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)

Best Response
4/30/12

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4/30/12
4/30/12

Get busy living

4/30/12
4/30/12

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

4/30/12

You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.

4/30/12
4/30/12

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

4/30/12
4/30/12
In reply to IlliniProgrammer
4/30/12

Get busy living

In reply to Abdel
4/30/12

Sometimes lies are more dependable than the truth.

4/30/12
In reply to IlliniProgrammer
4/30/12

Sometimes lies are more dependable than the truth.

In reply to IlliniProgrammer
4/30/12

MM IB -> Corporate Development

4/30/12
4/30/12
In reply to UFOinsider
4/30/12
4/30/12
In reply to Edmundo Braverman
4/30/12
In reply to IlliniProgrammer
4/30/12
In reply to IlliniProgrammer
4/30/12

You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.

4/30/12

"Be a yardstick of quality. Some people aren't used to an environment where excellence is expected." - Jobs

In reply to Abdel
4/30/12

If I had asked people what they wanted, they would have said faster horses - Henry Ford

In reply to Nefarious-
4/30/12
In reply to IlliniProgrammer
4/30/12

You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.

4/30/12
4/30/12
In reply to Abdel
4/30/12
In reply to Faddy
4/30/12

You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.

In reply to IlliniProgrammer
4/30/12

The WSO Advantage - Investment Banking

Financial Modeling Training

IB Templates, M&A, LBO, Valuation +

IB Interview Prep Pack

30,000+ sold & REAL questions.

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Land More IB Interviews.

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4/30/12

"Be a yardstick of quality. Some people aren't used to an environment where excellence is expected." - Jobs

4/30/12
In reply to Abdel
4/30/12
4/30/12

"Be a yardstick of quality. Some people aren't used to an environment where excellence is expected." - Jobs

4/30/12
In reply to IlliniProgrammer
4/30/12
In reply to moneymogul
4/30/12
In reply to TheKing
4/30/12
4/30/12

"Be a yardstick of quality. Some people aren't used to an environment where excellence is expected." - Jobs

In reply to moneymogul
4/30/12
4/30/12

"Be a yardstick of quality. Some people aren't used to an environment where excellence is expected." - Jobs

In reply to moneymogul
4/30/12

You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.

4/30/12
4/30/12
In reply to TheSquale
4/30/12
4/30/12
In reply to Edmundo Braverman
4/30/12

Get busy living

In reply to TheSquale
4/30/12
In reply to chicandtoughness
4/30/12

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

4/30/12
In reply to IlliniProgrammer
4/30/12

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

4/30/12
In reply to PaulOwen
4/30/12
In reply to IlliniProgrammer
4/30/12
4/30/12
In reply to Bondarb
4/30/12

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

4/30/12
4/30/12
4/30/12
4/30/12
In reply to PaulOwen
4/30/12
In reply to IlliniProgrammer
4/30/12
In reply to IlliniProgrammer
4/30/12
4/30/12

------------
I'm making it up as I go along.

In reply to Bondarb
4/30/12
In reply to Abdel
4/30/12
4/30/12

You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.

In reply to rufiolove
4/30/12

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

4/30/12
In reply to Nefarious-
4/30/12

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

In reply to Flake
4/30/12

You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.

4/30/12
4/30/12
In reply to Cash4Gold
4/30/12
4/30/12
4/30/12
4/30/12
4/30/12
4/30/12
In reply to Bondarb
5/1/12
In reply to dazedmonk
5/1/12
5/1/12
5/1/12

From the ghetto....

In reply to dazedmonk
5/1/12
In reply to Flake
5/1/12

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 chicandtoughness
5/1/12

Get busy living

In reply to dazedmonk
5/1/12
In reply to Tier2Sta
5/1/12
In reply to TechBanking
5/1/12
In reply to chicandtoughness
5/1/12

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

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

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

Get busy living

In reply to Flake
5/1/12

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
5/1/12
In reply to Bondarb
5/1/12
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

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