Leaving Job with Nothing Lined Up

IshijahDel's picture
Rank: Monkey | 41

Hey Everyone,

I am considering leaving my current role in spite of not having an offer lined up and, prior to doing so, wanted to get feedback from the broader group.

For context, I am currently a 1st year analyst working in a back-office function at a BB. Prior to accepting my current role, I had received an offer in IB from a local, lower middle-market firm, however I ultimately turned it down as, at the time, I was confident that I would be able to exercise mobility. Fast forward a year and I am miserable in my current role. Though I genuinely enjoy the people I work with, I have no interest in the work being done within our group and have not further refined any transferable technical skills.

As for my current finances, I did relatively well for myself in undergrad trading derivatives (equity options and index futures) and managing a long-only, equity portfolio and thus have ~$80k in my portfolio. Though I, in no way, want to burn cash from my 'savings,' at this point I dread going to work every morning and leaving would allow me recruit full-time.

Understandably, this is not the ideal situation - my roommates say it's stupid (I don't disagree) but I wanted to get an outside perspective.

Comments (31)

Jul 8, 2019

Don't quit your job without having something lined up. It is easier to get a new job when you already have a job. Read the attached article for some more insight.

https://www.investopedia.com/articles/personal-fin...

    • 4
Jul 8, 2019

I agree, "its easier to get a new job when you already have a job" is one of the greatest things my dad taught me

    • 2
Jul 8, 2019

Also, received this advice from a close friend.

Jul 8, 2019

Thank you for sharing!

Jul 10, 2019

What if you want to find a job overseas?

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Jul 8, 2019

Fortunately, I have a large enough 'nest' that can support my living expenses in the interim while I search for another opportunity. Also, I have no desire to work overseas though I would not be opposed to doing so, if an opportunity presented itself.

To an extent, I'm geography agnostic as long as the role is within the United States.

Jul 9, 2019

At the junior level, definitely not recommended to leave with nothing else lined up. It's too much of a red flag of why you'd have a gap in employment. Once you get several more years under you, then it's totally acceptable, like I did.

Jul 9, 2019

Stop giving a shit about this job. Create time to interview/prepare for interviews by calling in sick, take days off, work 9-5, work 11-7, etc.

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Jul 10, 2019

This is good advice. It's difficult for the overachievers on WSO to understand that doing the bare minimum is totally okay when you aren't looking to advance at that company. You have already determined that you want to leave the job, but presumably you: 1) don't want a resume gap, 2) don't want to "burn" through savings. Thus, it makes 100% sense to do the bare minimum if doing so improves the probability of success in getting your next job (this does not break the 2 criteria I outlined above).

If I were in your shoes, I'd say fuck it. Quit. Life is too short to be worried about a resume gap or burning through savings (if you are even a bit ambitious, you'll 100x that savings over your lifetime). If you believe that you can make the next job happen and believe that you can overcome the "hurdles" of a resume gap, then be a little more courageous/confident, and quit your current job. Sometimes it takes more courage to quit and fight against the status quo.

    • 7
Jul 11, 2019

Didn't you just contradict yourself?

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Jul 10, 2019

Reach out to alumni and people you graduated with.

Jul 8, 2019

Unfortunately, I went to a non-target school and have yet to find any alumni working on the sell-side. Though, I'd imagine this is a very viable option for those who went to a target/semi-target school, with a known network.

Jul 10, 2019

I'm currently at a non target, so I understand the struggle.

Jul 10, 2019

Why not take some of the money from your portfolio and study for the CFA? Or, you could complete a modeling course like BIWS or something similar to re-brand yourself?

Jul 8, 2019

I have gotten feedback (advice) that it wouldn't be beneficial for me to obtain a CFA. And, being that my modeling skills are strong relative to incoming 1st year banking analysts (can build three statements LBO, DCF, Merger Model, spread comps, etc.) the challenge is getting an interview, not necessarily being ready for one.

Jul 11, 2019

With that skill set you'll get something eventually, which IMHO is a reason not to quit. Some might say that's a reason to quit, i.e. better candidate should have more confidence that they'll find something quickly. But I would say the opposite; better candidates shouldn't take risks because they don't need to, the deck is already stacked in their favor.

    • 1
Jul 10, 2019

are you in the same building as the investment bankers? if so, you are half way there.

go through company directory, ask to meet with analysts first, then associates, have associates introduce you to VPs and boom you are in. OK its not that easy but you are IN the door.

do not quit your job, the most idiotic thing you can do

    • 2
Jul 8, 2019

This is my best bet, being that I sit on the same 'side' as the banking teams. I've spoken to an analyst, associate, and MD within a particular group and the meetings all went really well (especially with the MD) so I am hoping that, if they are allotted headcount, I can interview for the position.

Jul 10, 2019
Whiskey5:

are you in the same building as the investment bankers? if so, you are half way there.

go through company directory, ask to meet with analysts first, then associates, have associates introduce you to VPs and boom you are in. OK its not that easy but you are IN the door.

do not quit your job, the most idiotic thing you can do

If he's in BO for trading, the compliance dweebs will notice and want to understand why he's crossing the wall.

My cousin and I got in trouble for this when he was in IB and I in trading in the same building. We have a last name that maybe 100 people in the US have, and all of the emails were about where to meet for dinner or weekend plans.

The HR moron that we had to talk to refused to believe that our emails were really about just meeting up to hang. We also look like we could be brothers...be careful because our story was credible and actually true.

Jul 10, 2019

i had a friend in equity research while i was in banking -- same issue. op can just email himself contacts and them send intro emails via personal gmail or something. but yeah definitely don't fuck with compliance

Jul 10, 2019

The only moron in this story is you if you don't have your cousins fucking number to text him instead of sending red flags to compliance

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Jul 11, 2019

I did the same last year after pulling 80+ hour weeks at a back office role at a PE firm. I would say wait until the fall if you can. July & August are notoriously slow recruiting periods.

Jul 11, 2019
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Jul 8, 2019
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