Have dreams of a laid back life in the Bay Area? The following interview with a Silicon Valley VC guy may make you think otherwise.

Q: What’s it like working in finance over there on the Left Coast?

A: I am in VC and focus on IT investing in Silicon Valley. Although by definition VC is a finance industry, it is somewhat unique in that it is less about investing based on financial metrics or analysis and more about working with entrepreneurs to build companies. It’s probably safe to say that it is part art and part science, and good VC’s tend to develop a personal approach to investing that is based on experience.

Q: So does that mean people just sit around all day and get st*ned?

A: One can only dream…the average day for most VC’s is hard to describe, but generally speaking I would say that 1/3 is spent on finding new deals, 1/3 is focused on analyzing high potential deals, and the last 1/3 is spent on monitoring the current portfolio from a board perspective. This entails a lot of meetings with entrepreneurs, networking with other VC’s and people in industry, and working with the management teams of your portfolio companies. Q: What are your hours (and those of your West Coast colleagues) like, generally speaking? Do you have to get in at like 6am to keep up with us NYCers?

A: There is the stereotype out there that the VC life is a cushy one–manageable hours, no clients to take orders from, lots of nice dinners. While there is some truth to this, the industry has become pretty competitive over the past decade, which means you really have to hustle to get into good deals and to have successful outcomes. I would say the average hours per week are around 60-70, but the hours tend to be flexible and you can for the most part tailor them to your schedule. And not to burst the bubble of all of the NYCers out there, but the VC job does not revolve around Wall Street. We get in the office late on the West side.

Q: From what you’ve seen, do you think the overall quality of life is better for someone working in fields like VC, PE, investment banking on the West Coast than on the East Coast?

A: If I am comparing apples to apples between VC’s on the West and East coasts, there is a slightly different culture between the two geographies. The East coast tends to be a bit more structured and finance-minded, while the West coast is much less rigid and faster paced due to the size of the market here. I don’t think this difference in environments, however, dramatically affects the quality of life on either coast. If I am comparing VC to PE or I-banking anywhere in the world, it is hands-down a better quality of life.

Q: Let’s talk about venture capital. Seems like it’s heating up again. What’s up with Facebook.com and $2 BILLION DOLLARS?

A: There is definitely a resurgence of entrepreneurship in the Valley, and a lot of it revolves around the Web 2.0 phenomenon (see O’Reilly). It feels a little bubbly out here, kind of like a mini late 90’s bubble. While I can’t corroborate the $2B number around Facebook.com, it is safe to say that internet companies such as Facebook are now commanding rich prices in the market.

Q: Does an MBA matter if you want to work in venture capital?

A: Yes and no. There is a statistic floating around that some 70% of VC managing partners have a degree from HBS or the GSB. While I don’t think this is true at all, it is certainly true that limited partners (entities investing in VC funds) have a checkbox for managing partners with MBA degrees on their list of diligence items when they decide to invest in a fund. Better than an MBA degree is a successful experience in starting a company. This trumps all other bullet points on the resume for VC.

Q: What about the Stanford (or dare I say, Berkeley) connection?

A: I could be biased since I have a degree from Stanford, but there does seem to be a tremendous network effect around the school and the VC community in the Valley. The institution just acts as a hub for entrepreneurs, academia, and capital. Of course, going to Stanford is certainly not necessary to become a successful VC. Going to Berkeley, however, is the kiss of death.

Q: What was your path?

A: There is no one standard path in VC, and there are few structured paths to go from non-partner to partner. My path has been a few failed start-up experiences during the bubble, corporate development and product management at a large tech company, then VC. I think the most important element to be successful in VC is to share the entrepreneurial mindset of the entrepreneurs you invest in. In many ways, you need to build your own franchise, much like a company founder, but in the VC world.

Q: Why haven’t you gone to B-School?

A: Full-time B-school is a great experience, but it simply did not fit into my career and personal timing.

Q: What was the worst thing you’ve seen in an interview?

A: I interviewed a few people who had absolutely no idea what the VC job entails. I was tempted to hire them and create a completely artificial experience for them for the next 2-3 years, like that Truman Show movie. In general, it’s probably a good idea to know what you are selling yourself for.

Q: What’s the VC scene like out in the Valley?

A: It tends to be an industry with its fair share of egos and handshaking, and it is primarily male dominated. Q: How can you tell a Bay Area venture capitalist apart from a Manhattan LBOite? By his Tevas? A: Ask the person if he/she knows where Buck’s is.

Q: All kidding aside, would you say that VC firms are more or less laid back than, say private equity shops or investment banks?

A: More laid back, for the most part. However, there may be a stronger element of personal responsibility for results (i.e. sourcing deals) at the junior levels than in the aforementioned industries.

Q: This is probably hard, but compare the VC pay generally speaking to other types of finance jobs.

A: The pay is good, but probably not as good as buyout or banking nowadays for non-partner professionals. If you are a partner in VC, the upside depends on how successful your investments are.

Q: If you had to create a motto for an aspiring venture capitalist (like work smarter, not harder), what would it be? If this is too hard you can just come up with a piece of advice. A: Don’t get caught up in just chasing hot deals–think and act like an entrepreneur to build a successful personal VC franchise.