Miss IB a lot.
I’m on the buyside now in a cushy credit role in a T2 city after doing an IB analyst stint at a BB for 2 years.
I dunno I just kind of miss banking. I make more now than I did in IB, but after a year of this, I feel super nostalgic for banking.
I guess it was a combination of still being fresh out of school, having the bullpen camaraderie, the dopamine hits from recruiting, and the energy of NYC.
In my year on the buyside, not once have I wanted to shoot myself like in banking because of an asshole vp or constant 3am nights, etc.
I do genuinely look back upon that time of life fondly though.
Sell-side banking at a BB was like cocaine - it will wreck your health and mental wellbeing overall, but by god did it give the ultimate dopamine rush on the good days
Curious if anyone else feels the same.
bump, would like to hear about other peoples experiences
I can definitely relate to this. But as someone who stayed at a BB past those first 2 years, I can almost certainly tell you that dopamine hit wears off shortly after year 2. The first couple years are the most fun since everything is so fresh and new: learning and developing skills, working on interesting client situations and transactions, building your bank network, receiving good compensation, etc. However, once the Associate promotion hits, the way you feel about the role usually will change: new deals become mundane and repetitive, the ability to be a “top performer” becomes more political, and a meaningful portion of your total compensation (at least at BB) comes as stock vested over 4 years. Being at a BB for over 4 years, I wish I would’ve left after year 2 and think you made a wise decision to leave.
bro deep down I just miss being in a frat in school
That is such an interesting take. I have many friends in banking right now and ones that have exited. Almost all of them right now hate it, and all the ones that have exited look back rather fondly but mostly because it was a really good learning experience and their pe roles are way more stressful. I really like your take because it's one I've never thought about and it's given me a new perspective. I feel like you can achieve similar levels of dopamine in other fields outside of work and you don't need that constant anxiety waiting for comments or getting grilled by your seniors but to each their own.
Wrestled with this dissonance in my brain as well
Another layer is that we tell ourselves buyside is greener pastures while in banking, admitting to yourself that you’re learning a lot but the coverage or product team you work for is a commodity service.
Flash forward to landing on buyside, and if you’re honest with yourself, you soon realize your firm likely has no special sauce save for a few specific cases. The counter on buyside to the more glaring stressors in IB (e.g., toxic personalities, late nights) is the lurking insidious concept that your fund/firm might not be able to sustain itself. Exceptions if you’re at a massive AM, MF etc
Not too dissimilar with almost anything as you're younger - novelty will wear off, which necessarily isn't a bad thing, but I compare it a bit to poker there's a great article on it somewhere where the 'pain is the high' hence the feelings of extremes / dopamine spikes. do feel as i've gotten older i'd like the trough and peak to be closer to each other, but agreed that i'll always look back on my analyst years fondly (associate years much less so...)
Get a life
Del
I hear you, the highs are high but tbh the grass truly is greener here. Also, it’s very group, and even individual, specific.
For example I had this MD in banking that was completely obsessed with The Smurfs, and when he sensed junior morale was low, he’d walk through the bullpen blasting the song “Blue” by Eiffel 65. Like imagine your deal died after getting crushed for weeks on end and you’re trying to keep it together at your desk, then all of a sudden this middle-aged man comes through blaring I’M BLUE DA BE DE DA BO DIE DA BO DEEEE and you start to question the nature of reality.
Would run through walls for that man
What are the biggest dopamine rushes ?
Feel this. Was at a BB, working on big deals and living the high life. Made a big switch and now do CorpDev in a Tier 3 city, making more money. Working on an industry moving deal, the notoriety, and partying in NYC is unmatched. But, I would never go back to the stress and hours. Gladly, live a much healthier and calmer life now. Even though it can get boring at times
Damm awful take.
this made me chuckle - i left also after 2years also but i wouldn't describe myself as 'missing' banking to be the right word. pretty memorable and makes for good stories for sure - but i do remember those final few months being the worst time i've ever had
grateful for the opportunity, learning and connections along the way - perhaps i can agree and look fondly on that aspect.. would i want to go back and do it over - absolutely not
Why dont go back?
What type of credit shop are you at now (size and scale)?
I had these feelings initially also... shooting the shit in the bullpen, afterwork drinks, eating dinner with your buddies -- definitely doesn't happen in PE and people tend to be a lot more serious, generally speaking. That said, there are certainly less nights where I go to bed angry...
Weird kink you have there.
I think you are someone who needs to find meaning in their life outside their career - or you’re gonna end up divorced like the rest of the career obsessed bankers
You sound like a tool. You can have a lot of fun, have a happy marriage and have a very successful career in finance. But you need to smart and how to manage life.
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