What keeps you in it?
I initially joined finance because A) I wanted something that was intellectually challenging and competitive and B) I wanted to make a lot of money. Long story short, I grinded to network, did the internships, and started full-time as an analyst at a great firm in the summer.
I wouldn’t say the world’s collapsing around me as I’m quite okay (maybe indifferent) with my job, but I’m struggling to see what makes this career so gratifying long-term, besides the money. Especially in the public markets, it sometimes feels like we are literally moving chips from one pile to another.
For those of you a few years in (or longer?), what makes this career path worth it for you? Anyone else struggled to find a bigger meaning or purpose in their day-to-day?
Ah, the age-old question of finding meaning in the hustle and bustle of finance. It's a tough one, isn't it? I've seen many folks grapple with this, and I've had my fair share of pondering too.
Firstly, it's important to remember that everyone's motivations are different. For some, the intellectual challenge and the thrill of the deal are enough to keep them going. They thrive on the competition, the fast pace, and the constant learning.
Others find satisfaction in the impact they can have on businesses and economies. Whether it's helping a startup secure funding or advising a multinational on a merger, these actions can have far-reaching effects.
Then there's the personal development aspect. A career in finance can be a powerful tool for building skills that are valuable in many areas of life. It can teach you about risk and reward, about negotiation and persuasion, about analysis and decision-making.
And let's not forget about the financial rewards. They're not everything, but they do provide a certain level of comfort and security, and they can open doors to experiences and opportunities that might not otherwise be available.
But if you're feeling like you're just moving chips from one pile to another, it might be worth taking some time to reflect on what you really want from your career. What are your values? What are your passions? What kind of impact do you want to have on the world?
Remember, it's okay to question and it's okay to change paths if you find that finance isn't fulfilling you in the way you want. Life's too short to spend it doing something that doesn't bring you joy or satisfaction.
So, take some time, do some soul-searching, and don't be afraid to make a change if that's what your heart is telling you. After all, the best investment you can make is in your own happiness.
Sources: Saying Goodbye to Finance?, PE long-term attractivity: Is the trodden path "broken"? Quo vadis gen Y?, career in banking/finance = employee for the rest of your life?, Finance Career Path & List
I like the analysis + learning, and can't imagine doing anything else. Sometimes I feel it can be repetitive (time to do work on this stock - again - rinse & repeat), but then I think about what if I was only working on one problem in another job all day. So then I remember why I love this: because I get to learn something new about the way the world works everyday, I get to hear myself think and challenge my own thinking and perception, and I am always growing and improving and getting better --> I think "progress" is a real differentiator in life satisfaction.
I’m in it for:
- Money
- Prestige
- Treat my family to nice things
- Not stress about inflation
- Maximize optionality for my kids (ie “mom and dad have properties and money, your financial future is secure, pursue a career that you love/no need for you to pursue a field that you hate just for financial stability”)
I am not in this career for “intellectual stimulation” or “fast paced work environment” or any of the other fake answers that college kids say in interviews. I spieled the same nonsense in my interviews back in the day and it was all BS (I knew it, my interviewers knew it, but we like to pretend otherwise).
Will caveat with obviously, I am in it for the money. I could really care less about prestige though, or the prestige that comes if you make money. Prestige is the most fickle and unsatisfying empty thing to chase no? How do you get much satisfaction here, because you will always be insecure over it. My partner, family, and friends, will not think any differently of me if I work at this fund over a no name place. Relying on the approval of strangers for fulfillment seems difficult...
Not a common take here, but I sense that people find it very hard to admit prestige DOES matter. Maybe it's not a social norm to say "Hey, I want to hang out with you because I feel better when I'm with the [insert top IB] group." I mean, this concept of social capital and group belonging is a true thing right?
So yes, I admit it. I work hard because it feels good to be in the [insert top IB] group and I can make other people near me feel good too. Since when was it a bad thing to be near people with the good qualities - hard working, intellectual, skills to do social impacting work - that got them the spot at [insert top IB]?
Totally get you when I was the literally first person to know large asset manager bought large amounts of currency and my friends were wondering why their trip to Country X cost a whole lot more expensive now because of the currency conversion
This is the answer for 90+ % of people, including me: "I haven't hit my number yet".
the 0.0001% chance that I could become the next Kravis/Schwarzman/Dimon
As mentioned above have not hit my # yet. Also cause I am not that great at daily fantasy sports and this is the only other career where I get a scoreboard daily.
I would say the gratification of seeing your thesis play out and be true, but I think after many years doing this a COO gets the same gratification for executing a business plan over 3 years (probably more even).
Love the idea of a daily scoreboard
I disagree with the notion that you can't be in this game for intellectual stimulation or love of learning. You absolutely can. If you solely want money and prestige, go the PE route.
Made a promise to myself as a teenager that I wanted a job which would get me out of bed, unlike my parents' careers. Grateful that I have it now, and while I won't sugarcoat that I don't hit my number or make more than my PE friends every yr , I can seriously say I love what I do. I make a comfortable living, learn new things about the world like the other poster said, meet interesting characters, etc
While this job is interesting and markets present new challenges/regimes that one must adapt to, continuous learning doesn't require a profit motive. Of those I know who have retired/left the industry they are all challenging themselves in new fields, be that opening restaurants, reading and traveling, trying to excel at a sport, or pursuing graduate education. The skillset/motivation that lets you hit the "number" doesn't go away when you're not in the seat. You just don't have the same stress.
In a similar boat as you and am considering leaving the industry to do something more entrepreneurial in a year or two.
I hated working in banking but appreciate the foundation it gave me and am enjoying the buy side a hell of a lot more.
That being said though I’m pretty apathetic to staying longer term. My current shop offers more or less the best tradeoff between maximizing comp, job security, and work life balance. I probably take a 30% haircut to what I could make in a best case scenario on the open market but don’t really have much downside in a bad year or risk of getting fired, which works well for me. I also get perks where I basically get to double dip on my retirement savings each year where based on my tenure at the firm I get a % of my total comp put into a firm wide fund. This added mid 5 figures to my overall compensation last year and has no vesting period so if I leave I don’t lose access to any of it. Overall, I’d say it’s a pretty cushy gig and there’s rarely any weekend work.
Dissatisfaction primarily revolves around the lack of intellectual stimulation. I’ve covered my industry for 5 years now so basically more or less know all the dynamics in play so everything at this point feels more like I’m in maintenance mode than anything else each earnings season. A large part of this is due to the more conservative nature of the fund I’m at where we strive to know a few dozen names like the back of our hand.
I’ve considered trying to go a step up in weight class as those places allow you to be more creative but don’t think that the juice is worth the squeeze. I’ve worked with a ton of ex MF guys who are not necessarily my cup of tea and in my experience knowing people at those shops the environment is miserable. Sure, you can make $2M a year and retire after a decade but the cost doesn’t seem worth it to me personally.
Worse case scenario I figure I can make money playing poker and gambling on sports for a year or two if things go belly up on my entrepreneurial venture. I’ve managed to make $125-250K this year betting on football since the end of August and have a 5 year track record hitting at a clip that would allow me to do it professionally if I wanted to.
What’s the betting slip look like for this weekend?
Mostly I just like gambling and this job lets me do it 8 hours a day profitably. I like broing out with the other traders on the job. I absolutely despise modern corporate politics and I don't think I could ever function in any kind of normal company. I like the intellectual nature of building quant models. The money is good but most likely will cease to be a motivator in 5 years time since I will have so much of it.
1) Zero office politics bullsh*t like IB (I came from a shit house why everyone sucks d)
2) Excellent access to the top management teams in the world as a 20-something yrs old, I can learn from them in person
3) I can spend so much time reading whatever I want on the internet every day (have to control myself to limit to >80% work related...)
4) The travels can be fun sometimes, meeting new people
5) Social status and money that come with the job, just makes life easier; and the latter maybe can help me to do something else one day if I get tired of it
I always loved this. Many expect intellectual stimulation from the job alone because they expect this job to be a continuation of their educational path but actually no one really cares about your intellectual development, it's your own responsibility. So actually you can learn A LOT just by reading whatever you can in your spare time and make it seem you're researching something/being productive. There's no limit to how much you can learn in the job during those slow hours at work.
Im a pod analyst and have very wealthy parents / grandparents (9 figure NW)
I do this job because I love it and want to make my own name for myself. I think of my inheritance as a nice MoS should anything go wrong. My goal is keep going until I hit my personal #, then start my own fund (family will be anchor investor)
I couldn’t possibly imagine myself doing anything else
Larp
"I sought the job because it's 'intellectually stimulating'"
Liar liar, pants on fire!
Atque tempora quis eligendi voluptas beatae. Debitis ut sunt quidem similique ipsa.
Est voluptas perspiciatis et aut. Sed sit quo ipsam similique aliquid. At vitae aut at et. Distinctio et quibusdam aspernatur quis impedit.
Deleniti aliquam commodi dolores quis. Culpa atque velit aspernatur debitis enim ad. Consequatur et ipsa molestias. Impedit repellendus alias saepe enim vel fugit incidunt rerum. Reprehenderit nam harum sit unde quia quia sit quibusdam.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Eius minus laborum quibusdam sed consequuntur rerum omnis. Nam ut dolores optio voluptatem. Esse asperiores nisi nobis dolorum.
Asperiores quis expedita dolorem. Non inventore debitis reprehenderit hic ullam id nulla. Eum ea incidunt laborum rerum. Aperiam non at quia. Cum quisquam debitis pariatur aliquam vitae ut. Ea est nihil quae voluptas.
Minima magni in est sed. Voluptate ut atque optio unde officia. Vero aspernatur error beatae mollitia perspiciatis repellat rerum. Qui assumenda aliquid animi sunt. Ipsa commodi qui dignissimos sapiente natus et. Aliquam tempora ut voluptatem dolorem voluptatem rem. Voluptatem aspernatur ex error cupiditate aliquam odio amet.
Illum iste doloribus perspiciatis et sit. Alias aliquid dolores deleniti magni odio. Facere rem adipisci earum. Repellat perferendis eveniet consequatur optio architecto officiis eos.