Should I quit for better pay? what should i do instead?
Hi, previousassociate in London and now VP. Left IBD cause I got burned out, I can't work past 7pm anymore otherwise I fall asleep and I need my weekends to recover, relax and watch Netflix. So I quit.
However, since switching to corporate strategy, I took a huge pay cut. As an IBD Associate I was earning around £130k base plus bonuses above £100k. If I stayed for the IBD VP promotion, my base would have been £150k plus £150-200k bonuses so £300-350k total comp. In fact when I quit my IBD job they offered me this VP package if I stayed but I turned it down as at the time I was just too burned out to stay.
My salary as a corporate strategy VP at my current place is £100k base plus a fixed annual £so £110k total... vs the £300-350k as a VP at my old bank.
After tax, national insurance, student loans, and pension I make £3,900 per month. £2,000 goes to my rent (this is already the cheap end of London rent), £400 on bills, £1,000 for my family... that leaves me with literally £500 to pay for food, drinks, socials etc.. which is NOTHING. per month I have £0 left to save.. sometimes I even go into my bank's overdraft. I've realised £100k is a poor man's salary in London. I hope this doesn't offend anyone and I say this respectfully, I'm grateful to be earning this and understand there's people out there that earn nothing but I am just speaking for my life specifically, £100k is nothing to survive on. I literally have to buy canned chickpeas for dinner most nights to survive on my budget. I can't afford to take my girlfriend out for dinner dates or drinks.
Now truthfully, I do love my current job. I find it interesting, it's actually for a company that has a vision/product that I absolutely love so I am truly passionate about the role. It's much better hours - I am always out the office before 7pm, never later and I never work weekends. Culture is great too everyone is very nice. However, since joining there is no real salary progression. Myis only on around £120k base so even if I got promoted here in a couple of years.. I'm only looking at a £20k pay rise.
I realised if I stay here, I will never be financially free. I'm unsure what to do, any advice. I've only been here for 2-3 months so feels too early to quit. Any other job recommendations?