Quitting IB in 2023 - Burnout
Joined a MM bank as a lateral ~6 months ago - have 3+ years of work experience. Unfortunately, I entered this job completely burned out from my prior role and should not have taken the offer (terrible idea in hindsight). Planned on recruiting for corp dev roles aggressively after hitting the desk, but have struggled to get traction with any good groups. To make matters worse, my group dynamic is extremely toxic and the work environment is far worse than I imagined it being (regularly have weekends blown up, constant pitching, and no camaraderie).
At this point just want a job where I can close my laptop at 6pm on a Friday and not worry about weekend work / late nights. Behind the scenes, I've been struggling with some pretty bad anxiety related mental health issues for years and seems like this job is exacerbating those. Pretty much all of my friends and family have told me that I should leave asap since it's really affecting my mental health - the only thing stopping me from resigning tomorrow is the fear of the resume gap stigma and not being able to find a decent job. Obviously I'd love to have a regular paycheck and be able to find a corp dev roles while still employed, but I am tired of waking up everyday and dreading going to work. I've been trying to dual track recruiting and working but have found it challenging to do both and find enough time to take care of myself (sleep, exercise, etc). I'm already putting in bottom bucket effort by sitting on deliverables and being less responsive so not really sure what more I can do to free up time.
With that in mind, does anyone have experience leaving IB abruptly after a short stint? Strongly leaning towards quitting in the next few weeks and prioritizing my sanity, but would appreciate any advice for navigating this situation so that I don't tank my career prospects.
honestly sounds like a skill issue
bro's a full-time bootlicker. feel some empathy.
Nah you’re right. Some people just aren’t built different
Were you in banking for three years prior to taking your current MM seat? I was in pretty much the exact same position as you. Spent 2.5 years at my first bank (A2A) before lateralling over to a different shop, in a slightly different coverage group with what I thought would offer a much better WLB. It took me like two weeks to realize that was pretty much entirely wishful thinking, and that I had made a huge mistake. Ultimately I was just burned out from my previous role, and without much of an improvement at the new firm, I had to come to terms with the fact that I simply didn't have the "gas left in the tank" to finish out the year, collect my bonus and leave on relatively "normal" terms. Had developed all the same mental health problems you're describing, and after like six weeks without a day off I just came to the conclusion that I had to quit. Over the last few years I had saved up a nice healthy cushion, so I knew I wouldn't worry about paying rent if it took me a few months to find a new job. I knew the resume gap would make things a little more difficult, but not impossible to land something. As you seem to have concluded on your own, it is extremely difficult to look for a new job while getting absolutely crushed, and I believe you are much more likely to settle for a sub-par opportunity under these circumstances, just because it might appear to be the first lifeline out of your current state of suffering. Additionally, its just hard to find the mental clarity and energy to really figure out what you want to be doing (long-term) when you're trapped in survival mode. After all, this is probably how we ended up in this situation in the first place.
You can complain to your friends/family/SO about how miserable and hard your life is all you want, but at the end of the day you aren't really bound to this job and so your suffering has become self-imposed and nobody can really do much to help you, besides you. In the best possible circumstances, any serious, well considered job search is going to take a month or two, or three. I would suggest giving four weeks notice, start rolling off your accounts, start applying for roles and speaking to headhunters (while you can still say you're employed), and just getting your mental and physical health back in order. Everyone makes mistakes - just be honest about your situation and people will understand. Investment banking has a notoriously toxic culture, and most of the people you will be interviewing with have all left investment banking for the same reasons you're describing. Also, a lot of people will try and scare you into thinking the economy is too fraught to give up a job like this willingly. Newsflash, the jobs data released last week just showed we are still in the tightest labor market in history. Unless you're looking to waltz into Goldman Sachs after they just laid off a few thousand employees, it probably won't be that difficult to find an opportunity to continue building your career in a slightly different direction with decent pay. Obviously your mileage may vary, so do your own financial analysis here and see how long you can comfortably look for job before you start getting nervous about paying rent. Additionally, might be helpful to consider what a few weeks or months off could do for your physical and mental health, as well as your general happiness and relationships. Just use the time to be as introspective as possible about what you want out of your next role, because its going to start raising eyebrows if you keep jumping around like this. Would also advise against using this as an opportunity for serious partying. Let me know if you'd like any additional details. Took me about 4 weeks after quitting to land a much more sustainable corp dev gig, but everyone's network and experience is different.
OP here
First off, I want to thank you for the thoughtful post. Really appreciate you sharing your story - I relate with a lot of your points and if nothing else it makes me feel a little less worried about things working themselves out.
In response to your question, my prior experience was in AM. I thought that M&A experience would make me a better candidate for certain corporate roles (strategy, corp dev, etc.), which I was planning on transitioning to after a year of banking. Similar to you, I have a solid savings net built up from a few years of work experience and live frugally (no family and have roommates), and am less concerned with the financial impact of quitting abruptly and more about the "story" effects. In the event that I leave asap, I'd probably just get a gig economy job to pay some bills in the interim so as not to erode savings and make ends meet while I figure out my next career move.
Couple follow up questions for you: how do you suggest negotiating the exit? Sounds like you gave a 1 month notice which I thought is pretty atypical. I'm concerned that my group is going to flip tf out when I say I'm leaving since I am a relatively new hire, so I'm ideally trying to limit the blowback from resigning. Does a longer roll-off period help with that? Additionally, any tips for finding solid corp dev opportunities? I've been regularly watching LinkedIn and applying to anything that seems remotely related to my coverage space / area of interest, but curious to hear how you approached the search.
And lastly, any suggestions for managing the current workload while interviewing and searching for other opps? Seems like I've already gotten some flack from other posters who think I'm fucking over my team by phoning it in, but frankly I am operating in self preservation mode and trying to do what's best for me. I don't want to screw over my fellow analysts but I also want to try to keep the paycheck for as long as I can while I search / before making an exit (which is what other users on here seem to suggest). Maybe it's just better to quit immediately from a reputational perspective, but interested to hear thoughts on this.
No worries, this industry is notoriously toxic and abusive, especially with regard to the treatment of junior employees. Of course it provides great opportunities and financial rewards for those willing to endure that abuse, but as so many before us have learned, these opportunities and rewards come with a significant physical and mental toll on your body. The people who tend to last the longest generally seem to have the most dysfunctional personal lives, families and relationships (and often serious substance abuse problems). Some people are willing to endure that level of hardship for the aforementioned rewards or some warped perception of "prestige", but for a lot of people it ultimately becomes a losing trade. So just be glad you've come to that conclusion sooner rather than later.
My best advice for explaining your situation to prospective employers is just being honest about what your goals were going into IB and the experiences that led you to jump ship when it became clear that the culture was unsustainable and didn't actually align with your goals. Some hiring managers might perceive that as "weakness", but you don't want to work for these guys anyway, as they are likely to be the type of people to perpetuate the abusive and toxic culture of IB. Most reasonable people will understand that you just made a mistake based on imperfect (and likely obfuscated) information about what to expect in your role and your ability to handle extremely poor working conditions (which again, are largely seen as completely unacceptable in much of the corporate world outside of IB/PE and maybe BigLaw).
Once you've made your decision to leave, I would just communicate it as professionally and clearly with the appropriate people. They took some risk in deciding to hire you, and almost certainly expected you to last longer in your role, so as a sign of good faith just explain that it's not what you expected and isn't sustainable for you. Again, they've likely seen dozens or hundreds of your predecessors quit before you, for the exact same reasons. Don't get emotional and don't get personal - you aren't there to change their business practices, but just explain that after careful deliberation it's not for you. I would offer them four weeks notice, to at least give them a bit of a head-start in finding your replacement, and as another sign of goodwill so you aren't completely burning the relationship. They know what they have been putting you through, and will likely harbor very little ill-will towards you - no mature adult is really going to freak out over something like this. Also, they will likely start rolling you off your accounts, your workload will decrease dramatically, and this will give you more time and runway to get yourself sorted out. Even if the last four weeks are busy, at least you will have that light at the end of the tunnel which should hopefully give you a lot of comfort.
I don't have any advice for managing a large / heavy workload while looking for a new job. I came to the conclusion that this would be extremely difficult, and found it way easier to apply for roles and network thoughtfully after quitting. But you know what to do, linkedin applications, networking calls, headhunters, etc once you have the time and capacity to think about that stuff.
Get a bike and start doing doordash or ubereats to pay the bills if you're nervous about cash. Will give you plenty of time to think about what's meaningful to you as well as some fresh air and exercise, and extend your runway.
piggy backing off what the other guy is saying, I feel like if a company/team doesn't understand why someone would quit a very toxic and sweaty environment, maybe you don't want to work for them anyways. Your job is to come off as genuine in interviews so they don't suspect you actually got fired for being a bad performer.
Very well said.
Just quit. Take a few weeks out to truly relax and get in a good headspace. No job is worth being mentally ill over. When you have had a breather you will be ready for the recruitment process.
I recently done this OP. New place was absolute garbage and left within weeks. Don’t mind embarrassment, because there shouldn’t be any.
I’m happy with the decision I made and the only thing I regret is that I haven’t left banking sooner.
What did you go to the new place from and what're your plans after?
Similarly ended up hating banking and left within 6 months, but post-MBA. Made it to corp dev & strategy and couldn’t be happier. Don’t listen to these hardos and focus on what will bring you fulfillment.
How did you find the role and how much of a pay cut did you take?
How long ago was this? Mind pming me? Curious to hear about how that time was viewed for you and how you spun it
Great to hear it worked out for you. Similar to other commenters, would love to hear how you framed your experience and whether your tenure was an issue for securing CD offers.
Would also love to hear about how you made this transition. Let me know if I can PM you.
I’m at one of the large public defense primes. Admittedly, I am a veteran and my experience is tangible so banking made my value prop all the more appealing.
We’re not highly acquisitive, but my role entails strategy and planning too, so I’m expected to architect any inorganic approach to support our corporate’s goals. Also engage heavily with potential targets, partners, and even early-stage companies. The deals I have been involved in are quite large though (hundreds of millions and one at a few billion). Only, I don’t get deal toys…just more work on integration and achieving synergies.
My advice.
Quit IBanking. But do not quit your job.
Once you no longer care about IBanking, and do not care if you are fired, you will look at your job from a much different perspective.
Also, fuck happiness. Do not look at life in a microscope. This would be equivalent to looking at your current job as a means of being happy.
Being happy is a journey of continual self improvement. Look at your situation as an opportunity to improve your self. To persevere. To accomplish things that you do not want to do. Until one day, the grind won’t be a grind and it will be a habit.
Like exercising, it’s never fun. But you train to be a better version of yourself. You train by lifting weights you do not want to lift, eating foods you do not want to eat. Sometimes pushing too hard, and other times not enough, as you navigate what works best for you.
Doing the very things that you do not want to do is the best way of leveling up. The most successful people in the world have the highest tolerance for pain. A tolerance that comes from consistently doing the things you don’t want to, and building that muscle. Sometimes you’ve just gotta do what you’ve gotta do today, so that one day you can do what you want to do tomorrow.
It is not easy. That’s why only 1% of people make it into the 1%
Forget the career and just focus on leveling yourself up. You’re not doing IBanking anymore. You’re training your mind. Training to be resilient during tough times. Training to do the things you don’t want to do. Even if you fail, and you will fail, but you will also improve. Figuring out how to get comfortable with being uncomfortable is the most challenging and the most rewarding thing that anyone can do.
Hey man -- first off, really sorry to hear what you're going through. Burnout is real and you don't really know what it feels like until it hits your personally (source: was in your spot no less than 12-18 months ago).
I realized the PE firm I was at wasn't for me ~6 months into the job. Made the mental goal to make it to the bonus (meant about 8 more months with the start date / bonus date situation), and those 8 months were the hardest of my life. Took up therapy, started taking anti-anxiety / -depressants, called my family / SO pretty much every day to try to get through it (SO ended up dumping me, lol her loss as I'm happy now). It sucks. You feel stuck looking at new jobs and feel like you don't have enough time, energy to workout or interview for new jobs.
I'm not saying you have to stay to the bonus (seems like you have 1 more Year of Experience than I did when I was in this spot, so one more bonus), but if you're able to stay that long it gives you worlds more of flexibility as you can use the bonus as a slush fund.
If you don't think you can stay that long, then screw it and quit. You could try to 'quiet quit' as you suggest and stop being responsive / caring less, which I do think helps a bit more. Sounds like you are wired like I was where if you weren't doing your best, you were at risk to be fired. I took my foot off the gas a bit in those 8 months and still got an above target bonus. Hard to convince yourself that it can workout, but it can. Frankly I think my work quality improved when I didn't care as much because I was less stressed.
Tangent aside, try and figure out what you do like about your job and what you don't. How important is WLB to you (sounds like very important, which is 100% okay)? Do you like doing deals? Do you like modeling? Do you like strategy? Do you not like anything and are open to switching industries?
Deal-based jobs are always going to have some blow-ups; are you okay if they come up one a month / quarter, or not at all? If you aren't working, what hobbies / interests do you have that you can tie into your next job?
The combo of realizing you're in the wrong spot without being able to pinpoint your next gig is stressful -- I was there myself. If you can't dual track it, then don't! Put off the job search for a bit and focus on finishing your current gig. Or, do the opposite, quit and take a break before looking for jobs. I know it's hard to deviate from the path, but once you do you are kind of free to reshape your life. I decided to stop looking for jobs, then right before my bonus paid out I got an inbound through my network for a perfect job for me. Sometimes life does workout like that, so try not to stress about doing both. There's an old Native American saying, "if you chase two rabbits, you'll lose them both." So, maybe make a decision on if you're going to try to finish out the year and relieve yourself from the job search to give yourself more free time (or relieve yourself of your job!).
Hope this helps. It's a terrible spot to be in, but you'll get through it. At the end of the day it's just a job. Once you start thinking like that, your mindset get's better. It's not your life that sucks, just the job and you can leave it when you want. If that's in 6 months, then you're choosing to stay at this job for the increased financial flexibility it'll give you in your next job search. Happy to connect further if you want to shoot me a PM.
I had a very similar experience to you; I left a PE job after ~4 months. I ended up having a 9 month gap before rejoining the workforce.
I did it during a much stronger labor market (Apr 2022), but for what it's worth no one really gave me too much shit for the move and I got tons of interviews. I was also interviewing for 9-6 type jobs (FP&A, corp dev, etc.) and they're full of people with similar experiences to you so they get it and will likely sympathize.
Just be VERY careful about how you describe the toxic work environments. If it sounds like you're trashing them it could be a red flag to interviewers.
I’m going to give you a very unpopular opinion here. I do not know much about investment banking, but I will try to provide my insight as a future graduate from West Point.
honestly waiting for bonus and following suit... this just isn't worth it anymore we could own a small biz and be much happier and make similar money... i get I'm coming from a place of privilege but such is life
What are you exiting to?
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