I’ve seen a lot of angry posts about analysts leaving IB and explaining all the cons of it, which are almost always valid. I also feel like IB is a necessary evil in that it separates you from other candidates and can get you into some great spots, even if you ditch the buyside.
Personally, I like that I’m in IB because its so much work and I can stay or go knowing I gave it my all. Even if I leave, I’ll feel better knowing I tried it and didn’t like it instead of always wondering, and leveraging the deals I worked on and connections I made.
I know a lot of people left their IB positions for corporate finance or other roles, but how many of you truly feel like you could be where you are right now without the pay/hours/prestige/connections that IB gave you? If this sounds snarky, I’m not trying to be, just genuinely curious.
As has been said before, it’s the WFH w no company and no guidance / learning / mentorship that generally makes IB so much worse now than it previously was. I regret it now, if I had started a year or two ago, don’t think I would have as much.
Yep genuinely feel bad for class of 2020 and 2021 if this continues. The hours have never been easy but the camaraderie, mentorship and just the feeling of having my shit together/daily routine/working in a nice fancy office in the city easily made up for it for me.
Seems like a better time to do it now. WFH is the best thing to have happened to bankers imo. The grind is much more brutal having to work in the office every day
Can you expand a bit on your experience? With all the recent threads, seems like WFH sucks as a new analyst to ramp up and then not having any of the camaraderie of the analyst class or social life of NYC.
Please say more because I’ve been interning for a sweaty boutique all year and I fucking love WFH - I think only people who enjoy finance people culture miss “being in the bullpen” but personally I like to separate work completely from my friends/hobbies and I still feel like I can maintain a colorful personality
WFH is good if you have met your team already and have the relationships required for the job. It is probably not great if you are a new joiner and don't know anyone.
I left banking before bonuses on short notice after I had enough of the Covid grind, and while I'm glad that I quit, I do not regret my time completely in banking. I do think I stayed longer than I needed (~3 years) to get what I wanted out of it but I am thankful for the resume padding, handful of deep connections and interesting industry insights my experience provided. If I want to go back, I am confident that I can and have had a few offers come my way unexpectedly since leaving despite not actively searching.
For anyone coming out of school, investment banking and consulting are some of the best crash courses you'll get in the corporate world. However, don't get sucked in by "the path" that's lobbied on WSO. Private equity is even more intense and tends to come with longer hours as you cannot sleepwalk through your deliverables as you can in IB. The promotion ladder is slippery as fuck and at the top of it, you're left fending for your right to a seat at the table by either bringing deals in on the IB side or having an industry or sourcing edge on the investing side. People like to pretend that the climb is a steady slope but it is often more akin to starting your own business where you're constantly chasing the next lead or development opportunity, at which point you may as well forego the bullshit that comes with a long-term career in finance and try to build your own business. If it doesn't work out, you can always find a home in some pocket of banking or investing that pays well.
TL;DR -- Get in and get out ASAP. The grind isn't worth it long-term, especially if you want to be a present father or mother (I know this will fall on deaf ears among most people in college and even a good amount already in the industry) and have a more rounded life. Take advantage of being able to see product and service gaps in industries you could see yourself launching a company in someday and shoot for the stars when you've strengthened a safety net to fall into if your business doesn't work out but also be mindful that you're only getting older and that waiting to build up a seven-figure nest egg through a day job runs counter to what I'm saying.
What did you exit to?
Trying to get my own company off the ground full-time at the moment.
I’m out of bananas but this is a great pos, especially re: the promised land of PE.
This is inspiring. Thanks. What industry are you pursuing?
I'm seriously considering if I should take over my parents business instead of chasing the high finance dream recently.
I don't know what type of business your family owns but if it is something that you believe can be scaled and potentially sold, I would encourage you to set your sights on doing that. That doesn't mean necessarily forego IB but IB will not help you as an operator and would only delay working under your parents to get yourself oriented to take over someday.
Hell, even if it can't be scaled further or sold and it's printing a cool income, I would still focus there. There is a special type of dignity that comes with owning your own business, even in the shittiest moments.
deeply regret
Hey kids it’s better to have the luxury of regretting your time here than not having the stamp on your resume at all
time > stamps on resume
It might seem that way now but I’ve been in your shoes.
The defectors from my analyst class probably have some regrets now that we’re older and settled into our careers. But even they had opportunities available to them at the 1 or 2 year mark that many, many others will never get in their lifetimes. IB sucks as a junior (and even at the higher levels) but it does open doors for you and that’s something that you won’t appreciate for a few more years. If it’s not for you then you should most certainly leave, but I hope that you don’t truly think that it was all in vain
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