There Are Better Opportunities for Ambitious Junior Employees
Pros
The firm has carved out an incredibly strong niche and will continue to perform well (and in turn pay out reasonably good bonuses). Analysts, who operate as generalists, get exposure across verticals (e.g. payments, capital markets, lending, insurance, etc.) and the firm's growing footprint provides opportunities to work with clients internationally. Investment banking analysts and associates spend the vast majority of their time on deal execution, and strong performers are given leeway to directly drive and own much of the client interaction. Modeling exercises are rigorous and you will sharpen your analytical skills while gaining an understanding of different business models. After working at FT, you'll have a strong toolkit and be able to successfully navigate any work environment. Also, as other reviews have noted, you form lasting relationships with other junior employees as you bond over the long hours and the challenging culture.
Cons
Most of the junior employees are looking for the exit. There is no "king of the hill" mentality where your life gets better as you move up the ranks. Instead, the hours get longer and the bags under your eyes grow bigger. The downside of strong deal flow means that you are always working. The firm has always run excessively lean and there are not enough bodies to do the extra work (much of which never even gets used). Expect to work every Saturday and Sunday and on every "vacation" you ever try to take (including holidays, which may as well not exist for FT employees). No one joins investment banking for the hours, but at most shops you at least have time to come up for air and recharge. Not so at FT… Also, it's really not the hours that grind people down, it's the culture. I won't elaborate as others reviews have covered this in detail, but the culture is just horrible. Although FT has advised on many high-flying deals within fintech, the firm also takes on some mandates with incredibly low probabilities of success. Occasionally these moonshots work out, but most languish as smoldering dumpster fires requiring undue time and attention. If you have the misfortune of being staffed on one of these, you can look forward to months, if not years, of redoing the same work to inevitably get turned down by potential investors or acquirers. Sounds like fun, right? While you will undoubtedly learn a lot at FT, the sacrifices required are simply not worth it. The work is interesting but the culture is terrible. The bottom line is that there are plenty of better places where you can work hard, make money, and set yourself up for career success.
