Everyone knows investment banking is demanding — but what does a day in the life of an investment banking analyst actually look like, hour by hour? The reality is messier, more interesting, and more varied than the generic “you work 100 hours a week” narrative suggests. Having spent time as an analyst at Lazard and Qatalyst Partners myself, and having coached hundreds of students through their first years on the job, I want to give you an honest picture of what the job actually involves. If you are still figuring out whether IB is right for you, check out our Free Resources page for additional guides on the career path.
The Reality of Investment Banking Analyst Hours
Let’s start with the question everyone asks: how many hours do analysts actually work? The honest answer is that it varies significantly by bank, group, and deal activity — but the average is roughly 70 to 90 hours per week. Some weeks during live deal processes can push past 100. Some slower weeks might be 60 hours. The idea that every single day is a 100-hour grind is not accurate — but the idea that you will work 9-to-5 is equally wrong.
Here is what actually drives the variability:
- Deal flow: Groups actively running M&A or IPO processes have far less predictability. Groups with fewer live deals tend to have more consistent — and often shorter — hours.
- Bank culture: Bulge brackets like Goldman Sachs and Morgan Stanley are notoriously demanding. Some elite boutiques like Evercore and Centerview are known for long hours but strong learning environments. Regional banks and industry-focused boutiques often have more reasonable hours.
- Seniority requests: When a VP or MD has a client meeting tomorrow, the analyst on the deal will be working late tonight regardless of what else is on their plate.
A Typical Investment Banking Analyst Day: Hour by Hour
There is no truly “typical” day in investment banking — every analyst will tell you that. But here is a representative schedule for a moderately busy week:
Morning: 9:00 AM — 12:00 PM
Most analysts arrive between 9 and 10 AM, depending on the bank’s culture. The morning starts with checking emails for anything that came in overnight (clients in different time zones, requests from senior bankers who sent notes at 6 AM). The first hour is often spent:
- Reviewing and responding to email chains from the night before
- Checking in with associates or VPs on pending deliverables
- Updating financial models with data that came in (earnings releases, market data)
- Preparing for any morning calls with clients or internal teams
By mid-morning, analysts are usually deep in whatever their primary deliverable is for the day — whether that is building or refining a valuation model, updating a pitch deck, or drafting a CIM (Confidential Information Memorandum) section.
Afternoon: 12:00 PM — 6:00 PM
Lunch is usually eaten at the desk, at least on busy days. The afternoon is typically the most structured block of the day — heads down on financial modeling, slide building, or research.
Common afternoon tasks include:
- Building or refining comparable company analyses and precedent transaction tables
- Updating LBO or DCF models with revised assumptions
- Creating or editing PowerPoint slides for pitch books or client presentations
- Conducting industry research to support a pitch or live deal
- Drafting or editing sections of a CIM for a sell-side M&A process
- Attending internal deal team calls or strategy meetings
Analysts often describe the afternoon as the “real work” block — when the volume of requests has not yet spiked but the deliverables require deep focus. This is when strong technical skills matter most, which is why preparation through resources like our Technical Cheatsheet makes a real difference when you hit the desk.
Evening: 6:00 PM — 10:00 PM (or much later)
This is where investment banking diverges sharply from most other careers. The evening is when senior bankers — who have been in client meetings and calls all day — begin reviewing the work their analysts have been preparing. This triggers comment cycles.
An analyst might submit a draft pitch book at 6 PM and receive 40 comments from their VP at 8 PM. Those comments need to be addressed that night. Then the revised deck goes to the MD, who adds more comments at 10 PM. This cycle can continue until 1 or 2 AM — or later if there is a morning deadline.
During live deal processes (M&A closings, roadshows, auction processes), late nights are the rule, not the exception. It is not uncommon for analysts to work through the night multiple times per quarter during peak deal activity.
What Skills Do Investment Banking Analysts Use Every Day?
The job is more varied than most people expect. Yes, there is a lot of financial modeling — but there is also significant writing, research, and client communication involved. Here is a breakdown:
Financial Modeling (40–50% of time)
Building and maintaining Excel models is a core part of the job. This includes:
- DCF models with multiple scenario analyses
- Comparable company analysis and precedent transaction tables
- LBO models for private equity processes
- Merger models / accretion-dilution analyses
- Debt capacity and credit analysis
The level of Excel proficiency expected at top banks is very high. Analysts who arrive knowing keyboard shortcuts, pivot tables, and common financial modeling conventions get up to speed much faster. If you want to build these skills before you start, our Free Course covers the foundational technical concepts you need.
Presentation Building (25–35% of time)
Investment banking runs on PowerPoint. Analysts spend enormous amounts of time creating and editing pitch books, deal books, and client presentations. Formatting matters — banks have very specific style standards, and getting a slide to look exactly right can take longer than building the underlying analysis.
Research and Writing (15–20% of time)
Analysts conduct industry research to support pitches and live deals, and they draft sections of documents like CIMs, management presentations, and fairness opinions. Strong writing skills are underrated in investment banking — they matter more than most candidates realize.
Communication and Coordination (10–15% of time)
Analysts interface with associates, VPs, and MDs on their deal teams, and occasionally with clients or counterparties. Managing up — understanding what your senior bankers need and delivering it proactively — is a skill that separates strong analysts from average ones.
What No One Tells You Before You Start
Here are the things that genuinely surprise most new analysts in their first few months:
The Work Is Iterative, Not Linear
You will build a model or deck, get comments, revise it, get more comments, revise again, and repeat this cycle many times before a deliverable is finalized. First drafts are almost never close to the final product. Learning to take feedback efficiently and not get discouraged is a critical skill that takes most analysts a full year to develop.
The Hours Are Unpredictable, Not Just Long
What is exhausting about investment banking hours is not just the volume — it is the unpredictability. You might plan to leave at 7 PM and receive a last-minute request at 6:45 that keeps you until midnight. Your personal plans are always tentative. Managing this unpredictability is one of the most challenging aspects of the job.
The Learning Curve Is Steep and Fast
In most jobs, you have weeks or months to get up to speed. In investment banking, you are expected to contribute meaningfully within days of starting. Analysts who arrive having already practiced their technical skills — valuation methodologies, financial statement analysis, Excel modeling — have a dramatically better experience in their first few months. This is one of the primary reasons students seek out coaching through programs like Wall Street Mastermind.
The Exit Opportunities Make It Worth It
Despite the hours, most analysts who stick it out for two years come away with extraordinary career capital. The exit opportunities from investment banking — private equity, hedge funds, corporate development, growth equity, MBA programs — are simply not available from most other entry-level roles. The two-year analyst program is essentially a credential that opens doors for the rest of your career.
Group Matters More Than Bank
One of the most important decisions you will make in your recruiting process is not just which bank to join, but which group. Hours, culture, deal flow, and exit opportunities vary dramatically by group — sometimes within the same bank.
As a general rule:
- M&A and restructuring groups tend to have the longest hours but the best deal experience and PE exit opportunities.
- Industry coverage groups (like TMT, healthcare, or energy) provide deep sector expertise and are a strong foundation for industry-specific PE or corporate roles.
- Capital markets groups (ECM, DCM, leveraged finance) often have more predictable hours but less M&A exposure.
When you are in interviews, asking thoughtful questions about group culture and deal flow signals that you have done your research and know what you are getting into. Check out our Networking Guide for tips on how to have these conversations with bankers before you accept an offer.
Is Investment Banking Worth It?
The honest answer depends entirely on your goals. If you want to go into private equity, build a broad financial skill set quickly, or position yourself for a top MBA program, the two-year analyst grind is almost certainly worth it. The compensation is exceptional for an entry-level role, the learning is intense, and the alumni network is invaluable.
If you are drawn to investment banking primarily for the prestige or the money but are not genuinely interested in the work, the hours will feel unbearable. The analysts who thrive are the ones who find genuine satisfaction in the work itself — the intellectual challenge of valuation, the intensity of live deal processes, the relationships with clients and senior bankers.
Read our student interviews to hear directly from people who have gone through the process — they give an honest picture of what the first year looks like and whether it was worth it for them.
Want Personalized Interview Coaching?
Understanding what the job looks like is the first step. Getting the offer is the second. At Wall Street Mastermind, we help students break into top investment banking programs through personalized one-on-one coaching that covers everything from networking strategy to technical interview preparation to offer negotiation.
If you are serious about investment banking, apply to work with us here. Check out our track record to see where our students have landed, and read reviews from past students on Trustpilot.
