To those unhappy with their roles, why haven’t you lateraled??
I read many posts where people express being discontent, overworked, and underappreciated with their jobs. It also seems that some folks endure unsatisfying roles for far too long. Take, for instance, my experience in a small 20-person boutique firm in the Midwest. Many associates and vps seemed perpetually miserable and overworked, yet a few of them remained entrenched in their positions since they were analysts despite making 60-70% of what other places paid. Meanwhile, my entire analyst class had lateraled to other places within ~1.5 years of starting.
I understand there are likely just as many people who in fact are content with their roles, like their groups, and get paid well enough to justify staying, or work relatively relaxed hours, and it is truly great to be in a seat like that. But it appears that tons of analysts and associates here sound genuinely unhappy with many aspects of their job.
For those in roles you’re unhappy with, why did you choose to stay with your current group instead of exploring lateral moves?
I’d assume this question is probably geared more towards analysts or associates who work at either extra sweaty places or small shops who are feeling discontent. The kids from gs/jp working 90 hr weeks are likely staying until they go to buyside.
I think being an analyst at most places is a tough job, lots of grunt work and little sleep. I also work in the Midwest at a mm, we’re probably paid ~25-30% less than other places, but many analysts in my group stayed until associate because we only work 50-60 hours a week, and then people lateral afterwards. A few stayed to work 50 hours a week as an asso as well
How much when you mean 30% less, like 70k?
I work in a capital markets product group. Culture, pay, hours and people are good here, which is why I stayed, but I am wondering if I can find a position that has buyside exit options by moving to a coverage or m&a group. The work itself is also dry / boring. I can stay and become an associate but looking at lateral options now. By staying too long in capital markets, I wouldn’t be able to get to buyside
What Capital Markets group are you in? ECM/DCM, or something like IG Loans?
DCM
I work at a regional mm in the southeast. Been trying to lateral since summer but been having difficulty converting interviews to offers. Had always wanted to work in nyc but may consider west coast as well
Because you gotta earn your stripes for two years, and if all goes well it will only be two years, before you can get the fuck out.
The one no one has mentioned: grass isn't always greener and if another IB group is hiring, it's because they've likely had turnover.
Every group does
im sure many would leave if they could. its not like the lateral market is currently on fire
bc current job market is quite shit
Other than the job market being a joke right now, it's also difficulty finding time to network and submit cover letters/resumes. I'm just always exhausted and would rather sleep.
There are lots of reasons. And people make decisions based on multiple factors.
You can also seem unhappy at work because that’s the way that someone expresses themself, especially in banking. Venting out can help, can be a bonding tool, or can be used as a staffing management tool. You don’t throw away a role just because there is a shit assignment every once in a while.
After a few years in this work, absolutes tend to disappear and career management becomes mote nuanced.
There are many reasons why people cannot or will not switch jobs. Everyone’s life circumstances differ, so it’s hard to give a broad universal solution to everyone.
For example: One person I worked is from Eastern Europe and his parents have some health issues that requires a decent amount of money. To support his parents, he toughs it out in his job even though he absolutely hates the work (so he can earn a few extra bucks and support his family).
And this^ is just one example. These types of stories are probably more common than people realize.
Switching and/or resigning from one’s job is, in my personal opinion, a luxury and a privilege. Some people simply do not have the option.
This is a very good topic in fact, and it doesn't necessarily apply to analysts only. I'm based in Europe, but I noticed the same pattern at a boutique firm I worked at a few years ago. Some Associates and VPs were miserable, complained all the time, and were unhappy with the bonus every year during bonus season. Some of them even experienced borderline abuse from their direct manager (being shouted at and ridiculed in public, threats of being fired, etc.). However, they never did anything about it and just staid for another year.
I'd say some of them had developed some sort of Stockholm syndrome towards the firm, or had kids and big mortgages and they were too risk-averse to even apply to other jobs, or had become so pigeon-holed in their roles that the possible market of job opportunities they could apply to was very narrow.
I would understand it if an analyst who's starting out put up with all of this and did their time for, say, 2 years while they figure out how to exit. But in the case of Associates and VPs etc., it makes absolutely no sense to me. Your life is too short to be miserable.
Quas ut sit harum. Illum quas dignissimos ipsam aut.
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