I hate banking, what to do?
Fellow monkeys,
Some background here. I grew up in a third world country and eventually went on to HYP.
As you all might know, kids at these places often end up in either banking or consulting.
Growing up poor, I was immediately attracted by the earning prospects of an investment banker. I landed a SA gig in a BB IBD position in sophomore year, went back for junior year, got a return offer for FT but decided to forego the gig for a smaller boutique firm that pays more.
One year into the job - I must admit that I hate it. My hours are actually pretty good at 70-80 hours a week, but I still despise it. I have a pathetic social life, my girlfriend broke up with me because of the hours and honestly every Sunday I just think about how shitty it is that tomorrow is Monday. I hated my job during my internships as well but I kept going on because other jobs look crappy as well (and they don't pay as well), and I also thought "maybe I'll get used to it and it'll get better".
My dilemma is that I actually just need another couple of years (think 5-6) in banking to reach a number that is enough for me to comfortably retire back home (I kid you not - I come from a third world country afterall).
If you were in my position, what would you do?
Tough it out, or find another gig that pays a lot less but requires me to work a lot longer? Go to grad school?
Why not give PE, HF or Corp Dev a try? If you can realistically retire in 5 years, just gut it out in any case, but you can also do that while trying something new that may actually pay more.
Take a leave of absence and go travel for a little while. If the career you have chosen is making life "CRAP-TASTIC!" to you, is it really worth going to work feeling miserable?
Then again, we all need to make money to pay our bills. You knew this coming in, but I think a little soul searching is due in this case.
You sound like you'll be miserable going anywhere else regardless, either quit now or tough it out. Also, plenty of fish in the ocean.
Operations!!!!!
Many people don't realize that BO / MO office roles are great in terms of vacation, number of hours and general level of stress. The pay is obviously not close to FO. But you can still have a nice house in the burbs with a semi premium car.
My 2 cents.
Jokes aside that is why I had said that lol. BB BO isn't bad at all and pays more than most companies that offer similar roles. Fun fact: Technology is the biggest group at GS.
Really sorry to hear that. I'm also from a lower income family, and a motivator in me applying has been the financial aspect.
If your priority is to retire early, consider going into consulting. Many of my college economics professors were also burned out from banking and decided to pursue academia. Some go on to work for governmental institutions like the Federal Reserve, have top positions in think tanks, or even just take a break for a few years.
Best of luck! You have a great degree--I'm sure you'll be able to work it out.
Sorry to hear about what you're going through. A lot of what you've said resonates with me - similar background myself and I've felt a lot of what you're going through now personally as well. Hopefully can share some perspective...
Firstly, life gets better. I promise. Whether you stay in banking or not. One's early career always feels like you're sitting at a high stakes poker game. Somewhere between what society or yourself expects of you, the money or things you need to live a good/comfortable life, the career or prestige you desire and the relationships you want to build is the hand you have to choose to play. Realize you're always trading one thing for another - money for time, free time for career, career for more drunk nights out and weekends free etc. etc.
Whether you stay or go at the end of the day, just make sure its on your own terms. If there's something you know you want that will make you happier, go out and get it. Really take the time to figure it out - triangulating the above. Will you be happier working 1/2 as much with less money? Are there other careers you actually want to do? Etc. etc. Own it. Grass is always greener, but check to make sure its not fertilized with bullshit.
For me, I've never been a career banker and I've known that. My second analyst year was the hardest year of my life for many of the same reasons as you and I was on the verge of rage quitting the next shitty staffing I got. But I enjoyed the other analysts around me, the career progression, the social gravitas if you will, the $ trajectory, and I stuck with it for those reasons. And honestly, I'm glad I did. I traded a ton of my time (and still am) in the early years, but I've definitely gotten my fair share in return as well. At an elite paying shop, the amount of $ one can save in 5/6 years as you know is more than you'd be able to working a 100k job for an entire career. But I made a conscious decision to stick through the shit because there wasn't anything else that I actually really wanted to do. Only you can figure that out - just make sure its on your own terms and you have your own priorities figured out.
And however it goes, justify it to yourself and hold strong. Having the right attitude about anything helps to make it suck less. A lot less really - the same shit happens, but you get to enjoy it instead hopefully :)
Thanks for the advice.
Fast forward two years, I'm now an associate - although I went back to a BB and switched from LevFin to Sponsors coverage.
Kinda glad I stuck out for it - really helped my financial position. Not much improvement in my personal life and still don't think I can climb the IBD ladder and be an MD someday though - and well, buyside isn't as glamorous as many portray it with potentially longer hours and lower comp (if carry doesn't kick in)
Glad to hear you pulled through. Keep going at it!
Congratulations on getting promoted to an Associate. How many hours do you do now? Also, are the hours the same across all BBs/EBs?
OP, curious what your target number was to retire and how much you would think you would need to draw each year. Also has that number changed now that you have been in the workforce a couple years?
quick question for you: when did your gf break up with you and for how long have you been feeling like this? anytime you have stress in your private life it exacerbates stress at/from work. if the breakup is fresh, don't make any rash decisions, let this be a lesson for future relationships.
if she broke up with you early on in the career or a while ago (6mos or more), then maybe she wasn't the one. I did long distance and long hours early in my career, it's tough as shit. if you had a candid conversation with her about what the early years will be and what it will mean for your future, if she's a keeper she'll be on board, if not then sorry, there are plenty of fish in the sea.
about the lifestyle/career happiness thing, very few people love their jobs at junior levels, you just need to tough it out in my opinion and realize that this all has a purpose. also, as others have stated, you're 1 year in with a great pedigree (EB, HYP), get your resume together and make sure you have detailed notes of your deal experience so you can recruit for something else.
finally, do you REALLY want to move back to your home country? when I read that, my first thought was "wow, he went to HYP, worked in banking, all to move back to a third world country. could've probably done that without the pedigree." if you want to move back with a bunch of money to improve the community, great, but if you want to move back just because you CAN, then I'd challenge you and say that you probably shouldn't do that. I'm betting you came to America for a better chance, higher earnings potential, etc., and found out it wasn't a cakewalk so you're disillusioned. no worries, it happens at your age. tough it out a bit longer and see how you feel, time heals all wounds.
Damn, good eye
I like this point. I would add that you should consider the long-term impact on your family. What you've essentially accomplished is a generational upgrade. You came from a third world environment and made a sick jump academically and professionally. You’re in a position to completely change the tone of what your younger cousins, brothers/sisters, future kids and grandkids can accomplish. You’ve set a new bar for what is possible in your family. Please don’t move back home simply because it will make you comfortable. I was the first in my immediate family to go to college and definitely the first in my extended family to work in BB IB and MM PE. My younger cousins, freshmen in college now, definitely admire and look up to me. They want great early career success like their older cousin no matter what field they decide to focus on. If you've accomplished this much so far, imagine what kind of resources you’ll have for your kid one day. Use the experience you’ve acquired and recruit for something else. Banking gives you a big platform to recruit for almost anything. Keep this momentum up bro. Shake it off.
Great point. The ability to help your family break the cycle of poverty is extremely satisfying and fulfilling.
This isn't to say that you should do something you hate solely for the benefit of your family, but perhaps finding a new purpose to stay on the banking path could help you.
This was helpful man.
Admittedly it could have been exacerbated by my personal problems... I'm kinda glad I stuck it out though. I made associate and things are a bit better - I still have my doubts and my personal life is still a big question mark but at least financially I'm a lot better off (and whatever you want to do in the future you'll need money for...)
glad you toughed it out! the personal side is tough to figure out for anyone, feel free to PM me with any other questions
To add to others good points, if you are physically tired, it doesn't matter how great you are motivated. First must is to examine your health and take care of yourself. After that, all of the things should seem easier.
BO/MO operation roles perhaps? Strategy? Hell, FP&A? Happiness comes first. 5-6 years of depression just to retire early is dangerous to your health. Are you sure work is what's making you feel down? it may just be a scapegoat for other problems in your life, like a lack of friends and loss of girlfriend.
Stick it out for a year and transition to the buyside. More money, less hours.
Either you should adjust yourself with it or quit the job to make your personal life comfortable if you can't handle with both.
I am assuming that you are on a H1B Visa? If so, you have to factor in how easy it would be to transition to a job that will be willing to continue sponsoring. Sure, other banking and some PE jobs probably will, but it doesn't seem like that is what you want either.
My .02, if you can retire in 5 and live comfortably then I say stick it out. If you're still in you 20s then it's all gravy. You can leave and do something you actually enjoy for the rest of your life without a financial concern. I would suggest making an actual plan with specific dates in mind and sticking to it. Think about what really motivates you.
Save up 6 months to a year worth of living expenses, wait until your lease expires, gracefully put in your two weeks, and take a few months to figure out what you actually want to do with your life. Maybe spend a few of these months at home....
I am not sure of your financial situation, but based on the statement of being able to retire in 5-6 years (although in a third world country) I assume your current cash position is fairly strong.
Save up 6 months to a year worth of living expenses, wait until your lease expires, gracefully put in your two weeks, and take a few months to figure out what you actually want to do with your life. Maybe spend a few of these months at home....
I am not sure of your financial situation, but based on the statement of being able to retire in 5-6 years (although in a third world country) I assume your current cash position is fairly strong.
Without knowing anything more about your situation, I would say stick it out and keep moving up as the work gets better and hours shorter in any field over time. I think ducking out now is just immature and will be something you will probably regret forever.
5 years is nothing. Grind it out and figure it out then. If you can have total financial freedom in 5 years, you'd be insane to quit now. You might be delusional about your 5 years to freedom claim, by the way. But, you would presumably know better.
Those who can't do, teach.
Wow, almost one year into my banking gig. Jesus, did I need this. I'm so happy that I'm not alone in this. Feeling miserable
Hey have you consider working for international development institutions like the World Bank or the IMF? you're experience and background will be very valued at the World Bank's IFC especially.
you will do good for the world. also the work will be intellectually stimulating. They certainly don't pay well compared to banking, but considering work-life balance, you will enjoy that gig
These are not easy gigs to get. Half the law and economics graduates in the world would be vying for these.
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