Have any 1st year analysts actually quit?

Hey everyone. Current 1st year at a top BB looking to exit ASAP. Been reading through the other threads on how rough the 1st year analysts have it, but can anyone comment if they have actually quit (what your experience was like doing so) / what type of jobs you're leaving for?

Would be very helpful to hear other people's experience in this, as I am too looking to exit soon. Thank you!

Comments (110)

 
  • Analyst 1 in IB - Gen
Jan 11, 2021 - 1:53pm

What is going on. Have any banks addressed the threads here? 

 
Jan 12, 2021 - 8:09am

You must be really naive to think that banks will address this problem, ever. It's not something new, the toxic banking culture has been going on for many years (analysts have died in offices but look where we are now). Obviously, WFH exacerbated the whole situation. Pre-Covid this situation was mostly bearable (analyst program completion still wasn't 100%, probably around 80%-- somebody correct me if I am wrong -- now it will probably be less than 50%...) HR might introduce some bs policies on paper but I don't think it would be enforced...

 
  • Analyst 1 in IB-M&A
Jan 11, 2021 - 1:54pm

Personally haven't quit, but two very close friends have within the last two weeks. Another friend is interviewing and has gotten to a few final rounds (startups), so is planning on quitting asap if he lands the offer.

 
  • Analyst 1 in IB-M&A
Jan 11, 2021 - 2:03pm

All NYC. Other two that have quit have no exit plans lined up. Trust me you're not alone lol. Not everyone is considering quitting asap, but I can guarantee you that all my friends in IB (and every other first-year analyst in my group) are 100% seriously considering quitting once bonuses hit and are beginning to look into different potential exit avenues. 

 
Most Helpful
  • Intern in IB - Gen
Jan 11, 2021 - 1:57pm

You literally can't even have a pet dog in IB, going by the most recent thread on the subject, and this is when y'all are working from home. The situation seems to be complete garbage.

 
  • Prospect in IB-M&A
Jan 11, 2021 - 2:10pm

That's not why you can't have a pet dog lmao. You're not going to work from home for the next decade but the dog is going to need someone that will be able to spend time with them for the next decade.

 
  • Intern in IB - Gen
Jan 11, 2021 - 3:16pm

But that's the point. What other jobs are there that you literally can't have a goddamn pet because you work so much? ER Nurse/doctor? The situation is untenable, and this is a clear indicator that things are out of hand.

 
  • Prospect in IB-M&A
Jan 11, 2021 - 4:49pm

I don't disagree with that, it's just "and this is when y'all are working from home" is taken slightly out of context. I love animals and judging by your comments, you do too. I hope you're able to get into some sort of role that allows you to have a pet because it's a beautiful way to spend your time. Have a great week!

 
Jan 11, 2021 - 2:13pm

I'm an associate with a dog(and wife) and there are days i.dont even see my.dog since I haven't left my.room. (working from home).

 

 

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  • Associate 1 in IB - Gen
Jan 11, 2021 - 2:00pm

For those who have quit, are your banks actually coming after your signing bonuses?

 
  • Analyst 1 in IB - Ind
Jan 11, 2021 - 2:08pm

It's a mixed bag, some banks are coming for them, some aren't. Probably a delay, since a lot of analysts left around the holiday period.

 
  • Analyst 1 in IB - Ind
Jan 11, 2021 - 2:08pm

Nah, my friend actually got paid for 1.5 months after leaving cause his group didn't want to ring it up to hr. If they come after it, ignore them. Nothing will happen for 10-25k

 
  • Analyst 1 in IB - Ind
Jan 12, 2021 - 8:23am

I'm another first-year analyst that quit before new years even before bonuses hit without anything lined up. Applied for a couple of corporate roles and startup roles, interviewing with two. Hopefully will convert one soon. Tbh it's almost impossible to network, research firms, and interview while working 100+ hour weeks and being expected to pick up the phone 24/7. Plus, I feel like making a radical choice of quitting without anything lined up, puts a bit of stress (the good one) on you and motivates you.

 
  • Analyst 1 in IB - Ind
Jan 11, 2021 - 2:28pm

One first year in my group left after the first month with nothing lined up. I'm on the interview grind trying to get out too. 

 
  • Analyst 1 in IB - Ind
Jan 11, 2021 - 3:20pm

Business analyst, FP&A, strategic finance, corp dev etc. I've come to realize that I really don't give a shit about the rat race of prestige and money anymore (COVID and WFH has only accelerated that mindset I believe) and I just want something that I don't feel like shooting myself in the face over, pays decently, and provides a decent work life balance. 

 
  • Intern in IB - Gen
Jan 11, 2021 - 3:26pm

Haven't quit but know of people who have also gone on medical leave (mental health) and plan on leaving as soon as the paid leave is up.... first years have it the worst now. Having an associate you've never met scream at you over email for work we were never properly ramped up or trained for is another kind of crazy 

 
  • Analyst 1 in IB - Gen
Jan 11, 2021 - 3:36pm

Hope someone to give their opinion on this but if a good amount of analysts (in addition to associates and VPs) have quit and are about to quit once they get their bonuses, what does this mean for incoming FT as well as for incoming SA as it seems like WFH is going to be the norm at least until 2022 + these issues being seen now as a fundamental problem with IBD. Will this cycle continue where incoming FT will be the only juniors so they'll have the work of 2 employees pushed onto them? Will they try to increase pay, bonuses, or benefits to try to get people to stay after hearing about what a shit show things are? Also, what will the culture of the firm be like if almost no juniors will have been in the office and actually gotten to meet other analysts and their bosses? Will SA get auto return offers since they wont have access to mentors given the lack of them as well as them being busy all the time?

 
  • Analyst 1 in IB - Gen
Jan 11, 2021 - 4:25pm

My original thinking was fall of 2021 as it seems like things are dependent on vaccine distribution and it'll make sense for banks to have incoming FT to actually get into the office to avoid the shitshow that's going on in the other massive thread.

 

However, many people have been saying that management will be slow to act to actually get people back into the office. Companies will make return to office committees, meetings will take place, people won't come to an agreement, and then those committees will make committees, and so on. A lot of people dont seem to understand that management isn't just going to force everyone to come back overnight especially since we saw what happened with JPM last year (obviously the conditions will be a bit different). Also, you have to consider the fact that many of these offices have multiple tenants with hundreds to even thousands of employees coming in an out every day. It's going to take a lot of parties to get involved (public health dept, tenants, landlords, building management, etc...) to actually figure out a way to safely have people coming bac. Just think about how little elevators there are in comparison to employees.

 
  • Analyst 2 in IB - Ind
Jan 11, 2021 - 4:20pm

not sure, but i actively tell everyone that hits me up for phone calls/networking chat that I don't reccomend my BB or the industry, and to use all their efforts to either

1. study CS/learn to code and go tech

2.try and go direct to hedge funds or PE

3. do consulting

4. start out in corporate dev/strategy (you will likely exit there anyways based on this thread...might as well pull the band aid off now and not even sstart in IB)

5. go to medical school

 
Jan 13, 2021 - 2:26pm

Not really related comment but the mindset of most people on this thread saying that they actually do not enjoy working in finance to me really shows how Undergrads get sucked into the prestige of IB and glorify it without fully realising what kind of impact it has on your life. Most of it might also be related to Covid and how different this job is when WFH but I think it is good there are also analysts out there who do not praise this career and noting to candidates that there are other career paths.

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  • Prospect in IB-M&A
Jan 11, 2021 - 7:16pm

know a guy at GS FIG looking to quit as well. definitely taking a massive pay cut, but you can make all the money in the world and still hate your life

 
Jan 15, 2021 - 1:38pm

It may not feel like you are learning, the same way it doesn't feel like you are growing as a kid until puberty. But you are. You are picking up things every day about how to do the job, what people like, how to generate a good quality work product, etc. Yes, you may not have the modeling experience right away, and maybe you should ask for that, but there are skills you are picking up. 

 

By way of example, go back and try to do some of the technical interview questions that were super hard. You'll find they aren't really so difficult any more. 

Array
 
  • Analyst 1 in IB - Ind
Jan 13, 2021 - 4:22pm

I called my staffer on a Friday afternoon and gave him my 2 weeks notice with a short explanation that I was burnt out, he seemed understanding

 
  • Analyst 1 in S&T - Equities
Jan 13, 2021 - 1:14pm

Coming from someone who is going to be a summer associate in '21....do they not know this is coming? Seems like hiring was pretty light across the street, unless I am mistaken. 

 
  • Analyst 1 in IB - Gen
Jan 13, 2021 - 3:00pm

Doubt it. Most people thought WFH was the best when it first got implemented. Everyone was raving about the "new normal" in literally every single conversation. I mean they have 6 months to figure out what they're gonna do come the summer and analysts, associates, and VPs are probably still going to leave in the next few months after they get their bonus and/or make the decision to leave after seeing others leave as well

 
  • Analyst 1 in S&T - Equities
Jan 15, 2021 - 1:42pm

I'm probably looking to leave the firm I'm doing my summer at for a few reasons. Hoping FT hiring will be good for '22 start so I can hate my life elsewhere.

 
  • Associate 1 in PE - Other
Jan 13, 2021 - 2:25pm

I'm curious about this as well - from reading through various posts, it seems to be BB's and MM's. Anyone quit from EB's? If not, curious as to what they're doing different. 

 
  • Prospect in IB - Gen
Jan 13, 2021 - 4:09pm

Do you think that this could be because the bonus is going to be high and far more worth it to stay whereas at a BB your bonus might be half of what you're getting at an EB?

 
  • Analyst 1 in IB - Gen
Jan 13, 2021 - 3:17pm

It's already a thing that many businesses are trying (not just IBD I mean the whole corporate world). Also with many people such as VPs and above having moved out to the suburbs or across the country I highly doubt companies will force them to come back and instead allow them to WFH in their large home offices while the grunt work will be done by analysts and associates in person

 
  • Analyst 1 in PE - LBOs
Jan 13, 2021 - 5:53pm

Hate to be that guy but would someone mind noting which firms/groups have lost first-years? Trying to lateral rn and this would save a lot of time lmao

 
Controversial
Jan 14, 2021 - 7:58pm

Hi, I'm a reporter looking to cover how covid and WFH are affecting IB analysts. I'm hearing that some of the promises of a job in IB, like culture, mentorship and feeling like you're part of a team, simply aren't the same with working remotely. Also hearing that with people quitting and record dealflow and market activity, desks are understaffed and analysts are bearing the brunt. I think it's a really important story. Happy to talk without attribution -- I won't name you or your firm or compromise your identity. PM me here or on twitter @rossmatican -- you can find more of my contact info there (email, Signal, WhatsApp etc). 

 
  • Intern in IB-M&A
Jan 16, 2021 - 2:04am

Maybe I'm missing something, but don't we want broader awareness on these issues? Or just complain about it on wso?

 
  • Intern in IB - Ind
Jan 15, 2021 - 12:34pm

How would this affect bonuses for current analysts? Less folks = higher bonus or is it pared down at all

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