Analysts - How long before things finally click?
1st year Analyst that started early in January at a non-NYC MM. Not even 2 months into my analyst stint, I've found myself overwhelmed by my responsibilities, something made even worse given my lack of experience (shortened virtual internship with almost no deal flow) and the WFH environment. My group is already lean and it is obvious we are short staffed given our current level of deal flow, so I've been ramped up faster than expected.
We've all seen the flood of posts from 1st year analysts who have quit (some without anything lined up) due to a combination of factors, many being made even more apparent as a result of COVID/WFH. I am reluctant to admit that I am at the point where I am considering quitting given that I've barely been on the job over a month, but I would be lying if I said I haven't been browsing LinkedIn for jobs that interest me and would not result in a huge pay cut to my base salary. I've been making stupid mistakes that can be easily avoided, things take me significantly longer to do than the experienced analysts and associates (obviously, but it's still demoralizing), I struggle to prioritize which workstreams I need to focus on when multiple get hot at the same time, and the hours are more crushing than I expected (not everyday is horrible, but there are days where it's non stop work and I don't even have time for lunch or dinner). The people I work with are great (easily the best part of the job) and I don't completely hate the work I'm doing. Some of it is interesting, some of it is boring, but at least I don't hate it.
Given all this, I feel like my struggles are due to my inexperience and that things will eventually get better. I know others have felt the same way as me (whether you started early or not), so to those of you who have experienced what I'm going through, how long did it take you before things finally clicked and got better? Did things ever get better? I want to be hopeful that this is all part of the initial experience and that I didn't make the wrong choice by going into banking, but honestly, my decision to pursue banking was definitely influenced by the money and "prestige" (I hate that I'm even saying that word). I know I can tough it out for at least a year, but if things don't get better, I don't think it's worth the mental and physical sacrifice that this job requires.
tl;dr: New 1st year analyst struggling on the job and realizing this is not what I want to do long-term or even for the next 2 years. Is this just the reality of the job or does it get better once things start clicking? How long before things start clicking?
Started on a lean desk in the fall so similiar place and also feel stupid for making simple mistakes, slow work output, etc. I think its important to keep in perspective that this is what every first year analyst goes through and pain points are compounded with WFH. Just slog it out for six months and then evaluate if the job has become better for you.
Additionally while it does not feel like it, reflect back 1 week/2 weeks/1 month and you will realize you are picking up a lot of new tasks and skills. With things that felt insurmountable 6 weeks back being easy tasks now.
Thanks for the response, I appreciate it. I definitely feel like waiting at least 6 months is the best approach, that way I can possibly get a closed deal or 2 under my belt and have more to talk about in interviews, or I may even end up liking the job. The struggle is going to be making it to 6 months though. I thought I could put aside my social/personal life and hobbies for 2 years, but WFH is already killing me. I’m cooped up inside my room all day and don’t even have time to go for a walk outside some of these days. I feel like I’ve convinced myself this isn’t worth it and have one foot out the door already, but at the same time, I don’t want to give up so early on something I pursued so hard. I guess I expected a magic answer form posting this thread, but the reality is time will tell and the only person that knows what the right decision will be when that time comes is me. Thanks again and best of luck to you as the year continues to progress
I'm an Analyst->Associate promote and some things are just starting to click.... seriously.
How long before I felt like I was actually adding value to my team? Six months, easily. Closer to one full year.
Hang in there. You will make mistakes and you will mess things up. That is OK. Learn from these and never sweep it under the rug. Ask questions now before it is too late.
I appreciate the reply, thank you. I’ve definitely struggled with asking questions and communication in general, as I fear I’ll come off as dumb or annoying, but I’m starting to realize that it’s actually normal and expected of me. I definitely want to be a successful analyst, and have been trying my best to learn from my mistakes and not repeat them. I worked hard for this opportunity and don’t want to waste it by giving up so early, so I’ll be focused on growing as much as I can as long as I feel like my mental & physical health are not being destroyed by the job
Yeah. My MD is very understanding and says that the first year is for you and the second year is for the firm.
I've been on the desk for almost 7 months now. It does get better. Not much better, but it does. I'm sure once I hit the year mark, it will be better than now.
I would double the 6 month timeline due to covid
I'm also an A->A, would agree that it takes a good 6 months before things start getting "easier."
Now mind you, I don't mean "easier" as in you're just flying through all analysis. But by then you start to have the toolset to navigate a lot of the "standard" work that is done for various projects, pitches etc and understand the softer dynamics of coworkers and the workplace. You'll feel like you're actually working at a respectable pace and feel the questions you ask are more involved/nuanced/complex. That's when I really got in a groove.
At the 2 year mark, I felt like I had a really good handle on most all the analysis and could conceptually work out most things I didn't understand to a good degree. Had I not gotten the promo then (and taken on the new challenges of client management, execution, coverage, mentorship, etc.), would probably have sought out another job to continue the learning curve.
It took me ~15 months to feel comfortable in my analyst role (still didn’t know everything, but got a lot better at knowing when and how to ask for help too). You’ll be fine.
You just started? Did you graduate early and ask to start early?
Yeah, I am a December grad and was given the option to start early
Oh might be in my group, if so I’ll email you tomorrow for a phone call and can try to help, I definitely felt the same way. —————Will edits these details out after a confirmation.
Are you in Houston?
No, I’m in a smaller market (think Charlotte/Richmond/Milwaukee)
Another soon to be A2A here :) Addressing a couple of your points:
1) I've been making stupid mistakes that can be easily avoided, things take me significantly longer to do than the experienced analysts and associates.
Just ask for help. I'd much rather my analyst ask me "can you remind me how to do the treasury stock method" rather than spend 3 hours trying to figure it out and calculating it completely wrong. If there are complex analyses where you think you may have made a mistake, be upfront when sending to your Associate that a certain portion is questionable and you would like their help to double-check. This allows you to make mistakes without seeming untrustworthy.
2) I struggle to prioritize which workstreams I need to focus on when multiple get hot at the same time, and the hours are more crushing than I expected
Over-communicate with everyone you work with and mention the people you are working with. If I'm getting squeezed on multiple projects, I always say, "Hey, happy to complete this task, but x Associate / VP / MD asked me to turn their comments by tomorrow morning. I think I may need ~5 - 6 hours to do this, and can address your task after. If yours is very urgent, I can follow up with x to see if we can push back, thanks." Often times, they may reach out to the other person to free you up. It's not your job to decide which project is more important.
3) The people I work with are great (easily the best part of the job) and I don't completely hate the work I'm doing. Some of it is interesting, some of it is boring, but at least I don't hate it.
The fact that you don't hate it is a great sign, and you will get better. The only bankers I've seen that really crash and burn are the ones that genuinely hate everything about the job.
All in all, keep in mind that in the beginning, some bankers may be harsher on you to get the point across so you won't make the same mistakes again. When I first started, I got chewed out every other day, and I am absolutely an overthinker, so I took a lot of it pretty hard. However, I remained tenacious at learning what I needed to and practiced the things I mentioned above. By 6 months in at my first review, I was top-ranked.
This was a great write up, thank you for the detailed response. I appreciate the insights and for helping me put things into perspective. The judgement is still out on how long I see myself in IB, but I'm confident that I want to last at least a year and learn as much as I can. Congrats on surviving your Analyst stint and best of luck to you as an Associate!
Est quo cum esse quaerat sapiente quas repellendus officiis. Maiores voluptatibus vel inventore deserunt.
Accusamus esse voluptatem debitis veniam debitis quisquam alias. Sit sapiente voluptas et illum pariatur repudiandae. Placeat voluptatem reiciendis itaque consequatur enim id a. Est vitae tenetur quaerat ipsum maxime et necessitatibus. Rerum magni deleniti sed aut iste quo.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...