Bankers must put in a 72-hour week to master job, wealth boss says |
Mary Erdoes, chief executive officer of JPMorgan’s $4 trillion asset and wealth management business, says working 12-hour days, six days a week, will help junior bankers master the job in two to three years, instead of the five years it might take if they took a more relaxed pace. “If you think 10,000 hours is about what you need to master any subject, if someone comes in and has a regular, eight-hour-a-day job, five days a week, it’s gonna take about five years to have a base-level mastery,” she said. “On Wall Street, it’s more like 12 hours a day, six days a week. That cuts you down to about two and a half years before you become mastered in something.” The 10,000 hour rule, which was popularized by Malcolm Gladwell's blockbuster book “Outliers,” says it takes 10,000 hours of intensive practice to achieve mastery of complex skills and materials, like playing the saxophone as well as Sonny Rollins. |
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