Thoughts on quitting before bonus
I'm debating quitting before bonus season (for analysts), as this job can really burn one out after some incredibly tedious, frustrating, and stressful processes.
I already have something else lined up outside of banking (that isn't contingent on me quitting immediately), and it's in a field that I'm both good at and enjoy, but it pays dramatically less, and is certainly less stable than a salaried finance job.
I'm thinking of grinding it out until I receive my bonus in August, which should be in the top bucket pool based on my performance so far, but I'm having a really hard time justifying staying until then. Really hate what I'm doing at the moment, but at the same time it would be a solid foundation going forward to have a cushion of a top-bucket bonus.
What would you do in my situation?
You're already 60% there -- unless your mental health is at an absolute low, just start to coast a little more now. You say you're top bucket, which means you've been grinding -- so just start grinding a little (or a lot) less. Tell your staffer you don't have the capacity next time they want to staff you on a second (or fourth) deal. Just do a good job at the one deal you're on, still have a good attitude, but tell staffer/seniors that you're stretched on this other deal and don't have capacity to take on any more, that if you do, both projects will suffer. And let them know that you're mentally burned out, that all the 3 a.m nights aren't sustainable, that you're on verge of depression and can't function professionally or emotionally like that going forward. But let staffer know that you can certainly still work the job -- but the way they've got you going, it's like you're working two jobs.
And don't dismiss the importance of that bonus -- it's probably going to be 70-100 grand after taxes, and that will literally be worth millions 30 years from now (or it can serve as a down payment on a piece of real estate, which will also be worth many millions 30 years from now).
If you can, hang in there... it's only 4-5 more months.
Also, forgot to mention -- will look better that you were an IB analyst for one year instead of 7 months. Makes a big difference perception-wise, and -- whether it's warranted or not -- hitting that one year mark makes your IB experience seem exponentially more legit.
70-100 grand after taxes is not an analyst bonus in NYC. Are you assuming the guy works for Jefferies Houston?
if so I understand his mental health complaints
EBs (and BBs) are paying 110 base. In past, top bucket analyst bonuses were 70-100% of base. Banks are going out of their way to retain analysts with gobs of money, so assume at many places top bucket bonuses will be 100-120. After taxes, that should come out to 70-100k.
Your tax math is terrible. EBs will pay analyst bonuses that high for analyst 1 but most BBs did not hit that range for first years
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