Resigning as VP
TLDR: Interested in transitioning from my VP role and a lowercoverage team to a role. Considering taking a few months off of work entirely to focus on the job hunt, decompress, get healthy, etc. Concerned about the feasibility of job hunting while employed given time commitment as compared to detriment to being unemployed while searching and having to explain a resignation.
Background: The last 5 years in IB have been detrimental to my physical and mental health, and now with the job changing to origination-focused work, where I'm responsible for content creation, some primary / some supporting client coverage, and leading client meetings in certain circumstances has made me realize the end of my IB road may be coming faster than anticipated. I have no intention of ever making outbound calls and am finding the work increasingly difficult to motivate myself to do. Add to that the typical IB difficulties of personalities, hours, stress, and you might get a sense of where I am, mentally. In short, I do not have interest in the sales side of IB, and am seeing the typical VP tasks return less to me on each iteration.
On the positive side, I've managed to save a significant amount of non-retirement cash (and retirement funds are very healthy), have no debt or planned major expenses; I can likely float at my current spend level for 12 months without really starting to worry. Additionally, I have good deal experience, and have been fortunate to see a variety of transactions / assignments that have given me a well-rounded skill set. My sense is the group would be supportive in helping me transition out, but there is a limit to how much time they give you to job hunt on their dime. It is, however, a natural breaking point, having just collected bonus and we are not yet fully into executing on the pipeline for 2021.
Looking forward, I am less interested in corporate development roles, but would consider them. Primary interest is in FP&A jobs that have ability to wear a few hats (i.e. strategic finance @ higher growth company). Also interested in Chief of Staff positions in the right situation. I have 0 interest in buyside or lateraling within IB. I also do not plan on sticking around for another bonus in either scenario below:
Option 1: Job hunt while balancing my IB job
Keep getting paid, benefits, etc.
No resume gap / explaining why resignation
- Some days can be beyond easy at this level, others are so overwhelming I can barely take care of basic necessities like food
So far 2+ year job hunt has been wildly unsuccessful while employed and I haven't proven the ability to carve out time to make any real progress due to demands of my day job
I'm very burned out, stress and mental health continue to take toll
Feel like I'll take the first job that is semi-reasonable just to get out of IB
It is hard to half-ass banking at this level. Client meetings and content generation can't be put on the back burner for very long, and likely will burn bridges when (not if) this is found out
Option 2: Resign, take 2 weeks transferring projects while ramping job hunt, fully focus on next career steps while unemployed
Mental / physical health
Team will appreciate the acknowledgment of my plans and gives them ability to backfill; limited bridge burning
Likely better velocity in job hunting
- Takes away risk from projects I have on the horizon that can require multiple successive 100+ hour weeks, though they may never materialize
No pay, benefits, etc.
Resume gap / explaining in interviews
No guarantee that a job I am interested in will come to fruition in short order, could force taking a less than ideal job if search drags on
What do you think? Realizing a majority of users are likely still in school or at analyst level perspectives may be different, but interested in viewpoints on either option.