Quit IB with Nothing Lined Up 1.5 years in, now in Corp Strategy, is my career cooked?
This may be super dramatic and I realize I am in a pretty decent spot, but I just really regret my actions earlier where I was just too burnt out and wanted to get out ASAP.
I left banking 1.5 years into my analyst stint in a mega sweaty industrials group. I was unemployed for 8 months. I ended up actually accepting what I think is an amazing job on paper - strategy and growth at a ~$15bn private non-tech company. My first year compensation was $260k and hours were ~45 a week.
Just judging by hours and pay it seems like obviously I am in a great and fine spot. I understand that. I am just having so many regrets and bad thoughts about what if I didn't quit banking? I could be at a strong PE shop, have MBA placement options through PE, maybe gone into growth equity or venture, etc? I just feel like in the moment I was immature and quit, even if the job I have now seems good on paper. My end goal is to just maximize earnings, and I wish I was still in the running for PE / something similiar high paying. Any thoughts or similiar situations?
Dude, I left after 4 years and only was able to get a corp strat offer at 150k all in as my coverage was not in tech. I am feeling 10x worse and hate myself. I don’t even know what to do next. All I know is I wish I would have pursued something else outside of finance in college. It’s not worth it.
You are way above market at your current comp and frankly making more than some IB Associates these days given the market the last few years. If purely money is your motivating factor, I wouldn’t sweat it you are making good money for your age/experience versus 99% of finance. Not the same story for me!
Are you in NYC or something is that why you’re a bit worried on the cash longer term?
Thanks for putting these in perspective - Intention of my post was 100% to not do some sort of weird humble brag. Reason why I was unemployed for 8 months was because I was really picky on my role and it took a LONG LONG time to get to get an opportunity that paid this much (Which I probably shouldn't have been picky at all, but I guess it lucked out big time). Most when I was interviewing were yeah all in of $110-$140k.
Why did you leave IB? I assume you left as an associate? Were you in a rush to exit ASAP and just accepted the first offer? I am sure you can be shotting out applications here and there and eventually accept a really high paying offer.
Yes I was an associate. Left because of burnout/knowing that long term I wouldn’t be a career banker. Didn’t really feel rushed at all searching though almost everything I looked at in my industry was around 150k all in however I wasn’t looking for corp dev and purely strategy type roles instead so that may have been part of it. I’ve continued to look but honestly don’t see anything out there except for SF tech start ups
Grass isn’t always greener. What 24/25/26 year old can say they are making 260k+ working 45 a week. You have amazing WLB it seems, IB experience, and could easily get into a Top MBA still given GMAT/GPA/Additional volunteering etc etc. The “what ifs” will always come, but really take in you are in the top of the top percentile.
For going back to PE, you could make the move. Go get the MBA, pivot careers, but really think is that what you want and willing to risk your currently lifestyle for
Thank you, helps me realize to stfu and put things in perspective. Appreciate the comment, cheers.
How did you find this role/how did you approach the recruitment process for corp strategy/corp dev jobs?
Am 1.5 years in and trying to find a good gig but it’s been really hard. Desperately need to leave banking and would appreciate the advice.
I came across it randomly on linkedin. I got super super lucky. No headhunters, no connections or networking, etc. This took 8+ months. Every posting I saw for similiar roles were $110-$140k all in. My base here is $175k and my bonus was a bit under $100k.
Is that bonus 100% cash
Don’t count yourself out, life is never over this young
That's insane comp for corpdev / strat (i'm assuming) associate. I've been quoted significantly less for manager roles. Haven't been looking lately but I'm an AS2 in IB and 260k is well above what I'd expect to get if I went to corpdev now.
Yeah associate is the role. What do you think you will end up doing? Do you want to exit, is the IB associate role easier than analyst? I know you do less output and more checking, but have heard stress gets worse as you are responsible for more.
Probably something similar to what you are doing. Will likely exit after AS3 or VP1 depending on how promo goes. Honestly if I can get comp over what you're getting I'll be quite happy.
Never had any interest in PE or in being a career banker. I get by but I honestly don't give a fuck about my job and never really have. My hours are better now and I can push a lot of the actual work product to competent analysts, but I do need to keep track of a lot more and drive more progress. Overall I'd say it's not that bad - VP is where you really have to start driving stuff.
I remember you on a different post. You were talking about how everything worked out for you after you quit. WTF changed in 1 month? Maybe stop overthinking it...
This happened to me and I also regret it so so much - quit 1 year into my IB gig but kind of want to get back now
Let me know if you have any advice please
Try to get back into IB in the next 8-12 months, especially when the market gets better.
Bro what there’s no secret silver bullet just try to get back on the track
I don't understand you or the OP's posts. You both tried IB and found out you were not built for it. What makes you think you would survive the second go around if you go back in it? Also, it is not like PE is easier. Absolutely nothing wrong with not being built for high finance since it seems the absolute psychopaths and antisocial people thrive given the demands, but just trying to point out that you will likely burn out again if you went back.
Feel like the burn out was not that bad. willing to work for it to get back in IB and PE
Someone define 'insanity' for this guy
Intellectual investing lol
No. Finance is cooked.
OP - wanna trade? Mostly in jest, but my circle of friends in IBD would love to get your TC and WLB. If you think about it in a broader perspective, how many professionals (regardless of age & field) has achieved your income? In most cities you would be squarely in top 1% of income earners. Honestly speaking, PE is just IB with one less step. You don't have to find the buyers for the assets whereas IBs have to source a buyer & a seller. In PE, your buyers are your investors. The real money maker is the fees thru fundraising and asset mgmt. Yes, carried interest is a thing but there are several hurdles before a penny goes to GP.
Be happy with what you have and enjoy the free time pursuing personal interest/hobbies while you're still young cuz life catches up quick.
unreal to complain about this on an IB forum
How do you make $250k+, but lack the critical thinking skills and self-awareness to realize the unique, privileged position you are in? I can't tell if this is trolling or just a humble brag for ego, but if it's not, you need to develop some perspective.
Get out of your HYPS bubble and start interacting with normal Americans that are busting their asses off for a fraction of the financial reward.
This OP has posted this multiple times, his comp package and being part of a decaunicorn. Sounds like a truely insecure individual or likely a troll (I think it's the latter personally).
I'll reiterate what other commenters here have said – you're in an incredible unicorn situation and I know many people in PE/IB who would give anything to have your comp and hours. I personally left PE because the crazy hours destroyed my health but was forced to take a massive pay cut as well as a title cut when I hopped over into credit research, where I am now.
Despite having 5-6 YoE on the buyside (private credit and equity background) I only make $125k all in. I was also interviewing for corporate finance/dev/strat roles as well, and practically everything I was interviewing for only offered pay around the same (110-125, with the rare 140-150 at best but those roles all acknowledged that they would have much longer hours and I chose not to pursue them). I have regrets at times because the pay I have now is nowhere near enough to live well in NYC and my paycut was >50%, but at the same time I didn't really have much of a choice since I needed the better WLB + if I had stayed in PE I might actually be dead by now, no joke. Lesson I learned from that ordeal is that health always comes first, and if you have good culture and colleagues that's something you should value.
Sounds like you're younger than me (I'm almost 30) and in a spot most people can only dream of, there's no need to have regrets since you're in the exit position that everybody wants to be in. I'll also tell you that a lot of people in PE are in tough positions right now with all the industry layoffs and portfolios on fire, and a lot of the earnings that would've come from carry have become worthless as a result of the situation, so it isn't exactly people working to maximize earnings anymore, especially at the junior ranks.
Thank you so much for the write up and putting things in perspective. I completely aknowledge my post seems so out of touch and delusional, I think I was just having a really bad “grass is greener” moment and got too in my head. Your thoughts 100% help me be more appreciative and a snap back to reality. Thanks again.
When you say the PE hours destroyed your health and youd almost be dead can you elaborate ? When do you know its time to call it quits ?
In a similar boat rn in PE. Non-stop fire drills taking a toll on my health. Looking to quit ASAP but nothing lined up yet
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