in and eaten at your desk or in a conference room with other analysts.
8:00 PM-12:00 AM — Revisions and Wrap-Up
Evening hours are spent incorporating feedback from review sessions, turning comments on models or pitch books. The goal is to have a clean draft ready for the next morning. On lighter days, you might leave by 9-10 PM. On heavy deal weeks, midnight or later is common.
What Takes Up Most of an Analyst's Time
Across the week, the time allocation roughly breaks down to: financial modeling and analysis at 30-40%, presentation materials (pitch books, CIMs) at 30-40%, administrative and deal logistics at 15-20%, and meetings, calls, and learning at 10-15%. The split varies dramatically depending on whether your group is in an active deal (more modeling) or pitching new business (more presentations).
How the Job Has Changed
Since 2021, most major banks have introduced protected weekends (Saturday off from 6 PM to Sunday, or full Saturday), analyst caps of 80 hours per week at some firms, and work-from-home flexibility (typically 1-2 days). However, these policies are often aspirational. During live deals, hours can still spike well above 80, and protected weekends may be canceled. The culture has shifted meaningfully, but IB is still one of the most demanding entry-level roles in finance.
Is It Worth It?
Analysts typically stay for 2-3 years before exiting to private equity, hedge funds, corporate development, or business school. The combination of technical skill development, deal exposure, and exit opportunities makes the role a career accelerator. Total compensation for first-year analysts at bulge bracket banks is approximately $200K-$230K (base salary plus bonus), which increases substantially in year two.
Key Takeaways
- Expect 70-85 hours per week, with peak weeks exceeding 90+ during live deals.
- Your time splits roughly between modeling (30-40%), presentations (30-40%), and logistics/meetings (20-30%).
- Banks have improved lifestyle policies since 2021, but live deals still mean long hours.
- Most analysts stay 2-3 years and exit to PE, hedge funds, or business school.
- First-year total compensation at top banks is $200K-$230K.
FAQ
**Do investment banking analysts work weekends?**
Yes, weekend work is common, particularly during active deals. Most major banks have introduced "protected weekend" policies that give analysts at least one weekend day off when not on a live deal, but these protections are often suspended during transaction closings or urgent client requests.
**What is the hardest part of being an analyst?**
Most analysts cite the unpredictability of hours as the biggest challenge, even more than the total hours themselves. A request can come at 6 PM on a Friday and require work through the weekend. The inability to plan personal commitments reliably is what drives the most frustration.
**How is IB analyst work different from consulting?**
IB analysts spend most of their time on financial modeling and presentation materials for specific transactions. Consulting analysts spend more time on qualitative research, client interviews, and slide decks focused on strategic recommendations. IB hours are generally longer but more predictable week-to-week outside of deal spikes. Consulting involves more travel but more regular hours.