To echo the post from Tier2Sta, I also handed in my resignation today after nearly 10 years in finance, primarily in IB, at both the BB and boutique level.
I don't have quite the negative view that he does. There have been many times over the years that my job has absolutely sucked, but it has now put me in a position to pursue something entrepreneurial. This is my shot to swing for the fences and hopefully make it really big. I have the financial stability and access to the right people to make it happen. Without banking, this may not have ever been an option for me.
Yes, banking comp will be lower and the industry will likely continue to shrink in the near-term, but deals will still need to get done. Companies will still need to raise money. The skills and relationships to make these transactions happen will still have some value.
During interviews, the primary answers given for why people want to break into the industry are the technical and soft skills that you develop and the rolodex that you build. If these really are things that people want, you will still have the opportunity to obtain them.
Particularly through my boutique experience, I have been able to meet a ton of incredible people at interesting companies. These people are now helping me as I pursue something on my own. Additionally, the experiences I have had advising companies will allow me to effectively avoid some of the common pitfalls that I have seen our clients make.
Congratulations. So are you going to start a tech startup company of your own?
Good luck. Let me just say I've really appreciated your posts on how to live and enjoy life, at least as much as work permits, as a young guy in finance in NYC.
I hope your venture blows up like my record label did. Let me know if you ever need celebrity rappers for guest appearances or event promotion.
lmfao.
OP, thanks for sharing. Your posts have been really insightful. I feel like every certified user on here has quit there job in the past 6 weeks
Awesome. Best of luck.
Thanks guys, I know a ton of people moving jobs right now for a variety of reasons (only one was laid off). I think it may be some indication that the job markets are starting to open up. Several of the guys have been career finance pros, but they are leaving to pursue things outside the industry. The new compensation structures are definitely making people more willing to leave the industry than at any point since I've been working (maybe that's the govt's point?). I think we may be at the beginnings of the talent drain that banks predicted when they took away compensation.
To the question above, yes, I'm founding a tech company with a few other guys.
That is good to know. In my opinion the transition from Tech IB to start up really makes a lot sense, especially when you are in a tech hub like the Silicon Valley. I know quite a few people working at tech startups in NY.
I hope that despite the career transition, you will still be around this forum or at least be receptive to PMs.
Wish you the best in your new venture.
I think a lot of us certified users will end up leaving the industry soon (and possibly letting people on WSO know) due to timing. A ton of people, like myself, started on this site while still in college and got into banking while this site was still in its early days. Now, coming on five years later, a bunch of the early users of the site are hitting natural inflection points in their careers. Particularly those of us who did banking --> PE and are coming to a crossroads of sorts.
I think that makes sense...
awesome man good luck!
Good luck TechBanking!
awesome man, good luck with your future endeavors.
With all the people leaving lately I cant tell whether to be happy since theoretically it shud became easier to get in, or to take the warning that it sucks and stop trying. who knows. Btw, i dont know if patrick has the event thing up yet but i say you guys set up a happy hour where all the ex-bankers meet up. We already got the piano man, techbanking, the guy who wrote this same thread pt 1, and who knows who else has and/or will in the near future
I value my entire IB experience and wouldn't trade it for anything, but I'm happy to be moving on to my next step in life. I won't miss clients calling me at 2am or 8am on a Sunday, or the absurd deadlines, or the pitching. The notion that it sucks to be an analyst has always been around (or at least since the late-90s when I was first learning about banking); that hasn't changed.
If anything, I think that analysts lives may ultimately become easier at the BB level because it will be harder to ask them to run through walls if they have no chance at a big bonus. Fear of not maximizing my bonus opportunity was always what kept me going when I was getting crushed at 4am.
A few more veteran people on this board (or generally in the industry) jumping ship shouldn't prevent anyone from pursuing the industry at a junior level. I never planned to stay in banking as long as I have. Now just happens to be the right time/idea for me.
Bout time someone posts a more optimistic view on banking. I enjoy your posts and have learned a lot from them.
If you are ever down in Charlotte and need a taxi ride, you know who to call.
Good luck with your endeavors, and I look forward to staying up-to-date on your progress.
Good luck! It is always good to get perspective.
That can be an asset. Keep in mind though that many entrepreneurs made it without that sort of background. Plenty of people start successful businesses when they are young, broke, and lack connections.
Absolutely, but it's a lot easier to do that when you are 21 and not mid-30's and married.
Yo dude, I just want to say I really appreciate the help you've given me in the past on the banking side, and I really hope you crush on the entrepreneurial side. I look forward to possibly bumping into you as I continue down the startup path myself.
All the best in your venture... I know several friends who have started their own ventures since the crisis, some successes, some failures and some in between... It will change you, but for the better.
Even if you end up like Josh Hartnett's character in that indie movie (August) you'll still have some cool stories.
I want to be you in a few years, this is exactly WHY I went into finance. WAY TO GO MAN!
Good luck bro. Have followed your posts through the forums over the past few months and found some real insightful things.
OP what kind of venture are you dabbling in?
Top secret for now but in the broader healthcare technology space
good luck and lets us know about the progress
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