Not entirely clear how to ask this question, so hopefully this makes sense.
Backstory: Started career at a credit fund. Absurdly intense environment, arguably abusive, definitely unhealthy, etc. Lasted there for a couple years then needed a break. Joined a MM PE shop that is building out a distressed credit platform, thinking a) the culture is better and b) probably some decent option value to get in on ground floor of a platform early on in my career.
I'm now a year into the new role, and i feel intellectually stagnant. yes the culture is better but I don't feel like there's a sense of urgency or the same raw expression of intellectual horsepower. And it's really bothering me. I feel like I'm wasting valuable months early in my career but I don't think the culture of my old fund is sustainable long-term.
All that to say, I'm curious if others on here have been in this position before and, if yes, how you dealt with it.
Also note that the expected responses of "self-education", "come up with ideas in your free time", etc. are very valid and I'm already doing that - I guess i'm more hoping for some sort of strategic positioning advice / relative value of playing out a nascent platform that may improve over time vs. jumping back into a sweatshop vs. maybe something exists between the two extremes?
100% in a similar type situation and want to hear thoughts from others. I think a lot of it is trying to figure out what you would like to do long-term, but I think that can be hard only being 2-4 years out of college.
I had a similar issue around Sept/Oct of 2017 where my main businesses were basically on "coast" mode and the partners I was working with weren't really into growing as aggressively as I was. Make me feel pretty burned out/sort of unhappy because I would go out and teach myself something we could apply to the business to scale faster but they wouldn't be able to execute because of an unwillingness to upskill.
Anyways, ended up diving into the investment side deeply with a group of people I found in a very serendipitous way and now I'm having a lot more fun. Working harder but I don't mind because I get to learn a lot very quickly. Selling my equity in the aforementioned company too.
Even if you have to take a pay cut for a bit, definitely chase learning opportunities. I think it's a surefire way to make more money in the long run in addition to being happier. I've done it a few times in the past and it's always worked out.
Good luck!
Grass is always greener and you won't be content - the perfect balance that you're looking for is a unicorn. It's probably out there, somewhere, but it's unlikely that you will select yourself into that role, or find it.
At the junior level in my opinion the long view should always be taken, and that centers around your career trajectory. If you're lucky, your career will be very long. There will be plenty of places that will work you into the ground, and conversely there will be plenty of places where you feel like you're just wasting your time. The main question should be whether there's a path or trajectory towards obtaining a senior position in the firm. If the platform / brand is one that is recognizable enough to where you envision being competitive as a senior professional when sourcing business, I say stay put. The ability to grow with a firm is something that is not discussed much in finance, but I think it's very important for two reasons. Reason #1 - Job security. For those that bounce around every two or so years to chase the next promotion, that strategy is fine, but they are acting more like mercenaries. The downside is you may be caught in the middle of a new job or new search when the market turns on you, or you may inadvertently join the wrong platform and set your career back when deciding to abruptly leave again. Either way, at a baseline, job security in this industry isn't guaranteed. Reason #2 - There is tremendous power that arises from accumulated seniority. It is an intangible offshoot of the goodwill you have generated by being a loyal, productive, and dedicated employee. This is rarer still in a generation where job hopping is considered market standard, and compounded again by the frequency with which finance professionals switch jobs.
These may not be popular points but that's my perspective.
Appreciate the insight, thanks. Largely agree, but to play devil's advocate (aka the other train of thought in my head), isn't "firm loyalty" massively overvalued in an industry where a founder will swap you out for the next associate / VP in a heartbeat? Obviously I'm observing this from the bottom of the totem pole but it doesn't seem like any real 'replacement value' exists at least until PM / MD level?
Secondarily, how do you think about the value of growing with a firm vs learning at the feet of the Elliott's / Apollo's / Oaktree's / Appaloosa's / Canyon's of the world, with the obvious caveat that getting a seat at any of those shops is a moonshot. But all else equal - would you still argue for growing with a platform?
Apologies if any of this is phrased confrontationally - that's not the intention. Thanks for your time.
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