Anyone else just want out of this shit?
Came from an extreme non-target that had virtually no representation in IB (think: less than 5 people). Getting a FT offer was one of the greatest feelings knowing how much effort went into it after what seemed like years of networking, grinding, interviews, and constantly getting beat out at the superday stage by some MD's kid's best friend's cousin's brother who share an alma mater.
Now a 2nd year IB analyst in NYC and have been wanting out of the finance field entirely. It seems that the garbage culture and awful personalities have been fueled and magnified to the nth degree in the WFH era. I had always been the type to delay gratification, "put in my time, grind it out, etc. etc.", but it's gotten to a point where I'm asking myself what the fuck I'm doing with my life, and I know I can't be the only one.
I constantly debate whether the proverbial "exit ops" that are touted on this forum are even worth the stress and mental degradation you put yourself through. Even once you're at the holy land of PE/HF/whatever else you want to swing your dick at, there's never an off switch to the shitty culture and personalities you deal with. I see friends that work in comp sci, real estate, CPG-based companies making a decent amount of money, and see them having a fucking blast with their work-life balance, their happy hour events, company get-togethers, etc. and it just reminds me how fucking tapped finance culture is in general.
Can't help but wonder what would happen if the collective talent in IB / PE / HF decided to flip finance the bird and join different industries, make a splash and climb the ranks at an accelerated rate. Anyone else having the same thoughts or am I on an island on this one?
Also, to the insecure hardo 3rd year associates that will chime in with "WeLl qUiT iF yOu dOn'T lIkE tHe cUlTuRe / yOu kNoW wHaT yOu sIgNeD uP fOr / sOmEoNe wIlL gLaDlY tAkE yOuR sPoT". You're part of the fucking problem
Can you elab on the shitty culture and personalities? Kinda curious
same. Interested to hear abt the personalities
The associates that think they're gods gift to the earth and look down upon anyone less senior than them, only to be a fucking simp to the VP's above them. It makes respecting them difficult when I see them as two-faced.
The VP's that create bullshit tasks for analysts to make it seem like they're adding value to the organization when in reality a good associate can do the job of quarterbacking a deal.
The MD's that have no clue how to run a process and look to the people below them to hold their hand throughout. Might just be my group but one MD in particular literally backs his way into every mandate he's had and it's evident that he has no expertise in the sectors / deals he's trying to close. If you're an MD and your analyst / associate knows more than you about the sector your client is in and how to storyline a CIM, you've done something wrong. If you add arrogance on their behalf to the mix it makes me lose respect for you and makes me think of you as a shell of a human being whose life goal was to be a BSD but could never hack it, and is now projecting shortcomings onto the junior staff.
The IB / finance culture just blows in general. Everyone is an asshole with a superiority complex (with the exception of a few great people I've met in the field). Like congrats, you went to an ivy, broke into IB at a good bank, and now you're king of the hill? Fuck off. You're literally pond scum in the greater scheme of things if you truly put things into perspective.
Agree with most of your points, but the MDs only job is to get the mandate... if he's done that he's done his job and shouldn't have to be driving the CIM and other deal processes aside from keeping the client in good graces
I am in the exact same position. I worked my dick off to get an offer from a non target state school and when I did I thought I had officially made it just to realize I'm a complete bitch. Brutal awakening and then you add the covid lockdowns where I haven't even met my owners in person yet so the entire relationship is transactional. Can't wait to get out. Only benefit is I make 2-3x as much as my college friends but even that has caused resentment from them. I'm moving into real estate as soon as I can. At least apartment buildings are cool to look at and most cre guys seem like they'd be fun to party with
Could anyone speak to the consequences of talking back to your Associate / VP? For reference, they tend to be sarcastic dickheads, and speak down to me. On top of it, my associate just sits there and says we should do ABC but then proceeds to make me do 100% of the deliverable. When he checks my work, he'll usually highlight minor mistakes, like commas, borders, etc. but will type out a full email and ask me to fix it, when it would've taken him less time to just fix it himself. Is this something I just have to deal with working in high finance, or is it just banking? I usually don't take shit from anyone, so I'm close to a breaking point.
It depends a lot person to person but from my experience there are two main possibilities (weighted)
A) 30% of the time the guy will not take it personal and maybe even sees your point and things will get better.
B) 70% the guy will consider it to be a carnal sin and your chances of promotion are fucked given that you have higher ups against you. Your work will also get 10x as bad as they’ll take any chance they can to get back at you.
FMO, not worth it to talk back unless the guy is pushing it too far.
To reply to OP, I believe that IB is indeed toxic. What works for me is to honestly not care. I know I am here because that’s the type of job that I wanted and whatever clown show is happening around me is just part of it. I learnt the sooner you stop taking it personal/serious, the sooner you’ll learnt to not care and see it as something else to deal with beyond the long hours you were expecting when you first started.