Considering quitting - looking for some advice
I’ve been in P/E for a couple of months now and almost right off the bat, just was immediately hit with grueling hours, to the point where I do think it’s starting to affect my health. I had a few days about a week ago where I had some chest pain and have generally just felt entirely overwhelmed by the sheer volume of work as well as the extremely short timelines and so I’m wondering if quitting and looking elsewhere for a job is the right move. I’m ok with a pay cut, and I think I’d be comfortable with about a 50% cut from where I am now to avoid 3-4am nights consistently. I stuck it out through the banking years and told myself that as long as I’m able to get a consistent 6+ hours of sleep during the week, it made sense to stay, but I’m wondering if now that isn’t feasible. I guess my question is, is there a reason to stay? Does it get better? I don’t have anything lined up, but I could definitely last a few months on savings if it took a few months to find something. Ultimately my concerns are around the not great hiring market, and if me quitting a few months into the job would leave a stain and make employers wary about hiring me. Ultimately I wouldn’t look to go back into Banking or P/E, I think a corporate job would be just fine but not sure what the hiring outlook is on that right now
Based on the most helpful WSO content, your situation is not uncommon, and many professionals in Private Equity (PE) face similar challenges. Here’s some advice to help you navigate this:
1. Health Comes First
2. Does It Get Better?
3. Quitting Early: Will It Hurt Your Career?
4. Exploring Alternatives
5. Navigating the Job Market
6. Practical Steps Before Quitting
7. Final Thoughts
Take care of yourself, and good luck with whatever decision you make!
Sources: Handling Stress / Burnout in Private Equity, When would you quit?, Quitting due to health reasons, Leaving the buyside, Working in PE is hell on earth
You have to do what's best for you. I'm also in a similar seat, where I have 1 year of ER experience and I'm on the verge of leaving with nothing lined up just to take a month to be a normal human and recruit again. I know of multiple multiple people who left a job 1 year in and recruiter for months to find a role that fit their needs. I'll say this much, there are Corp Dev roles out there or Corporate roles in general, you just have to cast a wide net to get some traction. If I were you I would try sending out applications out as much as possible to get the ball rolling. If it comes to you quitting and not having anything lined up, I think its not the absolute worst thing but the market is not as open as it was a year or two ago.
That makes a lot of sense - I think what I struggle with is knowing when to quit without having stuff lined up. I have some savings to fall back on for sure, but if you’re ok with a significant pay cut from IB/PE levels and are casting a wide net, is the hiring market that bad right now? Ultimately that’s the main thing that’s had me question the decision to take try and take a career reset so soon after starting
It's not horrendous, but its not the market we thought we'd see where people would get hired left and right. I still see Corp Dev/Corp Strat roles all the time on LinkedIn, but the only reason I'm not applying to those is because they are in NYC (looking to move to another HCOL area but not NYC COL)
PE is a lifestyle for a person who enjoys work and if not a workaholic now, you will become one in about 10 years. Yes, it has it's rewards but like everything else in life, there are costs as well.
Most folks will tell you that life gets much better once you are a Principal (so 7+ years from now, IF you make it there. But the reality is that the cost becomes more stress around making the right decisions and the drive to do more deals. You are still busy, just on different things. I know many folks who are MDs even fund heads who work harder and barely see their families. Those folks have made a choice and are happy doing it but it's not for everyone.
If you have other options I would quit. Go learn some AI and find a great startup, enjoy your life!
This is the correct view - I know everyone is heads down gunning for partner here, and the rewards certainly can be amazing, but it's not like you make partner and just chill... you will have enormous pressure to do good deals which is tough. Just make sure you can see your self enjoying it.
I quit with nothing lined up at all. I was having constant panic and crying attacks to the point where I couldn't breathe. I wanted to quit with a job lined up, but I couldn't land an exit in time and just left one day. Was super worried initially but it worked out more than fine. Ended up accepting a "strategic finance" job that is currently paying me $250k+ at age 25 with pretty decent hours (9-7pm). Got super lucky in my opinon and no complaints at all. Are some of the other hardo kids my age making $375k+ in PE? Sure, but am I still having immense stress and overall am miserable? Nope not anymore!
Happy to answer any questions or provide color. I know exactly how you feel you are not alone.
Hey yeah, would you mind DM’ing me?
damn 9-7pm seems kinda skewed towards not as chill. Why not 8-6pm? Next job im trying to find would ideally be a 8-5:30/6
Could you also DM me? Would appreciate hearing more about your recruiting experience as well.
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If you don't mind DM me too. Did you find when interviewing they looked poorly at your for quitting without a new job lined up. My concern is that people view quitting as meaning you must have been asked to leave.
That's very good cash comps. I am guessing this is growth stage (at least series C)? What % of equity do you get?
As someone who worked in Corporate Banking and now Restructuring Consulting, I feel as if I should have a better understanding of what a "Strategic Finance" role is... but I don't! Feels like it varies at a lot of places. Mind sharing what you actually do day-to-day in your role?
Similar spot and would love to hear how you recruited. Please DM me too if you don't mind!
Could you possibly DM me as well?
Would love to hear more, could you DM me as well?
Hey, I quit banking after 2.5 YOE (2 years analyst, 0.5 years as an assoc), just hated the hours and work environment, etc. Took 2-3 months to relax and recruited heavy and landed a high salary tech job with 40-55 hours/week.
Hiring market is ok, lot of hiring for tech firms in NY/California especially high growth startups, they didn't seem to mind my answer that I needed time off to recruit after 2.5 years of very long hours and to align on my next steps.
I’m in a similar boat. Quit after 2 years in IB with nothing lined up despite having an offer to stay. After taking some time off, I decided to try for LMM PE and have been recruiting for 4 months now. I’ve made it to a few super days but still nothing yet.
I think the PE market is a little better than it was a couple months back, and it looks like the IB lateral market has began to really pick up at the junior level in the past month. No shot I ever go back to sell side though.
How do you respond when people ask you why you left with nothing lined up?
Any luck
Mind sharing the comp and COL? Thanks
I think maybe the one thing that’s going unaddressed here is that OP says he’s only a couple of months in. I’m in the exact situation where I’ve been at my firm for only a couple of months, and have quickly realized that this isn’t for me. Absolutely brutal and miserable lifestyle and thinking about getting out ASAP; not sure how I can complete a full year at this point without losing it completely. Obviously quitting so soon will generally raise some eyebrows, but how bad is it? What are some of the things to think about before making that decision?
I’ve fully come to terms with the decrease in pay / prestige / etc. at this point and don’t care in the slightest anymore. No job in the world is worth this lifestyle. But how much better would it be if I grinded out a full year vs. leave now?
Yeah, that was a also a key part of it for me. I stuck out banking for a few years and have professional experience prior to that, but still wondering if it’s a mistake to quit so soon - like you, couldn’t care less about the pay decrease or anything, like I said, would be totally comfortable with a 50% pay cut
What has been bad about it? Im a starry eyed kid at EB who has hated IB so far but thinking about PE. I assume PE is way worse so want to hear from others who have disliked it so far. Thanks so much.
I think for me, it was mainly that I was hoping to have more predictable hours, like I was totally ok with working 9-9 or 9-10 and putting some hours in on the weekend, but what ended up happening is random portco work unrelated to a live deal with tight timelines requiring those banking hours, which I just don’t really want out of a job anymore
Bump on this. Anyone have any advice to give regarding quitting within a couple of months?
I had a friend do this, you can just delete the latest job off your resume if it's literally been 2-3 months
For the sake of argument let’s say you kept it on, for the sake of having the brand on your resume or some sort of PE experience which you think will help framing for your next role. How is it perceived?
Redirecting your career path is a lot easier when you’re starting out - start making those moves as soon as possible. Figure out what areas you would want to work in and reach out to those people on LinkedIn. Best of luck!!
How much does a 50% paycut translate into numbers for you rn OP? Rn people in my role usually pull 60-65 hrs a week and make $250k-$270k TC in mid twenties. I fucking hate it bc I’m a lazy piece of shit, but it sounds like the hours would be a big upgrade for you.
Yeah, hour-wise I was targeting slightly more than that in P/E - then just got out of control - 50% would be around ~140-150kish
Would not advise quitting in this market without a job lined up
The job gets a bit easier as you get more experienced and know how to do things.
I left PE for corporate and am way happier, but I’m also glad I stuck it out in PE for 2 years and absorbed as much from that job as I could. It taught me tons about business models, finance, project management, etc that I use on a daily basis in my current role.
I would get to the 1 year mark and then if you still hate it, immediately look to leave.
Can you share your corporate comp? Was it a big F500 type role?
I’m long removed from PE at this point but a few years back $175-225K was market for a good quality PE exit. After that point, you can go up as high as your capabilities and opportunities allow. I make about the same cash as a VP in PE after 4 years in corporate and multiple promotions but I work 9-5 remotely. I don’t have carry but I have equity in a public company that has appreciated materially and vests over 2 years.
To get a good quality corporate exit, approach it with the same intensity, intentionality, and preparation as you would looking for a HF or lateral PE role. Half the people on this website who are unhappy with corporate are people who took the first job they got after applying on LinkedIn. You are entitled to nothing and no one gives a shit that you used to work in PE once you get started in your role.
Network, prepare, be intentional and you’ll find something interesting. Prioritize roles where you’ll work with people who are willing to pay you appropriately - usually ex bankers, PE, some MBB. Compensation is a big part of culture.
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