Does it ever make sense to walk away from a job?

Too many people make the mistake of quitting without having something else lined up. You can always explain that your company went out of business and that's why you're looking for new employment as opposed to "well I hated it there so I left".

Just my opinion, in the end you live with the decision not me.

I had the same thoughts about my current job. I graduated recently and was looking for an FT IB role, but came up empty during recruiting. I got a RE Finance role, which I have realized is not for me (mulititude of reasons) and I was especially looking to leave as soon as I could. I realized I could not just up and leave since income for my own place. I networked as much as I could and did online applications for roles. Fortunately, I recently obtained an FT IB role (lateraling is interesting process) and I would say keep working while reaching out to people and doing job postings. If you mush leave, try to gain one year experience before leaving (that was my internal deadline).

Long term you'll have to move to a different locale if you want to transition to equity research. The PNW is one of my favorite parts of the country (had some very fun experiences in Portland) but there is a real dearth of quality finance jobs available. Unless you have a blood relation to someone important or significant east-coast/SF experience you'll find it hard to move up the ladder. I can count the number of decent hedge funds located in Seattle and Portland on one hand and besides Russell most buyside shops are pretty small.

JulianRobertson:

Here's my situation. I am giving serious thought to quitting my current job, even though I do not have another one lined up yet. I've been working at a local wealth management firm in the Pacific Northwest, as an investment analyst (basically picking mutual funds and putting portfolios together). I was originally hired as a retail financial advisor, but that's never what I wanted to do. Originally, I've wanted to get into equity research. The short story was that I wasn't able to get a job out of school for that, so I needed to pick up something just to pay the bills, and I figure that I'd look for work while I'm working in my current job.

A big part of me not getting a job out of school, or even for a while afterwards, was completely on me. I didn't really understand the value of networking, and I completely overestimated my interview skills. I graduated back in 2009. Over the past few years, I have been getting interviews and final rounds, but no closes, and also not in equity research roles--they were at other wealth management firms, and also in my small city, but it would be a bit step up in terms of pay, and maybe it would be something to do until grad school (a way to transition maybe).

There are a number of reasons why I am giving thought to leaving, but it comes down to three main ones:

1. Opportunity in my city is limited for anything financial market related. I think that I could have a better shot relocating to a larger metropolitan area. I was hoping that I could line up a job ahead of time, but it was only until recently (this year) that I even got phone screens after resume submissions. It's a risky move to relocate without a job, but I'm not sure what other option that I have at this point.
2. I don't want to get pidgeon-holed as the wealth management guy. I don't mean to hate on people who are in wealth management and like it, but it's not my thing. I want to get closer to the market, and I don't feel that my current path will get me there.
3. This is the biggest reason, but it really comes down to my current company. I have serious doubts about the financial condition of my current employer, as management has made a number of wrong decisions. I am being intentionally vague for the sake of anonymity, but it is safe to say that we have lost a number of talented employees in recent years (some of our biggest producers) and that management has lost the trust of their workers. My boss is a dick, and I kind of expect that in this industry, but it's one thing if he's like a drill sergeant type of dick who pushes you to succeed. This guy is just running his business into the ground. When I started, there were 60+ employees and now there are about 25.

The one thing that keeps me from just bailing is that I'm not sure how I would replace my income. My resume is decent, I graduated from a target and am taking the CFA Level 3 exam on Saturday, so I think MBA could be a good option to get out and transition--but that application cycle wouldn't begin until this fall, so I wouldn't be in school until next fall. I have serious reservations of working for my current employer for another year.

Have any of you ever walked away from a job? If so, how did you manage?

I recently left the PNW to pursue commodities trading in the Midwest. There is NO institutional finance scene in Seattle or Portland, besides a lot of RIAs if that is your thing (which you have made clear it is not).

Bite the bullet and get out of there. It will force you to go balls the wall harder and you will feel much more alive. I had an opportunity to move to NY and hustle a year ago and doing so would have saved me 9 months of agony stuck in that area. Instead I kept it comfortable and stayed. Bad decision. I have a pristine trading position with a cash commodities desk now and 0 regrets.

D.A. Davidson has an equity research team based in Portland, they are hiring. I know this because they called me last week looking to interview. If you must stay I would pursue them. Many of their people have gone to bigger and better things. You might also want to consider Vancouver, CA.

It is easy to get confused by the talking heads sayiny "do this, do that". If you feel like you should leave, listen to your instinct. Drop your fear and get out of there. Looking for others' approval will be the biggest waste of your time and/or the biggest check you will ever write.

Good luck.

Have you considered applying for WM positions at larger shops and then transitioning to a more market focused role in-house? I just read through your op again and with a CFA and a few years experience you're competitive enough for that. Just a thought.

Dude- do not quit. I'm sure if you get level III under your belt you can make the move you want. However, be sure you really want ER. Investment analyst has a lot more freedom in terms of idea generation.

In my opinion you should do what makes life better for you. I quit my job as a business banker of 5 years to become a financial advisor with Merrill and I quit after 3 months because I hated it and I started coaching basketball to 11 year olds. In between this time I started my own business as a consultant. Then I was accepted into B-School and now I'm just waiting for school to start. So for me quiting was the best decision I ever made! There was a post here from a HBS professor where he says quit early and often.

Don't quit.

As far as looking for jobs in major metro areas. Instead of relocating to get interviews in those places, use a friends address on your resume for those places. So the firms won't know you are a Portland bro and will instead think you are an SF bro or a NYC bro. Then, if you get past a phone screen, you can decide what's right for you if it's worth it to fund your own way out there. It sucks to do it that way but it should get you more interviews.

If you need income it is simply impossible to quit. So, do you need the income? If you do then you have your answer.

Unless you are planning a major life change (e.g. startup, non-profit work, etc), do not let go of the vine you have until you have found another one. Potential employers are like chicks - you are ALWAYS more attractive when you have another one. It's just a fact. To illustrate, most recruiters running searches for the very few IB laterals during the crisis actually just plain cut out all unemployed former bankers, regardless of story or background. It will also help you in any salary negotiations as it is always a question of your next best alternative. Unless for some reason your current job completely prevents you from searching, just to do current job well and focus on networking and your search - it is always better to come from a (perceived or real) position of strength in your search, i.e. "I enjoy my gig but want to move for xyz reasons" vs. "I am desperate for a job." My two cents. I've seen some buddies take different approaches and this is my advice...my background BB M&A / ivy MBA, so have seen some of the game a bit. Good luck - job search while working is like another job but just get after it man!

Better to be the wealth management guy than the unemployed guy.

As a new user, I'm not allowed to post links... but if you Google "A Brief Defense of Wall Street" -- including the quotation marks -- you'll find the story of a guy who walked away from his job on Wall Street. Not that he didn't like it! If you like the story, link to the website from a website of your own!

Thanks for all the responses. I wasn't able to reply yet due to the CFA exam taking up my time, but I guess I have some thinking to do.

I agree with the poster who emphasized if you need the income, you must stay where you are. You don't have the luxury to just quit. It would serve you better to strategize and focus on an action plan for a job search. You don't want to put yourself in a situation where your hand is forced to accept some other random job, which inevitably you will also hate, all because you are desperate for income. Take your time. Grin and bear it. You aren't the first person, nor the last person to have to suck it up until something better comes along. My 2 cents... Good luck!