Is it ever worth to quit with nothing lined up?
First year analyst in CB at a MM bank for close to half a year. Not doing any credit work whatsoever, only relationship management. Have been learning a lot but I really wanted to develop my credit and technical skills, unfortunately currently do zero in the role. Got credit exposure in previous internships and enjoyed it a lot so I am really missing it. Culture here is horrible compared to previous internships; toxic, sweaty, all anyone cares about is work work work not a single care for anything else, no structure, no mentorship. Same ask in the title, is it ever worth to quit with nothing lined up and continue applying to other opportunities if I am miserable? Don't want to sound weak but it is to the point where I am dreading waking up in the morning and going to the office. Would appreciate advice from anyone, thank you.
Based on the most helpful WSO content, quitting without something lined up is generally discouraged unless absolutely necessary. Here are some key takeaways and advice from similar situations:
Stay Employed While Searching: It's easier to secure a new job while you're still employed. Recruiters and hiring managers often view employed candidates more favorably, and it helps avoid the potential red flag of an employment gap on your resume.
Leverage Your Current Position: Even if you're unhappy, try to "milk" your current role for as long as possible while actively searching for a better opportunity. This means doing the bare minimum to avoid getting fired, using sick days or PTO to interview, and focusing on roles that align with your goals (e.g., credit-focused positions).
Avoid Desperation: Quitting without a plan can lead to desperation, which might cloud your judgment and push you into another role that doesn't align with your long-term goals. Take the time to find a position that truly fits your aspirations.
Mental Health Considerations: If the situation is truly unbearable and affecting your mental health, quitting might be the right choice. However, ensure you have a contingency plan, such as savings to cover expenses and a clear strategy for your job search.
Network and Prepare: Use your current role to build connections and prepare for interviews. Reach out to mentors, former colleagues, or anyone in your network who can help you transition into a credit-focused role.
Reassess Your Goals: Reflect on whether your dissatisfaction stems from the specific role, the company culture, or the industry as a whole. This can help you make a more informed decision about your next steps.
Ultimately, while quitting without something lined up is risky, it can be worth it if your current role is severely impacting your well-being and you have a solid plan to move forward. If possible, try to stick it out while actively searching for a better opportunity to minimize the risks.
Sources: Burned Out - Quitting w/o an offer?, When would you quit?, Quitting IB in 2023 - Burnout
What are your hours? When you say you’re in CB can you define that? Assuming it’s corporate banking?
Ill advised to quit with nothing lined up. If you’re grinding until 3am every night then it’s a different story.
Yeah corporate banking but primarily focused on relationship management, no underwriting.. Hours are not bad at all, 50-60 on average sometimes will spike to 70+, but the culture is genuinely horrible and is slowly killing me to put up with. Am slowly applying elsewhere and will try to ramp up applications around the 8/9 month mark, any advice you may have?
Honestly, 50-60 hours is not that bad and not what I’d consider “sweaty”. You should tough it out and try to make a friend around your age in the office to make it more tolerable.
By relationship management work, what do you mean. Is this more pitching and identifying ancillary/ cross-sell or more day to day support w the client. Important to think what product suite you’re getting exposure to as well
It’s a bit of both, but majority of it is day to day client support, a lot of KYC and admin work. Do support RMs in cross sell opportunities but the exposure to those products is extremely minimal. Honestly would much prefer to be able to do what I’m currently doing now in addition to primarily focusing on underwriting/credit. My bank separates the two so I get zero exposure to the underwriting side of things
Ah that is a tough spot to be in to be honest. It’s not ideal that entry level CB roles aren’t built equal, some banks are very operational, some are extremely corpfin/ underwriting heavy, some banks are extremely pitching and cross-sell heavy in terms of experience.
I think moving to say a CB coverage role at another bank if you think that the xp you’d get there would be better (on the underwriting side for example), will be quite a though sell. Essentially from interviewers it will look like you’re changing shops for the sake of it as you are transitioning to the same role if that makes sense. A move to a different shop with a different CB role would be a different story though. Eg. If you move from jpm coverage to citi’s underwriting team, that is an easier sell as you’re making a move to follow a path that you are interested in.
Ultimately I thinkmoving after 6 months is a tough sell, particularly if it’s for the same role. I’d either start shopping for these underwriting/ credit analyst roles now, or, once you hit the 1y mark begin looking to move for a more ‘technical’ coverage role- recruiters recommended to me that once you get that 1y mark, transitioning becomes less of a red flag than 1y
I would quiet quit in place and use that time to network and apply to jobs
Thanks and yeah, that’s the plan now. Though a difficult job market combined with shorter tenure is making it tougher, still aiming to currently apply as much as possible but not getting much traction. Think it could be only being in the role for half a year. Any colour into when it stop being a red flag to employers? Maybe 8 months in and things would be better?
I think you're facing a common existential problem college grads have. As a 1st Year Analyst, 'professional life' was largely school with a new chapter every 9 months (and yes, internships too). While not true for all students, maybe you had TAs or profs you respected a lot and had a mentorship-like connections with. You had a sense of control in school given the structures in syllabuses and were disciplined to follow through on a curriculum.
Going into the workforce, it is really the last part your employer values. Even the most technical jobs in finance (outside of quant trading) are refreshed excel templates. You can build toggles and switches on schedules and forecasts, but you'll be be reinventing a wheel (If not at the firm, online somewhere). Most jobs as you move up are relationship driven, and AI is going to make this even more true. You should spend the most time watching how seniors respond to scenarios with clients and prospects, and this will help you the most in interviews.
With all that said, being on the desk ~6 months is 2 quarters. That's less than most companies would finish any major project. As a company would - don't like stagnant growth? Use your cash to invest into courses building models rather than waiting for projects. After 1 full-year, assess the long-term impact if you stay on the same trajectory with an annual view like a CFO would. And as CMO of yourself, assess if leaving a company without another job would impact your professional brand for hiring (early in career it often does).
On mentors, these are people you have to actively find for yourself at most firms - the grass really isn't always greener on that front.
Was wondering if you’d be able to disclose or DM the bank? I’m interning at a MM bank for CB coverage this summer and if it’s the bank I’m thinking of it’d be great to know what I should be aware of.
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