Do you regret leaving banking?
This post is not for the analysts who left to go to the buy-side, but rather the A2As or post-mba bankers who left to pursue something different or better WLB. Do you regret leaving? At what level did you leave and what do you do now?
I have an opportunity to pivot into a strategy role but at a significant haircut to IB comp. While there are parts of IB I hate there are also parts I enjoy and I worry will miss. Unfortunately, I was affected by a RIF and need to find a new role regardless, so this is a decision between returning to banking on a new team (bit of a gamble whether I'll like the people/culture) or use this time to pivot. While I would like better WLB I want to make sure I set myself up for long-term success. If I left now and regretted it down the road do you think I'd be able to come back to IB?
Yes.
I don't wish that I was still in banking, but I wish that I hade made a more thoughtful decision prior to switching out. I moved into banking from another industry for the exit opps and finance training, and left after a 1 year stint. It seems like this is pretty unusual, as most people stay for a full year, but I basically had a full on mental breakdown driven by a combination of the job and my team's dynamics and felt that I needed to leave my firm quickly (very toxic MD + massive group turnover = bad experience). I first tried to lateral, but the market was dead and I didn't get much traction. Realized I wouldn't be able to survive for the full year until bonus and started blasting my resume at everything on LinkedIn. I got an offer for a "corporate development" role that I've been in for about 6 months, and feel like I effectively committed career suicide.
Without going into too much detail on my current debacle, I would suggest that you heavily diligence any role that you choose to move to, especially in the corporate world. Particularly at smaller companies, they will say you're doing strategy or M&A work and then make you wear a bunch of hats that you weren't initially expecting to wear (e.g., fp&a, reporting, etc).
Do your dd by calling former employees prior to signing an offer. You will not get the truth from current employees - you want to know what the daily grind is actually like, and the only people who will provide that info are the ones who left. Make sure they left because the new opportunity was better, not because the current job sucks.
Also, try to take some time off before making any big job or life decisions. I was in fight or flight mode prior to leaving, and it felt like this job offer was my ticket back to normalcy and sanity. In a way it was, but it also has come at a heavy price in terms of resume optics, career development and longer term optionality. In summary: don't run away from banking - make sure you're running towards something else, and make sure you fully understand what you're running towards.
I really appreciate the thoughtful response. I understand what you went through. Unfortunately the people make all the difference in this job. For what it’s worth I don’t think you committed career suicide. If you were able to land banking then I’m sure you’re driven and have a strong resume. ive also seen people leave corp dev and go back to banking.
great thoughtful responses! you should definitely try and prioritize your health and well being. Life's too short and the dream of high 7-figure compensation isn't worth your sanity or health
Left an EB at VP level, not for WLB at all but because the buy-side mindset was just a much better long term fit for me. Joined a smaller family office that does both public and private investments. More private lately, so the environment is a much smaller and less structured version of a UMM shop.
It was a pay cut in the sense that even good performance on the PE side will leave me with a bit less $ than I’d make as an SVP in IB.
But overall I don’t regret it because I know that in order to be happy, I need to be one of the best at what I do. And I can see that happening on the buy side. I can actually envision myself becoming an expert in a niche market segment and developing a unique thesis that gets me paid through either raising a fund to act on the thesis or doing consulting/research for someone else’s fund. In other words, I believe I can differentiate myself.
I can’t see myself having that same differentiation from others as a banking MD. I could be “good at it” in the sense that I can win a bake-off by out working someone else. But out working isn’t a leg up. Some bankers have a real talent for communication and understanding what clients are thinking and feeling. It’s really a people business. I’m OK at that, but not a unique talent.
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