Pages

4/30/12

It is time...

...After 6 years Tier2sta is also leaving the industry....

Why? A lot of what Mr Ridley states is true...

  • This thing's not as lucrative as most people imagined, definitely not so now that so much of the above base comp is deferred / deferred stock
  • Banks don't know what business model actually works, they have no idea how to get their ROE back up to where it was pre-2008
  • IBD teams are too thin, at officer level it means there is not enough depth in resource / quality resource below you to do effectively the things you want to do without constantly stepping down to clean up, mop up, fix, re-do.../li>
  • The glamour isn't what it used to be, and because of the increased levels of stress generally it is less fun
  • My contacts are as good as my business card in most cases (there are exceptions but a large proportion of clients I have interacted with see me in exactly the same way they see my peers at other banks, these are not deep and meaningful relationships and they are driven by the product my bank can offer)
  • My sector knowledge is superficial (I covered the same sector throughout). I could never learn about the sector properly through IBD. The more senior I became the more frustrating this became

So I am stepping down. Been a good ride. Some fond memories. But I think now is the time to try something else.

Peace...

Comments (103)

In reply to chicandtoughness
5/1/12
chicandtoughness:
Flake:
chicandtoughness:

Agreed with Abdel. I'm glad I got out before I started; the volume of these "peace out" stories is getting unsettling. What's next on your roadmap?

Given your post history, you "getting out before you started" wasn't by choice.

I had several offers before I had to take my extra semester (for medical reasons), IB being one of them; the others being consulting, corpfin, marketing, and marketing. So yes, it was by choice.

You chose to have medical problems?

Under my tutelage, you will grow from boys to men. From men into gladiators. And from gladiators into SWANSONS.

The WSO Advantage - Investment Banking

Financial Modeling Training

IB Templates, M&A, LBO, Valuation +

IB Interview Prep Pack

30,000+ sold & REAL questions.

Resume Help from Actual IB Pros

Land More IB Interviews.

Find Your Perfect IB Mentor

Realistic IB Mock Interviews.

In reply to Flake
5/1/12
Flake:
chicandtoughness:
Flake:

Given your post history, you "getting out before you started" wasn't by choice.

I had several offers before I had to take my extra semester (for medical reasons), IB being one of them; the others being consulting, corpfin, marketing, and marketing. So yes, it was by choice.

You chose to have medical problems?

Touche. I accepted my consulting offer prior to the medical issues.

Currently: becoming a clinical psychologist... yep, I quit finance
Previously: M&A consulting (Big 4), M&A banking (MM), business research (HBS)

In reply to UFOinsider
5/1/12
UFOinsider:
chicandtoughness:
Flake:
chicandtoughness:

Agreed with Abdel. I'm glad I got out before I started; the volume of these "peace out" stories is getting unsettling. What's next on your roadmap?

Given your post history, you "getting out before you started" wasn't by choice.

I had several offers before I had to take my extra semester (for medical reasons), IB being one of them; the others being consulting, corpfin, marketing, and marketing. So yes, it was by choice.

You just got schooled by a chick, bro, haha

I don't see it. It doesn't prove it was by choice. Given her unfortunate circumstances (sorry to hear that by the way), she lost all of her offers because she needed an extra semester. Subsequently she was unable to secure a FT offer. If she had those offers in her hands right now and then walked away, then yes she got me, good job. Too bad she had nothing when she "quit", bro.

Once again no disrespect to chicandtoughness. People need to stop the negativity towards banking.

Under my tutelage, you will grow from boys to men. From men into gladiators. And from gladiators into SWANSONS.

In reply to Flake
5/1/12
Flake:
UFOinsider:
chicandtoughness:
Flake:
chicandtoughness:

Agreed with Abdel. I'm glad I got out before I started; the volume of these "peace out" stories is getting unsettling. What's next on your roadmap?

Given your post history, you "getting out before you started" wasn't by choice.

I had several offers before I had to take my extra semester (for medical reasons), IB being one of them; the others being consulting, corpfin, marketing, and marketing. So yes, it was by choice.

You just got schooled by a chick, bro, haha

I don't see it. It doesn't prove it was by choice. Given her unfortunate circumstances (sorry to hear that by the way), she lost all of her offers because she needed an extra semester. Subsequently she was unable to secure a FT offer. If she had those offers in her hands right now and then walked away, then yes she got me, good job. Too bad she had nothing when she "quit", bro.

Once again no disrespect to chicandtoughness. People need to stop the negativity towards banking.

I was just messin' with ya and really didn't follow the whole conversation.

Get busy living

In reply to Flake
5/1/12
Flake:

I don't see it. It doesn't prove it was by choice. Given her unfortunate circumstances (sorry to hear that by the way), she lost all of her offers because she needed an extra semester. Subsequently she was unable to secure a FT offer. If she had those offers in her hands right now and then walked away, then yes she got me, good job. Too bad she had nothing when she "quit", bro.
Once again no disrespect to chicandtoughness. People need to stop the negativity towards banking.

A matter of wording, perhaps. Either way, the choice to stop pursuing IB as a career is definitely a choice I made. Not shitting on banking - different people do it for different reasons. I just decided (especially given my circumstances; you start thinking about what you value most) that I'd like to spend my 20's in a different industry.

Currently: becoming a clinical psychologist... yep, I quit finance
Previously: M&A consulting (Big 4), M&A banking (MM), business research (HBS)

In reply to IlliniProgrammer
5/1/12
IlliniProgrammer:
dazedmonk:

ADVICE FOR U ILLINI

Dude, this Fortune 500 stuff is bullshit. TRUST ME! Illinois Programmer you call yourself? GET BACK TO IT! Learn some web development. Join a startup. COME TO CHICAGO!

Chances are against you striking it rich, but its astounding to me that you'd even consider being a tool in a F500 toolkit when you have an actual, valuable skillset that could make you both INDEPENDENT and WELL COMPENSATED.

COME ON MAN! PM me if you want to chat about this.

Programming is a good put option. I spent three years of my career on it; I can always go back if I pick up a book on the latest imperative programming language. Or even if we move into functional programming like Ocaml one day.

It is helpful for doing startups.

F500 Corp dev doesn't provide job much job fulfillment either, but it leaves me with more free time to find my own fulfillment.

This is not a grass is greener thread. This is a thread about how your priorities tend to change as money becomes more abundant and your remaining time on this planet becomes more dear.

Dude me and you have different versions of the term "financial independence" and "fulfillment". I dont think that at age 26 after working five years on wall st you are even close to financial independent at least not living the way I want to live. I'd rather work till the day I die and live the way I want then to move to Iowa and be forced to be live the way you describe as "fulfilled". Working 9-5 in the fortune 500 in some corporate structure is a nightmare to me. I mean literally I have nightmares about wearing khakis, company-logoed polo shirts, and wearing my blackberry on a belt-clip and I wake up in a cold sweat. Dude you are going to be like the Asian version of Lumberg from Office Space asking people who hate you for TPS reports. Call me twenty years down the line and we'll see whether you are still happy living this way, but I believe its an antiquated bullshit myth that moving to suburbia and becoming nuclear family man in a corporate job will bring you any more happiness. My guess is that you should strap in and prepare for a wicked midlife crisis down the line b/c i've seen it before.

But hey, to each his own.

5/1/12

POFF, ILLINI - FORTUNE 500

Sorry if I seemed to be insulting F500 Corp dev. Also sorry for my ridiculous titles (due to some bug i've never been able to use the quotation button).

I'm not suggesting that corp dev is worse than banking, but I feel as if it for the most part has only one benefit: fewer hours. Reading your posts again Illini, it seems that the work/life balance is hugely important to you, so it makes sense that would be enough of a catalyst to push you over to the corp. dev side.

My comments were really more about the claim that the work is "better" or "more fulfilling". My perspective is that if banking could be a 50-60/hr a week job it would be "better" than F500.

This is an inherently subjective statement of course. I tend to have a bias against large companies, and would thus much rather work at GS (note: I have 0 desire to work at GS) than corp dev at any 500 (excepting *maybe* Google). I just think you're that much farther from real control/influence/decision making power.

In any case, Good Luck to All.

I'm really happy you guys are fomenting these kinds of conversations and, even though I don't actually know you, I'm confident you'll figure things out and be more than fine in the long run.

P.S. Illini, I was suggesting moving out of the finance/quant style programming and going the cushy web development route. The post about the short shelf life of programmers is right though. I don't see too many 50 year olds crushing it in this field

In reply to Bondarb
5/1/12

To unlock this content for free, please login / register below.

Connecting helps us build a vibrant community. We'll never share your info without your permission. Sign up with email or if you are already a member, login here Bonus: Also get 6 free financial modeling lessons for free ($200+ value) when you register!
5/1/12

Metal. Music. Life. www.headofmetal.com

In reply to IlliniProgrammer
5/1/12
In reply to Bondarb
5/2/12
In reply to chicandtoughness
5/2/12

Under my tutelage, you will grow from boys to men. From men into gladiators. And from gladiators into SWANSONS.

5/5/12

Pages

What's Your Opinion? Comment below:

Login or register to get credit (collect bananas).
All anonymous comments are unpublished until reviewed. No links or promotional material will be allowed. Most comments are published within 24 hours.
WallStreet Prep Master Financial Modeling