Quitting as a 2nd Year without Anything Lined Up
Hi all,
I'm currently a second-year at a BB in NYC. I'm thinking about quitting now (have thought about it for a while) but don't have anything lined up for after.
I don't want to do anything buyside or stay in banking. Preferably, I'd work at a startup or in a strategy role at a large company. Salary-wise, I currently make $125k base as a second-year and made a good bonus last year (anecdotally, seemed to be better off than many at BBs). But to keep it vague, let's say in the range of $150k-200k all-in as a first-year.
I feel financially comfortable enough to make no income for a few months (a few months, so hopefully not longer than 6 months, let's say) and also I'm ok with earning $90k-100k all-in in my next job--feel like I would view that as a lot if not for the context of having been in IB for 16 months or so. For example, hypothetical roles I've seen on LinkedIn in stuff like strategy and business development at places like Uber, Shopify, DoorDash, certain startups seem to pay $100-120k base with no bonus. I would be ecstatic with a role like that. Further, would prefer to stay in NYC, but also willing to go somewhere else. If ended up in a much lower cost of living city, salary expectations would adjust accordingly.
If I quit today and had a couple months gap in resume, would I disqualify myself for roles like this (strategy, biz dev, operations, startups)? If I actually used the downtime to really focus on networking / applications in a way that's really hard while working 80-100 hour weeks (granted that's easier said than done given the lack of incentive structure while not formally employed), would there be any benefit in that?
As I alluded to earlier, I've been considering quitting for a long time and have had some major issues with mental health (e.g. needing to use formal time-off, see doctors that I hadn't seen before, utilize firm leave policy, etc.) and have been doing some light networking and application submission for a few months now. I should have done better / more prep work up to this point and wish I had done a better job securing a few more interviews, but it is what is, looking to improve going forward.
Not to say that that necessarily means I should quit immediately, but just giving context that this is not a spur of the moment decision. As mentioned, totally ok with some hiatus and some pay decrease, but if I totally nuke / blemish my chances with a gap in my resume or invite questions of whether I was laid off, then obviously that's what I would like to avoid. The question of being laid off piece only bothers me if it becomes a lot harder to find another job; if explainable with a decent answer / maybe a reference or two, then I don't mind being asked. If a few months resume gap can be justifiable/explainable and I can find something that pays ~$100k all-in (or cost-of-living-adjusted equivalent), then willing to jump in fully committed.
Any and all advice would be much appreciated--thank you!
Couple things -
Can you take a more extended unpaid leave? Assume you have already looked into FMLA leave (and many banks are more generous than the required 12 weeks). if you have been having serious mental health issues I would definitely look into this as a way to spend some more serious time on your mental health without starting the clock ticking on a new job, or having a big gap on your resume. You could also use some of the time to start recruiting and applying.
I do think it's a really hard market and it really does become significantly harder to recruit without a job. I totally understand just needing out of IB, but you would be making it very challenging for yourself.
Those startup roles and even "downgrades" like FP&A or ops are incredibly competitive right now given how many people have been laid off and are just looking to pay their bills. It's not impossible to land something with no job, but really a lot harder... but if you can get any leave or hang on for a few more months while doing the minimum and dedicating yourself to applying I think you'd have an easier time.
Similar boat to you…and I’ve also heard that not so good to have a gap, if you can have your relatives/friends’ company states that you’re “working there” for the tile, it should be fine.
Would you mind sharing why IB has put you in a such bad mental state? I’m likewise in a pretty bad metal state and taking meds that I’ve never taken before…I am not even sure if it’s my problem that I hate it that much cuz everyone else around me seems to be just fine… so appreciate if you could share more the sources of the agony
And actually really admire how strong you are holding up and looking for advice, opportunities… I still am suffering from lack of confidence, hope and sense of meaninglessness… don’t know what I’m interested in and afraid to take a step ahead…so just want to give you round of applause and there’s light at the end of the tunnel!
I was in the exact same boat as you up until recently. Had nothing lined up after 2 years at an EB because I hated the lack of WLB as I was on 5 completed sell-sides, so was extremely burned out and knew I did not want to go into the buy-side, which imo is IB 2.0. When I left the firm at the end of my stint, it felt like a huge burden was taken off my shoulders and I could breathe again.
Took 1.5 months to hard reset (travelled around Europe), then applied to at least 5 corp strat / IR / better lifestyle jobs a day. Wanted to avoid touching / editing a financial model as much as possible (the incremental edits gave me cancer). You would think 5/day isnt much but I was pretty picky (NYC, non-finance, strat roles, etc) Would note that the salary posted on LinkedIn for Corp Strat/Dev Associate jobs aren’t exactly what they truly are — many times they have told me ranges that are 20% more than the posting, and many have cash/stock bonuses that add up to around $150-175k average TC. This will of course depend on the industry (eg I have found Retail/Media/Aviation will pay less with ranges between $125-150k whereas Tech/FIG/Energy will pay more, in the ranges of $200-250k). The tradeoff is that it is a little bit more sweaty in the higher pay industries (55 hour weeks vs 45 hour weeks).
Eventually got a gig in corp strat 4 months after quitting. Only a few places asked about me leaving and the gap, but I just explained that I needed to take a break after working 80-100 hours/week. They seemed to be receptive of that response, with only a few dings. Job market isnt great right now but keep your chin up and keep applying — everything will work out in the end. You have a great background and have the work ethic/skillset to be a great addition anywhere.
My advice to you is to hang on for a few more months (hopefully the job market gets better in 1Q/2Q 2024) then just coast in your current job as much as possible while they pay you to recruit. Do not go above and beyond, delay responding to emails, leave the office a bit earlier (to apply to jobs), push back more on stupid requests, etc. Go down to 60-70 hour weeks if possible. Would add corporate IR to your list as well if not already on there. I think a 6-9 month gap on your resume is fine, as long as you can confidently explain it as a near-sabbatical after pulling 100 hour weeks. When you have downtime, brush up on your data analysis skills, learn the basics of Tableau/SQL and know your “story” down cold. When applying to jobs, use a form auto-fill when doing applications on Workday and save jobs down on LinkedIn to come back later.
A lot of people are going through or have gone through what you are experiencing right now. You are not alone. You’re going to be okay.
I was in your exact shoes this time last year at a Canadian Big 5 in TO and ended up quitting w/o anything lined up and don't regret it.
I was in the process for another job but it was extremely unlikely (though I did end up landing it). The only gripe I had was that negotiating for a new job and recruiting for a new job make it more difficult in the market but its helpful to take a step back. Your working at one of the best jobs out of undergrad you can get and are already on a great trajectory, it doesn't hurt to have a couple months gap on your resume at all IMO, especially if its justified (which it is after have 5 sell-sides). DM if you want to talk.
bump
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