[twic]

The story varies enormously by kind of institution and by specialism.

Being an associate in mergers and acquisitions at an investment bank is famously gruelling - long hours, terrible work culture - and as far as i can tell pretty menial, low-skill stuff most of the time.

Being a quant at a hedge fund can be pretty fun.

My general impression is:

1. Smaller companies are better, on all axes, than bigger ones

2. Trader/associate/etc > developer in all of hours, stress, and pay

3. Front office > back office in all of hours, stress, and pay