1st Year Analyst - Thoughts on Quitting

I'm a 1st year analyst a BB and I'm pretty sure I'm going to quit after I get my 1st year bonus. I knew the hours were going to suck going into this job, but, after 6 months, I have realized what that really entails. I used to have a great balanced life, and I used to really be interested in finance before I started staring at excel and powerpoint 18 hours a day.

Everyday, I wake up and I have nothing to look forward to, except ordering Seamless Web and eating at my desk, while getting constantly interrupted. What's the point? I miss my friends. I miss my family. I have realized that the money isn't worth it. It's a high-paying job, but not a well-paying job.

We're recruiting for summer analysts, and I see how bad all these starry-eyed undergrads want the 2 spots that my group has available, and I feel bad for them. They are all working their asses off for the worst job. You should be working hard for the best, easiest job. The mentality in this industry (corporate finance, not necessarily other parts of IB) is sickening; all they care about are hours, which means there is no end, no out. There is no big payout. Every year you have to work just has hard to make that dollar. I look around the bank and all I see are brainwashed robots. I tell them that I want to start my own business one day and they say I'm crazy. They are only programmed to IB --> PE ---> MBA --> PE ---> Work ---> Die. I think it's about the journey. Life is short; you have to enjoy it. One reason I wanted to get this position was to see what it was like working all the time and making good money. I can tell you that it's not worth it (so you don't have to do this experiment). After this year, I'll go do whatever I want and have no regrets about not following the prestigious IB course, which is a big delusion (you get shit on everyday; associates shit on analysts; directors shit on associates; EDs shit on directors, etc. Bankers eat shit for a living).

However, I feel bad when I see all that all these people want my job so much, while, meantime, I want out! Does anyone else feel like this or similar? Should I quit? I mean, it's not that bad; it's just not that good. It's so boring. Not sexy. Models with boobs are sexy. Excel models aren't. I feel like I'm just wasting time, watching life go by. I think I would be much happier making 60k a year, working 40 hours a week. What do you monkeys think?

 

Are you done feeling sorry for yourself yet? I mean...on a serious note, if you don't want to do it anymore...don't do it. Banking isn't for everyone. You should try to get as much positive development out of it and try to stick it out at least for your two years...and then move on. I've found that life is all about attitude, I know how it is to get down sometimes but sometimes you have to suck it up. You can do anything for two years. I think you should stick it out. Good luck man

XX
 

It's definitely not for everybody. People's true desires can be clouded by the prestige given to IB, and it can certainly brain wash people. If you want to go start your own business, then go for it. You are by no means required to stay if you aren't happy. Life's about being happy, not making the most money. Most people correlate the two but that's not always the case.

All this being said, you are in an incredible opportunity. You put in your 2-3 IB analyst years and your career prospects are wide open after that. Might want to think about it before rushing to make a decision.

I didn't say it was your fault, I said I was blaming you.
 

I have a friend who was in your shoes.. He just left a BB as a 1st year analyst a few weeks ago. It takes guts to do it, I'll say that. Plenty of people said to his face that he was a fucking moron to throw it all away. But he says that he is happier, and I believe him. Do what you feel you need to do.. at the very least it will make for a great essay if you apply to b-schools.

"There are three ways to make a living in this business: be first, be smarter, or cheat."
 

you're an analyst...no matter where you go you'll get shit on, and it doesn't matter where your undergrad degree is from. I'm from Wharton and i got shat on enuf so I know how it feels (used to be in mgmt consulting). If you really hate ibanking then quit, although recognize that quitting now forestalls your ability to jump to PE/VC/corp strategy at an internal company since you're only 1 year in. Waiting another year increases that probability far greater, you can determine the ROI of waiting it out and the opp cost of leaving.

 

Ha. I was in your shoe half a year ago when I was still at my BB. Towards my last several months there, every day I woke up and the first thing came to my mind was "Oh shit, I have to go to work today". That's how bad it is... Then you go to office and start processing all types of shit and enjoy the hierarchy and bureaucracy here and there... If you get a moron associate or VP, then your life is even more miserable...

Some ppl say that banking is not for everyone. I say banking is for a few people only. For those ppl who actually work in banks (specifically IBD), look around and count how many ppl in your class are still left in 2 - 3 years and then you'll realize pretty much everyone is gone (not necessarily to PE/HF only)... For those who are still left in the banks, I'd rather think that they have no way out instead of that they love banking so much.

One last funny thing here. One of my goods friends recently moved from IBD to BD at a large conglomerate. After getting the offer, he specifically told the HR team that he was happy to look at any business sector except for financial services (because he could not take it anymore). LOL

 

This is why it's critical to find a group with good culture. Not always easy to do as the process is pretty random and you don't always know going in, but there are plenty of them out there. I'm not saying you're going to work less than 85 hours/week, but it's critical that you don't hate the people you work with or else your life will be a living hell. I lucked out and wound up in a group with great culture and pulls in deals without being a sweatshop. It's still not easy, and at times it fucking sucks, but you will survive if you don't let things stress you out too much. You cannot take critiques on your work (aka getting shit on) as personal attacks. It's just part of the job.

 

Dude, I understand how rough you must be feeling now, but I feel like you might owe it to yourself and your future to stick it out. Perhaps if you resolve yourself by making a concrete plan of what to do afterward then you will then feel the resilience to see the stint through.

What I mean is this- sometimes when my life went to shit and I wanted to quit what I was doing I had to tell myself to stay the course as a duty (punishment) to myself for not doing the proper due diligence before making the decision. You have to lay in the bed you made for yourself. You signed up for the two year gig, you should try and stick with it at least until you have another gig lined up.

I am not saying you need to stay the full term, but you don't want to quit early and going back to mom and dads house broke with you tail between your legs.

Have you thought about transitioning to S&T? There are tons of smaller desks in regional cities that have great quality of life and decent money.

I think if you make a plan of how to make things better going forward than it might alleviate your misery day to day.

That said, do what you have to do. Good luck. Feel from to pm..

 

I would recommend waiting 1 more year to see if you like it any better - first 6 months is the toughest where you get very little client interaction which often makes the hard work worthwhile and most likely get staffed primarily on crappy projects with junior Associates. Also doesn't look good on your CV to leave after 6 months. Much better to have 1.5 years to show for it and then you can make an educated decision based on a bit more tenure. You will also get much better exit opp's if you wait a bit longer...

 

ADVICE: - Work HARD until March-April so you are in top bucket for bonuses. - Start preparing for your exit April-June (think about what you want to do, interview at entrepreneurial companies) - Once you have solidified your next steps (whether it be that you have an offer from a company that you would enjoy working at, or you've decided to quit after 1st year no matter what), you can start to have a "normal" life. I.e. start leaving at 6pm. Get to work at 9am. Do the bare minimum. - The above advice is predicated upon the fact that you/your family is financially well enough such that you don't have to worry about your next meal/paying off student loans etc.

Best of luck.

 

I'm a prospective monkey and think about how IB will be all the time. Extremely heavy load, but doesn't it depend on culture as well? Or is it hell for everyone? I assumed interactions between like minded analysts aspiring to do the same things will make it somewhat lighter. How much is everyone on edge? Curious to hear what people have to say.

AgainstAllOdds
 

If you're still interested in finance / investments / business (not IB pitchbooks), try to make the move to the buyside or corporate world now, while you are still employed. No reason to wait another year or two. You'll have more leverage re exit ops if you are still employed than if you quit first.

Other than that, make whatever choice you think is the best for you. If you see the way VPs are and know that you don't want that career / lifestyle / future, I can't see how anyone can blame you.

 

Having been in your shoes, quitting and then starting up a small (very, very crap & non-prestigious biz) and making nearly ten-fold the money I made as a entry level analyst, I say quit. I was more concerned with making money and enjoying life than building a banal resume.

Life can take you in so many places, so don't get too worried. I saved up enough money for my wife and I to pursue doctorates in top programs, got bored during the dissertation and worked a little after spurning a PE job and then started up another company, and now rather than being a director if I kept slugging away in banking, I now live next to many MD's in a tony little community.

There are lots of very bright people on this board. Far smarter than a lot of my entrepreneur friends who do very well. Many of you can make more than you'd make in most finance gigs, and I'd love to start a little banking/consulting scholarship when people have to quit a top BB/MBB and I give them some seed money with a clawback that if they go back to do those fields/an MBA they have to pay it back. But Johnny: Don't quit because you're annoyed, quit because you can do something better. Have confidence.

I rich, smarts, and totally in debt.
 
MrDouche:
Having been in your shoes, quitting and then starting up a small (very, very crap & non-prestigious biz) and making nearly ten-fold the money I made as a entry level analyst, I say quit. I was more concerned with making money and enjoying life than building a banal resume.

Life can take you in so many places, so don't get too worried. I saved up enough money for my wife and I to pursue doctorates in top programs, got bored during the dissertation and worked a little after spurning a PE job and then started up another company, and now rather than being a director if I kept slugging away in banking, I now live next to many MD's in a tony little community.

There are lots of very bright people on this board. Far smarter than a lot of my entrepreneur friends who do very well. Many of you can make more than you'd make in most finance gigs, and I'd love to start a little banking/consulting scholarship when people have to quit a top BB/MBB and I give them some seed money with a clawback that if they go back to do those fields/an MBA they have to pay it back. But Johnny: Don't quit because you're annoyed, quit because you can do something better. Have confidence.

Well Said!

OP: I agree too, the corporate environment can be tedious. But wait until you get that paycheck, cause if you want to start a business, you need #1 cash, and #2 time. You got to do what you want. And don't let statistics or the opinions of others stop you.

Speed has never killed anyone, suddenly becoming stationary... That's what gets you. -Jeremy Clarkson
 

Wow, consider the offer above - that's awesome. As far as your post is concerned, I can't even begin to tell you how many times I felt like that. I did quit after a year in BB IBD, but I had a gig lined up before I left. Read what Relinquis said above, don't quit if you have nothing else in your pocket. I can understand you're absolutely sick of it, but to be honest, go interview and see how much it has taught you. If nothing else, people will give you respect in the entrepreneurial world when they know you can take it up the a** for 24hrs straight for weeks on end if you have to. Its a depressing time as it is, make the most of it with your fellow analysts. The IBD program is probably the most social platform a kid can get out of college. Because everyone's young, miserable and overworked, you share a common passion - to kill directors/MDs/[insert jerk here]. That makes for some fun conversations over seamless dinners.

 

SB to you, Mr. Douche.

It might not be plausible but if there's any way you could get one day off, maybe a sick or vacation day, to just lay back, clear your head, and really think about what you want to do then you might have a better perspective on the situation.

Its a depressing time as it is, make the most of it with your fellow analysts. The IBD program is probably the most social platform a kid can get out of college. Because everyone's young, miserable and overworked, you share a common passion - to kill directors/MDs/[insert jerk here]. That makes for some fun conversations over seamless dinners.

Reminds me of pledging, haha.

 
Rupert Pupkin:
I love it. You were probably the guy in an interview telling them how much you had researched the job and that you understood how long/bad the hours were going to be. You should definitely quit as soon as you get your bonus so that you don't slow your group down or start spreading bad morale in the office.
lol what, having some people in the office that say the job is fkin bullshit and retarded is awesome, the people in the office that get a hardon from aligning slides and love the job make me pnhysically ill.
 
leveredarb:
Rupert Pupkin:
I love it. You were probably the guy in an interview telling them how much you had researched the job and that you understood how long/bad the hours were going to be. You should definitely quit as soon as you get your bonus so that you don't slow your group down or start spreading bad morale in the office.
lol what, having some people in the office that say the job is fkin bullshit and retarded is awesome, the people in the office that get a hardon from aligning slides and love the job make me pnhysically ill.
agreed, guy sounds like a douche
 

I would recommend sticking it out, unless you get an offer elsewhere that is really compelling/fits your passions and interests. Don't quit without something else lined up. It's only two years, which in the grand scheme of things is not very long. The economy is still tough, and you don't want to put yourself in too much of a hole.

Things will get better once you are a second year (particularly the last 6 months). Once the new analysts start this summer, they will take away a lot of the more BS administrative tasks for the group, like industry comps. This frees you up to focus on your deals/pitches/whatever. Also, you are just starting to get to the point where you are becoming efficient, which will hopefully reduce your hours, unless you are in a group that's big on face time.

You should also take advantage of every possible opportunity to do something social, particularly during the week. If you get off at midnight, go meet some friends at a bar. Getting your mind away from the work/sleep cycle helps a lot. It also gives you something to look forward to.

 

Echoing the posters above who actually know what they are talking about, do not quit 6 months (actually, don't quit at all without something else lined up). You seem to be forgettng there are thousands of kids that would give an arm to have your position in this market.

Honestly, I am very surprised (and actually tired of the whining) to see the amount of these types of posts - the fact that IB lifestyle sucks is crystal clear (in about 10,000 threads on WSO as well as other resources). You should have known what you were getting yourself into prior to accepting the offer.

Sure, my banking days fucking sucked but I would do it all over again if I had to, considering the end result.

"Jesus, he's like a gremlin; comes with instructions and shit"
 

I worked for a BB and quit after about 6 months. You're right.. its a joke and not worth it for some people (like myself). I moved to another bank doing aviation financing and am making more money in base salary and comparable bonus too. I work about 60 hours a week and everyone around is actually nice. There are other options out there... just gotta look for it!

 

The grass is always greener on the other side, right? As a student, all you want to do is get a banking gig. In banking, all you want to do is anything not related to banking. I think the rule applies to anything in life.

But good for you. Follow your heart and go do something you like. Life is too short to be thinking about what life could have been, or would have been, had you done something else. I know plenty of people that had the mindset of IB->PE->MBA->etc., but after going into banking (in cali), realize that what they want to do is start their own company. I think that's one of the reasons why I decided not to take a FT BB gig in NY. I knew exactly how my life would pan out the next 5+ years. Instead, I ended up with a gig in SF dealing with tech/healthcare startups (which is actually interesting/thought provoking). One of the most exciting things about life is its unpredictability and a little bit of spontaneity doesn't hurt either.

+SB for you if you video tape yourself taking a shit on your MD's desk right before you leave.

 

youre clearly not cut out for this, but doesnt mean you should just slander the rest of the hard working and intelligent people who get up and pay the bills with an ibd paycheck...

you die your way, and we'll die ours... shut the door on your way out

 

Is this guy serious? You are a loser man and the very reason why I cant stand this job. Hope you have some sturdy knees. Are you really intelligent? Mustve really needed that advanced degree for those pie charts and "complex" models. You are a process monkey, get over yourself.

And to the OP, I know where you are coming from.There really is nothing to wake up for anymore, and I am just wishing these 2 years away. Just waiting till I get the next job and can cruise on the remainder of this one.

CZH:
youre clearly not cut out for this, but doesnt mean you should just slander the rest of the hard working and intelligent people who get up and pay the bills with an ibd paycheck...

you die your way, and we'll die ours... shut the door on your way out

 
bigbadanalyst:
Is this guy serious? You are a loser man and the very reason why I cant stand this job. Hope you have some sturdy knees. Are you really intelligent? Mustve really needed that advanced degree for those pie charts and "complex" models. You are a process monkey, get over yourself.

And to the OP, I know where you are coming from.There really is nothing to wake up for anymore, and I am just wishing these 2 years away. Just waiting till I get the next job and can cruise on the remainder of this one.

CZH:
youre clearly not cut out for this, but doesnt mean you should just slander the rest of the hard working and intelligent people who get up and pay the bills with an ibd paycheck...

you die your way, and we'll die ours... shut the door on your way out

Agreed man, it's an absolute grind... I've been pretty beaten down by my current deal process... lots of 120 hour weeks, frustrating still getting shit on, people not appreciative of your work, but I still see value in the job. All these people talking shit probably haven't gotten it that rough lately and forget what it's like to be getting shit all the time, or are just sociopathic and actually enjoy banking at the junior level. No one really likes this stuff as an analyst... the analysis is cool the first few times you do it, but after you've run every conceivable sensitivity in a highly iterative process, you reach a point where you don't want to show another side by side bar chart that highlights disparity between cases... Ooh Management Case is 5.6x vs. Management Case Adj. of 5.4... It gets to be fucking stupid. It's sweet to be a Director and argue the philosophic merits of discount rates, but it sucks to be the analyst listening to the intellectual circle jerk taking place on a conference call knowing he is going to have to redo perfectly reasonable analysis for no fucking reason while an MD gets on a plane to go play golf with Nick Saban, meanwhile you're going to have to crank till 7am and no one is gonna give you a "thanks for the work, we really appreciate it, and know we're being a royal pain in the ass."

Just have to move past it and keep your eyes on the future. All in all, the sacrifice is worth it, but for anyone who says you don't have the right to bitch as an analyst when you're getting shit on... you can fuck off.

 
johnny bananas:
I'm a 1st year analyst a BB and I'm pretty sure I'm going to quit after I get my 1st year bonus. I knew the hours were going to suck going into this job, but, after 6 months, I have realized what that really entails. I used to have a great balanced life, and I used to really be interested in finance before I started staring at excel and powerpoint 18 hours a day. Everyday, I wake up and I have nothing to look forward to, except ordering Seamless Web and eating at my desk, while getting constantly interrupted. What's the point? I miss my friends. I miss my family. I have realized that the money isn't worth it. It's a high-paying job, but not a well-paying job.

We're recruiting for summer analysts, and I see how bad all these starry-eyed undergrads want the 2 spots that my group has available, and I feel bad for them. They are all working their asses off for the worst job. You should be working hard for the best, easiest job. The mentality in this industry (corporate finance, not necessarily other parts of IB) is sickening; all they care about are hours, which means there is no end, no out. There is no big payout. Every year you have to work just has hard to make that dollar. I look around the bank and all I see are brainwashed robots. I tell them that I want to start my own business one day and they say I'm crazy. They are only programmed to IB --> PE ---> MBA --> PE ---> Work ---> Die. I think it's about the journey. Life is short; you have to enjoy it. One reason I wanted to get this position was to see what it was like working all the time and making good money. I can tell you that it's not worth it (so you don't have to do this experiment). After this year, I'll go do whatever I want and have no regrets about not following the prestigious IB course, which is a big delusion (you get shit on everyday; associates shit on analysts; directors shit on associates; EDs shit on directors, etc. Bankers eat shit for a living).

However, I feel bad when I see all that all these people want my job so much, while, meantime, I want out! Does anyone else feel like this or similar? Should I quit? I mean, it's not that bad; it's just not that good. It's so boring. Not sexy. Models with boobs are sexy. Excel models aren't. I feel like I'm just wasting time, watching life go by. I think I would be much happier making 60k a year, working 40 hours a week. What do you monkeys think?

In other words, "You can't fire me, I quit"

 

Thanks for all the responses. I was being overly dramatic. Let me clarify: I would never quit before one year and bonus. It's not that bad. I got into banking for all the same reasons as everyone else. However, some of those reasons no longer hold true, so I question the value of staying after my first year. 1) I got the job--proved to myself that I could (no easy feat), 2) Won't learn anything substantially new in second year, 3) I'm no longer interested in PE/VC/IB careers, 4) Now I have the experience under my belt. Given these points and the fact that I do have something else lined up should I leave (40 hour/week, $60k type of job), I question the value of staying for the second year. That's my situation. Just want to make sure I am not missing any big issues before I make the decision to move on after year 1 bonus. I would really only be staying for the second year for another paycheck and to complete the analyst "program." But I think the marginal benefits aren't enough considering I'm not trying to get back into PE/VC/IB. Rather than doing it all over again for another year, I feel like I could grow and develop in other areas of work and life that would benefit me more in the long run. Am I missing anything? Thanks

 
johnny bananas:
Now I have the experience under my belt. Given these points and the fact that I do have something else lined up should I leave (40 hour/week, $60k type of job), I question the value of staying for the second year... But I think the marginal benefits aren't enough considering I'm not trying to get back into PE/VC/IB.
It seems like some people missed this part. You already have a job lined up that you would to prefer to anything a second year as an analyst could provide. Leave and don't look back.
 
illiniPride:
Goal number one in life is to be happy. Never forget that.

This is 100% truth. There is no set path to life. With that said, I'd definitely want that first bonus to tuck away. Financial security goes a long way towards making life easier and gets rid of so much stress. Money isn't everything, but some base level of it allots you a ton of freedom.

 
TheKing:
illiniPride:
Goal number one in life is to be happy. Never forget that.

This is 100% truth. There is no set path to life. With that said, I'd definitely want that first bonus to tuck away. Financial security goes a long way towards making life easier and gets rid of so much stress. Money isn't everything, but some base level of it allots you a ton of freedom.

Yeah. Money doesn't make you happy but poverty will make you miserable.

 

If you think you may ever have an interest in going to get a MBA, you may want to stick it out. If you are happy with the track that your next opportunity will set you on, then no need to stick it out. Best of luck.

 
LDNBNKR:
TechBanking could you elaborate on that? I always thought MBA programs dont really care whether it is 1 or 2 years if you can explain why you left i.e. you had a nice offer that you preferred which allowed you to learn more

MBA programs may not care about 1 vs 2, but you want to have the largest possible pool of recommendation writers. If you leave too early, you are likely going to burn bridges with everyone in your group, many of whom will have MBAs from the top schools. It is better to get recommendations (assuming all else equal, in terms of your relationship, seniority, etc.) from people that attended the schools you are applying to. The 40hr/wk job that is referenced by the original poster probably isn't going to be stocked with HBS and Wharton MBAs like most BB groups are.

You also don't want to present the appearance of a job hopper if you end up leaving your next job or the one after that in ~1 year. As I understand it (and I'm not a MBA), schools want to see candidates who have been successful and accomplished things at their various career stops.

 

OP, stick around for another one or two years. You can easily move to corporate development role, or move to smaller boutique firms like Broadband Capital Management. I interviewed with them previously. Pretty good group. Smaller team and less ego. At the end of the day, it is not really the job but the people that you deal with everyday. But don't give up what you want to do (the job), just because you don't like the people around you. Move to the next stop with good people. Best of luck.

"I am the hero of the story. I don't need to be saved."
 
sxh6321:
OP, stick around for another one or two years. You can easily move to corporate development role, or move to smaller boutique firms like Broadband Capital Management. I interviewed with them previously. Pretty good group. Smaller team and less ego. At the end of the day, it is not really the job but the people that you deal with everyday. But don't give up what you want to do (the job), just because you don't like the people around you. Move to the next stop with good people. Best of luck.
  1. The kid can barely stand the job right now... TWO more years? Are you soft?

  2. No one cares about your interview with Broadband CM

  3. OP made it clear that it is a combination of the monotonous nature of the WORK and the never ending chain of PEOPLE defecating on one another that are driving his craving for a hasty departure

OP: In a similar boat, buddy. Isn't if funny how much your feelings can change in 1 year?

 

For all you thinking :Oh I would rather do 60k and 40hr job...blah,blah" Such a thing does not exist unless you are like 30 and priniting paystubs in some back office. For 60k, your age, think more like 50-55hrs and I guarantee you it will be even so more boring and dissatisfactory. BB for your age is the best option believe it or not. It seems like you wanted it badly but changed your mind afterwards....if you could switch positions with someone else you would realize quickly that you were better off doing 100k for 100hrs at BB.

 
bajabandit:
For all you thinking :Oh I would rather do 60k and 40hr job...blah,blah" Such a thing does not exist unless you are like 30 and priniting paystubs in some back office.

Actually there are plenty jobs that pay in that range with 40-50 hr weeks in BB support functions. Won't be the sexiest roles, but far from "printing paystubs in some back office."

OP - It's only really worth sticking it out for another year if you want to stay in the IB/PE/VC track. If you don't, start researching your exit ops now so you can have something lined up before you quit. Coming from BB IB, you should have decent options, whether latering to another part of your bank or a different area of finance.

 
bajabandit:
For all you thinking :Oh I would rather do 60k and 40hr job...blah,blah" Such a thing does not exist unless you are like 30 and priniting paystubs in some back office. For 60k, your age, think more like 50-55hrs and I guarantee you it will be even so more boring and dissatisfactory.

This is fucking stupid. I am a back office monkey (2nd year), and my all in comp for last year was significantly higher than 60K. I work a little less than 50 hours a week including time and a half OT, great benefits, and I'm not printing paystubs. I could easily do 40 hrs and still surpass that $60K mark.

With that said, I would trade my job in a second with the OP.

"For I am a sinner in the hands of an angry God. Bloody Mary full of vodka, blessed are you among cocktails. Pray for me now and at the hour of my death, which I hope is soon. Amen."
 
duffmt6:
bajabandit:
For all you thinking :Oh I would rather do 60k and 40hr job...blah,blah" Such a thing does not exist unless you are like 30 and priniting paystubs in some back office. For 60k, your age, think more like 50-55hrs and I guarantee you it will be even so more boring and dissatisfactory.

This is fucking stupid. I am a back office monkey (2nd year), and my all in comp for last year was significantly higher than 60K. I work a little less than 50 hours a week including time and a half OT, great benefits, and I'm not printing paystubs. I could easily do 40 hrs and still surpass that $60K mark.

With that said, I would trade my job in a second with the OP.

Yeah baja clearly doesn't know what he is talking about, all my friends earn more than $60k and they work 40 hours a week if that. They aren't loving their jobs, but they aren't stressed at all and they aren't stuffing envelopes, that guys is delusional.

 
bajabandit:
For all you thinking :Oh I would rather do 60k and 40hr job...blah,blah" Such a thing does not exist unless you are like 30 and priniting paystubs in some back office. For 60k, your age, think more like 50-55hrs and I guarantee you it will be even so more boring and dissatisfactory. BB for your age is the best option believe it or not. It seems like you wanted it badly but changed your mind afterwards....if you could switch positions with someone else you would realize quickly that you were better off doing 100k for 100hrs at BB.

You can easily make $60k working 40 a week... all my friends who work in back office finance or in corporate finance at a F500 make this or more, and their job is completely stress free.

 

Stick it out a while longer. Nobody is going to like the 1-year commitment to a BB on your resume. The inability to tough it out and commit to something is not what you want potential employers to take away from your resume. If, however, you have already locked down your next position, then maybe disregard my first point. Second, think about the money a little bit. Getting 60k and having a bit more freedom in your life may sound great now, but you are very much going to miss your current salary in the future, especially when you look at what's going on around you, economically, and you actually have to start fretting about your own finances (you don't need that in your life). If you want to build a little freedom and self-determination for yourself in that environment, just focus on excelling at your job and being a stud analyst. It's amazing how much better you feel at work on a daily basis when you know you're killing it. Good luck.

MJS
 

you have a lot of responses so there's a good chance your not going to read mine but i'd like to write it to at least get it off my chest:

I'm a college student now in the middle of recruiting. I come from a very different background than most (I'm slightly older, and have a lot more work experience than most). I'm at a pretty heavily recruited school (in Manhattan). I have pretty good grades and all that jazz and what your discussing I've thought about even before getting a damn offer and so this is my take along with my life experience:

Fantastic opportunities aren't immediate. They don't begin easily nor do they appear as a golden step on an infinitely beautiful staircase. Fantastic opportunities typically are one step in a very long staircase, with the first step being old, rusted, disgusting and barely reliable - but if your able to manage through that first step typically as you move on your staircase can definitely become golden. I think that's the situation your in.

I am like you: I'm not wired for IBD - PE - MBA - Prestige, blah blah blah. I really love business (I come from a long line of entrepreneurs and want to be one myself) and I also love investing. I'm focused on banking as a launch pad like you are I think. If you and I are in the same boat in terms of mentality than I'd ask you this: what happens to a rocket if, halfway onto the launchpad, no one pushes it in place and the ignition goes off?

Now I know I'm using weird analogies and some of you may think their bogus, and that's fine. You don't need to finish out your 2 year stint at IBD, most people don't from my understanding: but odds are you worked your ass off to get there and it is, whether you like it or not, a fantastic opportunity that does not corner you into PE/HF/MBA, etc, but rather opens doors to a multitude of fields. How do you think a future employer would view a candidate who left banking because it was tough, vs a candidate who decided to not return to banking after he completed his contract?

Ultimately man it's your choice regarding what you do, but if you do want to leave banking have a solid plan: life is definitely about spending time with loved ones and having fun, but there is a reality at stake as well - you need to earn a living. Housing, food, insurance, girlfriends, wives, children, college, they all require dough and right now you may think your willing to sacrifice those resources for some different form of happiness but it's easy to not value what we have and over-value what we don't. On top of that, our economic situation now and in the long term is not looking so hot.

Just to give you a heads up: my mother is nearly 60 years old, has no college education, lives in a home she's underwater in and rents the remaining rooms out to random people just to stay afloat; drives nearly 2 hours each way to a job she was offered after nearly 2 years of shooting resumes/networking and gets paid half your salary as a fresh college grad frankly crunching numbers and staying up late. My mother was on food stamps until she got this job. She gets up at 4 am, leaves at 5 to drive to work and gets home at 9. She does this 5 days a week, unlike your probable 7, and doesn't pull all nighters, but she's nearly 60. My stance on your position, not to be harsh is: if you want out, hit up my mom and guaranteed she'll trade you jobs.

 

It sucks to be unsatisfied with a job situation. I was in a similar space about 8 years ago when I was working for a consulting company. Leaving after a year was a foolish move in terms of both skill development and in terms of how I appeared on paper. You should definitely put in at least two years. If you leave after only one year, you're signalling to future employers that you may be the type to jump around to different companies. You will further develop skills that are transferrable and will get ahead financially while you're young, the importance of which cannot be understated.

If you still feel disatisfied at that point, move on. Who knows? Maybe you'll find more satisfaction as you develop and are given greater responsibilities.

 

I'm pretty sure that girl from that movie Another Earth thought the same thing when she was working at Goldman Sachs. She thought it sucked, moved to Silverlake in Hollywood, wrote Another Earth, won Sundance. I guess if you don't have enough passion for finance, you definitely do something else.

 

"You can easily make $60k working 40 a week... all my friends who work in back office finance or in corporate finance at a F500 make this or more, and their job is completely stress free."

One thing on this. Right out of school I was making around the above amount...pretty standard entry level salary in s&t. It was fine and I can see how that's attractive right now. 60k vs 100k isnt a huge deal. But the question is, are you prepared to live with a scenario where you make 60k, which goes to 75k, and then when you're 35 you're making 110 a year at your company? You will have a different set of lifestyle choices available to you.

It's ultimately a personal choice, but the immediate relief of the nicer job now, may not set you up for where you want to be in 10 years time.

If you want to go to bschool or start your own biz then the above doesnt apply quite as much

 
Jimbo:
"You can easily make $60k working 40 a week... all my friends who work in back office finance or in corporate finance at a F500 make this or more, and their job is completely stress free."

One thing on this. Right out of school I was making around the above amount...pretty standard entry level salary in s&t. It was fine and I can see how that's attractive right now. 60k vs 100k isnt a huge deal. But the question is, are you prepared to live with a scenario where you make 60k, which goes to 75k, and then when you're 35 you're making 110 a year at your company? You will have a different set of lifestyle choices available to you.

It's ultimately a personal choice, but the immediate relief of the nicer job now, may not set you up for where you want to be in 10 years time.

If you want to go to bschool or start your own biz then the above doesnt apply quite as much

I think his response was more geared towards correcting baja's dumb post than anything else. I'm one of those back office guys, and I would trade it for FO in a second. With that said, the ceiling for a 35 year old is much higher than $110K, although there are plenty of people perfectly content being analyst level until they retire.

"For I am a sinner in the hands of an angry God. Bloody Mary full of vodka, blessed are you among cocktails. Pray for me now and at the hour of my death, which I hope is soon. Amen."
 
Jimbo:
"You can easily make $60k working 40 a week... all my friends who work in back office finance or in corporate finance at a F500 make this or more, and their job is completely stress free."

One thing on this. Right out of school I was making around the above amount...pretty standard entry level salary in s&t. It was fine and I can see how that's attractive right now. 60k vs 100k isnt a huge deal. But the question is, are you prepared to live with a scenario where you make 60k, which goes to 75k, and then when you're 35 you're making 110 a year at your company? You will have a different set of lifestyle choices available to you.

It's ultimately a personal choice, but the immediate relief of the nicer job now, may not set you up for where you want to be in 10 years time.

If you want to go to bschool or start your own biz then the above doesnt apply quite as much

You would get promoted to associate in 3-4 years and associates typically make 100-120... I'm not saying I would do this, as I work in banking... I'm just saying that baja was way off on his synopsis of how much you could work. The OP said he wants 40 hours with little to no stress, you can do that in back office no problem.

 

enjoy those amazingly useless hours of 6:30pm-11pm in the middle of the week at your apartment watching south park and eating dinner. you'll be able to think of how you quit on greatness

Life passes most people by while they're making grand plans for it.
 

I was just thinking how whenever I go on facebook, I see people I know who are still in school and have so much free time on their hands. They never really worked ever since undergrad while I entered the workforce and slaved away. That was 2 years ago. You can obviously see the overworked change on my face and physical shape. All they do it go out to eat with friends, look happier than ever, still young looking, and haven't faced stress that you get from the real world while I started to look worse. Sometimes I'm envious but they'll have to face it eventually....

At least I'm making money and saving.

 

Stick it out at least 1 year and not leaving the job 6 months in. While it is common that a lot of people jump from one job to another, but leaving only after 6 months is a major alarm to any perspective employers out there.

I am on our group's hiring committee and I always ask someone that have left a job within 1 year of why they think this will be the right job for them this time around. No matter how good the explanation of why they left their previous career field, we see it as a negative against them compare to other candidates.

Think about it this way, why do we only hire college grads for entry level jobs and not just anyone on the street without a college degree? It simply shows that you are capable of learning quickly and have the ability to persevere through long commitments that might be challenging.

 

Money might not buy happiness, but I'll take my fucking chances. I feel that you should definitely fight it out and stay for the analyst stint. Afterwards, you'll have way more doors open for you. If that's the end of your banking foray, then so be it. But at least you didn't hurt some of your future opportunities or roles from this job.

 

You know how many BO goons would kill to be where you are right now? Although more than half are complacent with doing very little, there are many who are hustling to no avail to reach a level where they only get shit on, such as a role you describe to have. Front Office positions set you up for life, and leaving prematurely would be shooting yourself in the foot for what you've worked so hard to obtain. A 60k/40hr job sounds nice now, but when your 28 and making 80k/yr STILL only working 40 hours; that's truly pittens to others. I'd say stick what with your doing, chalk the next 2 yrs up as a L, then live well after. You're probably just miserable from the lack of sleep.

 

I only read a few comments cause I have no time but here is my input.

I was in your position BUT I realised that's what a lot of bankers do during my internship and rejected their offer. You spend at least 8h/ day at work so you better be doing something you like. This should be your top priority. My second suggestion is that you cannot hope to be successful in something you don't like. Some people in the finance world enjoy working on a single worksheet and not doing anything else for years. I think in finance there are too many braincapped people like these.

Also a lot of the folks here seem to be going into finance for the money. Sure, they come here act big and arrogant then go to work the next day and get smacked by everybody. They also started with a huge salary but haven't progressed that much and their prospects are very narrow. I mean if something happens with the finance industry (like it did this summer - loads of layoffs) they are jobless and might find it extremely hard to get a job similar to the one they had.

Other professions are: 1) Fun 2) Very diverse (although banking can be very diverse if you are talented and smart to be in such a possition) 3) You learn skills all the time. Banking you need to be informed of what's going on which isn't exactly learning. Again there are parts of finance where learning is constant (e.g. Quants and the technical stuff) 4) Transferable skills from other professions seem to be much more (e.g. engineering, medicine, physics).

In a lot of other professions you start with a smaller salary but you grow constantly. Also with such professions, you get personal time to invest in other things - another degree, learn something on your own, family, sports.

In finance there seems to be this reluctance to let other people go up the ladder and keep them under the thumb. The only thing that somewhat relaxes this situation is that you can so easily move to another bank and usually you'll be doing the exact same thing.

I also feel that with professions such as engineering, medicine, physics you have the chance to earn as much as bankers if you wish to. For example if you are ambitious you can get into the management of large corporations. For example management and CEO's of say Medical companies are scientists and doctors. They do well in terms of pay - comparable to CEOs of banks and sometimes higher.

At the end of the day you should follow rule number 1 - do what you enjoy. Life is one time buddy. When you're 90 you don't want to look back and be able to remember only that stupid spreadsheet against your face. You want to remember time with friends, family, nature, that new discovery your team made, that new product you created etc.

Imagine if the Facebook guy had put his energy into getting a BB job instead of following his passion? Or Steve jobs had put his energy into securing that BB job instead of spending countless hours experimenting with electronics and computers.

What about the US president? There are countless finance people who earn his compensation several times over. Who cares about those people? Who knows their names? They are caught up so deep in this BS that they retire so wasted they barely manage to spend even a small portion of their income before a heart attack finishes them.

 
s5s:
What about the US president? There are countless finance people who earn his compensation several times over. Who cares about those people? Who knows their names? They are caught up so deep in this BS that they retire so wasted they barely manage to spend even a small portion of their income before a heart attack finishes them.
what. why would u go into finance if u cared about people knowing your name? and being the president would suck because anything that goes wrong is your fault; and because you would have no privacy either
 

s5s, you have never worked in banking pls stop posting.

LAbanker, your view of exit opps after a year is a bit too negative, some guys go to hf or mm pe after 1 year no problem.

you need to keep options open if you are not sure what you want to do, once you have decided that the value of having a huge array of options available declines significantly.

It is of course still useful to have a transferable skill sets as professions constantly cease to exist and new ones are created.

 
leveredarb:
s5s, you have never worked in banking pls stop posting.

WTF?! You sound a bit to sure there about somebody you don't know. I have worked in banking. Nice place to work if you are smart and can get on something interesting. The rest of the worforce deals with ridiculously boring work just so that a group of people who are lucky enough can do their job and make money.

 
leveredarb:
s5s, you have never worked in banking pls stop posting.

LAbanker, your view of exit opps after a year is a bit too negative, some guys go to hf or mm pe after 1 year no problem.

you need to keep options open if you are not sure what you want to do, once you have decided that the value of having a huge array of options available declines significantly.

It is of course still useful to have a transferable skill sets as professions constantly cease to exist and new ones are created.

This, I've seen analysts leave BB programs in +/- a year and move to MM PE and HF, and in some cases Mega-Funds.

'We're bigger than U.S. Steel"
 

Well in either case, the recent (and imminent future) rounds of layoffs i think are a "good thing". Classic creative destruction and rebalancing. What appears to be a bunch of bankers losing their high-paying jobs is in reality a lot of very ambitious and capable people flooding the market and searching for new opportunities.

 

If you leave and flame out now, esp at a BB, you sure as hell better know you do not want to work in the industry. You will burn all of your bridges in the industry.

Follow the shit your fellow monkeys say @shitWSOsays Life is hard, it's even harder when you're stupid - John Wayne
 

OP said he wants to bail AFTER his first year bonus.....so that clears that up for about 25 posts above.....

I find that most people I work with in banking have NO hobbies. I on the other hand have hobbies. I have things I like to do outside of work that I love doing and want to do for the rest of my life. I work to support my hobbies...and no I don't consider drinking a hobby...though I like drinking and do it quite often!

The problem with banking for me is....it makes more $$ than I need for my hobbies and interests and leaves me no time to actually do my hobbies. So it's obviously not that bad.... I'm saving money which is good and feels good....but I'm not doing what I love to do outside of work.....which sucks. I'm going to keep grinding away...but I'm always looking around the corner and will take the first opportunity I have.

The bank / your bosses / your co-workers will not look out for what is best for you. YOU NEED TO DO THAT. They will try to get the most out of you and give you as little as they need to because that is what is best for them.

Have a plan and everything will be good. I'm sure you are smart enough...so make sure you have a plan and it is not flawed and you will be fine.

 

" Learn to listen to your inner voice, and drown the opinions of others out. Do not live with the results of someone elses thinking. Follow your heart and intuition, they already somehow know what you want to become" . Or something to that effect.

I recently quit banking after 4, long, hard years, and getting a direct promo to associate. In fact I decided I was going to quit when I was in associate training, right after my promo bonus would vest.

I work in corporate strategy now. I don't work weekends.My bad nights end at 11 PM. Good nights at 6PM. I still make 6 figures (low low low 6 figures) in another (cheaper) east coast city (i.e. not NYC) where taxes are lower, rent is lower. I save not as much, but pretty close to what I was saving with my 125k associate base in NYC. Obviously come bonus time, I won't be putting sh*t away in the bank. But I am happy. People are nice, they are actually normal, nice people. They are smart, motivated, many have top MBAs / ivys etc. but they value having a life too. It is a strange, alien world to me, but I am loving it. On thursday my fellow cube mates forced me out of the office (because sadly, I don't know how to get out of the office when it is still light out). We grabbed some beers at happy hour. It felt good.

Do what you want to. Don't listen to the well meaning, but not always accurate advice of every one around you.

 
ghosht:
" Learn to listen to your inner voice, and drown the opinions of others out. Do not live with the results of someone elses thinking. Follow your heart and intuition, they already somehow know what you want to become" . Or something to that effect.

I recently quit banking after 4, long, hard years, and getting a direct promo to associate. In fact I decided I was going to quit when I was in associate training, right after my promo bonus would vest.

I work in corporate strategy now. I don't work weekends.My bad nights end at 11 PM. Good nights at 6PM. I still make 6 figures (low low low 6 figures) in another (cheaper) east coast city (i.e. not NYC) where taxes are lower, rent is lower. I save not as much, but pretty close to what I was saving with my 125k associate base in NYC. Obviously come bonus time, I won't be putting sh*t away in the bank. But I am happy. People are nice, they are actually normal, nice people. They are smart, motivated, many have top MBAs / ivys etc. but they value having a life too. It is a strange, alien world to me, but I am loving it. On thursday my fellow cube mates forced me out of the office (because sadly, I don't know how to get out of the office when it is still light out). We grabbed some beers at happy hour. It felt good.

Do what you want to. Don't listen to the well meaning, but not always accurate advice of every one around you.

This is why I want to get in Banking. Congrats man, sounds awesome.

 
PlusMinus:
ghosht:
" Learn to listen to your inner voice, and drown the opinions of others out. Do not live with the results of someone elses thinking. Follow your heart and intuition, they already somehow know what you want to become" . Or something to that effect.

I recently quit banking after 4, long, hard years, and getting a direct promo to associate. In fact I decided I was going to quit when I was in associate training, right after my promo bonus would vest.

I work in corporate strategy now. I don't work weekends.My bad nights end at 11 PM. Good nights at 6PM. I still make 6 figures (low low low 6 figures) in another (cheaper) east coast city (i.e. not NYC) where taxes are lower, rent is lower. I save not as much, but pretty close to what I was saving with my 125k associate base in NYC. Obviously come bonus time, I won't be putting sh*t away in the bank. But I am happy. People are nice, they are actually normal, nice people. They are smart, motivated, many have top MBAs / ivys etc. but they value having a life too. It is a strange, alien world to me, but I am loving it. On thursday my fellow cube mates forced me out of the office (because sadly, I don't know how to get out of the office when it is still light out). We grabbed some beers at happy hour. It felt good.

Do what you want to. Don't listen to the well meaning, but not always accurate advice of every one around you.

This is why I want to get in Banking. Congrats man, sounds awesome.

Light at the end of the tunnel? Check

 

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Ut temporibus aliquam molestiae. Quasi et adipisci ad enim autem ullam. Exercitationem accusantium occaecati voluptatibus perspiciatis molestiae ipsum.

 

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Autem iure inventore ut. Quis optio repudiandae totam est dolor. Soluta sed consequatur omnis eos occaecati voluptatem voluptate unde.

-- The Buyside Boss [email protected] www.buysideboss.com | Case Studies, Interview Questions, Resume Reviews
 

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