It's entirely about filtering for people who will submit to abuse.
Sort-of, but not entirely. You have the typical corporate exponential bottleneck (~25+% per year attrition) and extremely competitive people, but the work isn't intellectually difficult, so people need to compete on something, and it comes down to conformity and availability. It turns out that some people can take that to an extent that would kill many of us. We're good at our stuff; they're good at theirs.
I don't think the intention is to subject analysts to "abuse" at any level beyond the abuse that comes from clients. Sure, there's a bit of hazing and testing that goes on, but it's there for a reason: when shit really does hit the fan, even the MDs (who usually have a 9-to-5 existence if they want it) are working 24/7. You can't be a front-office banker if you can't deal with those kinds of hours-- even into your 40s.
Sort-of, but not entirely. You have the typical corporate exponential bottleneck (~25+% per year attrition) and extremely competitive people, but the work isn't intellectually difficult, so people need to compete on something, and it comes down to conformity and availability. It turns out that some people can take that to an extent that would kill many of us. We're good at our stuff; they're good at theirs.
I don't think the intention is to subject analysts to "abuse" at any level beyond the abuse that comes from clients. Sure, there's a bit of hazing and testing that goes on, but it's there for a reason: when shit really does hit the fan, even the MDs (who usually have a 9-to-5 existence if they want it) are working 24/7. You can't be a front-office banker if you can't deal with those kinds of hours-- even into your 40s.