Quitting After Analyst Years With No Job Lined Up?
For some context, I am currently nearing the end of my analyst years at a MM shop (think RJ, Lincoln, Baird) and am considering quitting with nothing lined up. I’ve tried to recruit here and there but it’s proven to be incredibly difficult while acting as the sole analyst on a couple live deals. I’m also quite burnt out from working in a moderately sweaty group (probably averaging 80 hour weeks consistently for the past year). Very close to just tossing in the towel, taking a week long breather, and then recruiting full time - likely for corp strategy roles.
I have been told by numerous people that having a job makes it easier to land your next one, but I feel like I’ve got no time to effectively interview with my associate/VP constantly breathing down my neck for deliverables asap. I’m also hesitant to focus on recruiting and let my performance drop at work since that could jeopardize my bonus + promotion (should landing a role take longer than expected). Although I have absolutely no desire to stay in banking for the long term, I’m concerned with the optics of not getting promoted if that scenario were to play out. Feels like I’m in a catch 22 here and would appreciate any perspectives.
Based on the most helpful WSO content, your situation is not uncommon, and many analysts face similar dilemmas when deciding whether to quit without a job lined up. Here are some key considerations and advice:
Burnout and Mental Health: It's clear you're experiencing significant burnout, which is a valid concern. Taking a breather to recharge and focus on your next steps can be beneficial for your mental health and overall well-being. However, ensure you have a financial cushion to support yourself during this period.
Recruiting While Employed: Staying employed while recruiting is generally seen as advantageous. It signals stability to potential employers and keeps you in the game. However, if your current workload is preventing you from effectively pursuing new opportunities, it might be worth considering a break. Some WSO threads suggest that corporate strategy roles often value the skills and experience gained in banking, so your background will still be attractive even if you take a short gap.
Optics of Not Getting Promoted: While not getting promoted might raise questions, it's not necessarily a dealbreaker, especially if you can frame your story well. Highlight your decision to pivot into a role that aligns better with your long-term goals, such as corporate strategy, and emphasize the transferable skills you've gained.
Timing and Financial Planning: Before making a decision, assess your financial situation. How long can you comfortably sustain yourself without a job? This will help you determine whether quitting is a viable option.
Exit Opportunities in Corporate Strategy: Corporate strategy is a common exit path for ex-bankers, and your experience in a middle-market shop will be valuable. Many strategy roles look for candidates with strong analytical and financial skills, which you likely possess. Additionally, corporate strategy roles often offer better work-life balance compared to banking.
Alternative Approach: If quitting feels too risky, consider scaling back your workload (if possible) or setting boundaries to carve out time for recruiting. Alternatively, you could focus on networking during weekends or evenings to build connections that might lead to opportunities.
Ultimately, the decision depends on your personal priorities, financial situation, and tolerance for risk. If you do decide to quit, be prepared to explain your decision confidently and focus on how it aligns with your career goals.
Sources: When would you quit?, Quitting IB in 2023 - Burnout, Burned Out - Quitting w/o an offer?, Breakdown of Post-IB Exit Opportunities
You’re worried about a situation that shouldn’t matter to you. What you’ve heard is correct, having a job vs. not having a job is a night and day difference when recruiting.
What do you want to do afterwards? You mentioned not staying in banking, but if you did not get promoted why would anyone outside of banking care if you got the associate nod or not?
Your solution to “I don’t want my work quality to drop in a job I no longer want” is “I’ll just quit first and be unemployed”… that makes no sense. You don’t want to burn bridges of course, but working and interviewing is all apart of the IB process.
Don’t hinder yourself, financially and professionally, by quitting first.
Write a book. Call it catch 67
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