Giving up
That’s it I am done.
Mid career, did everything right- Ivy undergrad, Ivy MBA, started at bulge bracket, worked my ass off, then went to a boutique for money and WLB.
My firm started to stall out during COVID, and then things got really bad. I decided to transition back to a larger shop and have called in every favor from my network (it is pretty big); but, after 2 years of relentless interviews and searching, I can’t seem to get an offer.
I have readjusted my comp expectations, opened up where I would work and what roles I would be willing to take, but I just can’t get a break/find anything.
I think this is it.
I am leaving NYC, the only place I ever wanted to live and the place I thought I would die, and am going back to a lower COL area.
Not sure what I will do, but it beats burning money desperately searching for something that just isn’t going to happen.
Have you thought about transitioning into a non-Finance job that might have a similar skill set to what you do?
I have, and honestly will probably need to make that change. Those jobs (non-finance) just pay a fraction of what I was making the last 10 years.
The world of finance is changing and there just aren’t loads of jobs for ex bankers like there were 20 years ago. I remember people leaving for PE or HFs, or even taking CFO jobs or roles with large asset managers. HF/PE/IB/IM is now a shrinking universe. I have actually been looking at management consulting too, but it is a grind for 1/5 of what I used to make.
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Did you get laid off at your boutique?
Why did you leave the boutique?
Confused by this post...obviously yeah PE/HFs are a different story but don't ex bankers even from the analyst/associate level have essentially their free pick of the litter in terms of regular low six-figure corp. finance jobs at the very least? Genuinely asking as a question, because if this Director here can't find anything that scares me shitless...
Same. I just pee-ed my pants
The problem, as I understand it to be, isn't he can't find a job but rather there are reputational and salary expectations that he cannot seem to meet. I have a similar person in my network that was CEO of a port co that left for whatever reason and couldn't find a new C suite role within the industry at his level. Often times It's tighter at the top then it is at the middle or bottom of the labor market.
It's a hell of a lot harder to switch jobs at the director / MD level than it is at the Analyst / grunt level lol
Why not consider other cities in Asia like Singapore? You'll be a large fish in a small pond there especially with your credentials and expertise. Singapore is a fully English speaking country so language wouldn't be an issue. Awesome place to start a family as well and to raise kids. Also much better WLB and much lower tax rate
Or maybe also London or Hong Kong? Other major financial hubs
how do you find something there? just applying online?
If Ivy UG + Ivy MBA + BB + EB doesn't add up to job security, it's a pretty rough world out there.
The world is a scary place
I hate to say it, but if that doesn't add up to job security, then I have no idea what does.
Shivering as a non-target who’s trying to break into MMIB…But I am very curious that how your deal experience in BB and EB can not help you lateral. Isn’t it very sought-after given this industry cares so much about experience & pedigree?
"Shivering"
Would you mind elaborating on common exits for Director level candidates like yourself? Do you take department head positions at say a 500 people company, be the CFO, or be something else? Curious to know.
Thank you.
This got me seriously worried and re-thinking if I should consider IB as a long-term career.
Can anyone please give some idea what a VP/Director at a BB would make vs. the compensation cut they are willing to take?
Is it because its really difficult to bring in deals? I have this feeling I have to be aggressively networking from 20-30 so that by the time i'm director (assuming I remain in IB) I will have a decent network
Its not GHL right?
OP should definitely elaborate on why he isn't landing a new job, because if you're struggling then what's going on with the rest of the world.
Hot industries of our previous generation are no longer hot today.
Have to continuously adapt. Try to find something in tech.
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