Investment bankers typically work 70 to 100 hours per week, with junior staff often exceeding 100 hours during deal cycles

The standard workweek for an investment banker is not a standard workweek. Most analysts and associates at major firms work between 70 and 100 hours weekly during normal periods. When a deal is active—a merger, acquisition, or capital raise—those hours spike. Junior bankers have reported weeks of 120 hours or more, which means arriving before dawn and leaving after midnight, often six or seven days in a row.

The hours vary by role, firm size, and market conditions. A large investment bank like Goldman Sachs or JPMorgan Chase runs deal teams around the clock during active transactions. A smaller regional firm or a slower desk may see more predictable schedules. But across the industry, the expectation is that you work until the work is done, not until 5 p.m.

The pattern also shifts as you move up. Analysts (entry-level, usually two-year roles) work the longest hours. Associates (post-MBA, three to five years) work long hours but with more control over their time. Managing directors and partners set their own schedules, though they are on call constantly.

Key Takeaways

  • Investment bankers at major firms work 70 to 100 hours per week during normal periods, with spikes to 120+ hours during active deals.
  • Junior analysts carry the heaviest load and are expected to be available nights and weekends when transactions are in progress.
  • Hours depend on deal flow—a busy quarter with multiple transactions running means sustained 100-hour weeks; a slow quarter may drop to 60 to 70 hours.
  • Weekends and holidays are not protected time; bankers work through them when deals require it, which happens several times per year.
  • Compensation is structured to reflect the time commitment, with bonuses tied to deal completion and performance during high-intensity periods.

What a typical week looks like for an analyst

An analyst's week often starts Sunday evening with emails from senior bankers outlining the week's priorities. Monday through Thursday are usually office days, with 12 to 16 hours at the desk. You build financial models, prepare pitch decks, run scenarios, and respond to requests from associates and managing directors. Requests come at any hour—a partner may email at 11 p.m. asking for a revised analysis by 6 a.m.

Friday is theoretically lighter, but "lighter" means 10 to 12 hours instead of 14. If a deal is heating up, Friday disappears into the same intensity as the rest of the week. Saturday and Sunday are on-call time. You check email constantly and may be pulled in for emergency updates, client calls, or model revisions. During deal weeks, you work both days fully.

Sleep becomes fragmented. Many analysts sleep at the office two or three nights per week, using a cot or the couch in a conference room. The firm often provides dinner and breakfast, and some offices have shower facilities. This is not presented as a hardship—it is presented as the cost of entry.

How deal cycles push hours higher

When a client is in active negotiations or a deal is closing, the entire team shifts into a different mode. A merger announcement might trigger a 48-hour sprint where bankers work through the night preparing materials for the press release, investor calls, and regulatory filings. A deal closing—the final day when all documents are signed and money moves—can mean 24 to 36 hours of continuous work.

These intense periods happen multiple times per year at a busy firm. A banker might experience three or four major deal closings in a single quarter, each one consuming a week or more of 100+ hour weeks. The cumulative effect is that "normal" 70-hour weeks feel like a break.

The unpredictability is part of the job. You cannot plan a vacation with confidence. Deals accelerate without warning. A client call scheduled for Monday might reveal that the timeline has moved up, and the team needs materials by Wednesday. Personal commitments—weddings, births, family events—are often missed or attended while working on a laptop in the corner.

How hours differ by firm size and desk

A bulge-bracket bank (the largest firms like Goldman Sachs, Morgan Stanley, JPMorgan Chase, Bank of America) maintains the highest hour expectations. These firms handle the largest and most complex deals, which means longer preparation and more moving parts. An analyst at Goldman Sachs in the Mergers & Acquisitions group should expect the full 70 to 100+ hour range.

A mid-market investment bank—firms like Lazard, Evercore, or Centerview—also runs long hours but with slightly more variation. Deals are smaller and move faster, which can mean shorter sprints but also less downtime between them. Hours typically run 60 to 90 per week.

A smaller regional firm or a boutique bank may have more predictable schedules, with 50 to 70 hour weeks as the norm. However, these firms are fewer in number and harder to break into. Most people entering investment banking do so at a larger firm where the hours are heaviest.

Within a single firm, hours also vary by desk. The Mergers & Acquisitions group and the Leveraged Finance group (which handles buyout financing) are typically the busiest. Equity Capital Markets (which handles stock offerings) and Fixed Income can be slightly lighter, though still well above 60 hours per week.

Compensation structure reflects the time commitment

Investment bankers are paid for their time in a way that acknowledges the intensity. An analyst at a major firm earns a base salary of roughly $85,000 to $100,000, but the bonus—which can be $50,000 to $150,000 or more—is where the real compensation lives. That bonus is tied directly to deal flow and performance during busy periods.

The bonus structure creates an incentive to work the hours. You are not paid overtime; you are paid a salary plus a bonus that reflects how much deal activity you contributed to. A strong year with multiple closings means a larger bonus. A slow year means a smaller one. This is why bankers accept the schedule—the money is real, and it accumulates quickly in your twenties.

However, compensation does not increase linearly with hours. A banker working 100 hours per week is not paid twice as much as one working 50 hours. The bonus is based on deal completion and firm performance, not on hours logged. This is an important distinction: the long hours are expected as part of the job, not as a separate billable service.

What happens to hours as you advance

An associate (hired after an MBA) typically works 60 to 80 hours per week. The work is still intense, but you have more autonomy and less of the grunt work. You manage analysts, review their models, and focus on client relationships and deal strategy rather than building spreadsheets from scratch.

A vice president (usually five to eight years in) works 50 to 70 hours per week and spends more time on business development and client management. You are expected to bring in deals, not just execute them. Your schedule becomes more flexible because you are not sitting at a desk building models; you are in meetings and on calls.

A managing director or partner sets their own hours, but they are on call constantly. A partner might work 40 to 60 hours per week in the office but is reachable at any time for client emergencies or deal decisions. The intensity is different—less about grinding through work, more about being available for high-stakes decisions.

The human cost and burnout risk

The hours take a toll. Investment banking has a well-documented burnout problem, particularly among junior staff. Analysts report exhaustion, health problems from irregular sleep and poor diet, and difficulty maintaining relationships outside work. Some firms have made efforts to limit hours—capping analyst work at 80 hours per week or mandating weekends off—but these policies are not universal and are often honored in the breach.

The burnout is also why most bankers do not stay in the role long-term. An analyst typically works for two to three years, then moves to a private equity firm, a hedge fund, or a corporate finance role. An associate might stay for five to seven years. Very few people work as an investment banker for a full career; the hours and intensity are designed for a sprint, not a marathon.

If you are considering investment banking, the hours should be a primary factor in your decision. The work is intellectually engaging and the compensation is strong, but the lifestyle is not sustainable for everyone. Knowing what you are signing up for—and being honest about whether you can sustain it—matters more than the prestige of the role.

Frequently Asked Questions

Do investment bankers really work 100 hours every week?

Not every week, but regularly. During deal cycles, 100+ hour weeks are common. During slower periods, hours may drop to 60 to 70. Over a full year, the average is typically 70 to 100 hours per week. The variation is significant—some weeks are brutal, others are merely demanding.

What time do investment bankers start and end their day?

There is no fixed schedule. An analyst might arrive at 7 a.m. and leave at 11 p.m., then return at 6 a.m. the next day. During deal weeks, bankers often sleep at the office and work through the night. The schedule is driven by deal deadlines and client needs, not by clock hours.

Do bankers get paid extra for overtime?

No. Investment bankers are salaried employees, not hourly workers. You do not receive overtime pay for hours beyond 40 per week. Your compensation is a base salary plus a bonus, both of which are set annually. The long hours are an expectation of the job, not a separate billable service.

Is it possible to have a life outside investment banking?

It is difficult but possible. Many bankers maintain relationships and hobbies, but they require flexibility and understanding from friends and family. Vacations are often cut short or cancelled. Weekends are frequently consumed by work. If you need predictable free time or a clear boundary between work and personal life, investment banking is not the right fit.

Do smaller investment banks have better hours than large ones?

Generally, yes. A regional or mid-market firm may run 60 to 80 hour weeks instead of 70 to 100. However, smaller firms are harder to break into, and the deal flow can be more unpredictable. You might have a lighter week followed by a sudden surge when a deal closes.