Manager fired, debating to exit
Hey all, dealing with a crossroad in my life to which any advice would be much appreciated.
So I work at a BB IB within ER after c.3 years following time at the B4 auditing and gaining my CPA/ACA. Prior to this week I had mentally checked out, hated the nature of sell side ER the way it’s going and the firm. While I love analysing companies, we are moving towards a call centre approach to clients while I also naturally do not enjoy the marketing elements of the gig. Separately, while I can see the sector around me (retail) does not have the legs for growth/carve opportunities and if I’m ever going to switch sectors - better while I’m young.
This week my manager (D) was let go with a month notice. He was a mentor to me and while he held all stock coverage, he dealt with all of the noise I hate (clients, sales floor etc). The subsequent picture looks bleak as I’ll be replacing an analyst with 20yrs of experience, covering an entire sector - although I imagine I will be spinning plates and holding the fort at an extremely busy time while also no extra pay/promotion (currently Associate @ c. $120-150k). Effectively we will be in hedge fund mode with research shorter than a few pages and no deep analysis (which I enjoyed) while running around on client outreach.
I am considering resigning in the next few weeks - based on my hatred for the trinity of; I) Sell-side ER - do not have it in me to flog weak 3 page reports to the buy side/sales, ii) the firm (well publicised in the news) and iii) Retail sector (limited growth, naturally not as exciting as elsewhere). While I was keen to take a few stocks under coverage to extend the learning curve where I have plateaued in the past year, effectively doing a D’s job I hate is not a step in the deep end of the pool but the Mariana trench.
Anyways, never had a chance to travel and built up some savings. Considering quitting, taking a few months to travel before returning and having a crack at the market after. Aware it’s a weak market but speaking with an ex-associate from another BB IB who was in the exact same position made a move to VC after travelling, which sparked something in me. Along with a move to buy side, with my CPA/ACA, the CFO track is equally a path I’m considering via FP&A. While mindful of the golden handcuffs and will have to take a cut, rather rebase now before fixed costs rise later in life.
All I know is that, it cannot be this and debating timing of the resignation. Sooner makes it easier as I’m not being stuck midway in the rebuild and a hectic earnings season but equally later (+1/2 months) gives me time to apply elsewhere and plan travels.
Completely lost - any help would be much appreciated! Checking in if I’m crazy or not while advice on timing exit also super useful.
It seems to me a promotion landed on your lap and your exit opportunities would be much better if you did this for a few more years.
Unfortunately there is a implicit promotion freeze on my floor just given the overhaul. Honestly do not think I will survive mentally another 3months let alone 1-2 years
Don’t know what to say man. Your sector is dying
Completely a truism. That being said we do not want to drop coverage so there is always a role to cover these names. Question is whether to walk away from the money or rebase and try a new sector and gig
Doloribus laudantium fugit laborum tenetur. Maiores eos eius velit dicta perspiciatis suscipit. Commodi tempora excepturi et non asperiores ipsum magnam expedita.
Quibusdam voluptas soluta reiciendis accusamus dolorum debitis et. Rerum exercitationem aut veritatis maiores rerum commodi. Officiis aspernatur et omnis officiis sit.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...