Anyone else fed up with the banking/finance industy?Subscribe
Happy Monday everyone.
It'd be good if we keep this discussion amongst those who have actually been there and done that (i.e. no high school/college students)
I thought I'd start a topic that perhaps a lot of you think about but don't bring up often enough - Is anyone else fed up with the banking/finance industry as I am? Background on me: 2 yrs of working as an IBD analyst in M&A about to become an Analyst 3 - closed a couple deals, been through soul-crushing hours, made so many sacrifices - learned a TON (I do NOT regret my experience at all) - as I'm sure a lot of you have.
The longer I'm working in my 80-100 hour week job the more I'm realizing that this industry just isn't what it used to be. I know what I signed up for - the hours, the sacrifice, dumping of work by associates, Fri night staffings, etc. But when you add it all up, is this really worth all the trouble, relative to how the industry was before? Does anyone else feel they want to change industries or do 'something completely different' with better stability, still better pay and etc.?
Here are just a few examples of what I mean by 'relative' to what it was before:
1) Bankers are ridiculed by the broad community. Other than those in the finance circle you will wow no-one with your job at GS/JPM/MS working as an investment banker. This wasn't really the case pre-2007
2) Pay is down across the street at all levels, and not improving (bases up, bonuses down)
3) Regulation is making it harder for banks to squeeze a profit. Market conditions aren't helping
4) Layoffs in bunches every couple weeks and months hence NO job security (I've seen my analyst friends who were laid off)
5) The smartest no longer flock to Wall Street; they work at tech and media firms (the first years and interns I've mentored recently from ivy league schools starting in banking are dumb as rocks, though not all ofc)
6) Sure there's the buy-side, but the chances of you being on partner track and moving up are so slim unless the firm has a track record of doing that. You'll pretty much be kicked out
7) The people around you that you work for are miserable human beings that will try to make you feel the same
8) Hours have perhaps improved, but not by much. My banker friends and I recently looked at photos of ourselves from just a few years back and realize how poorly we've aged not to mention how much time has flown by with no memories (just work, drink, sleep - rinse and repeat)
9) Perks? Benefits? What's that?? Do I even have time for these things?
10) Banks used to be at the forefront of innovation. These days they're always playing catch-up vs. the tech/media firms
Anyone else feel this way and just want to leave finance for a high / steady growth corporate with better hours, still good pay, amazing perks/benefits, and some sanity at work? Why be on the 'path' when you can actually BUILD A CAREER?
Discuss. I understand I may get a bunch of MS but want to have an honest discussion with the WSO Community.