Why Investment Banking Jobs Should Come With a Surgeon General’s Warning

The Wall Street Charging Bull in New York Photograph by Brian Jannsen/Alamy

With the death earlier this month of a young summer intern working for Bank of America in London, the work of Alexandra Michel is suddenly of the moment. Moritz Erhardt, a 21-year-old business student, died after working 72 hours straight, setting off a debate over the grueling hours of the investment banking industry. Michel, a professor at the University of Pennsylvania’s Graduate School of Education, is particularly well qualified to weigh in. She has studied two cohorts of associates at two major Wall Street investment banks for the last 12 years and concluded that the industry, which takes almost 20 percent of MBA graduates at some top schools, takes a brutal toll on employees.

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