Is the gap between IB pay and "ordinary" corporate jobs getting too narrow to justify the hours?
Everyone knows that the heyday of pre-2008 banking pay is probably dead forever, but it seems that the reputation of how much this job pays has persisted despite the trending evidence to the contrary over time. The perception that bankers (especially at the non-senior level) are living large as they were in the 80s and 00s seems to not completely jive with reality
Don't get me wrong, banking has paid well when compared to the labor market as a whole, but the compact that is agreed to when going into banking (no WLB, it's a "lifestyle" and not just a job) seems to fall apart when the payoff for that sacrifice is only a 20%-30% premium in comp compared to typical corporate jobs that have much better working conditions.
At that point, the main justification is the accelerated timeline to becoming a senior banker (eg. "think about how much money you'll make in 5 years!"), which is enticing but not all that compelling for a lot of people especially when the hours only get marginally better
Is theand "ordinary" corporate jobs getting too narrow to justify the hours?