Fidelity Career Advice to IB

IlliniProgrammer:

Why would you want to take an hourly pay cut to work 100 hours/week?

Did he mention what he did previously at Fidelity? He could just be working doing random tasks in a support group or could be working under a PM pulling historical data and not learning anything.

Also, it's not really a "paycut" if it resets your career trajectory. If he was in a role making $55k pulling market data and sending out reports and then did 2 years in banking (they aren't all 100 hour weeks, I would say average is 75-80 but in tougher groups average is 90-100) he could be earning easily 4x that amount 2 years later and would be in a role where he would be working the same amount of hours at Fidelity, except he would be making $250-$275k vs $60-$70k for the same amount of hours worked per week but work that would be more challenging.

Obviously I don't know what he's doing at Fidelity... If he is a research analyst and working with a PM to select stocks then I obviously wouldn't leave for IB, but a lot of people realize that they aren't very challenged by their job AND the income isn't that attractive. If that were the case, I could see why someone would make the move. As someone who has spent 2 years in banking, even though I know it has been hell for a majority of the time, I think the sacrifice was worth it because I have gotten a stamp that says this person can handle pressure and produce quality work. That has allowed me entry into my next job, which I am hoping will be much more fulfilling.

I totally agree with you, IP, that too many kids get obsessed with the track, but I also recognize that the optionality doing 2 years as an analyst provides is pretty cool. I look at it similar to how sponsors look at investment horizons, where IB is allowing you to get value creation and multiple expansion while quickly servicing debt (student loans if you have them - if not even better, pure value creation), and then you can exit at a higher value than when you came in. If you don't get caught up in all the nonsense and the prestige race, it's a great way to develop some skills and get a much better job without having to take time off to go to school (which for the record I am still evaluating with sincere interest - kind of jealous of where you are at right now).

IlliniProgrammer:

(which for the record I am still evaluating with sincere interest - kind of jealous of where you are at right now).

The grass is always greener on the other side. I do not have the same opportunities as a BB IBD guy. It is also annoying to see balances in savings accounts getting depleted rather than accruing. It is also annoying to have to drink Budweiser instead of PBR because you are trying to get that bank balance to deplete more slowly.

You have job security and interesting work. I have the Google Put as a safety net. I am working 75 hour weeks on learning Ito's lemma and Wiener integrals spending $20K/semester for the privilege; you are working 80 hour weeks getting paid cash and saving money.

Totally agree... all about tradeoffs... I may end up going back to school but if I do it will have to be for the right reasons. I am very much looking forward to the next gig and seeing whether I enjoy that work more. If I am engaged and challenged by the work, while feeling good about myself and the people around me, I won't be in a rush to go to school just to check a box. It's all about finding fulfillment and making choices that improve the life quality, not just trying to constantly make the resume look better to others.

I've realized lately just how lost some of the senior guys who do this truly are. Can't think of very many alternative explanations for why they waste so much of their time and my time on fruitless pursuits that don't drive additional business unless this is all they have and they need to be able to exert that power over others. I won't end up like that... it's too bleak an outcome when there is so much else out there that is good and exciting.