Realized I don't like IB, what should I do now?

accountingbyday:

google

Yeah. An IB stint gets you really good with the google machine!

SirTradesaLot:

What's the opposite of IBD?

Bankruptcy court. Or something along those lines.

I have been in the very same situation just some months ago. Before I start with my own story: There has been some very good advice which you should definitely consider!

SirTradesaLot:

Something you enjoy and are good at.

bulge_bracket:

A better question you should be asking yourself: if you hated IBD so much, what makes you think you'll love PE?

But how to find what you really enjoy? Here is my personal experience: Since I started studying my aim was to work in a front office role of a large BB or similar large bank. I tried to figure out which role would fit best to me and interned heavily (I chose those departments which seemed to be most interesting for me): Equity Research, S&T, M&A and LevFin. This was possible because a bank in my home country offered me a rotational program during my studies. Short before the completion of my program (having seen all above mentioned departments) I realized that not a single one was for me. I completely hated S&T, liked more or less only the modeling parts of ER and LevFin, M&A turned out to be a pointless PowerPoint-battle with insane hours. Mostly, I was looking for something deeply analytical with lots of different projects and the opportunity to build know-how and become an expert in this field. M&A wasn’t analytical at all, besides some modeling. LevFin and ER were analytical…but LevFin projects were very similar to each other and in ER I saw my colleagues getting in some trance of “quarterly updates”. After analyzing the very same three to five companies for years and years, the job become pure “maintenance work”: Check company press release, attend earnings call, update model, write report. Every quarter the same routine… S&T was completely uninteresting…too capital markets oriented, the “corporate finance” segment of a good finance education was still more interesting.

For some weeks, I was very desperate: I started the rotational program during my studies in order to find what I loved to do…something I was really passionate about and good at! After three years of hard work, I had failed completely. The only thing I knew was that finance was still interesting, that there had been days and tasks I really enjoyed…but that a long-term carrer in ER, M&A and LevFin weren’t for me.

I started looking for some inspiration, the crucial results of this search were two things: 1. Steve Jobs’ speech at Stanford University (

, definitely watch it!!) 2. An article by Paul Graham about the way of finding the one thing you love to do (http://www.paulgraham.com/love.html, definitely read it!!)

After this inspiration, I realized that the program WASN'T a “fail”. Knowing what you don’t want to do is big treasure as well. I even realized that finance was still interesting, despite this really frustrating experience and asked myself where this interest came from. During the rotational program the hours were hard and I had to study as well. I hadn’t had time to reflect all the tasks and roles on the job and the courses in university. I sat down and made a list for every finance-related job/course/etc. I had done in the last years: Which tasks did I hate? Why? Which things were interesting? Why? Have there been thinks I was really passionate about? Why? It’s very important to take your time…reflect everything, ask yourself difficult questions and try to come to an answer every time. I call this my “long list”.

If you didn’t study something completely “wrong” and didn’t do completely uninteresting internships, you will find a list with at least some points which you were and still are passionate about (“short list”). I thought about these points again and finished with a “final short list”. Btw: This list wasn’t set up with the criterion “something you are good at”. But most – if not all – parts of this list fulfill both criteria (“good at” and “passionate about”).

I took this short list and tried to figure out a job which fits best to this list. I talked to experienced colleagues, searched the web, read job offers of my bank, etc.! It just took me one week to find a new “dream job” based on my short list.

I haven’t finished the process of “finding what I love to do” yet, because I’m currently applying for this job. A definite answer is only possible after having worked some months in this job – but based on my experience this might be the best shot which I have ever taken. I won’t find this job at a prestigious BB, the pay will be much lower than in IBD….but a real treasure isn’t a huge pay slip: Having fun, loving what you do, starting every day with new passion – that’s what life is about!

…if this job isn’t for me (again): “Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven't found it yet, keep looking and -- don't settle. As with all matters of the heart, you'll know when you find it. And like any great relationship, it just gets better and better as the years roll on. So keep looking, don't settle.” (Steve Jobs, Stanford speech)

Sandhurst:

I heard it put best by a former GS partner, who also ran recruiting for a particular b-school. When considering careers, you need to look at yourself across two dimensions: strengths and interests. Find a type of job which plays to your strengths (and where your weaknesses are less of a liability), and with subject matter in which you will be interested.

Finance is an interest. If this is case with you, then clearly the role of IB analyst does not play to your strengths. So I would suggest you sit down for a few hours and think very critically about your strengths and weaknesses, and be honest about what kind of role would suit them.

The foregoing should be pretty obvious, and people do play a lot of lip-service during the interview process to that effect. But it is also obvious that plenty of people have motivations for entering IB which they do not discuss during the interview - put differently, people bullshit. When you're sitting down, running your personal SWOT or whatever, ignore the bullshit that you're practiced. Talk to your parents about what they think of you. We're talking basic level here.

I think you're being a bit unfair here. I wouldn't say OP isn't "strong at IBD" its more that it doesn't match OP's overall finance interests. There are plenty of people who are good at putting pitch books together, they'd just be doing something else, or seeing how long they can hold their breath underwater before they drown.

I'm actually pretty good at washing dishes, you're just not going to find me in the back of a Chili's anytime soon.

Otherise, to OP, I'd just suck it up and put in your time in IBD if you really really really want to do PE. Or you could join the dark-side of capital markets...

n1cktm:

Great post Rudi. Sounds a lot like a Valuation role at Duff & Phelps or Big 4, which is a great gig - valuation is great place to develop your technical skills.

Thanks, quite close. ;-)

I have received a whole bunch of pm's regarding my posts within this thread...questions about valuation jobs vs. banking, finding an interesting job etc! Once I've gained more experience, perhaps I'm going to start a WSO blog - if someone's interested.