Private Credit $350k+ working 0-20 hours a week. Crazy for leaving?
I’m a VP at a MM direct lending firm ($5-10B AUM) in NYC making $350-400k, while putting in an average of 0-20 hours per week (still WFH). This has been my schedule for the past 2-3 years. I have full autonomy over deal execution, so there’s almost no chance I get blown up before a weekend or have to do late nights. I can’t remember the last time I worked past 6pm or on a weekend. The downside is that comp obviously is below market and growth isn’t great (think $20-40k bumps per annum), so I’ve been thinking about moving on to a different shop where I’d probably get paid $100k or so more. Am I crazy for considering leaving what many would consider the ultimate lifestyle gig? I’m not hurting for cash but it would be nice to get comped in line with my peers from my analyst class.
You should absolutely leave and pm me the posting to replace your role.
Sounds crazy as hell to me if you are just chasing comp - would make more sense if you are looking for a new challenge / feeling bored and unfulfilled in your current role with so much free time.
Associate 1 - 250-300
Associate 2 - 350-400
Associate 3 - 400-475
Anecdotally, we were looking to hire a principal level underwriter at 800k.
“0-20hrs per week”
”350k to $400k”
”comp is obviously below market”
Let me digest this…what is market? Bill gates getting a lambo after taking a piss for 1 min?
Far, far below market for hours worked, my friend.
99% of this user site is either in college or grinding until the wee hours of the morning and you are already in an exit ops role essentially stating, "I am only making nearly half a mil a year, have a great WLB, never have to set foot in the office, but I want to leave because boredom / salary dissatisfaction".
I understand being bored and wanting to do more professionally, but either:
A. Leave for a more demanding job and you have to start at the bottom again and lose all autonomy over your own life
B. Start a side hustle
C. Actively follow the markets and invest with your own capital for excess annual income without sacrificing your autonomy
D. Develop hobbies and build a life that is meaningful to you
Please realize that no one on here who has your best interests at heart can honestly tell you to leave in pursuit of greener pastures.
Lastly, the economy is about to tank so now is absolutely NOT the time to switch jobs in hope of a fatter paycheck. You are senior and no doubt have strong ties at your current firm, including people willing to go to bat for you. To an extent, I understand where you are at. I left my last job for better comp and work experience, and am now back to regularly burning the midnight oil. I did it because I am much younger than you, need to build a nest egg, and needed better experience (I was better at modeling than my director and VP, not a good sign). If the only reason you would leave is comp, my advice would be to stay put for now. I do honestly sympathize with feeling frustrated about making less than your peers, but unless you can opine on where this additional capital needs to go or how it would materially improve your life, just stay put for the next year or so. Anyone else is welcome to chime in, but from my reading all signs point to a recession within the next 6-24 months.
Get a hobby you can sink 40-60 h per week into and if you’re still unhappy after a real try at this (3-4 months) then quit
I've been spending most of my free time with my daughter at home. She is getting shipped off to daycare soon though so I would have the capacity to take on more hours with a more lucrative gig.
bro spend time with your daughter or do you want her to have an OnlyFans down the line 💀
Work with a lot of MM DL's & def do not know all their hours/comp but i will say there's a 100% difference between the true MM lenders those who are under a MF groups targeting MM PC. Actually could not be more obvious in every call because on the one side I feel like I'm dealing with happy go-lucky people & the other side is legitimately like I just ran over their dog. Sounds like you got life made rn brother & you're suffering from the grass is always greener syndrome & I feel it's my responsibility to till you you'd be making a mistake leaving to make a simple $60k which after tax ain't much (and in our industry of PC ain't crazy). You got it made, enjoy it, & if you leave lmk the job offer
Add a remote tech job and work 20 hours a week for the extra 200k.
Interesting dissonance I see on this forum: when comparing careers in finance to tech, the consensus is that finance is better than tech despite tech’s amazing WLB because the earnings increase more rapidly versus tech, which can stagnate for a while at ~400k. Yet, whenever someone posts with an actual situation where they have amazing WLB but lower/stagnated earnings, the consensus is always overwhelmingly that they should stay in their job and are lucky to be there.
Appreciate all of the comments and insight so far. Really reaffirms my thoughts on staying put (at least for the time being). I’m actually already married and had a baby recently, so family time/WLB is key. One other important thing to note though is that we are not up or out and the promo to Principal/MD can be quite difficult. Not sure if that changes anyone’s mind on the attractiveness of the role overall. Many people are in their roles for 4-5+ years.
Hang in there man, if not for yourself, for wife and kids. That promo to principal / MD will happen. Extra 20-40 hrs with the kids? That’s what we’ll all wish we spent time on in our death beds. All jokes aside, I’m happy to see someone on this forum to have found a sick gig like this.
I am curious though - is your role in originations, portfolio management, or another group? Building a case for 0-20hrs myself lmao.
Private credit is paradise
…nvm, there is nothing to shit on