Quitting Hedge Fund Gig
I've been working in the industry for 5 years. Been at my current fund for 3 years. Hate it. The stress has really taken its toll, I've lost weight, lost hair, haven't been to the gym in months. The hours have become unbearable and I'm generally extremely unhappy.
I'm thinking about just quitting. I have a few things in the pipeline that are probably a couple of weeks off, but honestly I'm not even sure I want to go straight into another job. I've managed to save about 3.5 years of living expenses and I'd love to spend 6 months just traveling and hanging out with friends and family whom I've neglected for so long.
I'm worried that if I quit and spend some time out people are going to perceive that negatively or I'll have a hard time getting back in. On the other hand, for my own sanity I can't take another day.
Would appreciate any comments or thoughts on this
I see you work for a macro fund. So I can understand why 2015 did you in. If you do quit, I'd take 2-3 weeks off. Spend that time recharging your batteries and creating a plan. If it's traveling/hanging out for 6 months so be it. If you have connections or have access to a good recruiter, it would be wise to see if they have anything they can offer you. I expect if you work at a macro fund known on the street, a number of firms, hedge fund or not, would be more than happy to let you take some time off and then begin working for them.
Don't work at a macro fund whatever you do. The level of stress is unbelievable and at the end of the day you're not comped for it. The older I get, the more I learn that I'd rather do a 40 hour week and clip $200K a year than bust my ass for a couple extra hundred and be miserable.
As for advice, I don't really have any except that if you feel like you need some time off then take it. Maybe reevaluate.
Though I'd be very interested to hear what you find so stressful and what your current responsibilities are? (Coming from someone who'd like to in your shoes in a couple of years)
What do you want to do after 6 months? Back to HF's or something totally different? And with regard to the things that are in the pipeline, would they be available 6 months down the road?
If you think your network and resume are strong enough to land something after taking a few months off, go for it. Personally I think it's an easy thing to explain when you're looking for your next job. I took about 4 or 5 months off earlier in my career-around the same age you are-and it rocked (I had another gig already lined up and just pushed that off so it was slightly different). One of the best things I ever did and completely rejuvenated me. I knew I wasn't going back for an MBA so I wasn't getting that 2 year career break. Spent time with family and friends that I had hardly seen in years, traveled a lot (I just kept buying one way tickets and when I got bored I would just leave and go to the next spot-I highly recommend bumming around SE Asia for a while) and had the time of my life. It was like what some kids do after college and backpack around Europe but the difference was that I had a large bank account.
Take as much time as you need. Especially after 5 years, it wont matter at all. It will be the quality of your work/experience/recs/interview that determine where you land next.
If you want to take a year off you probably need an excuse (worked for a startup, studied econ in a foreign country, any of that bs will do), but for anything less its somewhat trivial.
I just did the same thing. I quit and took 6 months off to travel. My advice is to do it - life is much too short to be lived only through a computer screen in an office. Don't waste that 6 months though, make sure you commit to getting out of your comfort zone, do things you've never done or even thought of doing, and expose yourself to as many unknown unknowns as possible. You won't regret it.
Can you ask your firm for a few weeks off? I would just take a few weeks off to reflect, then decide on what to do next when in a better state of mind. If it still sucks, you can quit, take an extended break, and look for a new fund.
Or take a sabbatical, if that's possible.
What base plus bonus comp level are we talking about here? Trying to assess how high the stakes here are.
I have always said that there are two ways to make something interesting w/r/t work: 1. Have an interesting job, or 2. Do something boring but in an interesting place. Have you ever considered working abroad? I am a former American military officer who, after separating, worked in the private sector in the Middle East and Europe. If you are interested in traveling, think about it.
life's too short...get out, get some perspective, figure it out from there. if you feel like you're losing your sanity, is there really even an option?
Lifes too short to spend it unhappy. But sounds to me that you're generally unhappy with the hedge fund industry and not just your job. Even in the worst days for me, I still managed to go to the gym and spend time with friends ( although not enough). IF you're genuinely not sure, would recommend you just try and go on a long holiday and go somewhere different. A change of scene always helps me to think better and helps to prioritise whats important. Good luck
one strategy you could implement while mulling this over is:
all (or x%) of the money you take in from this moment forward put in a separate bank account - this $ is your fun money to do all that you wish to do in-between jobs. i'd recommend still setting an exit date, ~3 months perhaps? the advice i tell people to make it serious - BUY A PLANE TICKET, this will make it real, and you will start to see everything differently.
pluses: -you're more motivated for the work because you know it's going directly towards what you want -you have time to make a plan instead of making a move you may regret (if you feel like traveling to latin america, i'd be happy to help with advice)
hope this perspective helps and best of luck with everything. i sent you a pm btw as well, let me know. -andy
thinking about doing this myself. 4 years as a salesman and trader at various pts at a BB, moved two cities etc and not planning on MBA. Don't have the background of a HF but similar circumstances ... have enough saved up to have a rip roaring good time in SE Asia for a year with savings to come back to in the States. How does one approach this interviews?
Probably a bit different on the sellside, as people might be a bit more stodgy/ institutional. In a HF context, as I mentioned above, for the most part you can be honest about just taking a break (while downplaying any career path uncertainties). The upside is that if you work in markets its easy to fall behind current events (what countries/industries/w/e is important right now), whereas I'd guess on the sellside its more plug 'n play.
Overall I still think you have very little to worry about here. You will not be diminished by taking time off. Obviously, someone who didn't take time off will have 1 more year of experience, whatever that's worth in the industry. However, the fear of "falling off the wagon" is one of those things that's generally overdone (like the fear of leaving your first job before 2 yrs b/c "OMG they'll come after me and I'll be branded"). If you have solid experience and are still into it when you come back, you'll get a job.
If you're really concerned, spend some time (a month/two) before, during, or after the full-on vacation period to 'pad your resume' (work for an NGO, a startup, etc that's not well established) with something that can provide cover. "I'm really passionate about X and just got a really unique opportunity to do it so decided to hold off on my next job transition. Now I'm back to TAKE OVER THE WORLD."
Like I've said, in markets you probably don't need an excuse b/c ppl wont bat an eye. I can imagine (though I don't really know) that the hazing culture of something like banking might hate the idea of someone else getting time to enjoy life while they were grinding away, which is where the cover story might come in.
Keep in mind that even though 5 years in finance can feel like a whole career, you're still very very young and there is nothing strange or irresponsible about you walking off the path for a while (or forever)
Can anyone comment on the kind of options one will have after quitting a HF after a few years and travelling for 6m? Seems appealing to me but just wondering how the way back will play out..
OP, totally understandable, agree fully with you. Life is too short to work day in day out.
Cliche enough as it is, but I was reading the 4 Hour Work Week by Tim Ferris, and this part stuck out to me:
"4. It will ruin my resume.
I love creative nonfiction. It is not at all difficult to sweep gaps under the rug and make uncommon items the very things that get job interviews. How? Do something interesting and make them jealous. If you quit and then sit on your ass, I wouldn’t hire you either.
On the other hand, if you have a one-to-two-year world circumnavigation on your resume or training with professional soccer teams in Europe to your credit, two interesting things happen upon returning to the working world.
First, you will get more one answer that cannot be countered: “I had a once-in-a-lifetime chance to do [exotic and envy-producing experience] and couldn’t turn it down. I figured that, with [20–40] years of work to go, what’s the rush?”" Pages 262 - 263
Basically, come back with a story, having gained life experience. Spending 6 months sitting on a beach drinking tequila is awesome. But it isn't interesting.
Do you even want back in? The pay might be great, but does it justify the lifestyle and health tolls? Do you really believe that the future will always be as hard as the past?
George Soros took some time away from markets. Start your own fund
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