Five Years After Leaving ER: From the Dream Job to the Chopping Block
Hey everyone,
It’s been five years, and the story has taken a turn I never saw coming. Some of you might recall my posts back in 2019 (see here: https://www.wallstreetoasis.com/forum/equity-research/leaving-equity-research). I was an ER associate making ~$250k, working 70-80 hour weeks with minimal hopes of coverage, carrying an extra 20-30 pounds, and generally feeling like I was on the fast track to a stroke or heart attack. I left it all behind for a niche government consulting job that paid $170k but offered a sane 40-hour work week.
For a long time, it was the best decision I ever made. If I had written this post just a year ago, it would have been a glowing endorsement of leaving the Street.
The Golden Years (2019 - 2024)
The move was everything I’d hoped for. My new boss actively encouraged a 40-hour week, but in practice, my workload often settled closer to 15-20 hours a week. Over those five years, my comp grew with promotions to about $225k. I dropped the weight, got my personal life in order, met my wife and got married, and moved from NYC to DC. I learned to enjoy life again, free from earnings season and the constant anxiety of the market. It was a trade I would have made a hundred times over.
Then, 2025 Happened.
The political landscape shifted dramatically. With President Trump winning the election, the new administration began a rapid overhaul. Federal departments and agencies started terminating contracts and employees left and right. My employer, whose business was deeply tied to these government contracts, lost over 50% of their revenue overnight.
No business model can survive a sudden shock of that magnitude. And just like that, after five years of stability, I'm likely going to be looking for a job again. The "AAA corporate bond" of a job I took five years ago had a hidden political risk I didn't fully appreciate.
So, Now What?
Facing a job search now is not something I had planned for. I have to re-enter a nightmarish economy with a very niche skillset that has no clean private sector analogue.
It's not all doom and gloom, though. My wife has a stable career, we no longer live in the most expensive city in the country, and I have a solid emergency fund. I've also developed a very unique rolodex from what I had when I was in ER. It’s less about bankers and more about policy and agency specialists. Honestly, seeing how people in that network (see here: https://unanimousconsent.discourse.group/) are processing the current chaos has become an invaluable source of real-time intel and a good reminder that I'm not alone in this.
Was it still the right choice? I can't give the easy "yes" I would have a year ago. Those five years gave me my health, my family, and my life back, and I don't regret that for a second. But this is a cautionary tale. I traded the market risk of Wall Street for the political risk of DC, and that risk just came due.
Thank you for sharing and helping us assess on life after SS ER. As you’re thinking through what you’d like to do next, can you reach out to your old banking network or nah? What fields are you trying to get into now? I think you should look into defense companies.
It feels like a lot of my old friends have actually left ER. I could reach out to the ones that are still there, but most of them seem pretty unhappy/unsatisfied with their lives. Given that, so long as I don't have an extreme cash crunch, I probably will avoid going back to ER.
Ironically, I'm thinking of opening my own consulting shop. My current company is imploding and I can probably poach some of them. Alternatively, I've considered going into Government Relations (think Investor Relations, but dealing with political stakeholders, basically a lobbyist).
Defense opportunities are usually limited to those who have security clearances. I probably will have a better chance looking elsewhere is my guess.
Based on the most helpful WSO content, your story highlights a critical lesson about career transitions: every role comes with its own set of risks, whether market-driven or politically influenced. Here are some actionable steps and insights to help you navigate this challenging period:
1. Leverage Your Network
2. Tailor Your Job Search
3. Explore Broader Opportunities
4. Stay Positive and Strategic
5. Reflect and Adapt
Your story is a testament to the importance of adaptability and resilience. While this transition is undoubtedly challenging, your diverse experience and network position you well to find a new opportunity that aligns with your goals. Keep pushing forward—this is just another chapter in your career journey.
Sources: Job Search Advice, Navigating the Unemployment Terrain, Seeking advice - Decade of experience in niche sector and laid off, BB Analyst Impacted By Layoffs - Looking for Insight
Hard risk to see coming, with the available info at the time you made the right call. Sometimes life just smacks you in the face
even though you're going through this now, I'm happy to see your life getting better after leaving ER. Hoping to replicate your move, but to some other sector. I'm confident you'll land on your feet asap big dawg
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