Everyone knows people on Wall Street work long hours.
In order to get ahead, many Wall Streeters have to stay at the office late into the night, take work home with them, or both.
The 2017 Hedge Fund Compensation Report aggregates compensation information from “hundreds of portfolio managers” from over 200 firms.
According to the report, the number of hedge fund workers who clocked in more than 60 hours per week rose from 9% in 2015 to 15%. But the majority still works 40 to 59 hours per week.
The large workload makes sense when one considers the pressure points underpinning the hedge fund industry right now. High fees and lacklustre returns have forced many investors to pull their money from the once mighty funds of Wall Street. According to CNBC, clients pulled over $US106 billion dollars from hedge funds in 2016. That’s the largest fund exodus since 2009.
The report also states that “the number of respondents who view their work and personal life balance as average to excellent saw a decline of five percentage points from last year.” Despite this decline, the majority of the study’s respondents said they maintained a good work/life balance.