Talent / Industry is Dying
I have heard this before about “talent” leaving, mainly from people who can’t cut it (the good ones have enough perspective to know better) and the industry “dying”
On the latter point, the revenues don’t suggest at all the industry is dying, quite the opposite. I’ve never seen so many mediocre MDs getting low to mid 7 figures in comp, with the good ones doing much better . And believe me, these are very average at best individuals. The industry is doing great.
On the “talent” point, anyone who talks about the industry losing talent doesn’t get the joke. No one really cares. Most analysts are cannon fodder we chew up and spit out. Some survive and do quite well. But by and large after a year or two, most of you are useless. The strong survive on the buy side or sellside but outside of a few good firms and groups, most analysts are as mediocre as the MDs I discussed above. And right now, in this market we want a lot less “talent” at all levels.
Be happy this industry can pay mediocre analysts 6 figures and mediocre MDs 7.
“Cannon fodder”, “most of you are useless”, “mediocre”, “can’t cut it”
With comments like these and people still wonder why intelligent graduates with self-integrity are leaving this industry to VC, FAANG, start-ups, etc.
Sure, you’ll always have 22 year olds grinding out pitches and churning out models, but the quality of incoming analysts will decline with your kind of mentality: why would an above average graduate join just to be treated like your doormat? In the age of war for talent, finance is losing its ranking.
This industry is rapidly moving past the age of treating people like garbage (and about time). If you are in the camp of “just be happy you are being paid 6 figures” or “I had it worse when I was an Analyst”, you are on the wrong side of history.
The “age of war for talent” sounds very 2021. The war happened. It’s over.
VCs, startups. FAANG sound very 2020. How are those Netflix stock options doing bud?
Had a pretty low IQ sellside MD come to our offices in mid-July: bad pitch + poor rep among his colleagues (confirmed via another MD on the same team). Now blacklisted.
Wonder if that was you?
If you consider the war to be over, then finance lost lol. I truly doubt the bleeding is even close to stopping though. The truth is banking analysts are still pretty underpaid for the shit they endure, even WITH the recent base raises. No one wants to work their 20s away, for let’s be honest, pretty mediocre comp when adjusted for cost of living and overall stress.
People like you are why this industry can suck and continues to lose talent. Maybe take a look in the mirror.
I like the idea that an MD is taking Labor Day to shit on analysts.
Are we actually an IB MD or are we taking a break from turning CIM comments?
I looked up the user, and their post history (and being a member for 10 years) suggest that yes they are actually an MD
Hilariously depressing? Depressingly hilarious? One of those for sure
Is IB toxic? Most rhetorical question ever asked on this site?
You're not wrong. The amount of "failing upwards" in our industry is appalling. If half my MDs got canned today, our bottom line would actually increase quite significantly. Literally only a gain for the firm. Am looking quite forward to having all this fat get trimmed.
Alright Greg, there’s still time for you to take down this dumb post. I get that deal flow is slower YoY vs. 2021, but you might want to use that extra time and spend Labor Day with your family (instead of ranting about Analysts on WSO).
If you need an outlet to channel your PTSD from your analyst days, I recommend checking out your insurer’s list of approved therapists.
lol - I think this is a John. John, sorry you were finally confronted by mgmt for all the analyst/associate turnover you were directly responsible for. Look forward to the 1am call where you berate me for copying the other MD (more senior) first on emails to the client.
The impact of drinking during pregnancy is very clear from OP's post
I agree with absolutely everything OP said. I have no idea why this is even controversial.
People saying shit like "Gee idk bro $400K - $2M isn't what it used to be" are fucking ridiculous. Maybe to some of yall trust fund mommy's boys it isn't, but for those of us who grew up in HHs making under six figures, it's fucking incredible. The fact that people on this forum scoff at six figure bonuses is, if anything, a testament to just HOW spoiled bankers are relative to any other general population.
Moreover, I think you're all missing the point. He isn't arguing that finance gets all of the most brilliant minds. He's arguing that we don't need brilliant minds because this job isn't rocket science and earning $400K as a 20-something doing a job that isn't rocket science and/or earning $2M as a 40-something doing a job that isn't rocket science, is a sweet fucking deal.
And enough of that "But Software Engineering!1!1!" shit. This is a finance forum for people interested in finance. 90% of the people on here have zero desire to do software engineering. It is in no way substitutable with IB as a career path (the way Corp Dev or PE is).
Finally, not every banking job entails working 100 hours a week for a sweatshop in NYC. I know plenty of people working 65 hours a week for banks in Chicago, Miami, DC, Boston, Philly, Charlotte, Nashville, Atlanta, etc. The idea that good WLB doesn't exist in finance and/or that you have to live in the most expensive MSA in the world to pursue finance is so goddamned stupid.