I recently left academia and took a job in risk modeling at an investment bank. However, the job is nothing like I envisioned and what the job description entailed. It's zero finance, zero modeling, and basically involves making sure things that are already in place are running smoothly. It is also a lot of regulatory stuff like CCAR. My background is in financial mathematics and statistics, and I am interested in "risk management" in the sense that understanding the risk involved in finance is imperative and should guide all our decisions, but like I said, my current job has nothing to do with that (the interesting stuff is all done by front office people).
A major reason for my decision to take this current job was that I have always wanted to work for this particular bank, but I do believe that I have the credentials to get a job in investment management or a hedge fund, which is where I want to go. However, I would have to wait until next year because of visa reasons (or move to London). One solution would be to go back to academia and finish this academic year and potentially the next one doing research. I am fine with that, except that I would be leaving quite a bit of money on the table (sign-on bonus + higher salary), which is quite painful, and maybe it does not look so good on my resume that I left after a month (could even leave it off my resume...).
The thing is, and I don't want to sound overly dramatic, is that every day is basically painful for me. I count the minutes and the hours until it's over, I'm not learning anything new, and feel like I just don't belong. In general I am mentally tough and able to push myself hard, but this has already started to affect my mental health and I am feeling extremely depressed and unhappy, which obviously is very concerning.
Any suggestions?
Did you just get your PhD? Because at times going from high academia and painting idealistic pictures in theory and research about how things should function vs operating in the slow and messy parts of business can be quite frustrating.
Also, during your interviews, did they describe the role differently? I mean weren't you given objectives and goals in a sense pre-hire that carried on to your role and are part of your current responsibilities?
As for now, I'd step up your gym game. Put in some brutal workouts and the endorphins and positive chemicals released in your brain should at least keep you sane during the day. Hopefully this neural path will pave the way for you to open your mind to broader horizons within the firm or outside of it.
I was a postdoc. Yes, I do go to the gym every day and that is literally the best part of my day. I guess there is not much I can do besides trying to do a decent job and switch roles at some point in the future.
Does your bonus have a clawback? If you're leaving after a month then I would check your offer letter to see if you owe that money back.
Yes you have to be with the firm for a year to keep it.
Then that should play a role in your decision. If you were to leave, you would have to pay it back, most likely at pre-tax rates. So it would actually cost you more money to leave than what they actually paid you.
Risk management is basically a joke after DF and Basel. No one really cares about it when capital and liquidity levels are mandated by external regulatory bodies. At this point, all banks are effectively the same and the only real risk factor is systematic risk.
Do what you love to do. - A Billionaire's Son
First job is not end of the world. try to explore instead of avoid. Find out what you like to do and bridge the gap or leverage what you know. I am from similar background with you and I dont like my first job. After searching for new job( desk quant )for a while, I accidentally become a derivatives trader. Dont give up.
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