Months in and already burned out
Apologies for the pity party, I feel a bit pathetic even writing this.
I started my PE job a few months ago. I completely underestimated how bad it would be and how much harder it feels when you’re already exhausted from years in IB.
I feel completely burned out. I tried taking some vacation but ended up working almost the entire time as that’s just how the culture is here. I’ve worked every weekend so far. I’m still new and want to make a good impression so don’t feel I can say anything without coming across badly.
Can anyone advise a way forward? I know this isn’t what I want to do in the long term but I feel like I need to give it a go for at least a year. Is it worth persevering or should I call it quits and move on?
Oh, I feel you, buddy! It sounds like you're in a tough spot. But remember, even the toughest bananas can make the best banana bread!
Firstly, it's important to acknowledge that burnout is a real thing and it's okay to feel this way. You're not alone in this. Many people in the PE industry have experienced what you're going through.
From the most helpful WSO content, it seems that taking a break can be beneficial. Some people have gone to business school or taken sabbaticals to recover from burnout. However, it's also been noted that burnout can come in waves, and sometimes "recommitting" for a period can help you push through in the short term.
It's also crucial to make time for yourself. This could mean working out, socializing outside of work, reducing alcohol/drug use, getting as much sleep as you can, and even therapy.
One user shared that once they left PE, all the negative feelings and health effects of burnout went away. So, it's worth considering if PE is the right fit for you.
Remember, it's okay to lean on your friends and family during this time. They can provide emotional support and possibly offer a fresh perspective on your situation.
Ultimately, the decision to persevere or move on is yours. It might be worth giving it a go for a year as you mentioned, but if your health and well-being are suffering, it might be time to consider other options.
Remember, you're more than just your job. Your health and happiness are important too. So, hang in there, and remember, even in the wildest storms, there's always a banana tree to hang onto!
Sources: Anyone want to share success stories for comeback from severe burnout early in career?, https://www.wallstreetoasis.com/forum/private-equity/leave-pe-early-or-stick-it-out-2-years?customgpt=1, How to get over burnout
WSO bot is tired too. 😂😂😂
Take a few deep breaths. PE isn't for everyone - but that might not be what is happening here.
Firstly, I think you should try to understand why you're working so many hours - is it because you're still getting the hang of things and unsure about what you need to do (e.g., internal processes, more complicated modeling vs. banking, investing in an industry you're very unfamiliar with)? Or is it because the culture in your firm is just a disaster and everyone from associate to partner just works their ass off?
If the former, I think you should definitely give it a go for at least a year (or even 1.5 years). I felt miserable when I first started in IB too - I wanted to quit within 6 months in banking - but looking back now, I'm extremely glad I didn't. Sometimes it just takes some time to ramp up.
If the latter, don't expect your firm to change - it won't - just recruit somewhere else (either another PE or another industry if you're absolutely sure this isn't for you).
Don't make a hasty decision. Your decision should be based on how it impacts you in the long run (instead of instant gratification). If your finances look OK, or you don't aim to hit $10m net worth over your career, then you definitely have more flexibility in terms of what you can do.
Last question - did you enjoy or like IB in the slightest? If you did, and you didn't like PE - I would think that this is a firm specific problem.
Thank you. There’s definitely an aspect of not knowing what I’m doing which means things take longer and in general I feel out of my comfort zone, but the firm culture also seems quite terrible.
The whole team, including seniors, work crazy hours and there’s no “this sucks, but we’re all in it together so let’s minimise the pain” attitude that existed in IB. There are other reasons why I hate the culture too - long story short, I don’t want the lifestyle that my seniors have or to become the kind of person they are.
I didn’t love IB but I didn’t hate it. I actually kind of enjoy the work we do in PE, in terms of the big picture of what makes a good business and how to create value. My issue is that it’s hard to feel that way when I’m working 90h weeks and have no time to actually think, rather than just do.
Taking a bit of a step back, I don’t want to regret not giving PE a proper go. I’m learning a lot and being paid a crazy amount while doing so. It feels like this is more of a firm culture issue and that maybe I could lateral.
The ideal thing for me would be to move to another firm that has a better culture, maybe 60h on average each week or at least the ability to sleep 8h a night and have another 1-2h a day for gym, hobbies, friends etc. I’m not sure if that exists in PE, but maybe there are smaller funds or growth equity places that would fit?
I think expecting a full night's sleep on top of daily socializing as an associate is not realistic in this industry
What type of shop are you at? I also recently started in PE (MM fund in SF/CHI/LA) from banking and my experience has been quite the opposite. I don’t think that your experience is representative of the entire industry, but is not unique either.
If you like the work at a high level, it may be worth looking to lateral in a year or two and prioritizing culture / lifestyle. This may mean you move downmarket, but that’s better than leaving the industry completely.
Thanks, great to know there are decent places out there that I could look to lateral to.
I’m currently at a MF and didn’t expect it to be great, but also didn’t expect it to be this awful. I think I got lucky with my team when I was in banking so the difference feels even worse.
I wouldn't give up quite yet. It takes a while to get acquainted with a new firm in how they model out deals, what their investment style is, build the trust that you're putting out quality work for less micromanagement, and how the workflow is delegated to better plan out how to tackle what's on your plate. This is all compounded if you're learning a new industry as well and have to catch up on how the industry operates and what levers you're able to pull in modeling. Also, some shops just have toxic management and culture and that could 100% be the cause of unhappiness. On the flip side, PE definitely isn't for everyone and a career path back in IB is always fine if you prefer the more "salesman" role or even in Corp Dev if you want the investor role with more relaxed hours. While I would recommend that you stay long enough to figure out what is causing the distress, don't just stay because of prestige or a sunk cost fallacy with how much effort went into getting to PE, go find a career path that makes you happy.
Thank you for the response. Definitely agree that I don’t want to make any rash decisions and move before giving it a good shot.
I’m thinking more and more that it's a culture issue and that I could have a good balance if I lateral to a more relaxed shop. I prefer the work in PE to IB, but don’t like the team I’m currently in.
I want to give it a year in my current role - currently at a MF and feel like I’m learning a lot, and I want to give it some time to see if things do improve at all. Assuming they don’t, is there any benefit to staying longer or does it make sense to lateral after collecting bonus?
There are good PE funds where associates work 60 hours a week normally and flex up to 80-90 hours during live deals. Don’t let anyone tell you otherwise.
could you name some in nyc please?
Succumb to the almighty PE gods. Give up any notion of having a life for as long as you are in the seat. Set and hit a specific target (financial, title, experience, etc) and drive towards it with tunnel like vision. Pick your head up every so often and reassess and if still miserable figure out what you actually want to do next. If you hit any of your goals then you should be well positioned.
Caveat: if your mental / physical health reaches crisis levels then leave and don't look back.
Also a new associate who started at a notoriously grindy MM buyout fund. Hours have been extremely bad (as bad if not worse than banking) and feel like I am burning out fast. Feel like I gotta stick it out for at least a year but also can't help feel that I am working as hard as my peers at MFs/UMM with lower pay, worse exit opps, and bschool prospects.
Same here, realized PE at least at where I’m at (grindy spot) is not for me.
Definitely part of it is the learning curve / being bottom of the totem pole again so naturally it’s going to be more sweaty. But for me it was also seeing how hard the VPs - MDs work and realizing I just don’t want that kind of life. I think if you come to that conclusion then definitely dip.
I’ve definitely heard of PE shops existing on the MM - LMM side with chiller hours but I would heavily diligence by speaking to formers if you go this route, nothing would be worse then dipping for the same amount of sweat + having to build your brand up again.
Personally waiting for the 6 month mark (learning curve ramp) to decide wether I leave in a year or two, looking at investing seats with chiller WLB.
Another side rant - my teams culture is super sweaty, other teams in the firms aren’t as bad. If you don’t mix with the culture then that’s also a good reason to dip IMO
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