I spent 3 years in bulge bracket bank covering awesome tech companies. Banking was great for me can't complain much. The culture in my group was amazing, the people I worked with were fantastic. Lots of social events, group lunch breaks and coffee chats.
But like everyone else I was trying to switch to buyside -- The Promised Land With Greener Grass!!!
I got a job in the middle market PE that covers pretty much all boring companies in manufacturing, healthcare and energy space. I thought it is probably fine because I would have a better lifestyle (call it work/life balance), even better people who are more human and are more respectful, better compensation, vacation and time-off policy.
I work for a Monster Firm who enslave their junior people and pretends like we are robots
Here I am 4 month later....everyday i discover something new about my firm and it leads me to conclusion that I work for a Monster Firm who enslave their junior people and pretends like we are robots.
Some unwritten rules in my company:
- You have to be the last person leaving the office. We have one crazy guy who is always in the office whether it is 8pm or 3am. You cant leave earlier than him.
- I like to workout after work... and when it came to leaving at 8pm to go to the gym I was told that I should switch to a gym that is opened 24/7 so I can go later at night
- One day I asked to leave early...early I mean 7pm lol...I was told I cant...so I missed the commitment.
Ahh yes here it is an awesome vacation and time-off policies:
- I discovered that admin staff has better time off policies than the investment team
- Investment team gets only 15 days of time-off...NO SICK Days and NO Personal DAYS!
- I was told by HR that if you are not in the office it is a vacation...So Funeral = Vacation, Visiting Sick Family Member=Vacation, if you are dying and not in the office = it is still a vacation.
- Even thou- gh we get the vacation HR said "You can take it, but no one takes it here". How cool it is!
Comp/benefits vs hours worked and stress
This is all leads to the debate about the overall compensation/benefits vs hours worked and stress you bear.
The comp is below the street for middle market space. 401k is minimal, only matched after 1 year worked and horrible vesting schedule. Insurance not great. Life policy coverage is 420k...are you serious! 15 days - I think this what you get working at a car factory. The standard in all banks is 15 days, 10 sick days and 6 personal days that can be used at your own discretion. Overall this comp package sounds more like 9 to 8 job but not a 80h+ a week.
I feel extremely frustrated because headhunter and during the interview process I was told how great it is to work here and how great the lifestyle is. It turns out to be a prison. If you die probably no one even will notice it.
I have no problem working hard. I worked pretty much from 8am till 12am including weekends since I started. Occasionally getting out at 8pm or 9pm. It is an absolute nonsense when company micromanages you and tells you what to do with you life.
Have anyone else experienced something like that or can draw some similarities? Would love to here your experience!