A 2025 survey by Odyssey Search Partners found first- and second-year analysts working an average of 78 hours a week, the same as in 2022. Juniors at elite boutiques reported 82 hours on average, slightly above the 81 hours logged at bulge-bracket banks such as JPMorgan and Bank of America.

“It’s the junior bankers at the elite boutiques that have become increasingly busy, as they tend to operate with leaner deal teams and so the workload can’t be spread as broadly,” Odyssey cofounder Anthony Keizner said in a statement reported by Business Insider.

Recruiters say the culture on live deals remains stubbornly intact. Jake Schneider, an investment banking recruiter at Selby Jennings, said senior team members still expect analysts to be online when they are. “The expectation is, ‘If I’m doing this, you’re doing this,’” he told the news outlet.