Are the hours really as bad as I’ve heard they are?

For the most part, yes!  At bulge bracket banks and top boutiques, Analysts can routinely expect to work 90-100 hours per week or even more.  A typical work day during the week might be 10:00 am until 2:00 am.  Analysts will also typically work both days on the weekend.  During a particularly busy time (working on a big pitch or at the beginning stages of deal), it is not uncommon for Analysts to work all night (“pull an all-nighter”) or even multiple all-nighters in a row.  Hopefully (for the Analyst’s sake and for others), they have the time to at least go home to shower and change clothes.

Associates generally have a slightly better schedule (emphasis on “slightly”).  Associates might average 80-90 hours per week with a typical weekday schedule being 9:00 am until perhaps 11:00 pm and working either Saturday or Sunday.  Associates on occasion will also find themselves pulling all-nighters.  At the Vice President level, the hours start to improve significantly.  VP’s, if they have to work weekends or late nights, can often do so from home.  Managing Directors have a much more normal work schedule, when they are not traveling.  MD’s tend to come in early (between 7:00 am and 9:00 am) and leave relatively early (6:00 pm – 7:00 pm).  However, MD’s are often on the road, traveling perhaps 3 out of every 5 days on average.

It should be noted also, that the hours at boutique banks can vary significantly.  As mentioned above, some boutiques tend to have similar work requirements to bulge bracket banks.  However, the lifestyle at many other boutiques can be substantially better.