Observation on career happiness
I've noticed a trend among my friends that are a few years out of college and into their career - the happiest people seem to be those in nursing and those in accounting, along with my friend who became a police officer. All of them are happy go lucky seemingly without regret for their chosen profession. In finance, there is more than a noticeable amount of ruing. What is this a function of? Do any of you ever wish you went into one of the aforementioned fields?
Same. Pretty much all my friends who followed their dreams (or focused on building a life outside of work) are a lot happier. Many of my friends accross finance are extremely judgmental of others and their career choices. People need to stop thinking next steps and focus more on what they already have.
That's just how finance people are. The world of finance is really competitive, so people are constantly aiming to get higher.
A lot of this industry is full of people who are just bundles of insecurity. I've seen some pathetic things take place, because some people are so goddamn hollow on the inside.
Also the fact that everyone's looking to outdo one another in order to "get to the top" without realizing there is no top. It's an empty cliff with empty promises.
Excel in whatever it is that you like and block out all the background noise.
This. Also, somewhat in relation to this, take a more laid-back approach to everything on the job (I'm not saying by any means to slack off, but try personality wise to be "chill") and you'll find that you are less stressed and people like you more. If you're focused only on being the best, you're constantly going to be unhappy with yourself, with your choices, etc.
The tools are the insecure kids in target schools who use their career as a compensation method because for the first time in their life, they have something other people want. You ever notice how at a target school, the kids going into finance were never the cool/popular/athletic/pretty guys/girls when they were in high school? Those people are the worst. The kids at my school always had to one-up the next person, and constantly gossip about what others were doing with their lives. The best part is if you ever (bless your soul) spend enough time around them, they'll reveal what they really want, which is validation and acceptance... which will never happen cause they're insufferable.
I've found the good people in finance (who you can actually relax around and not worry about them keeping tabs on you) know their job is just a job. It's not a status symbol, or a means to talk down on others, it's just something you do to pay the bills. Most of the people in this category that I've met come from public schools or less wealthy backgrounds. There are definitely some standup people. It's just they're overshadowed by people who have to name-drop their firm every other sentence at bars and include "incoming summer analyst" on their email signature.
The tools are everywhere. There's no distinct pattern that I've noticed at "targets" vs non-targets. Insecure people who are attracted to this industry, because of the money and prestige are usually the ones who end up comparing "job offers", and talk about their "perfect 10 year plan" that they have set out where they'll be making 7 figures by 30.
The nature of this business tends to attract people who will forego everything for image/money. You won't see that in careers where the pay isn't that high, or where actual skill (Oh yeah!) weeds out the idiots. Nothing worse than seeing a stupid narcissist in your office.
Happiness is directly related to your expectations, most of the people on this forum expect to be making a few hundred thousand by age 30, which just doesn't happen very often. Focus on building the life you want and you'll have a much better chance at being happy IMHO.
Yes - however, in finance the expectations automatically become higher as the ceiling is higher, you are surrounded by people who are extreme outliers, and anything is a possibility. Plus - the field is so competitive that being "happy" by your definition becomes almost a disadvantage. So I would say yes finance is a very unhappy field especially when you further factor in the uncertainty, sacrifice, and lack of security. However, I think they live more glamorous lives with an envious lifestyle, at least on the outside compared to most people.
You're describing those negatives as a badge of honor, which is a trend I've noticed from people eager to enter that industry--as opposed to people in that industry. My description of happiness, if you can even call it a description, was based on a person figuring out what balance they want to strike between work and other avenues of life. Banking on the other hand, is a one way street, work over everything else. That might be everything you're looking for long-term, but I think that reality doesn't sit well with most, hence the high turnover and anecdotal unhappiness.
Happiness = Reality - Expectations
This probably says more about the type of people who work in finance than it says about the effect certain jobs have on happiness. It would surprise me if the same type person who is interested in investment banking would seriously consider being a nurse or police offer (not saying there is anything wrong being either of these -- they're both great and valuable professions).
The type of people who work (and thrive) in professions like investment banking are to a certain extent never fully "satisfied". In the worst cases, this can lead to people never being happy or not being able to enjoy life, but in the best cases, this attitude leads to people constantly producing good work and finding new ways to innovate or defeat the competition. There's a good and a bad side to these things.
People who think investment banking "is just a job", most likely have never worked in it or professions that are similar. At the analyst level, it is something you consistently devote 80-90+ hours a week of your life doing. Even if you can sustain deep hobbies on this schedule, it doesn't even compare to the time you spend working. For better or for worse, it becomes the most significant part of your life. If you were looking for something to just pay the bills, there are definitely other professions that you could choose to pursue that would do that and give you more time for non-work related activities.
Investment banking or finance is not the end all be all, but people who chose to go into these fields are very clearly looking for something different out of life than people who choose to become nurses or police officers (which are again both very respectable professions).
That's a short sighted view of coming to your conclusion. You're looking at the role in which they work in a vacuum. The truth is, there is much more that needs to be considered:
First - just purely related to nursing/accounting (other roles/industries) - what percentage of accountants and nurses are happy? I would bet it's similar on an apples-to-apples basis to those in finance. Every person has different motives. Nurses overall are probably a bit happier because there is instant feedback in their job; they know immediately when they've made someone's lives better, and that goes a long way in terms of assessing career satisfaction. Often times, different career paths are chosen because people value happiness and success in different ways. So I would first define what success is to you, then judge your own career path, as well as others on that same criteria.
Secondly- and most importantly - this is the best career advice I can give (and always do to anyone who asks): When you're looking for a job, focus on the companies and not the roles. Finding companies that have great culture and opportunities will always be best. The best role in a terrible company is still a terrible role. Job roles and responsibilities change, company culture rarely does. So in order to define and compare, look at the companies as well. Maybe your nurse and accountant friends simply work for great companies.
In the end, you have to look inward first, define what is important to you, then look outward at your surroundings on a day to day basis. If you're finding satisfaction in what you're doing, but not happy, it's the company. If you're happy where you're doing it, but not what you're doing, it's the role. If you're happy doing both, you've nailed it. If you're happy doing neither, then that's probably you - so rinse and repeat.
As an addition to what you stated, I think in careers like IB, where groups are essentially their own companies within companies, group placement is very important. Regardless of what company culture is, two groups within the same bank could feel like two separate companies.
I believe the unpredictable nature of IB plays a huge role in not liking the job. It prevents you from living a stable life, especially if your friends and family do you not work or live on the same schedule as you.
Ok you are observing that a group of people who love to help others find joy in helping others while another group of self-absorbed, self-obsessed, insecure ninny whinnys who are obsessed with money and want to become billionaires are not as happy because they are not yet billionaires and realize that the world also revolves around their coworker clones and you are surprised? Shocker
Accountants happy? What a joke. I have friends working in public accounting pulling 70 hour weeks to make 60k a year. They may not work 100+ hour weeks but they're getting paid 1/3 of an IB analyst year one and the pay gap exponentially increases later.
The overwhelming majority do this for 2-3 years then leave for a job making 120k working 40-50 hours/week. Enough money to be comfortable and more than enough time to pursue what you want outside of work
People on this forum seem to neglect the fact that prices in NYC are outrageous and accounting salaries are fairly sticky at the lower levels. I know a guy who moved from NYC B4 to Charlotte after 3 years and he landed a $105k per year controller position. Charlotte has an estimated COL of 51% of NY, so to equate that to NY salaries it is effectively around ~$157k, working probably half the hours most people on this forum are working, and he is 24.
There is always a reason to be miserable if you look hard enough.
Happiness generally doesn't come from a job, it comes from your life. (Unless you happen to work somewhere you like so much, it doesn't feel like work). When you get to spend time on the things you truly enjoy (inside or outside of work), that's when you truly will be happy.
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