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Exit Ops - The End of The Show II
 

TechBanking's picture
EN
(King Kong, 1,112
 
Points)
 on 5/1/12 at 1:00am
exit.jpg

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.

Tags:
brandon st randy's picture

Congratulations. So are you

PE
(Gorilla, 703
 
Points)
 on 4/30/12 at 5:15pm

Congratulations. So are you going to start a tech startup company of your own?

...well, he's no use to us if Detroit is his idea of a small town!

swagon's picture

Good luck. Let me just say

EN
(Neanderthal, 2,970
 
Points)
 on 4/30/12 at 5:15pm

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.

duffmt6's picture

Awesome. Best of luck.

IB
(Neanderthal, 2,327
 
Points)
 on 4/30/12 at 5:25pm

Awesome. Best of luck.

"Social cohesion and puritanical morality place roughly on my list of concerns between whether I'll pick up jock itch at the gym this week (not likely, since I don't go the gym) and whether it'll rain in Christchurch, New Zealand next Tuesday."
-Eddie

Neighbor's picture

swagon: I hope your venture

IB
(King Kong, 1,236
 
Points)
 on 4/30/12 at 5:27pm
swagon:

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

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

TechBanking's picture

Thanks guys, I know a ton of

EN
(King Kong, 1,112
 
Points)
 on 4/30/12 at 5:59pm

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.

TheKing's picture

I think a lot of us certified

O
 
Points)
 on 4/30/12 at 5:59pm

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...

Check out my WSO Blog

finger_me_elmo's picture

awesome man good luck!

PE
(Baboon, 129
 
Points)
 on 4/30/12 at 6:46pm

awesome man good luck!

Whats the matter? Scared of my little red fuzzy anus? Don't be shy,let me show you the way, give me your hand and I will take you to paradise <3

Kind Regards,

ElmElm

brandon st randy's picture

TechBanking: Thanks guys, I

PE
(Gorilla, 703
 
Points)
 on 4/30/12 at 7:54pm
TechBanking:

Thanks guys, I know a ton of people moving jobs right now for a variety of reasons (only one was laid off).

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.

...well, he's no use to us if Detroit is his idea of a small town!

Aragorn's picture

Good luck TechBanking!

(Orangutan, 335
 
Points)
 on 4/30/12 at 10:19pm

Good luck TechBanking!

"Rage, rage against the dying of the light." - DT

WSOusername's picture

awesome man, good luck with

 
Points)
 on 5/1/12 at 1:20am

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

GBS

OMS's picture

TechBanking: To echo the post

PE
(King Kong, 1,886
 
Points)
 on 5/1/12 at 1:42am
TechBanking:

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.

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.

Powa23's picture

Good luck! It is always good

(Orangutan, 291
 
Points)
 on 5/1/12 at 2:54am

Good luck! It is always good to get perspective.

econ's picture

TechBanking: ...but it has

O
(Neanderthal, 2,416
 
Points)
 on 5/1/12 at 7:09am
TechBanking:

...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.

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.

For my aspiring Entrepreneurial Nomads, check out my blog.

BankingWaffle's picture

TechBanking: To echo the post

IB
 
Points)
 on 5/1/12 at 8:39am
TechBanking:

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.

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.

Cheers.

Human's picture

TechBanking: To the question

PE
(King Kong, 1,891
 
Points)
 on 5/1/12 at 8:51am
TechBanking:

To the question above, yes, I'm founding a tech company with a few other guys.

Wish you the best in your new venture.

"I am the hero of the story. I don't need to be saved."

Relinquis's picture

All the best in your

RE
(Neanderthal, 2,186
 
Points)
 on 5/1/12 at 9:06am

relinquis... Killing the GMAT this December; Over/Under set at: 725 GMATs.

UFOinsider's picture

I want to be you in a few

O
(Human, 10,347
 
Points)
 on 5/1/12 at 9:32am

YOU JUST GOT TROLLED
http://www.troll.me/images/red-foreman322/dont-you...

Rumplesmoothspin's picture

Good luck bro. Have followed

 
Points)
 on 5/1/12 at 10:37am

When do you sleep?...Sunday

TechBanking's picture

GoldmanBallSachs: awesome

EN
(King Kong, 1,112
 
Points)
 on 5/1/12 at 10:59am
go.with.the.flow's picture

OP what kind of venture are

EN
(King Kong, 1,109
 
Points)
 on 5/1/12 at 11:21am

|| But feeling good and enjoying life are prerequisites to success, not by products of it- Midas Mulligan Magoo ||

TechBanking's picture

econ: TechBanking: ...but

EN
(King Kong, 1,112
 
Points)
 on 5/1/12 at 12:04pm
TechBanking's picture

go.with.the.flow: OP what

EN
(King Kong, 1,112
 
Points)
 on 5/1/12 at 12:05pm
go.with.the.flow's picture

TechBanking: go.with.the.fl

EN
(King Kong, 1,109
 
Points)
 on 5/1/12 at 12:23pm

|| But feeling good and enjoying life are prerequisites to success, not by products of it- Midas Mulligan Magoo ||

txjustin's picture

Great post and good luck in

O
(Neanderthal, 2,447
 
Points)
 on 5/1/12 at 1:05pm
TechBanking's picture

go.with.the.flow: TechBanki

EN
(King Kong, 1,112
 
Points)
 on 5/1/12 at 7:27pm
BananaBoy's picture

Impressive decision making,

(Baboon, 113
 
Points)
 on 5/5/12 at 6:55pm

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