Why leave this game?
I think that too many on this site - and in this industry - make the assumption that everyone in this game is playing to maximize their wealth. Yes, that is true for most, but it is surprising to me when people are shocked that some want to pursue this for the long-term, not for the money, but for their own personal interest and competitive instincts.
Is it just me or is the type of person who wants to be MD or partner / move to the buyside and make it all the way up / start their own fund NOT simply to make more than the next guy, but for the love of the game, is a dying breed?
Based on the most insightful WSO discussions, it's clear that the finance industry has undergone significant cultural and structural shifts over the past decade. The "love of the game" mentality, where individuals pursue finance for personal interest, competitive instincts, or the intellectual challenge rather than purely for wealth maximization, does seem to be less common today. Several factors contribute to this:
Post-GFC Realities: Since the Global Financial Crisis (GFC), compensation in finance has stagnated relative to inflation, and the allure of "easy money" has diminished. This has led many to question whether the sacrifices in time and lifestyle are worth it, especially when other industries like tech offer competitive pay with better work-life balance.
Cultural Shift: Finance is no longer the default career for top-tier graduates. Many of the brightest minds are gravitating toward tech, startups, or venture capital, where they perceive greater opportunities to innovate, create, and generate wealth.
Increased Competition and Regulation: The industry has become more competitive, with shrinking margins and heightened scrutiny. This has made the path to MD, partner, or starting a fund more challenging and less appealing to those who aren't deeply passionate about the work itself.
Changing Motivations: As noted in WSO threads, there’s a growing sentiment that many entered finance for the perceived glamour or financial rewards rather than a genuine passion for the field. Over time, these individuals are either leaving the industry or shifting to other professions that align better with their values and interests.
While the "love of the game" mindset may be less prevalent, it hasn't disappeared entirely. Those who truly enjoy the deal-making process, the intellectual rigor, or the competitive nature of finance are likely to stay and thrive. However, the industry is increasingly filtering out those who are in it solely for the money, as the golden days of finance being the ultimate wealth generator are largely in the rearview mirror.
Sources: Has finance culture become less “bougie”?, 5 ways a career on WS is not what it used to be, Accounting vs Finance: Part 1 – Career Paths, Tech As An Alternative to Finance, Has finance culture become less “bougie”?
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