Quit with nothing lined up?
Been working in SS ER for about 3.5 years and I’ve realized over the last year or so it’s not for me long term. Probably doesn’t help that my bank went through two rounds of layoffs and upward mobility here is pretty much zero at the moment, and I’m not sure switch to a new analyst at different bank would offer better career prospects. My analyst has a reputation for being extremely tough (and has a retention problem, I’m the only person who’s ever lasted more than 2 years) but was manageable until some things in his personal life limited his availability over the last year and half and a lot of his stuff fell on me (he was unofficially on leave for 3 months and has been in and out). There’s another associate but he’s pretty green. I’ve been trying to interview for other opportunities (mainly buy side) but because of the increased workload I keep getting stuck at the case interview round, since the cases I’m turning in aren’t my best work since I’m devoting so much time on nights and weekends to my current job (since my analyst is deal with personal stuff, we work regular 7-6 and then also whenever he decides to log on). Our DOR is aware there is an issue with my analyst, but since he’s a top performer who brings in a ton of client votes DOR is hesitant to intervene directly and instead has told me I need to set more boundaries about our team schedule (my analyst has not historically taken feedback well).
I’m at the point where I want to just quit to focus on interviewing and also feel better personally (I’m unbelievably burnt out, and I think it’s starting to impact my performance at my current job as well), but I’m wondering if that’s a terrible idea in this market. I have over a years worth of living expenses in cash saved up if that matters, and my parents and partner are supportive if I decided I need to quit. I’m in the second round of a couple interview processes but obviously no guarantee they pan out. Would love to get thoughts if anyone has done this or any other advice.
Based on the most helpful WSO content, quitting a job without something else lined up is a significant decision that requires careful consideration, especially in the competitive fields of finance and investment banking. Here are some insights and advice drawn from similar discussions on Wall Street Oasis:
Evaluate Your Financial Situation: You mentioned having over a year's worth of living expenses saved up, which is a strong position to be in. This financial cushion can give you the flexibility to take some time off to focus on your mental health and prepare for interviews without the immediate pressure of finding a new job. However, it's crucial to plan your budget carefully during this period to avoid unnecessary financial stress.
Consider the Impact on Your Resume: Having a gap in your resume can raise questions from potential employers. Be prepared to explain your decision to leave your job without another one lined up in a way that highlights your proactive approach to career development and personal well-being. Emphasize the steps you've taken during your time off to improve your skills, such as studying for interviews, networking, or pursuing relevant courses.
Leverage Your Network: Use this time to reach out to your network for potential opportunities and advice. Networking can often lead to job opportunities that are not advertised publicly. Your connections can also provide valuable insights into the job market and help you prepare for interviews.
Focus on Interview Preparation: Without the demands of your current job, you can dedicate more time to preparing for interviews, especially the case interview rounds where you've faced challenges. Use this time to practice case studies, review technical questions, and refine your interview skills.
Mental Health and Well-being: Prioritizing your mental health is crucial. The burnout you're experiencing can affect not only your job performance but also your personal life. Taking a break might be necessary to recharge and regain your motivation and focus.
Have a Plan: Before making any decisions, outline a clear plan for what you will do once you quit. This includes setting a schedule for job searching, networking, interview preparation, and any personal goals you want to achieve during this period.
Quitting without another job lined up is not a decision to be taken lightly, but it can be the right choice in certain circumstances, especially if you have financial support and a plan in place. It's essential to weigh the pros and cons carefully and consider how this decision aligns with your long-term career goals.
Sources: Quitting IB in 2023 - Burnout, https://www.wallstreetoasis.com/forum/real-estate/quit-indefinitely-or-wait-it-out?customgpt=1, Leaving Job with Nothing Lined Up, Burned Out - Quitting w/o an offer?, Quitting With Nothing Lined Up
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