Congratulations, you have made it through recruiting, survived your internship, and landed a full-time investment banking analyst offer. Now the real work begins. Your first year as an IB analyst will be one of the most intense and formative experiences of your career. The hours are long, the learning curve is steep, and the expectations are high. But if you approach it the right way, you will come out the other side with an incredible skill set, a strong network, and a wide range of career options.
This guide will walk you through what to expect during your first year, how to manage the workload, and practical strategies for not just surviving but thriving as a first-year analyst.
What to Expect in Your First Year
The Learning Curve
Even if you had a strong internship and solid technical preparation, starting as a full-time analyst is a significant step up. During your internship, you probably worked on a few deals with some degree of hand-holding. As a full-time analyst, you are expected to be a reliable, independent contributor from day one, or at least to get there quickly.
In the first few months, expect to feel overwhelmed at times. You will be learning the bank’s systems, templates, and processes while simultaneously getting staffed on live deals. You will make mistakes. That is normal. What matters is how quickly you learn from them and how rapidly your work improves.
The Hours
There is no sugarcoating this: the hours in investment banking are demanding. First-year analysts at most banks work roughly 70 to 90+ hours per week on average, with significant variation depending on deal flow, the group, and the bank. Some weeks will be lighter; others will involve all-nighters and weekend work. For a detailed look at what a typical day looks like, check out our day in the life of an IB analyst guide.
Many banks have implemented protected weekends or Saturday policies, but the reality is that deal deadlines do not always respect those boundaries. The key is learning to manage your energy and prioritize effectively, which we will cover in more detail below.
The Work
As a first-year analyst, your core responsibilities will include:
- Financial modeling: Building and updating three-statement models, DCFs, trading comps, precedent transactions, LBO models, and merger models.
- Pitch books and presentations: Creating client-facing materials for potential mandates, board presentations, and marketing materials.
- Due diligence: Analyzing company financials, industry data, and market trends to support live transactions.
- Administrative tasks: Managing data rooms, coordinating with lawyers and accountants, and keeping deal processes organized.
- Market updates and research: Tracking relevant market developments, updating sector comps, and preparing management meeting materials.
How to Manage the Workload
1. Master Prioritization
You will frequently have multiple tasks from multiple deal teams with overlapping deadlines. Learning to prioritize is essential. The key question to ask when you receive a new task is: “When do you need this by, and how important is it relative to [other project]?” Do not be afraid to flag conflicts with your staffer or the senior banker: it is far better to communicate proactively than to miss a deadline because you were quietly drowning.
2. Get Organized Early
Develop a system for tracking your tasks and deadlines from day one. Whether it is a simple to-do list, a spreadsheet, or a task management tool, find something that works for you and use it religiously. Keep your files and folders organized so you can find things quickly: when a VP asks for a model at 11 PM, you do not want to spend 20 minutes searching your desktop.
3. Learn to Work Efficiently
Speed matters in banking. The faster you can produce accurate work, the more capacity you have and the better your quality of life will be. Invest time early in mastering Excel shortcuts, PowerPoint formatting, and your bank’s internal systems. The difference between an analyst who knows every shortcut and one who uses the mouse for everything can be hours per day.
Some of the most valuable efficiency gains come from building a personal library of templates and reusable work. When you build a good comp table, save a clean version you can reuse. When you format a pitch book section well, save it as a template. Over time, this library will save you enormous amounts of time.
4. Manage Your Energy, Not Just Your Time
When you are working 80+ hour weeks, time management alone is not enough: you need energy management. This means taking care of the basics: sleep as much as you can (even if it is not as much as you would like), eat well, exercise when possible, and take mental breaks during the day. A 15-minute walk outside or a quick gym session can make you significantly more productive for the rest of the evening.
Learn to identify when you are most productive and allocate your most demanding tasks (complex modeling, detailed analysis) to those periods. Save lower-intensity tasks (formatting, administrative work) for times when your energy is lower.
5. Communicate Proactively
One of the biggest mistakes first-year analysts make is failing to communicate. If a task is going to take longer than expected, tell the associate or VP as soon as you realize it, and do not wait until the deadline passes. If you are unsure about what is being asked, clarify upfront. If you are overwhelmed, let your staffer know before the quality of your work starts to slip.
Senior bankers would much rather hear “I am working on three other deliverables right now: can this wait until tomorrow morning?” than receive a poorly done product at midnight because you were stretched too thin.
Building Technical Skills on the Job
Your first year is an incredible opportunity to build real financial modeling and analytical skills. Here is how to maximize your learning:
- Study the models you work on: Do not just plug in numbers. Understand the logic, the assumptions, and why the model is structured the way it is. If you are working on a DCF, understand how the WACC was derived and why specific terminal value assumptions were chosen.
- Ask your associate to walk you through things: Most associates are happy to explain the logic behind a model or analysis if you show genuine interest. Do not just ask “what do I do?”, ask “why do we do it this way?”
- Review completed deals: When a deal you worked on closes, take the time to review the final materials and understand the outcome. What drove the valuation? How did the negotiation play out? This context will make you a much stronger analyst.
- Build your knowledge base: Read industry research, follow the markets, and stay current on developments in your sector. The more context you have, the more valuable your analysis will be.
Navigating Relationships
With Your Associate
Your associate is your most important day-to-day relationship. They are the ones assigning most of your work, reviewing your deliverables, and providing feedback. Build a strong working relationship by being responsive, reliable, and easy to work with. When you receive comments on your work, turn them around quickly and learn from them so you do not repeat the same mistakes.
With Your VP and MD
Senior bankers set the direction for deals and client relationships. While you will interact with them less frequently than with your associate, the impression you make matters. Be polished and prepared in any interaction with senior bankers. When you are in a meeting or on a call with a VP or MD, add value: take detailed notes, follow up on action items promptly, and anticipate what they will need next.
With Other Analysts
Your fellow first-year analysts are going through the same experience you are. They are your support system. Be a team player: if a fellow analyst is drowning and you have capacity, offer to help. Share tips and templates. Do not be competitive in a way that undermines the team. The relationships you build with your analyst class will last well beyond your time in banking.
Dealing with Difficult Situations
All-Nighters
At some point during your first year, you will probably pull an all-nighter. When it happens, manage it intelligently: take short breaks, stay hydrated, and triple-check your work because errors are far more likely when you are fatigued. If possible, take a nap the next day when things calm down: pushing through multiple nights without sleep is counterproductive.
Making a Mistake
Everyone makes mistakes, even senior bankers. When you make one, own it immediately. Do not try to hide it or blame someone else. Say “I made an error in the model: here is what happened, and here is how I am fixing it.” Then make sure it does not happen again. One mistake is forgiven; the same mistake repeated is a problem.
Burnout
Burnout is real in banking. If you are feeling consistently exhausted, disengaged, or overwhelmed, do not ignore it. Talk to a trusted mentor, take advantage of any mental health resources your bank offers, and make sure you are using your time off (however limited) to genuinely recharge. Remember that the analyst program is typically a two-year commitment: it is a marathon, not a sprint.
Thinking About What Comes Next
Even during your first year, it is worth having a general sense of where you want to go after banking. Common exit opportunities include private equity, hedge funds, venture capital, corporate development, and business school. If you are interested in private equity, you should know that PE recruiting (often called “the process”) has historically kicked off during your first year as an analyst, though the timeline varies from year to year.
That said, do not let exit opportunity planning distract you from performing well in your current role. The best exit opportunities go to the analysts who are top performers in their banking seats. Focus on excelling at your job first, and the options will follow.
For a broader perspective on career paths after banking, see our guides on what investment bankers do and investment banking vs. consulting.
Key Takeaways for Your First Year
- Be a sponge: Absorb as much as you can. Ask questions, study the deals you work on, and seek feedback.
- Be reliable: Deliver accurate work on time, every time. Reliability is the foundation of trust in banking.
- Be positive: Attitude matters more than you think. The analyst who works hard with a good attitude will always be staffed on the best deals.
- Take care of yourself: Sleep, exercise, eat well, and maintain relationships outside of work. You cannot perform at a high level if you are running on empty.
- Keep perspective: The first year is hard, but it is also temporary. The skills, network, and experience you build will pay dividends for the rest of your career.
Want Personalized Interview Coaching?
If you are serious about breaking into investment banking, the best thing you can do is work with someone who has been through the recruiting process and knows exactly what top banks are looking for. At Wall Street Mastermind, we have helped over 2,500 students land offers at every bulge bracket and elite boutique bank on Wall Street. Book a free strategy call to learn how we can help you prepare for your interviews and maximize your chances of landing the offer.
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