An investment bank is actually quite a diverse organisation, with different departments working in completely different specialties. Examples include Corporate Finance, which helps other companies raise capital; Risk Management, who does exactly as the name suggests; Personal Wealth, who offer brokering services to wealthy individuals; and of course, Trading and Sales: the chaotic environment of “buy and sell” that most outsiders are familiar with. None is necessarily ‘better’ than the others and the demands are similar.

Nothing worth having comes easy. If you want to succeed, be prepared to put up with the very worst a profession can throw at you.

· Long hours

The phrase “time is money” is often uttered with Investment Banking in mind. 80-hour weeks are frequent. Woe betide the Analyst who leaves at 5pm and thinks they have a job on Monday. Don’t be surprised to be at your desk at midnight or even the weekend. Salespeople or Traders generally have shorter working days (trading is only possible while the markets are open), though it’s relative as meetings and planning/research are typically scheduled outside of trading hours.

· Stress

Long hours equals lack of sleep. Lack of sleep equals stress. The nature of the work itself can be stressful too as Investment Bankers, much like salespeople, are judged primarily on the dollars they generate. Worldwide, billions of dollars are gambled with by Investment Bankers every day. If the worst should happen, how do you explain to your superiors that you lost a million dollars and the client to boot? Many, many things can go wrong and the pressure is high.

Adding to the stress is that in the event of an economic downturn, Investment Banks are amongst the very first to start firing. The recent subprime mortgage crisis in the US led to massive job cuts amongst Investment Banks, and not just in their US offices.

Burnout is a common problem amongst Investment Bankers as mind and body can only go so long on limited sleep. Ask yourself, really ask yourself, “How much do you really want to be an Investment Banker?”

If you’re still reading, congratulations! One thing Investment Banks are very good at when screening applicants is sorting out those who really want to be Investment Bankers, and those who simply like the idea of it. For the committed, the perks are substantial.

· Money

Salaries vary between Investment Banks, but $80,000 is a good approximate starting point. Where Investment Bankers really make their money however, is through the bonus structure. Bonuses in Investment Banking is perhaps the most generous of any industry, particularly at the senior level.

· Training

As a graduate, you will receive excellent training on global financial markets, accounting, economics and research and analysis skills. The reason Investment Bankers are paid so much is that the possess a skill-set, performed at an elite level that few outside of Investment Banking have the ability or time to master. No matter where your career ultimately takes you, the skills you learn here will prove extremely useful.

Not all Investment Banks are the same of course. Many do live up to the cutthroat cliché, but many others are equally as forgiving… to a point. Work/life balance is typically poor although there are avenues to address this problem. Ask yourself whether you want to live to work or work to live.

On the flip side, careers in Investment Banking offer excellent intellectual challenge, training, general camaraderie and team spirit and of course, substantial remuneration.

For these reasons, it is equally tough to get in. Excellent university scores, substantial extracurriculars and double degrees/ postgraduate degrees are looked upon very favorably.