Regret moving to IB
TL;DR: my new job isn't what it was made out to be, and I'm having second thoughts. Looking for advice from people who have switched jobs before.
Background: 25 years old, CPA. Startedy career in the deals group at an accounting firm, got recruited into the M&A group at a mid market investment bank.
I left as a senior associate, maybe 1-2 years from manager level. At the bank, I'm an analyst, maybe 1-2 years from the associate promotion. By the time I left the accounting firm, my base was the same as what the bank is paying me as an analyst - there will be some spread from the bonus, but not much: a top bucket person at my accounting firm could expect ~40% (which I was) and I'm told to expect 40-70% at this bank. This is a little lower than street where I'm at, but $ was not the primary impetus for the move.
The reasons I pulled the trigger were really around learning and better deal size/complexity, thinking that would lead to stronger opportunities in the future.
Some days I do learn a lot, but others I feel the role is too junior. The hours are probably 30/week more than my old job. The culture and people aren't awful, but nowhere near as great as my previous role. The standard of work and expectations to be always on call are on another level, and it is a crushing feeling coming from being more senior and having so much more control over my own life in the previous role. I'm not an idiot and I know what banking hours are supposed to be like, but I brought this up during the interview process and I was told the hours would be similar and that weekend work was avoided - obviously this has not panned out and I do not believe it will. I look up at associates and they are in similar positions, just get to work from home after 5pm rolls around. I don't model, and it doesn't seem like the other analysts do much either - this is a big part of why I joined.
I jumped into this thinking my eventual exits would be better, I'd learn a ton and get great exposure, that everyone seems to want IB so this must make sense, etc, but now I almost feel like I want to go back to my old job. I feel like I'm basically starting my career all over again, just with a CPA, instead of adding valuable experience to what I already have.
Can anyone offer some words of encouragement? Is this normal when switching jobs?
How long ago did you start?
Not modeling at the start is pretty normal - you will do bitch Excel work and text comments until they feel you're trustworthy enough to not break a model, especially as a non-IB lateral. At the end of the day though, no IB job is intellectually stimulating and all of the talk around how much you learn about transactions and such is not the reality of the day-to-day.
Agree on hours, and IB culture is just really crushing if you've worked in a chiller environment. I think you probably had rose-colored glasses if you thought you'd work ~50-60 hours with no weekends, that is just not a reality in IB. 70 hours is a good culture group.
What do you want to do long-term? PE will be much of the same, but corp dev could be a good next step for you. With 1 year in a banking role and some previous experience that would be a fairly easy jump. I'd consider all of your options before just going back to your old job.
Haha - only a month ago, so you raise a good point.
I could stomach the hours if I felt I was learning, so PE or corp dev may both work (or going back to the previous role).
Suppose the question was whether it's worth just pulling the plug now while I can still sort of reset as if nothing happened, but it sounds like I should stick this out for 6-12 months as a minimum.
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