Have any 1st year analysts actually quit?
Hey everyone. Current 1st year at a top BB looking to exit ASAP. Been reading through the other threads on how rough the 1st year analysts have it, but can anyone comment if they have actually quit (what your experience was like doing so) / what type of jobs you're leaving for?
Would be very helpful to hear other people's experience in this, as I am too looking to exit soon. Thank you!
What is going on. Have any banks addressed the threads here?
You must be really naive to think that banks will address this problem, ever. It's not something new, the toxic banking culture has been going on for many years (analysts have died in offices but look where we are now). Obviously, WFH exacerbated the whole situation. Pre-Covid this situation was mostly bearable (analyst program completion still wasn't 100%, probably around 80%-- somebody correct me if I am wrong -- now it will probably be less than 50%...) HR might introduce some bs policies on paper but I don't think it would be enforced...
I mean it seems to me like Banks have addressed the problem by offering some of the best comp in the world. The way I see it is you can't have it all.
https://www.wallstreetoasis.com/forums/how-can-we-do-better
they don't care it's just the perpetual treadmill
Personally haven't quit, but two very close friends have within the last two weeks. Another friend is interviewing and has gotten to a few final rounds (startups), so is planning on quitting asap if he lands the offer.
NY or SF?
All NYC. Other two that have quit have no exit plans lined up. Trust me you're not alone lol. Not everyone is considering quitting asap, but I can guarantee you that all my friends in IB (and every other first-year analyst in my group) are 100% seriously considering quitting once bonuses hit and are beginning to look into different potential exit avenues.
Did the two other friends have jobs lined up before quitting?
You literally can't even have a pet dog in IB, going by the most recent thread on the subject, and this is when y'all are working from home. The situation seems to be complete garbage.
That's not why you can't have a pet dog lmao. You're not going to work from home for the next decade but the dog is going to need someone that will be able to spend time with them for the next decade.
But that's the point. What other jobs are there that you literally can't have a goddamn pet because you work so much? ER Nurse/doctor? The situation is untenable, and this is a clear indicator that things are out of hand.
Makes sense though since bankers and medical workers are both equally valuable to society.
I don't disagree with that, it's just "and this is when y'all are working from home" is taken slightly out of context. I love animals and judging by your comments, you do too. I hope you're able to get into some sort of role that allows you to have a pet because it's a beautiful way to spend your time. Have a great week!
Um there are plenty of jobs where you can't have a pet. A pilot, for example, may find it difficult to have a pet.
I'm an associate with a dog(and wife) and there are days i.dont even see my.dog since I haven't left my.room. (working from home).
Goddamn that is depressing AF
U need to let that lil doggie in your room to hang
Have your dog come in your room man. One of my EDs has a dog, I can frequently hear him and it cheers everybody up
For those who have quit, are your banks actually coming after your signing bonuses?
It's a mixed bag, some banks are coming for them, some aren't. Probably a delay, since a lot of analysts left around the holiday period.
Nah, my friend actually got paid for 1.5 months after leaving cause his group didn’t want to ring it up to hr. If they come after it, ignore them. Nothing will happen for 10-25k
my mid-tier BB didn't. Dunno what I would have done if they did tho lol. 10-20k is nickels and dimes for these banks posting billions in profits every quarter...
I'm a first-year who quit and know of at least four others that have left their gigs.
If you don't mind, what did the process look like when you quit? Also do you have anything lined up atm? appreciate it
I'm another first-year analyst that quit before new years even before bonuses hit without anything lined up. Applied for a couple of corporate roles and startup roles, interviewing with two. Hopefully will convert one soon. Tbh it's almost impossible to network, research firms, and interview while working 100+ hour weeks and being expected to pick up the phone 24/7. Plus, I feel like making a radical choice of quitting without anything lined up, puts a bit of stress (the good one) on you and motivates you.
Uh yea dude, a ton of people.
if you’re seriously done, start looking for jobs on linked in and reaching out to your network regarding things that interest you. It could easily take 2-3 months to secure another job, so move on it ASAP.
One first year in my group left after the first month with nothing lined up. I'm on the interview grind trying to get out too.
What type of roles are you looking at?
Business analyst, FP&A, strategic finance, corp dev etc. I've come to realize that I really don't give a shit about the rat race of prestige and money anymore (COVID and WFH has only accelerated that mindset I believe) and I just want something that I don't feel like shooting myself in the face over, pays decently, and provides a decent work life balance.
Haven’t quit but know of people who have also gone on medical leave (mental health) and plan on leaving as soon as the paid leave is up.... first years have it the worst now. Having an associate you’ve never met scream at you over email for work we were never properly ramped up or trained for is another kind of crazy
Lol, forward that email to the group head.
Hope someone to give their opinion on this but if a good amount of analysts (in addition to associates and VPs) have quit and are about to quit once they get their bonuses, what does this mean for incoming FT as well as for incoming SA as it seems like WFH is going to be the norm at least until 2022 + these issues being seen now as a fundamental problem with IBD. Will this cycle continue where incoming FT will be the only juniors so they'll have the work of 2 employees pushed onto them? Will they try to increase pay, bonuses, or benefits to try to get people to stay after hearing about what a shit show things are? Also, what will the culture of the firm be like if almost no juniors will have been in the office and actually gotten to meet other analysts and their bosses? Will SA get auto return offers since they wont have access to mentors given the lack of them as well as them being busy all the time?
What makes you think it will be wfh until 2022?
My original thinking was fall of 2021 as it seems like things are dependent on vaccine distribution and it'll make sense for banks to have incoming FT to actually get into the office to avoid the shitshow that's going on in the other massive thread.
However, many people have been saying that management will be slow to act to actually get people back into the office. Companies will make return to office committees, meetings will take place, people won't come to an agreement, and then those committees will make committees, and so on. A lot of people dont seem to understand that management isn't just going to force everyone to come back overnight especially since we saw what happened with JPM last year (obviously the conditions will be a bit different). Also, you have to consider the fact that many of these offices have multiple tenants with hundreds to even thousands of employees coming in an out every day. It's going to take a lot of parties to get involved (public health dept, tenants, landlords, building management, etc...) to actually figure out a way to safely have people coming bac. Just think about how little elevators there are in comparison to employees.
not sure, but i actively tell everyone that hits me up for phone calls/networking chat that I don't reccomend my BB or the industry, and to use all their efforts to either
1. study CS/learn to code and go tech
2.try and go direct to hedge funds or PE
3. do consulting
4. start out in corporate dev/strategy (you will likely exit there anyways based on this thread...might as well pull the band aid off now and not even sstart in IB)
5. go to medical school
For those that are incoming FT, what is your recommendation. To try to do those things as well?
What are the pros and cons of going straight to corp dev straight out of undergrad? I assume a big pro would be better hours and a big con would be less pay.
Not really related comment but the mindset of most people on this thread saying that they actually do not enjoy working in finance to me really shows how Undergrads get sucked into the prestige of IB and glorify it without fully realising what kind of impact it has on your life. Most of it might also be related to Covid and how different this job is when WFH but I think it is good there are also analysts out there who do not praise this career and noting to candidates that there are other career paths.
Probably best networking advice I've heard given in a while, though unfortunately many still in college will disagree, until a few months after they start FT.
know a guy at GS FIG looking to quit as well. definitely taking a massive pay cut, but you can make all the money in the world and still hate your life
Does anyone feel like they’re not actually learning much / not really getting good at the job .... that’s probably the #1 factor for why I’m looking to quit.
this was one of the main reasons why I decided to quit before new years. Another one was that I was not interested in PE anymore so didn't see why I should endure this torture for a year and a half more..
It may not feel like you are learning, the same way it doesn't feel like you are growing as a kid until puberty. But you are. You are picking up things every day about how to do the job, what people like, how to generate a good quality work product, etc. Yes, you may not have the modeling experience right away, and maybe you should ask for that, but there are skills you are picking up.
By way of example, go back and try to do some of the technical interview questions that were super hard. You'll find they aren't really so difficult any more.
How does one even go about quitting? I don't even know who I would tell- MDs/staffer/HR?
Staffer but don’t quit, you’ll regret it. Grit > short term pain
Tbh I don't think it's worth it. I don't really care about exiting to PE/HF. And don't enjoy working in finance at all.
Grit is for what you actually wanna do, not something youve realized you hate
I called my staffer on a Friday afternoon and gave him my 2 weeks notice with a short explanation that I was burnt out, he seemed understanding
when people say 2 weeks, what do you do for those last 2 weeks after your put your 2 weeks in? do you just hand off ongoing deals and staffings to other analysts?
Coming from someone who is going to be a summer associate in ‘21....do they not know this is coming? Seems like hiring was pretty light across the street, unless I am mistaken.
Doubt it. Most people thought WFH was the best when it first got implemented. Everyone was raving about the "new normal" in literally every single conversation. I mean they have 6 months to figure out what they're gonna do come the summer and analysts, associates, and VPs are probably still going to leave in the next few months after they get their bonus and/or make the decision to leave after seeing others leave as well
.
How many of you are at BB vs EB/MM? Haven't seen any of our analysts quit at my EB and we are known for bad hours.
I'm curious about this as well - from reading through various posts, it seems to be BB's and MM's. Anyone quit from EB's? If not, curious as to what they're doing different.
I work at an EB and am seriously considering quitting
Also at one of the "sweatier" EBs (Maybe we're at the same one!) and 0 first years have quit.
Do you think that this could be because the bonus is going to be high and far more worth it to stay whereas at a BB your bonus might be half of what you're getting at an EB?
Is this Moelis? Haven't heard anyone quitting from there but likely because they just replaced moonshot pitches with actual deal flow.
Was a first year at a BB in NYC, quit before the new year, forgoing the stub bonus
Hate to be that guy but would someone mind noting which firms/groups have lost first-years? Trying to lateral rn and this would save a lot of time lmao
Literally all the BBs dude - including top shops like MS menlo / GS SF, GS NY, CS NY etc.
i work at one of the above and we've lost a few first years less than 6 months in
Do you know which groups at GS?
Agree - might as well tally which firms / groups are seeing attrition.
Hi, I'm a reporter looking to cover how covid and WFH are affecting IB analysts. I'm hearing that some of the promises of a job in IB, like culture, mentorship and feeling like you’re part of a team, simply aren’t the same with working remotely. Also hearing that with people quitting and record dealflow and market activity, desks are understaffed and analysts are bearing the brunt. I think it's a really important story. Happy to talk without attribution -- I won't name you or your firm or compromise your identity. PM me here or on twitter @rossmatican -- you can find more of my contact info there (email, Signal, WhatsApp etc).
kinda sus
The only thing that people in IB hate more than IB is the Media. Kindly fuck off
Snitches get stitches
kindly gtfo :-/
Very slick Carole from Compliance...
Maybe I'm missing something, but don't we want broader awareness on these issues? Or just complain about it on wso?
Because journalists are the scum of the earth and deserve every ounce of the hatred they receive. Here's how this "story" will go. You will volunteer your time to the reporter. He'll say something like "we're just here to get your side of the story. Don't worry, we won't publish your name!". He will have a veneer of kindness. You will spend an hour talking through what you've dealt with, how your classmates are quitting, how you've worked 100+ hour weeks with multiple all-nighters, how you were chewed out for mislabeling a footnote at 1am. The call will end. "Thanks for your time, this was extremely helpful and I hope things get better for you!"
Two weeks later you'll read a headline that's something like "The Trust Fund Kids Who Hate WFH". The article will be about spoiled rich kids (that's you!) sitting comfortably in their homes "making three times the median family income" while the pandemic "ravages poor families, especially in minority communities". Instead of mentioning any of the all-nighters where you could feel your heart out of proper rhythm or the times when you wondered if that weird pain in your head meant you were about to stroke out, they will write about the one off-hand comment you made about dinner not being comped during WFH or how you missed out on a Christmas party. Oh, and your real name will be printed. Oops!
Fuck these people, say nothing.
fack off narc
A first year I know at my BB just quit this week
welcome to the team fam. When did/does your bank pay first year/stub bonuses?
Most Canadian banks have already paid. U.S. peers up next. Let the battles begin
How would this affect bonuses for current analysts? Less folks = higher bonus or is it pared down at all
You wont get paid more because others quit
Maybe if more people quit, they’ll increase bonus for juniors to make them happier?
Can anyone drop the names of which groups people have left at? Know of MS TMT, gpug, GS TMT, CS TMT (all tmt??) Citi FIG, UBS C&R
Looks like you're right about CS TMT. Just saw them post an analyst job opening for the group......
No one left UBS C&R
They’re about to
Heard CS TMT is split T / MT and multiple analysts in T left and at least 1 MT left.
Can confirm, 1st years across many groups at Citi have left (FIG, ECM, HC, M&A from the top of my head)
What is currently taking place is sickening. It started as fairly relaxed and refreshing when covid first hit with wfh, then shit hit the fan, quick. We all assumed this was temporary with the drastic need for Redacted transactions, but it transitioned into the new baseline. MDs were basically shitting gold bricks during covid, now that flash is over and they are cozy with that new golden throne, they are aggressively defending that environment as the norm.
I can't describe the current working situation as anything but suicidal. We all want out, but we don't even have a moment to breath, let alone think about our resumes, or applying anywhere. If we were to interview, we would make fools of ourselves because of how utterly exhausted we are. 110 hours a week is the baseline as of now. We cant go offline. I don't care about the money, losing my bonus, but a cold quit is our only option, management knows this and it destroys all prospects. Bed to desk at 8am to bed at 3am has been my existence since the summer. There is no comradery, there is no nights out with coworkers, there is no mentoring. I don't know what happened to this industry, how it could have possibly gotten worse, and of all things by not having to go to the office, but MDs are now contempt with a suicidal existence of analysts because they don't have to look us in the eye anymore every morning and see the suffering. We are not even treated as humans anymore because there isn't human interaction.
Entirely agree the WFH has only widened the senior banker disconnect. Sad really
this is very very true. im too exhausted to even look for a job right now. if someone grilled me on the phone about macro environement id have nothing to say...im in the weeds of a stupid model/ppt from 8am to 3am with barely any breaks to shower/eat..barely go outside
its become absolute hell. one of the biggest mistakes of my life to turn down the tech job i had two years ago that paid the same.
tech corp dev?
I have quit, and I would have done so even without any backup plan.
I was the first of my first year class to quit, back in December. My mental health has become complete s**t, I have lost most of my friends, completely stopped working out, some days I wouldn’t even eat or shower. I was diagnosed with depression and anxiety in October, and I know for a fact the major factor at play was this job.
I went to a top school in its most challenging STEM degree - I knew what working extremely hard was, and knew what not having a life was. However, 3 months into IB, and I couldn’t care about the work I was turning in. Heck, I couldn’t even care about responding to emails or picking up the phone on my last 2 weeks. There was no purpose in any of the work I was doing, and I believe people in Banking don’t care at all about analysts well-being.
This job has completely destroyed me, and I’m afraid it will take years to recover. So yes, I’ve quit and others in my firm have since then followed me. I advise anyone considering this career to seriously reconsider.
Happens - good luck and I hope you find a role that you enjoy. Work doesn’t have to be a bad thing
What are you going to do instead?
I’m starting my own business. I also had offers in two other companies (where I had interned at before), and would have quit even if these weren’t there.
There were two people I know who quit my first year in banking within the first month:
One quit after a month after getting placed into a bad group, ended up in a MM Bank
Another quit after getting placed into their last choice and was absolutely terrible at their job, ended up in consulting
bump
Two first-years in my group have left in the past few weeks. Hoping to join them soon.
Same...
I work at an EB and several people in my class have quit--some with other opportunities lined up and others without. In fact, the top analyst in my class quit without having an opportunity lined up at all...
Anyone know how bad it would be for job prospects if I just up and quit? Don't know how much longer I can take this. I think about quitting every single day, all day. I have no interest in the job now.
I recently moved and didn't have any trouble - the job market is actually booming right now
Congrats! Did you quit before having a job offer or were you recruiting while still working banking hours?
Some of the above definitely not true, maybe people mixing up first and second years
There is always fluctuation, maybe just some interns getting a wrong impression of the overall situation in the market? Definitely believe the people which described their shitty situations are right but that's also not completely new tbh
You could consider becoming a business analyst. I am a 31 year old BA (VP level) and I make about 200 all in. I rarely work more than 40 hours a week. I mean maybe during an adoption phase if business users are being difficult, that’s really it though. Make sure you find a place with great culture. Culture is key
Your icon says “IB”
Plz fix
What's your comp look like 5-10 years down the line? Does it stay around $200K?
bump
bump
bumpp.
One LA IB group lost four associates in a month. If retention bonuses or something doesn’t happen soon, more will leave.
Moelis, CS, MS, or HL?
Based on the other thread, think it was Moelis LA.
+1 for a another first year throwing in the towel. Put in my 2 weeks today.
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