I'm getting ready to start this summer at a BB bank, and we all know that the burnout factor at banks is pretty high. A certain percentage of analysts simply can't take/don't want to take the hours or lifestyle in banking and end up quitting in the first few months. What do these guys do? Doesn't it look horrible on your resume when you have worked at a bank for 3 months or whatever and then quit? Is banking career suicide for these guys, or what do they go on to do?
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Yes, it's bank or die.
It's not ideal, and obviously it's unlikely you'll get another job doing Corp Fin, but every move is explainable, just need to be able to rationalise why you moved so quickly. Much easier if you didn't do an internship. Everyone understands the lifestyle in banking is miserable so it won't be held against you. Easier if you finish the first year though.
I've just tossed out a CV of a guy who could only handle 3 mths at HLHZ. Good luck explaining yourself if you want back into IB....
Ouch. They must have "not really got it."
then everyone will assume you were hated or useless at your old place.
I have known of and indeed hired people who successfully jumped ship before the first year is up. If they can supply a good reason for leaving (getting out ahead of group layoffs, for example, or their MDs all jumping ship for another shop), then we will consider them. Like others have pointed out, though, it is an initial hurdle that must acceptably be explained. Think very long and very hard about leaving without having something else lined up first.
I am one of the poor fucks on here who has had a chance to be at three banks (From the 3rd best BB), to a no-name (I didn't last long there since mgmt was horrible and only stayed for a few months) then to a MM (I love it here and can see myself becoming a career banker). Again, it's all about your story. You can argue that longevity displays commitment, but then again, if you're not "drinking the kool-aid" where you are, or if you find it a waste of time, MOVE and learn elsewhere!
No where in life should you short-change yourself on a learning experience unless pain-now, rewards itself later on. That could be the only downfall on leaving early.
From my experiences, moving to another bank might cause a burn in the bellies of the other bankers for a short-while, but time will cover those burns and you can eventually use those people as references… heck, they might even become friends!
I'd much rather hire a jumper than a jumpee if you get my gist...
the eventual benefits of sticking it out one or two years are much greater than the immediate benefits of quitting after a few months - the exit opportunities are unlimited. i don't think that someone who could only take three months of the job deserved it in the first place. but you can always start your own company, for which your resume is probably less important than if you went to apply for another job.
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