Leaving analyst program at a BB before 2 years is up

So the economy is heating up for PE / they are understaffed and a lot of kids are interviewing / planning on leaving after less than a year on the job.

I think this is short sighted as staying at a bank has pros and cons, but 8 months is not that much time to decide if you really like it / learn that much and at a PE shop, your world gets really small really quick relative to a BB with internal mobility, lots of exits, etc

Any other opinions? Can't really see the advantages ... other than if you are totally burned out by work.

Comments (193)

Jul 25, 2010

PE? = Pie Eating?

Jul 25, 2010

arent' people interviewing for PE starting after 2 year stint? I always understood the recruiting happened 6-8 mo after you start your 1st yr.

Jul 25, 2010

Leaving for PE after less than a year would either mean you've completed a lot of deals or have really good connections. Why leave before collecting the first year's bonus check?

Jul 25, 2010

^ Exactly. What's the point? You're almost done with your first year so just suck it up and get that check. You are in this business for the money ;).

Jul 25, 2010

I doubt anyone leaves before cashing in. I know plenty of analysts exit after their first year is up -- plenty of PE firms (not KKR, Carlyle, etc., but MM firms) will hire first years -- this helps them get some of the top talent that they would otherwise lose out to KKR, etc. If you're an analyst and want to go into PE, why the hell would you waste an extra year grinding out 100 hour weeks, spending about 3% of that time doing value-added work, when you could go to the buyside, work a fraction of the aforementioned 100 hours per week, get paid more and do what you actually want to do? You're GD crazy if you wouldn't.

Plenty of analysts have the opportunity at the end of Y1.

Learn More

7,548 questions across 469 investment banks. The WSO Investment Banking Interview Prep Course has everything you'll ever need to start your career on Wall Street. Technical, Behavioral and Networking Courses + 2 Bonus Modules. Learn more.

Jul 25, 2010
jimbrowngoU:

If you're an analyst and want to go into PE, why the hell would you waste an extra year grinding out 100 hour weeks, spending about 3% of that time doing value-added work, when you could go to the buyside, work a fraction of the aforementioned 100 hours per week, get paid more and do what you actually want to do? You're GD crazy if you wouldn't.

That summarizes it pretty well. Why the hell wouldn't you jump after first year if you could? You'll realize pretty quick once you start work that the only reason you got into IB was to GET OUT of IB and on to the buyside. Why waste another year of your life being miserable if you can jump to the next rung up the ladder early?

Jul 25, 2010
CaptK:
jimbrowngoU:

If you're an analyst and want to go into PE, why the hell would you waste an extra year grinding out 100 hour weeks, spending about 3% of that time doing value-added work, when you could go to the buyside, work a fraction of the aforementioned 100 hours per week, get paid more and do what you actually want to do? You're GD crazy if you wouldn't.

That summarizes it pretty well. Why the hell wouldn't you jump after first year if you could? You'll realize pretty quick once you start work that the only reason you got into IB was to GET OUT of IB and on to the buyside. Why waste another year of your life being miserable if you can jump to the next rung up the ladder early?

Would you be kind enough to tell the rest of us monkeys how we go about exiting to PE after just one year?

Jul 25, 2010

How in the hell do you go about getting these opportunities to jump into PE so damn early into the analyst stint?

Jimbrown, please elaborate on how so many analysts "have the opportunity to leave after Y1," do they get sought out/recruited or do they hate their job so much that they go on the search themselves?

Jul 25, 2010

I left before my first year - if you're lateralling, the new bank should pay you a bonus (pro rated). If going to a PE shop, usually you go right after your first bonus.

Jul 25, 2010

CaptK hit it on the head. There are plenty of MM firms that will take top analysts after the first year -- if they didn't, they'd lose the chance to get top talent to the megafunds. Smaller shops tend to hire on a need-be basis, so if a spot opens up they'll contact their headhunter or post the job somewhere. If you have a network of HH, you may get a call. I had an opportunity to go to a small (SMALL) VC firm, but passed on the opportunity because it wasn't what I was looking for. And I'm at a regional office of a not-so-prestigious MM bank. So it can be done.

Jul 25, 2010

People lateral in banking all the time. Can't see why ER would be different.

Jul 25, 2010

By the time you get your stuff together and find a new job you'll be pretty close to two years and two years is just a rule of thumb anyway. I wouldn't sweat it and go find somewhere/something that you like more. Life's too short to hate what you're doing.

I have no idea if 13 associates leaving in 1.5 years means 13 out of 200 or out of 15, but if a significant amount leave and go to work at other places, and you're in a smaller knit city than NYC, plenty of people will know about working for your analyst. You never bad mouth a current/former employer in the interview process but after you're working full time it will come out that the last guy you worked for was an ass, and if there are enough people on the street who used to work for him (and just extrapolate that number if 13 over 18 months has been pretty consistent over the past 4-5 yrs) people will know why you want to leave without even saying it.

    • 1
Jul 25, 2010

Don't worry about your projects or length of time, find a place that you enjoy going to everyday - & get that paper!

Jul 25, 2010

Don't be afraid to lateral before two years, just be prepared to answer questions as to why you're leaving without throwing your current firm and coworkers under the bus.

Jul 25, 2010

There's nothing set in stone. After much thought, my honest advice would be to get the fuck out of there

    • 1
Jul 25, 2010

In research, the most important thing that you should look for is how good your analyst is and what you can learn. From that experience you can leverage it into whatever you want to do and if you aren't learning then you aren't progressing. To be fair though, if you want to go to the buyside, then lateraling will only delay that by another year or two. If you can, just start reaching out to recruiters right now for the buyside and if that doesn't work out then look to lateral but if your analyst isn't good then it's not gonna be a good experience.

Jul 25, 2010

Maybe 2 years a rule of thumb if everything's alright. But you hate your job and it didn't sound like it was your fault or you being whiny. Good luck on your job hunt.

Jul 25, 2010

All,

Thanks for the advice. It's good to hear that I most likely won't be fucking myself if I get out before the 2 year mark. My analyst is semi-successful and has won a Starmine award the last two years while I have been working for him. However, he doesn't seem too concerned with teaching or giving me more responsibilities, so leaving does seem to be the best move.

I think he understands the dynamics within the associate pool and won't be surprised when I tell him my plans. Let's just hope he has some solid connections with his buyside clients.

Jul 25, 2010

Do a search. People who have experience have talked about this a lot in the past.

Jul 25, 2010
Jul 25, 2010

Take the money and run, brother.

Jul 25, 2010

ANSS lol? If MBB takes you, then just go. But once you get to the place you want to be, stick around for 2 years... it won't reflect badly if you jump from a tier 2 to a tier 1 first chance you get, but it will reflect badly if you hop around a lot over time. Don't sweat this decision though.

Still not sure if I want to spend the next 30+ years grinding away in corporate finance and the WSO dream chase or look to have enough passive income to live simply and work minimally.

Jul 25, 2010
MissingNo.:

ANSS lol? If MBB takes you, then just go. But once you get to the place you want to be, stick around for 2 years... it won't reflect badly if you jump from a tier 2 to a tier 1 first chance you get, but it will reflect badly if you hop around a lot over time. Don't sweat this decision though.

To clarify: I'm at a sub-MBB right now (think top 5), but I'm going to be moving to a WORSE place in reputation for a 30% raise. I'm weighing the value of more cheddar vs. the brand equity of the firm I am currently at.

Jul 25, 2010

No shame in the move..think about it this way...somewhere down the road when you are talking about this experience...do you have a compelling story to tell? I assume you are in a pre-MBA position. If so, then as long as the new place can get you into the grad schools you are targetting you are fine. If not, your specialized training (I assume these are clearances) will be coveted by Booz for sure and increasingly McK and BCG as they grow their govt. practices (have not heard much about Bain on the govt. front). If you make the move, you must stick until you are promoted to the next level. Two consectuvie moved sans promotion would smell of incomptence.

Jul 25, 2010

Seekingalpha, you nailed my situation square on the head. I had no idea that McK and BCG are interested in cleared govt work. Can you tell me more?

Also, I should note that B-school is not, and will not likely be on my radar. I am an APD hire in a highly specialized technical area (not IT). I don't see myself going back for an MBA.

Jul 25, 2010

Then it would seem Booz is the prime place to be. Feel free to message me to discuss further. As for McK and BCG, I understand McK has made a strong push and BCG as is often the case, is doing a strong me-too offering. I don't know that they are specifically looking for cleared personnel now - that said it will simply be a matter of time - there is too much money on that table to leave it untouched.

Jul 25, 2010

You could definitely get into PE or a HF with only a year under the belt. I've been approached by a few headhunters, and I remember one of the jobs they were soliciting was for a PE firm that was looking for an ibanking analyst and specifically requested that the person join immediately (after completion of year 1). However, I do think it would reflect poorly on you if you were to leave banking and pursue something of lesser prestige because it could be viewed as your not being able to handle it. When it came time to get back into the industry, the experience would be in your favor but the lack of completing the program would not. Also, people hiring MBAs look beyond your school. They very much care about what you did prior to getting your MBAs. My understanding is that even HBS grads have some difficulty breaking into PE if they haven't had strong financial services experience pre-MBA. You're also competing against all of the bright MBA students who did 2 years of banking / PE / MBB consulting and had to go get their MBA because their company told them to.

If I were you, I'd stick it out for 2 years, or at least lateral to a different bank after a year and finish the program somewhere else.

Jul 25, 2010

Thanks for the comment. So you think if I do a latteral move to a HF, PE, Buyside, or another bank for the next 1-2 years then that will not reflect poorly at all?

Like I said I just want out of this area and bank. I would like to move to Boston. Will grade of bank matter? If I move from BoA to a boutique or MM will that hinder anything going forward?

Also, about the Lockheed program. I would be working between corp finance and their investment trust division. It pays 70K plus a annual bonus around 20-25K. Yes, it is 40K less than I made, however, it is 40 hours.

Weigh in on both questions please.

Jul 25, 2010

A few months ago, Siguler Guff was recruiting people like me (1 year at a BB) very heavily for Boston. Pay was decent, hours were kinda on the heavy side. Hit them up and see if they're still looking. Good luck.

Jul 25, 2010

Well I guess what I am asking is no one thinks that it will help my application to a top 10 MBA program to have a year as an analyst and finish a program such as Lockheed? I thought that after that and an MBA I could easily get back to a top BB, a PE or HF? Am I missing something?

Is it better to just switch to a Boston bank for 2 years then go to MBA?

Jul 25, 2010

Anyone?

Jul 25, 2010

I think if your ultimate goal is banking, you ought to stay in banking because that will give you the most relevant experience and be looked on the most favorably. Banks don't really care how much you are paid, they care about the experience you are getting. You could be getting paid $300k at Lockheed, but at 40 hours a week you're still not working as hard as is expected as in banking and would therefore be disadvantaged. A lateral to a HF/PE would make a lot more sense to people (because they are often seen as the same "career area" as banking). I don't think you'd be hurting yourself if you were able to lateral to either of these.

As for grade of bank, it will matter but probably not as much as the experience you get out of it. Unfortunately, experience are grade of bank are typically highly correlated (although not always). If you can get high exposure and a positive experience at an MM in Boston, go for it. I suggest starting with Mis Ind's recommendation.

Jul 25, 2010

1:01.

Jul 25, 2010

In all honestly, I wouldn't be a lazy ass. I would see if there is more work I can do around the office. It's your call though...

Jul 25, 2010

1:01PM

Unless you want a good recommendation, or are trying to score a FT offer.

Jul 25, 2010

I'm an unpaid intern at a boutique. Whenever someone tells me to leave for the day, i make my rounds and ask everyone else if I can help them with anything. If they say no, then I dip out right after.

Jul 25, 2010

Oh forgot to add that its a beautiful day and you may be able to get a round of golf in...

game changer

Jul 25, 2010

You leave 20 minutes after he leaves. Yeah I know it's stupid and you'll probably just surf the internet for the rest of the day. But you're an intern, and you're there to convey that you really want to get into this industry. You want to be there in case something comes up for you to do at 4pm.

That's just the way it is.

Jul 25, 2010
CaptK:

You leave 20 minutes after he leaves. Yeah I know it's stupid and you'll probably just surf the internet for the rest of the day. But you're an intern, and you're there to convey that you really want to get into this industry. You want to be there in case something comes up for you to do at 4pm.

That's just the way it is.

This is probably the best advice.

Jul 25, 2010

I doubt you can get a FT off of an unpaid internship.

Jul 25, 2010

I work at a boutique even though there is downtime something always comes up for me to do. Just stay there until 5pm or so look through past deal/models. Hop on Linkedin and start networking. Do some research for the industry on your current deal.

Or sleep in your car.

Jul 25, 2010

Earliest you should leave any day is 5PM, IMO. Any less and you seem really lazy.

Jul 25, 2010

Thanks for the input guys.

Just for when someone else has a similar question.

DON'T LEAVE EARLY, ITS A FUCKING TRICK, FIND SOME INTERESTING SHIT TO DO ON THE INTERNET UNTIL YOU GET MORE WORK.

Jul 25, 2010
Jul 25, 2010
CaptK:

Hate to do this to you, but we just got our awesome new search function going, so...

http://www.wallstreetoasis.com/forums/how-to-jump-... http://www.wallstreetoasis.com/forums/leaving-ib-p...
http://www.wallstreetoasis.com/forums/how-common-t... http://www.wallstreetoasis.com/forums/ramification...
http://www.wallstreetoasis.com/forums/leave-bankin... http://www.wallstreetoasis.com/forums/leaving-afte...
http://www.wallstreetoasis.com/forums/leaving-anal...
I left my bank after 18 months and have posted my experiences in several of the above threads. So have a couple other certified users. Check them out.

Thanks, and I had it coming. I'm a relatively new user (to the forums -- been reading the front page for ages). In my defense, all but one of those are staying in finance, and none of them talk about leaving before the 1st year, which is what I would be doing.

Seigniorage:

Sometimes you have to do something to realize that it's not what you want to do (that coupled with being tired of just shuffling around other people's money, not actually creating anything, etc).

I understand this feeling all too well. But I never left finance. Maybe it's because I don't think I have any good ideas of my own.

Anycase, to answer your question, nothing will happen to you and there's nothing wrong with quitting a job you're sure you hate. I would stay at least for a full year though, just in case you change your mind and want to return to finance, as one year is the minimum to be considered "experienced"- at least in my book.
This question is really akin to the people who ask about reneging offers during recruitment period. The only people that will look down on it is the university career services office and the company you're reneging (in which case the former has no pull over you anymore and the latter probably doesn't even keep record). When it comes to your career you don't owe anything to anyone!

Out of curiousity, what are you interested in pursuing?

Wise, appreciated advice.

I am interesting in pursuing engineering (which I have a degree in). I definitely took for granted the fact that in school, I was always around engineers and always taking engineering classes. Now that I'm away from it I miss it a lot, and I talk to my friends doing engineering and I want to do what they are doing.

In banking I find it's the little things that all add up. The monkey work, plus the hours (it's not the hours, more the being on call...we are not doctors), plus the inefficiencies, and the fact that we are just shuffling around money, not actually creating a project. Before, I thought that I could do banking for 2 years, then move into corp dev or something and eventually be on that side of a technically oriented company. Now I realize that I don't want to be on that side of things. I want to be an engineer.

Does anyone know the general policy across banks on taking back your signing if you leave before 1 year? I want to say it's 3 months, but I absolutely forget.

Jul 25, 2010

Sometimes you have to do something to realize that it's not what you want to do (that coupled with being tired of just shuffling around other people's money, not actually creating anything, etc).

I understand this feeling all too well. But I never left finance. Maybe it's because I don't think I have any good ideas of my own.

Anycase, to answer your question, nothing will happen to you and there's nothing wrong with quitting a job you're sure you hate. I would stay at least for a full year though, just in case you change your mind and want to return to finance, as one year is the minimum to be considered "experienced"- at least in my book.
This question is really akin to the people who ask about reneging offers during recruitment period. The only people that will look down on it is the university career services office and the company you're reneging (in which case the former has no pull over you anymore and the latter probably doesn't even keep record). When it comes to your career you don't owe anything to anyone!

Out of curiousity, what are you interested in pursuing?

  • eyelikecheese
  •  Jul 25, 2010

At my bank, it is 30 days. But I'm still trying to figure out how they would enforce this, or if they would even want to waste to the time to enforce this. I am in the same boat as you. I say do it! You realized you didn't like banking, and there is nothing wrong with that.

Jul 25, 2010

I left in 9 months - had a better opportunity for me personally at a startup. Totally depends on your bank. My advice - let other people burn bridges. I did everything I could to keep people happy - the people who get their panties in a bunch, probably not worth keeping in touch with anyways.

Some people in this business take everything so seriously - like making a big deal BC some analyst leaves for something he/she is truly interested in. Just have your reasons and be firm when you tell them. Also helps to have a job lined up.

Nothing wrong with changing your perspective - they work you to the bone, and it's an at will contract so it goes both ways. I'm sure they were thinking about their thought process in hiring when they axed a bunch of 2008 grads right after they started (happened at a lot of banks).

Jul 25, 2010

I wish i could trade with you, I am in the exact opposite position. I'm an engineer now. And though I am working as an engineer now, and i love engineering, i want more vertical movement ability (and more money).

Wanna trade?

Jul 25, 2010
idragmazda:

I wish i could trade with you, I am in the exact opposite position. I'm an engineer now. And though I am working as an engineer now, and i love engineering, i want more vertical movement ability (and more money).

Wanna trade?

That would be interesting. Just go to HR and let them know that you will be swapping with someone, lol.

Regards

Jul 25, 2010

If you really don't like it, I would really try to tough it out until your one year is up for a couple of reasons:

  1. The economy sucks right now, and you have a solid job that pays well. You're learning something so you're not wasting your time by any means.
  2. Many people on these forums would kill to be in your position, so if I were you I'd tough it out unless you have another job lined up with a company that you really like.
  3. You can always switch to product dev at a larger company after you complete your first or two years as an analyst, you have enough time to pursue both, people will always need engineers, doctors, bankers and lawyers.

Good luck with your decision and kudos to you for following your engineering passion!

Jul 25, 2010

weeds post is right on

Jul 25, 2010

i would be curious to to hear feedback to the question above too

Jul 25, 2010

Same situation....

Jul 25, 2010

Not a very good idea at the moment.

So, I lateraled after a year from a BB to a firm that was more of a merchant bank to do PE type work. This was with the expectation of sticking around for awhile and then moving to a strictly PE role. This was great in theory, but with layoffs I only ended up with a year and a half of experience there. So, with 2.5 years total in banking, but less than 2 at any given firm, most head hunters and PE shops were not interested. In this economy, employers are incredibly choosy and they prefer people who have taken the standard path. Big name PE likes to see a very standard IB or consulting resume.

Even off brand shops, corp dev, and AM jobs these days are getting resumes from people like me who have 3+ years experience in IB and PE. This makes it incredibly hard for people with a year of experience to get a job or to get a job at anything other than very entry level positions. You would probably need to take a 30% pay cut (on base salary) to move and it would be difficult.

My recommendation, stick it out, go for the standard path of 2 years in banking then moving to something else. Your resume and pocket book will both thank me.

If you decide not to take my recommendation, you need to start talking to your network and HHs in the january time frame so they can start the gears moving. Interviewing should begin in the March/April time frame. And you should aim to start at the end of August.

Jul 25, 2010

Are you at UBS? I heard it's pretty bad there.

Jul 25, 2010

Thanks PowerMonkey - I appreciate the advice, and it's something I wrestle with often. Obviously I haven't made a final decision, and won't for a while, but was just curious on the process if I did choose to leave early.

Ideally, I would love to stick it out for 2 years, but I'm convinced that as much effort as I put into work each day, I'm not learning much/if anything, and without any meaningful deal experience, I feel like two years would be just be thrown down the drain.

I appreciate the insight into the current job market - I can imagine it is as competitive as ever, and clearly not the best time to leave a fairly secure job.

Thanks again

Jul 25, 2010

bump

Jul 25, 2010

You should probably accelerate your headhunter-contacting process, but when I was recruiting for normal post-2 year start times, opportunities for immediate start / end of 1-year starts also came up. HH's started contacting me right after the turn of the new year of my first yea.

Jul 25, 2010

I wouldn't be afraid to shake up things at your current position and let them know you'd like to be challenged more. Nothing to lose, everything to gain. But if you are intent on leaving I'd start working the network, including your college recruiting.

Jul 25, 2010

Thanks for the responses -

With regards to jerome - the firm has changed a ton, primarily a combination of busy work type stuff, and admittedly a decrease in deal flow. Generally, people don't really have a good view of the senior management/staffer, and most junior bankers are pretty unhappy (not the case a year ago).

I like finance, but have found myself less excited by it that I was when I was graduating. As I work with sponsors on some transactions, I've found that I'm not really interested on being on the buyside (PE) as I might have been when I graduated and started banking.

This, combined with not having really learned much since I started has caused me to just rethink what I want to do moving forward.

I've been talking with a well known start-up in the NYC area, for a position in a sort of strategy role, on business development type stuff and how the startup builds on its existing platform. Before I started banking, I knew I was always interested in entreprenurial type ventures, but wanted a good foundation which I thought banking would provide. Additionally, I would also be interested in Asset Management/Investment Management roles.

I realize that it's silly to give up a good job right now, in this market, and I don't intend on considering actually leaving till my first year is up (and hopefully some bonus). But I just don't find myself interested in this role anymore, or really any of the traditional paths that follow it. I think it's a great foundation, but not sure how valuable it is if I'm not planning on going to PE/HF or even B-school (at least in the near term).

Jul 25, 2010

@weeds, seems like you've given this a lot of thought and have some clear goals. given that's the case i would move at full speed and don't be afraid of making a career mistake. so long as you take a job that you feel confident will be the right next step - do it. you don't want to have 3 jobs in 3 years, but you should always feel like your learning and being challenged. otherwise it's time to shake things up. if you don't think you can make it happen at your current position, and not because your not willing to put in the effort to salvage the position, then get out of there. but i wouldn't leave until you have a position. but i will say that once you resign yourself to leaving it is very liberating and you will have a slightly better perspective and frame of mind on the job. Sort of like Office Space. LOL.

Jul 25, 2010

Thanks jerome - some days do feel like OfficeSpace....but thanks for the advice - I plan on searching out there (although keeping it discrete)

Jul 25, 2010

Interested as well.

Jul 25, 2010

Do what you have to do. If the program and job isn't for you then you are only wasting time by sticking around.

Jul 25, 2010

If you have a better opportunity leave. That seems logical. If you are just leaving because the job is not for you, I would try to hit the 1-year mark. At the end of the day, as long as the story makes sense as to why you left, you should be in good shape.

I myself left a position 8 months in and couldn't be happier.

SemperAugustus

Jul 25, 2010

Ok cool, yea I mean I was just unsure as if I should start applying to places. I took out the part on my resume where it mentions its a two year program, because I didn't want an interviewer to ask about leaving before the two years are up.

Jul 25, 2010

I would say try and get through it. If you absolutely can't, wait until you get through 1 year and jump with an offer in hand.

Jul 25, 2010

yea wait at least one year or preferably 18 months. If I were you though I would just man up and finish the 2 years. It will work wonders for you in the long run.

Jul 25, 2010

A lot of buy-side shops start recruiting analysts 6-8 months into their 2-year programs. Generally this is with the expectation that they will finish the two years, but sometimes they'll look to poach early. Either way, it affords you the opportunity to circulate your resume with recruiters now. I would position yourself as preferring to stay through your two years, but willing to leave immediately for the right opportunity.

Jul 25, 2010

At a minimum, stay and get your first year bonus... It is stupid to leave money like that on the table unless someone buys you out of your bonus. It would be different if you were leaving to a PE fund or HF that would either buy you out or would be paying you substantially more in salary and you had to make the move right away, but if you just want out, just grind till you get your bonus. You'll be thankful to pocket that extra cash, especially if you are going to see your income contract based on the new choice of job.

Jul 25, 2010

Always take the job that will be better for your career and offer more growth and earning potential. If that means the new job, then go. As long as you stay for 3 years or so people won't focus on it other than thinking you took a better opportunity. If it becomes a habit, then it becomes a problem on your resume.

Also, expect to get a huge range of opinions here because this thread has come up many times and there is never a general consensus.

Jul 25, 2010

If that's what you ultimately want to do, just fucking go and don't look back.

Jul 25, 2010

Take the consulting gig. You never know when another good opportunity will present itself.

Jul 25, 2010

What department are we talking about?

Jul 25, 2010
Ruskii:

What department are we talking about?

The one I'm in? Or the one I'd be going to? Restructuring is the one I'd be going to

Jul 25, 2010

Just don't make a habit of it. One short gig on your resume is fine, a series is not.

Jul 25, 2010

Your next round of interviewers are going to focus on your career and success at the consulting firm. Your time at the accounting firm will be secondary/tertiary issue, if at all, unless you jump ship from the consultants early as well. Just accept that you'll need to stick it out at the consultancy for at least 2 years, if not 3, to look reliable to the following employer.

Also, as the accounting role is your first FTE, it's not a bad story to tell in future career movements - you got into it, you found it wasn't what you expected, hence you learned a lesson to do better due diligence on employers/roles, applying that lesson you're certain you want a job with [interviewer] for [reasons]. Getting yourself out into a better role also shows initiative. You can spin it into a positive pretty easily.

Jul 25, 2010

Basically if you have enough deal experience where you can point to a few announced deals or can discuss at great length 2-3 deals you have worked on, I would actually start contacting recruiters ASAP. If not, wait until January/February and see where you stand then.

Also just as an FYI it will be pretty hard to break into one of these jobs with only a few months of experience unless you're in the GS TMT group or something similar. Of the three you've listed, it's probably easiest to get into industry - one of my friends left after his first year and went to corp. dev. at a tech company.

PE/VC recruiting will only get started in April/May so you may have trouble getting into one of those beforehand.

You may end up having to stay longer than a year (e.g. September or October) just because of how long the process can take especially with smaller places. This is not as bad as you think because it gets significantly easier in your second year.

Jul 25, 2010

...But you will regret it.

I know where you are at right now. 6 months in, I was pretty f****** miserable with all the abuse and general BS, and I decided to leave after my first year and have pretty much regretted it ever since. For the rest of your career you will be asked, "Why did you leave BB firm after a year??" (assuming you are at a BB) Further, the exit opportunities - unless you are in Sponsors - will be very slim and will be a regression in every sense of the matter. It took me 2 years to dig myself out of the hole that leaving my analyst program early created, and if I could go back in time, I would have listened to everyone who intimated to me that it was a bad idea.

Now, if you had suggested in your OP that you had decided you hated finance and that you really want to go into marketing or something, I would tell you to go ahead and leave after a year. Some of my friends left after their 1st bonus to enter other fields and have never looked back.

Anyway, I'm lecturing. I will stop. If you want to have the best options for yourself in finance, don't quit in July. The recruiting season for the next year starts as soon as August and goes as late as late October/early November for most firms. By the time you have an offer in the fall, you will have another 6-8 months to endure, knowing you have something better in the works and that you can build your skill sets and networks, while at the bank, so that you'll be a rock star at your next job.

My $0.02...hope it helps!

Jul 25, 2010

I think it would make sense to just tough it out for another year. I've not been to Houston but I really have no idea how a city could be so terrible 6 months in that you can't handle being there. Do you just not know anyone there so you're bored out of your mind? If so why don't you try and meet people? Given you may be starting school next fall I would maybe wait to see how that goes before you make a decision as I'm not sure your next employer would appreciate you ducking out after just over a year either. I don't know anything about consulting in particular but I think it's worth noting that there are only 4 so I'm not sure you'd want to weasel away from two of them if you plan on sticking in the industry.

Also, is it not possible to lateral to another office / take on more travel assignments. I'm sure it has something to do with you being new and not earning it yet but I would think if you do a decent enough job people would be happy to move you around and keep you with the firm.

Jul 25, 2010

Someone at Deloitte wouldn't lump themselves in with the other three...I think your question answers itself.

    • 1
Jul 25, 2010

ATK and S& both have Houston offices; someone at Deloitte would group themselves in there. Or so I'd assume, especially to give an accurate picture of their background.

Regardless, OP, I think it's pretty common. It doesn't look great but it's not so rare that people will think something went wrong. Though I think you're underselling Houston a bit -- wanting to leave a good job six months in due to location seems a bit extreme. It's a preeetty big city. Personally I'd tough it out a bit. It's better to work a good job in a city you don't like than a shitty job in a city you do, career-wise.

Sidenote: "I don't know anything about consulting in particular but I think it's worth noting that there are only 4 so I'm not sure you'd want to weasel away from two of them if you plan on sticking in the industry." You probably shouldn't give advice on the consulting industry when you a. admit you don't know anything about the industry, and b. CLEARLY don't know anything about the industry...

Jul 25, 2010

If you did something very different what kind of things would you consider?
And if you did finance work what kind of things would you consider?

Jul 25, 2010

I am considering possibly working within the senior healthcare and general care industry, if I do something very different (or maybe just do a lot of surfing). If I stayed in something finance related, I would probably focus on real estate investment.

Jul 25, 2010

What kind of investment firms are you referring to? PE/HF? I think most would be open to your candidacy, but it's how you paint yourself in the cover letter/interview that will really decide it one way or the other.

For instance, how was your banks deal flow? If it's slow, then you can easily express that you didn't feel like you were that challenged given the current market, and are looking for something where you will have more impact. Is it more the overall culture of your shop? This would obviously be harder to circumvent.

All in all, I think you need to figure out WHY you don't specifically like the work, and then work on spinning that in the best way possible.

You may actually have a harder time looking at other industries, as you'll be lacking relevant experience. From recently going through the job search process, I got the impression that there are a lot of candidates with applicable experience applying to positions far lower on the pay-scale. That said, is there a reason for healthcare? Do you have anything that would set you apart in the resume pile?

Jul 25, 2010

On a similar topic - for those who left banking after 1 year for PE maybe explain how they went about doing it? I know usually senior guys play a big role in the process, but I assume if you're leaving before the end of your 2 years, then you probably cannot utilize those relationships.

Jul 25, 2010
waltersobchek:

On a similar topic - for those who left banking after 1 year for PE maybe explain how they went about doing it? I know usually senior guys play a big role in the process, but I assume if you're leaving before the end of your 2 years, then you probably cannot utilize those relationships.

I left a IB at a US BB here in NY about a month and a half ago. The way the process works is a bit different from the traditional track. Headhunters would send emails to analysts about upcoming interviews / resume drops (generally targeted at 2nd/3rd year analysts, but I got them also). I got in contact with a headhunter, and explained that I really did not enjoy what I was doing, as M&A group really sucks.

BTW, for those of you who want to go into M&A, it feels like back office work, because you are not involved in any of the pitching for deals, ...this diminishes your critical thinking abilities, and we used to work harder than the industry groups... but anyway...

Once I landed my interview with my current firm (MM PE fund here in NY), they wanted to talk to my managing directors. I admit, letting them know that I was considering leaving was not easy. Luckily, they went to bat for me and I got the job. My MD said "they should be calling you tommorow with the offer details... pretty sweet"

In my opinion, the senior guys are CRITICAL to landing a PE offer. I think this aspect is often overlooked. This is why you should aim to perform well, even if you are miserable.

Jul 25, 2010

Leave. I understand the concern about burning bridges but in this market we all have the perfect scapegoat..i might be out a job come November/December/January (Summer 09 programs require 2 years of banking; not really certain where that would place you).

Its good to see that you have the option, I suggest you leave banking to start in January, I wouldn't worry too much about burning bridges especially since the bankers recommended you to that firm.

I know a good amount of analysts that have left for the buyside early, but they have all been for immediate starts from the day they got their offers, I haven't seen or experienced ur situation.

Congrats.

I'm making it up as I go along.

Jul 25, 2010

I would recommend against it. I definitely sympathize with you though, I am incredibly eager to start my PE job and don't really feel like putting up with another eight months of banking. However, to stay and be frustrated is a small price to pay in the long compared to the potential negative effects. I know that when we interview candidates that are post b-school, we STILL call their references from their first job, especially if we have a contact there (and we usually do). A single bad reference and you're essentially out, and you may not even know that the original person was called.

Of course, the choice is up to you and I'm pretty sure the pressure is killing you. It just seems like your firm has treated you really well to date, you may as well complete your obligation. Besides -- won't it look funny on your resume to not have completed the full two years? (I recognize there are ways around this...)

~~~~~~~~~~~
CompBanker

Jul 25, 2010

To weigh in, I think it also depends on your firm? Could you potentially get laid off and get severance? I have a bunch of friends who are 2nd years who lined up jobs for next summer, got laid off, and are now starting in January 2009 (2 month vacation + severance isn't bad).

I left my bank after only doing one year+ in the analyst program to start my stint in PE. I got along very well with all the people in my group, especially the senior guys and I was a bit hesitant to leave. However, they didn't fault me at all for leaving especially given the market circumstances. While it's important to maintain relationships, it's more important to watch out for number 1 (yourself). I'm at a shop that I really wanted to be at (it was my only choice) so that definitely weighed heavily in my decision to leave. Coupled with the instability of my firm at the time, I was happy to be on the outs. I still speak to all the people in my team on a pretty regular basis. It helps that the shop I'm at does a lot of business with my old group.

Is there anyone in your group that you could speak with? I have to say, I got a lot a lot of advice from people I was close with (associates and VPs) about the situation.

Jul 25, 2010

I left banking about 2 or 3 months into my third year, and likewise had a great relationship with my group. I would say that out of the 20 or so VP and above bankers I spoke to one-on-one to tell them about my decision, only 1 had a bad reaction to it. Most of them completely understood, some of them thought of it as a new way to get in front of the firm that I was going to. More than a few tried to convince me to stay, ironically enough their pitch was "more stable environment, PE is in a bubble, you'll make more money here." But I digress.

Your situation is a little different. I tend to agree with CompBanker. To answer your question, you have the offer, telling them you'd rather finish up your two years and leave on good terms will not affect your future relationship with your new firm whatsoever. If it does, then maybe you ought to rethink how they view business relationships and how that will affect you. Also, you'll be well into another bonus if you leave, and that money will be left on the table. Unless your new firm is willing to compensate you for that, I'd stick it out and collect your check. Also, don't feel like you'll be behind the curve at your new shop, you'll have plenty of time to get up the curve (and to be honest, the curve is nowhere near as steep as it was in banking, I learn less every day than I did in banking, but I'm learning on a continuous basis, if that makes sense. Most of my learning is situational, so I don't learn anything new until I experience something new). And lastly, it's nice to start at the same time as the rest of your new associate class - and no amount of money (at least any reasonable amount that you might get as a stub) can make up for that 4 or 5 week vacation you get before you start PE. I only had two weeks to make my move to another city, and it was a giant rush and a headache. Meanwhile, my friends who were on-cycle got to travel the world, relax, connect with old friends they'd neglected while they were in banking, etc. before they started in PE.

Jul 25, 2010

sit down with those D's that you have a good relationship and tell them about what the firm has asked you to do and ask what they would do in your shoes. if they say do it, then you have their blessing and you aren't burning any bridges. if not, then you're back to square 1, but its worth a shot.

Jul 25, 2010

Thanks for the comments guys.

One other downside I can see is if I turn them down on their early offer, one of the other four incoming associates may be offered the early start (if they haven't already). I wouldn't underestimate the half-year edge you get by starting ahead of your peers and building a solid reputation; it certainly has ramifications on how projects are staffed and the overall quality of experience for the coming years.

I don't think it'll hurt me directly by declining, but there's always that opportunity cost.

Jul 25, 2010

Are the hours still that bad in this market? Wait until your bonus

Jul 25, 2010

if you know that you want to be in something else and want to go to grad school, then just quit and don't worry about it. go back to grad school or wherever...5-6 years down the road, people aren't going to care (and on the off chance they asked, you could easily say: i realized i didn't like banking, and went and got my phd).

if you want to work in a different industry though right now, i wouldnt recommend quitting unless you've got something lined up immediately or are independently wealthy (recession means hiring is going to be tough in all industries, not just ib)

Jul 25, 2010

If you are applying to grad school to start in the fall of 2009, then I would wait until next summer to quit, unless you really hate your job that much and have the money to just hang out until then. But otherwise, I would apply now and see how all that goes and only quit once it is certain what comes next. It sounds to me like you are not 100% set on what it is you will be doing exactly, so until you have something lined up, I would not quit your job just yet.

Jul 25, 2010

If I were you I would stick it out or at least strategically time it like Gini mentioned above. Regardless of what you decide to do in the future, you will look like a quitter if you opt out now. And with dealflow as sparse as it is, shouldn't be too bad finishing it off

Jul 25, 2010

"Cant hack it panty-waste who wears their mama's bra"
At least give it a year...

Jul 25, 2010
junkbondswap:

"Cant hack it panty-waste who wears their mama's bra"
At least give it a year...

enough said.

Jul 25, 2010

I think you should finish at least your first year of banking. Granted, it sounds like you are pretty certain that you want to move into another field, but it always helps to "finish what you started" so to speak...and even if you can stick it out for a year, it will say a lot about you and also heighten the perception that you were able to "hack it" in banking. Different people in your future may interpret this differently. Some may think that you have good financial skills (which I think is true because banking definitely develops these skills more than any other field -- it may be hard for you to realize this now, but you are learning a ton more than your peers that are working 9 to 5 jobs). Others may assume that you hated banking but still had the intestinal fortitude to make it through an entire year...also a good thing. But either way, banking is a good thing to have on your resume because it's prestigious and serves as a useful pre-screening factor.

Bottom line is, I think you want to stick it out long enough so that you're more likely to be perceived as a "grinder" rather than a "quitter." And with the markets being what they are, I think you would be nuts to give up something like this in pursuit of what you think may be the "ideal" career -- just take a look at the economy and you will realize that nothing is ideal right now, and standard rules just don't apply.

Jul 25, 2010
seniorplow:

I'm a first year analyst at a BB, a few months into the program and I've decided that I don't want to pursue banking or PE as a career. I've become more serious about either pursuing a PhD in econ or just something else and I'm wondering if it would be bad for future employment prospects to leave before my two years are up, either after my first year, or even before that. I know that if you want to go into PE or something, quitting early is def not a good thing, but if you want to do something different, does it still apply? I feel like if I know that I want to do something else, I shouldn't be pulling in the long hours.

This is exactly why the screening process is so strict to get in banking. I am surprised you got a job at a bulge bracket, not because of your lack of credentials but because they do a great job of really determining who is fit for the job. Obviously you somehow slipped in..

Finish the year grab the bonus (if any after tax) and go to industry or back to school. Quitting now would be retarded. Good luck

Jul 25, 2010

i disagree with so many of these comments...especially the guys like numi who think that this is going to have a great effect on people's perception of you down the road.

if you really know this isn't for you, are hating life, and it's not too risky from a financial perspective to quit, don't waste a precious year of your 20s working 80 hours per week in a low deal flow environment. life's too short.

if you're uncertain, obviously, then think about it some more (or if you're thinking of staying in finance but spinning into industry).

but there are so many cool things you could do with a year. why spend it doing something you hate if you know this isn't where you want to be?

people on this forum definitely tend to overplay the rewards of a banking analyst stint--sure, if you want to stay in in finance, it's fantastic...but the rest of the world isn't going to care that much.

and if you've only spent 3 months there, when you graduate from grad school in 5 years or whatever, you can even just leave it off your resume.

Jul 25, 2010
xqtrack:

i disagree with so many of these comments...especially the guys like numi who think that this is going to have a great effect on people's perception of you down the road.

if you really know this isn't for you, are hating life, and it's not too risky from a financial perspective to quit, don't waste a precious year of your 20s working 80 hours per week in a low deal flow environment. life's too short.

if you're uncertain, obviously, then think about it some more (or if you're thinking of staying in finance but spinning into industry).

but there are so many cool things you could do with a year. why spend it doing something you hate if you know this isn't where you want to be?

people on this forum definitely tend to overplay the rewards of a banking analyst stint--sure, if you want to stay in in finance, it's fantastic...but the rest of the world isn't going to care that much.

and if you've only spent 3 months there, when you graduate from grad school in 5 years or whatever, you can even just leave it off your resume.

and therein lies the fundamental difference between speculation from the outside looking in (you) and the reality of making fiscally responsible decisions in a tough job market (me, because i work in the industry and see this every day). i don't think people here that don't currently work in finance have any real conception of the ramifications of their suggestions to be in the current market without a job.

if the guy has something else lined up already, great, but as MBAApply and others have pointed out, it would be outright silly to quit. and for what it's worth, nobody works 80 hours a week when there's zero dealflow (as you suggested) and even if you're in the office putting in face time, you should have ample opportunity to think about your future while still getting your paycheck. i mean, that's what most banking analysts are doing these days when they aren't working on projects. frankly, it should be pretty damn obvious why it would be ill-advised to quit without having something solid lined up.

Jul 25, 2010

If I were you, I'd quit whenever I wanted to and not care what people thought. It's your life and you should live it the way you want it.

Jul 25, 2010

What can raise concerns is extended gaps in work history moreso than how long you stayed in banking.

In other words, if you have something else lined up (another job, a substantive volunteer/research/leadership opportunity that is like a full-time job, etc.), then there's no harm in leaving your current job right now.

However, if you don't have anything lined up, be prepared for a long gap (not saying it will happen, but expect the worst given this environment). And it's that gap which will be a concern especially if you don't have any substantive volunteer or non-work activities that you can ramp up. If this is the case, stick it out.

I'm not saying you shouldn't take risks or that you should stay put -- just don't quit and "do nothing and figure it out later". Figure out a plan (however crazy it may be) first before quitting. If you want to go back to grad school, it will be about a year before you matriculate -- so you still need to figure out what you want to do between now and then.

Jul 25, 2010

Thanks so much for your comments guys. I agree that it's important to find something else to do if I decide to quit and maybe my ability to find something will coincide with leaving after my first year or something. It is just frustrating, though, that sometimes I am in the office really late (for some reason I am still working past 1 every day) and I question why I am doing it.

I still have some thinking to do about what I really want to do and hopefully I will have a better idea of what to do next.

Do you guys know of people in similar situations who had success doing other things?

Jul 25, 2010

If ur planning on getting a Phd in economics, that tells me that ur still gonna be working in a finance related field, having said that, I would stay at ur current job and complete atleast the full year. You would be cutting ur own d!ck off if u quit. Be a man and stick with it, i know banking feels like a total waste of time but its the stage ur in rite now so make the best of it. These a$$holes on wall street really fuc-ked up the entire country along with our current douchebag pres. There really isnt much out there rite now so be grateful and just show up to work, collect ur paycheck and pretend as if ur working and give a sh!t. Inside urself just take it easy and not give a f-uck. Thats the best advice i can give u, and try weed it helps u relax

Jul 25, 2010

I know of someone that got himself fired (didn't work past 6pm or weekends) mid-way through his first year. He realized banking wasn't what he wanted to do and stopped putting in the hours. He went on to volunteer in India for the remainder of that year. While he was there, he applied to a couple positions. Now he's starting his new job in PE at the World Bank.

Jul 25, 2010

numi, don't be ridiculous. if you read my earlier post in this thread, you'd have noticed that i said,

"if you want to work in a different industry though right now, i wouldnt recommend quitting unless you've got something lined up immediately or are independently wealthy (recession means hiring is going to be tough in all industries, not just ib)" and then in the above post that just struck you as so immature..."if it's not too risky from a financial perspective to quit"

nice try being condescending though. obviously, if he wants to keep working, quitting without a job is shit stupid. on the other hand, if grad school's the goal and it's in the near term, then if you think you can get by for a couple months without a job it's not as huge a deal.

the point with the 80 hour comment was that a lot of my friends who are bankers now (and then more that i knew that were working this past summer) were still at the office a lot more than 9-5 even with low deal flow (and again, if you'd read the OP's original post, you'd have noticed that he complained about the long hours).

but really again, bravo. you definitely showed me.

Jul 25, 2010

I think quiting without a concrete backup would be a monumental mistake. If you're looking for a job within financial services, forget it, almost all avenues are closed right now, the risk is simply not worth it.

On a side point, almost ALL employers discourage leaving one's job pre-maturely. A very close friend of mine left his first job after college after only one year (operations), and the company said to him "Don't bother coming to use for recommendations." Even if B-School is the near term goal, your resume will be weakened by short employment stints.

Ultimately the choice is yours, but do realize that a lot of people find their jobs miserable, no matter what they do. Try your best not to hurt your career as the grass is always greener...

~~~~~~~~~~~
CompBanker

Jul 25, 2010

I've become more serious about either pursuing a PhD in econ or just something else

Just something else? What, like waiting tables? Coaching kids soccer? If you're really that ambivalent, I guess go for it. But if you actually care about your future, it's a bad idea to quit. I've only been working in the industry for a few months, but one guy who quit has been pretty much black balled throughout the industry. People talk and nobody respects a kid who quits prematurely. Do yourself a favor and stick it out.

If you need any other motivation, talk to one of the myriad unemployed recent grads. This job market sucks and you're already behind the curve on applying to grad school.

Jul 25, 2010

Why bother doing the job and quiting after 1 year. It's pointless, you won't get any real benefit in your "exit options" .

It might get you a few interviews.

Jul 25, 2010

My friend did one year and went to Carlyle. It does happen. I am no expert on exit opportunities after one year, but going to a "regular finance job" after i-banking shouldn't be too difficult- especially if you grab an MBA in between.

Jul 25, 2010

I know a few guys that did one year and just hated it so they left for more relaxed jobs in Corporate Development at various fortune 500 firms...

Jul 25, 2010

how much to corporate development guys make?

Jul 25, 2010

You should be contacting headhunters now, and interviewing in a month or two. State to the HHs that you are open to positions for immediately after you get your bonus.

Jul 25, 2010

I would get out while you can. I just started up at a bank and I wished I took a corporat strategy job or something in business development. That way you can actually have a life and actually build a business rather than be a pawn man in the middle.

Jul 25, 2010

Get a job in corporate development, build a business, dont be a pawn man. The only thing you leanr in banking is how to BS, you dont solve any business problems, you rarely learn about how to run a company, you become out of shape, pale, miserable, lose any relationships you have, and have to hang out with people you dislike all day. Save yourself

Jul 25, 2010

Last year it was pretty easy to switch to other banks, but with the market now this will probably be harder since hiring has slowed down so much.

I would express an interest in hedge funds with summer 2008 start dates. Headhunters are flooded with people who are not specific and don't know what they really want, so wanting something like this will help you when you approach them.

PEs will generally be less willing to take you after only a year since they are more structured than a lot of HFs.

Most of my friends who switched after a year had already started talking to headhunters by this time last year, so get going ASAP.

Jul 25, 2010

I'm not sure if you've ever taken a math class in your life, but even 4th graders will tell you that a ">" refers to "greater than" and not "going to."

Jul 25, 2010
ekudfoekud:

I'm not sure if you've ever taken a math class in your life, but even 4th graders will tell you that a ">" refers to "greater than" and not "going to."

maybe he just forgot the "-" or "="

Jul 25, 2010
ekudfoekud:

I'm not sure if you've ever taken a math class in your life, but even 4th graders will tell you that a ">" refers to "greater than" and not "going to."

have some sand stuck in your vag?

OP you need to provide more context for your question. Do you just want to leave because banking is rough? (no shit..)

do you care that much about sizes of funds/company brand for Corp Dev?

Why this specific city?

Jul 25, 2010

Wow, ignore his actual question more, you two.

Jul 25, 2010

bump

Jul 25, 2010

Considering relocating back to my hometown. I have a preference towards middle-market PE or corpdev.

Given my tilt towards middle market, is leaving banking a year in to join PE/corpdev going to put a glass ceiling to my career? I'm worried if I join as an Analyst-equivalent, as opposed to an Associate-equivalent, role in PE/corpdev, it'll be harder to move up within the firm.

Thoughts?

Jul 25, 2010

bump

Jul 25, 2010

Sounds like you're not into doing the hard time to get what you want and not clear you know what you want. But good luck. I'd consider sticking it out.

Jul 25, 2010

Thanks.

Anyone with experience switching into PE/CorpDev after 1 year as an analyst?

Jul 25, 2010

PE can be significantly better. There are boutiques out there that offer a 50-60 hr work week. Yes things get better once new first years arrive.

Jul 25, 2010

There are MM PE shops that offer 40-50 hour work weeks, and pay $200k+. I'd say that's worth 2 years of suffering.

Jul 25, 2010
Schwarzmanegger:

There are MM PE shops that offer 40-50 hour work weeks, and pay $200k+. I'd say that's worth 2 years of suffering.

Any examples of such MM shops that are in NY? What is the work like? One of the reasons I didn't look into PE is because I feel like I don't want to sit in a room and model all day (fyi that's not what I do even as an analyst, I work in a group that is less technical, which suits me)

Jul 25, 2010

Yeah man, I 100% agree with you. I would reach out to headhunters and start networking. When you interview really stress what you are looking for. Make sure that it doesn't come off as not want to work hard, but simply have a good balance in life. I am sure you can find a place that will accommodated this wish.

Jul 25, 2010

curious... have you considered moving into corp dev?

Money Never Sleeps? More like Money Never SUCKS amirite?!?!?!?

Jul 25, 2010

S&T

Jul 25, 2010

Unfortunately, given what you're asking for you might have no choice but to take a pay cut.

Jul 25, 2010

Everyone is sick of their job. Find a way to have the most fun with it you can, tough it out. Unemployment is 10% and you will screw yourself if you quit early. Step up to the plate and make it work.

We've got half a million shares in the bag!

Jul 25, 2010

i swear for a second i thought i wrote this myself.. agree 100% with everything you said. think i might just quit and move to florida or aruba and be happy

Jul 25, 2010

Seeing the older analysts that have put up with the shit for 2-3 years gives me motivation. There's something to be said about doing the same deal 3-4 times, you know your shit afterwords. I understand your frustration but sticking it out to me seems worth it.

Jul 25, 2010

Corporate development

Jul 25, 2010
Eric Stratton:

Corporate development

+1

Jul 25, 2010

Welcome to the real world, everything isn't rainbows and unicorns; you get paid to do a job, if you don't like it go find another fuckin job. Otherwise keep your mouth shut and your head down, because no one gives a shit about how you think you're too smart for this job. I feel like banking is swarming with your flavor of dickwads these days... everyone thinks they are different, they are the ones too smart for their role, their group, their firm, banking... but yet, here you are. So do what you get paid for or go someplace where people value how special you are... like your parent living room.

Jul 25, 2010
Marcus_Halberstram:

Welcome to the real world, everything isn't rainbows and unicorns; you get paid to do a job, if you don't like it go find another fuckin job. Otherwise keep your mouth shut and your head down, because no one gives a shit about how you think you're too smart for this job. I feel like banking is swarming with your flavor of dickwads these days... everyone thinks they are different, they are the ones too smart for their role, their group, their firm, banking... but yet, here you are. So do what you get paid for or go someplace where people value how special you are... like your parent living room.

Haha damn man why so hostile this week? This post and the previous one telling someone whose mother died that the world keeps spinning. I agree, anyone who is an Analyst shouldn't really be bitching cause it's what we signed up for. But I'm curious where you developed this hard-ass attitude about finance. Seems like you take this career a bit too seriously bro.

Personally, I'm in the same boat as the OP. Thus, rather than bitching about it, I've started studying and networking so I can get out sooner rather than later. You should do the same.

Jul 25, 2010
Marcus_Halberstram:

Welcome to the real world, everything isn't rainbows and unicorns; you get paid to do a job, if you don't like it go find another fuckin job. Otherwise keep your mouth shut and your head down, because no one gives a shit about how you think you're too smart for this job. I feel like banking is swarming with your flavor of dickwads these days... everyone thinks they are different, they are the ones too smart for their role, their group, their firm, banking... but yet, here you are. So do what you get paid for or go someplace where people value how special you are... like your parent living room.

Working another three weeks without a day off Marcus??? You sound cranky again..

Jul 25, 2010
Marcus_Halberstram:

Welcome to the real world, everything isn't rainbows and unicorns; you get paid to do a job, if you don't like it go find another fuckin job. Otherwise keep your mouth shut and your head down, because no one gives a shit about how you think you're too smart for this job. I feel like banking is swarming with your flavor of dickwads these days... everyone thinks they are different, they are the ones too smart for their role, their group, their firm, banking... but yet, here you are. So do what you get paid for or go someplace where people value how special you are... like your parent living room.

Ugh, maybe I didnt catch it? I dont think the OP is bitching about him being 'too smart" for the industry. I think he is stating what most people think - the shit sucks. Anyone that believes working 100 hours a week is a wonderful bro thing to do and makes them a non dickwad, I pity them.

Jul 25, 2010

Corp Dev/FP&A is chalk full of bankers that wanted more reasonable work life balance

Jul 25, 2010

No one said its a wonderful to work 100 hours a week.

But:

1- this is what you signed up for

2- its called "work" for a reason

and most of all #3- you're in your early 20's making over $100K a year, did you expect this to be an enjoyable and fullfilling experience?

xps900:

As the title says, I'm 11 months into my first year and am growing increasingly sick of it...I've noticed that I've gotten really aggressive lately in terms of pushing back and not accepting BS and I'm worried that I'm just "losing it" in terms of being able to put up with a system that I've grown to despise over the past year. I've gotten into arguments with people and have expressed how fed up I am to colleagues I work with.

That is what makes OP a dickwad. He emanates weakness and a lack of social/emotional intelligence necessary to navigate this shitreck of an industry.

My other comments were an over all observation about this field. Everyone is so "fed up" with this job, usually owning to their own delusions of grandeur. Most of these people have grown up being told how special and different they are even though they don't measure up, they're special in their own way... not these dumb as dog shit kids have grown into young adults with some sort of entitlement of being owed something.

You want advice... its pretty simple. You don't like what you're doing?

Either (a) learn to deal with it effectively and thus make it more bearable, or (b) quit.

Jul 25, 2010
Marcus_Halberstram:

No one said its a wonderful to work 100 hours a week.

But:

1- this is what you signed up for

2- its called "work" for a reason

and most of all #3- you're in your early 20's making over $100K a year, did you expect this to be an enjoyable and fullfilling experience?

xps900:

As the title says, I'm 11 months into my first year and am growing increasingly sick of it...I've noticed that I've gotten really aggressive lately in terms of pushing back and not accepting BS and I'm worried that I'm just "losing it" in terms of being able to put up with a system that I've grown to despise over the past year. I've gotten into arguments with people and have expressed how fed up I am to colleagues I work with.

That is what makes OP a dickwad. He emanates weakness and a lack of social/emotional intelligence necessary to navigate this shitreck of an industry.

My other comments were an over all observation about this field. Everyone is so "fed up" with this job, usually owning to their own delusions of grandeur. Most of these people have grown up being told how special and different they are even though they don't measure up, they're special in their own way... not these dumb as dog shit kids have grown into young adults with some sort of entitlement of being owed something.

You want advice... its pretty simple. You don't like what you're doing?

Either (a) learn to deal with it effectively and thus make it more bearable, or (b) quit.

I think the point is there are other jobs in financial services that pay similar to IBD and do not include the horrendous degrading work and terrible lifestyle. This is also work that tends not to make you miserable after less than a year.

IBD has always been and will always be a suckers game, no one likes it, the work sucks, and there is no guarantee of any exit ops. If there really is so much work that it requires your employees to be in the office on average 80-90 hours a week then just fucking hire more people, seriously, there is no reason that people should have to give up their life to correct power point presentations at 4am. Its fucking stupid.

Jul 25, 2010
Marcus_Halberstram:

and most of all #3- you're in your early 20's making over $100K a year

^ yup

http://4.bp.blogspot.com/_un4SKl1mygU/SXI8UXZK4-I/... you could have been this guy. it's not so bad.

Jul 25, 2010
Marcus_Halberstram:

No one said its a wonderful to work 100 hours a week.

But:

1- this is what you signed up for

2- its called "work" for a reason

and most of all #3- you're in your early 20's making over $100K a year, did you expect this to be an enjoyable and fullfilling experience?

xps900:

As the title says, I'm 11 months into my first year and am growing increasingly sick of it...I've noticed that I've gotten really aggressive lately in terms of pushing back and not accepting BS and I'm worried that I'm just "losing it" in terms of being able to put up with a system that I've grown to despise over the past year. I've gotten into arguments with people and have expressed how fed up I am to colleagues I work with.

That is what makes OP a dickwad. He emanates weakness and a lack of social/emotional intelligence necessary to navigate this shitreck of an industry.

My other comments were an over all observation about this field. Everyone is so "fed up" with this job, usually owning to their own delusions of grandeur. Most of these people have grown up being told how special and different they are even though they don't measure up, they're special in their own way... not these dumb as dog shit kids have grown into young adults with some sort of entitlement of being owed something.

You want advice... its pretty simple. You don't like what you're doing?

Either (a) learn to deal with it effectively and thus make it more bearable, or (b) quit.

Someone with emotional/social intelligence (well, more so when he's not behind his computer screen) would have replied to the dozens of WTFs with something along the lines of "haha, yeah I was being kind of a dick..."

You're a d-bag, bro. All the tough talk doesn't mask the fact that you clearly aren't able to go through the work you just shat on others for decrying without losing a nice chunk of your humanity. I bet a stroll through your post history would reveal a petty, disgusting shell of a person. Good job, you're doing with that whole life thing...

Bleh, and I'm off this site for at least another week. Place is crawling with this crap.

Jul 25, 2010

I think headcount is not the question to be addressed. This is a client business and very time sensitive. bankers are in the mercy of their clients and merely having more people staffed won't really make a difference. The bankers I know a BBs and top MM/boutiques have 3-4 hours downtime everyday but are asked to stay in the office and be available anyway

Jul 25, 2010

WTF are you talking about? Exactly what job is less demanding/intense than banking but is just as lucrative?

Jul 25, 2010
Marcus_Halberstram:

WTF are you talking about? Exactly what job is less demanding/intense than banking but is just as lucrative?

Heiress...

If I had asked people what they wanted, they would have said faster horses - Henry Ford

Jul 25, 2010
Marcus_Halberstram:

WTF are you talking about? Exactly what job is less demanding/intense than banking but is just as lucrative?

Errr, S&T? You have a life and get paid basically the same (though its more volatile). Good asset managers, hedge funds, etc. In general market oriented work is a hell of allot more fun, fulfilling, and exciting than anything in advisory.

From a purely practical standpoint IBD is the worst area of finance to go into with regards to pay and work life balance. There are dozens of threads on here about how much people are miserable in their IBD analyst job, and not one (that I could find) about S&T.

And what do you mean by lucrative? No amount of money is worth getting called into the office on a Friday night to do something that your MD will most likely never even look at. Who cares if you earn a lot of money if you have no time to enjoy it?

Jul 25, 2010

At least marcus is being honest. Any job that pays as well as IB is going to demand you take ownership of your work and constantly be on your A game and always be prepared to defend your work/assumptions as well as be anywhere at a moments notice. Don't come on to a forum, where 90% of the members are trying to be in your shoes, and have the balls to bitch and moan about what you have.

Embrace what you do or fucking quit, i had the most epic weekend lined up... to sum it up, boats and hoes, and now i have to hop on a plane and spend 18 hours a day slaving away at one of our plants in Europe, grow a sack.

Jul 25, 2010