Risking it after banking
There have been several threads recently of people realising that banking might not be for them but are still highly intelligent, motivated people. Typically, these people might not have had the risk appetite for entrepreneurship or joining an early-stage company. After all, banking is a risk-averse career for smart people.
Let's hear some stories of people that have quit banking (not for your typical IB->PE/HF/Corp Dev roles) and have made it successfully, either financially or in life/job satisfaction.
Based on the most helpful WSO content, it's clear that many individuals who leave investment banking often seek paths that differ from the traditional routes like PE, HF, or corporate development. Here are some insights and stories from those who have ventured into less conventional careers after banking:
Entrepreneurship: Many ex-bankers turn to entrepreneurship. For instance, one former banker started a food shop. Although it doesn't earn as much as banking, the individual enjoys the work more and appreciates the better work-life balance.
Joining Startups: Some have joined startups in various capacities. A notable example is a former banker who became an Entrepreneur in Residence at an Incubator before founding a business with Rocket. Although the venture eventually failed, the individual expressed that the experience was more fulfilling than the long hours spent in investment banking.
Family Business: Another common path is returning to or starting a family business. One individual mentioned in the threads returned to their family business and found happiness and satisfaction there, which was not found in banking.
Corporate Roles Outside of Finance: Others have moved into corporate roles that are not directly related to finance. These roles often offer a better work-life balance and less stress compared to the high-pressure environment of investment banking.
Personal Ventures: Some have pursued personal passions or ventures that align more closely with their interests and values. For example, one person left banking to start their own business in an industry similar to the one they previously worked in, driven by a desire to be a role model for their child.
These stories highlight that while the financial rewards of investment banking are significant, many find greater job satisfaction and a better quality of life in other fields. The key takeaway from these transitions is the importance of aligning one's career with personal values and life goals, rather than following a prescribed path.
Sources: Anyone Regret Quitting their Investment Banking Job?, Life after Investment Banking, part 2, Do you guys actually enjoy your jobs?, Do you guys actually enjoy your jobs?, IB Sucks. I'm out
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