Convince Me to Not Quit (Unique Situation)

This is not like most of the other "quitting" posts - I would likely be in this situation regardless of WFH (in fact, probably would have happened earlier without WFH).

I am a second year analyst on an August bonus cycle. I will not be making the jump to private equity/other finance roles after the end of my two years - rather, I am launching a product business in an industry that I am highly passionate about. This is something I have been working on since before I started in banking - and have a partner (my current roommate and very close friend) going in on the business with me. We've technically "launched" the business already on a very micro-scale (basically a pilot to gather feedback/generate social proof to a degree) and plan on going all-in on the business in August and launching more broadly. It has been going very well so far, but obviously not generating enough revenue to pay salaries and likely won't for ~1-2 years after launch (which is the norm in this industry).

I have been really struggling lately, as I am 100% checked out of my job in banking and honestly don't give a sh*t about anything I am working on. I am so focused on the current operations of the business and planning the broader launch that it is difficult to balance my work demands. I feel like it is something that brings me true motivation and genuine happiness - but I am barely able to give it the time necessary during the week (and most weekends) due to the demands of banking. It's beginning to really weigh on me mentally - 100% of my mind wants to go one direction (focusing on the business), but logically, it makes most sense to wait until August, collect my bonus check, and the bounce. The singular thing keeping me in the job is the bonus in August - mainly because of the financial cushion it will provide.

But I have hit a point where I don't really care about getting my bonus - unfortunately I have never been driven by money, and now that it is the sole thing keeping me in banking - I feel almost zero motivation to work and find myself very bothered at every task I have to complete because it takes me away from working on the business. It is a constant mental battle to not pull the trigger and put in my two weeks to commit myself to the business 100%. 

I am looking for outside perspective - whether it's talking some sense in to me, or telling me to quit talking and jump ship, it would be really helpful to get some advice from others.

Additional context:

  • I have about $100K saved (not including retirement) - would expect bonus to be about ~40-45K post-tax
  • I do not live in NYC (I'm in a low CoL city)
  • I believe that quitting would allow me to put 100% of my time and energy in to building the brand, building a much stronger network and really would just make me happier
  • If I stayed through the bonus, I would have about $150K saved in August
  • We have relationships (through friends and family) to most likely cover a seed round of capital, but given neither of us have done anything like this before, that doesn't really give us a ton of comfort

Appreciate any thoughts or insights on this

 

Wait till you get your bonus. A few months is not going to make a huge difference in your startup. I would also strongly recommend getting into a cushier corp fin/biz dev role (start looking now) with better hours just so that you could have a stable source of income until you go full-on. 

 

I'm just going to be direct with you here and state something extremely controversial. Stay and get fired. 

Here's why I say this: if you stay, don't report your external activities, and don't focus on your work, you're going to get fired anyway. 

You yourself mentioned that you are practically checked out of your job. You care about your external area so well that you have practically given up on your primary job. This will certainly be noticed by those around you and slowly, you'll be given less and less work. When they finally have gotten to the point where you are not being assigned anything, they're just going to fire you, give you a severance check, and if you're lucky, a nice recommendation.

I don't know how being fired works in banking, but in other industries in order to prevent from being sued (if you are fired for performance issues, they'll generally cite another issue as to why you were fired), the company will generally say nice things about you and will minimize your flaws when talking to other companies. However, people in banking are known for talking pretty openly so I would not assume that this will happen for you. I hear that overall, firings are usually rare, but if you are really as checked out as you say you are, you're going to still get fired. 

Furthermore, you are doing something that is potentially not allowed by FINRA, which could furthermore lead to more discipline. If you are truly passionate about your project, you ought to be putting your full-time effort into it, rather than sitting back and doing a job you don't like. 

I think that your choices are pretty clear here. Leave and be happy. Or stay, potentially get fucked by FINRA, and be miserable. Your choice. 

 

I'm going to deviate from most of this advice. Do not quit. Coast.

1) Salary is almost free money when you slack, and a decent amount of it.
2) Bonus, whatever number it comes to, same premise.
3) It doesn't matter if you're motivated by money, your new company needs money. Be motivated by the runway money makes for your passion, or that you won't have to give away a larger % of your business for funding since you'll be in a weaker position.
4) Since you're not worried about staying in industry, getting fired won't matter.

FINRA are not investigating a 24 year old for his alternative business activities that makes $0 in profit unless he literally tells them he's doing illegal shit on work hours. Get real.

Just had my trade dispute rejected by Schwab for a loss of 35k. This single issue alone should be a gigantic red flag to anyone who trades on their platform. If they have a system error, and you do not video record your trading (they actually said this), they will not honour their fuck up. Switching everything away from them. Fuck this company.
 
Most Helpful

I quit recently for a similar reason with only ~3 months to go until my bonus and with much less in savings. I was getting beat down at work with nonstop 90+ hour weeks and couldn't think about anything else but the business that I'd also begun working on here and there during my time in banking. One thing I wish I had done instead of outright quitting is coasting but I also don't completely regret my decision to keep bridges intact, despite likely never wanting back into the industry should my idea fail. You're pondering the same with more in savings and an even larger gap until your bonus comes, so my advice is to leap unless your product or service requires serious upfront capital that waiting for your bonus would provide. In my case, I didn't need that much capital and I have a family member supporting my living expenses (not to mention Uncle Biden deferring mandatory student loan repayment until October).

Only thing I'll say is be prepared to focus and grind as if you still had a VP over your shoulder. It's very easy to lose sight of why you're quitting when there is no clock to punch or someone that can fire you watching (your family and friends "firing" you for disappointing them isn't the same). I fucked around for a solid 2 months after quitting and it was brutal trying to hone my focus. Things have been all right since, though.

Best of luck. I admire your pursuit.

 

Consequatur odio labore sed ex sint. Non tenetur consequatur maiores error. Consequatur enim dolores expedita ex veritatis. Sequi ab soluta error odio eum est magni.

Sint magnam laboriosam distinctio ea. Quibusdam sed laudantium et et dolore. Rerum qui ut ipsam cumque tempora.

Sunt occaecati eum dolorem et. Et non aut distinctio et quibusdam officiis. Veritatis blanditiis blanditiis ut perferendis consequatur fugit. Sit non facere a in. Et maxime optio autem quia voluptatem fugit. Vel consequatur excepturi magni commodi esse quidem dolorem. Aut earum sed deleniti quidem rerum.

Et sunt et autem laborum et pariatur molestiae. Rerum fugiat vel atque debitis et laudantium autem. Deserunt necessitatibus molestiae et iure architecto vitae architecto. Enim architecto et sed fugit in.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”