I'm spending my last night in New York tonight reading your question and thought I would speak from my own experience. I just finished an investment banking internship at one of the "Bulge Banks" on Wall Street. My hours and work this summer were very similar to those of a regular analyst. Generally, I put in about 80-90 hours per week. Some weeks heavier than others. Once I left work at 5:00am four times within 7 days. Work started at 9:00 - 9:30am. Family can be difficult, but people do it. Most importantly, your spouse must be in complete agreement with your career. Wages? First year is $60K salary with up to $90K bonus. Second year increases substantially from there. In the long run (10 yrs) if you decide to be an MD, etc., you will make between $2-5 million per year depending on the success of your group and the markets. Most people stay for 2-5 years and then do something else (like private equity, hedge funds, or working in management of a client company).
Basically, it's very rewarding, but also grueling. That's what you're paid for. There are also tons of perks packed in. Ultimately, you should only do investment banking if you really love the nature of the work itself. I find it very interesting and enjoyable. I'm getting paid to do what I love. Plus, I already have head hunters keeping track of me for when I finish my second year in banking. I got a full time offer from my firm, and I'm excited to go back. You're welcome to email me (I think you just click on my profile) if you have more questions. Good luck in your pursuits!
JP - I did the same thing, except it was for less than minimum wage, $1000 bonus. Called the entertainment biz instead of Wall Street. You Street guys do remember that next time you think you're working too hard.
long hours???? wtf are you smoking....
Each company is different as far as hours, pay scale etc....it's not for the faint of heart though.
