First off, best wishes to all who just took level 1. With motivation at a high, I feel the need to vent and realize that it will end with me being mocked and called inferior, however figured I would give it a shot. I want out of this industry. Things are not what I thought they are. Hours are long and the work is becoming less and less rewarding. The pay is good but life is not all about money. I have no idea what else to do and maybe things will change so I will continue my pursuit of the charter until I find an alternative. Anybody else feel this way?
No, but I know a lot of people that are. Had a friend that went to a state school, studied his ass off, took an unpaid internship, and got into Stern. Got his degree, got an IB job with a BB bank. Was laid off like 9 months ago a few months into the job, and has no desire to go back into finance after all that work. I know a girl like 3rd year associate in IB at a BB, who hates it and is trying to leave for fashion, but wants to be able to make 500k a year in fashion (yea right). A lot of people get tired.
Detroiter Wrote: ------------------------------------------------------- > 3rd year associate in IB at a BB, who hates it and > is trying to leave for fashion, but wants to be > able to make 500k a year in fashion (yea right). > A lot of people get tired. To replace her current income? Geez. Honestly, I’d have no idea what to do if I wasn’t working in investments. The last time I rethought the industry I wanted to work in was maybe high school.
> To replace her current income? Geez. Honestly, > I’d have no idea what to do if I wasn’t working in > investments. The last time I rethought the > industry I wanted to work in was maybe high > school. I envy your passion.
After working for half a decade in finance, I feel like the real reason I’ve been able to move up in the industry is because I’m a grinder and because of my interpersonal skills, and not necessarily because I’m passionate about finance. In fact, the very reason why I plan to move out of finance after business school is because I look at the people around me and everyone who’s truly successful seems to live and breathe investments. I could skip a day or two not following what happened in the markets, and my life would go on as if there were no waves. But while this mentality has helped me on the pre-MBA level, I think I’d need to really love the field in order to have a successful career on the post-MBA level. Plus, the more I work in the field, the more I realize that what truly excites me is strategy and management, as opposed to finance. I’m confident that I have a very strong financial foundation already, but I’m looking to apply that in a setting that I’m more naturally excited about. Thus, I feel your pain on some level, but at the same time, just be thankful that you have a finance job because there are tons of people, both in real life and on AF, that would kill for a job in finance.
I’ve been analyzing investment portfolios for a decade now. It could be cool and fun, and mostly it is, it is all what people make it. Your job is mostly who you are surrounded by. Generally people in business are much less fun and more narrow minded than people in the arts, that is for sure…the accountants and corporate douches make what could be a picnic into a real drag some days, but overall I still like it and find the work fun. I’m gonna go do it in Singapore or Seoul and see if the change in scenery helps ^ the fun factor.
numi Wrote: ------------------------------------------------------- > Plus, the more I work in the field, the more I > realize that what truly excites me is strategy and > management, as opposed to finance. I’m confident > that I have a very strong financial foundation > already, but I’m looking to apply that in a > setting that I’m more naturally excited about. Success in strategy and management have a prerequisite of having solid financials, so even if you switch to there, you will still have to face the financial aspect of it indirectly. But, with a background in finance, you will probably have the exact skills needed to excel.
There is nothing wrong with examining whether you are in the right profession, or at least right job… We are all so different and what makes us tick and feel satisfied and accomplished vary widely. Look at any profession, and you will always find some people contemplating trying to get out for the same basic reason: They are not happy I am sure that you have already done the self-analysis to confirm that it is the industry that you are not happy with, and not just your current environment. A couple of the good points about the industry in general (and I am thinking of IB’s, investment funds etc): 1) The earning potential is amongst the best. 2) Your abiltiy to move up is very much performance-based. Believe it or not, not all industries are like this (to the same level) and there is a lot more politics, who you know etc. In this industry, who you know might get you connected for an interview, but who moves up is he/she who deserves it - for the most part. I like the previous post’s reference to being able to grind it out. That is (for me) the number one attraction of this industry: It rewards hard work and ability in a very pure, and direct way. 3) The work IS hard and the hours ARE long. There is a price for those $$ after all. The acid test is are you truly willing to walk away from the $$ and this will come when you have identified that “other” option. That 3rd year associate who wants to be in fashion… well, I bet a lot of people would like to be in fashion for big money. However, it will only be when she is willing to walk away from her IB gig and take a $20K a year get-your-foot-in-the-door position in the fashion world that she will really know how how deep THAT particular passion runs.
amjf088: If you are starting your own fund, I would argue with your 2nd point that your ability to land funds is more on who you know than WHAT you know. I’ve seen enough evidence that a fund was able to get started because they had a “rich uncle” or a politically connected insider. Hell, I’m from Chicago. Enough said.
I spent 4 years in consulting, got my CFA and guess what I am doing now - applying for an MBA and become an entrepreneur after that. We feel frustrated due to the work but I think the deeper frustration is because we do not know/have good alternatives. Think about what really drives you and try to walk that path.
Thanks for all the feedback and stories. It is nice to know I am not alone.
I think it is good to evaluate things periodically. I like the theory and day to day market happenings but don’t get enough time for that because I am in wealth management and am forced to spend most of my time on other areas that add little value to my life or that of my cleints. I like the business but may change focus at some time so that I spend more time adding what I percieve as value For me the good thing is making people money. I hope they are wealthier after they meet me than when they first came in. So when I have those crap days I just take a few minutes to look at the wealth I have help people accumulate and I keep going forward.
NorthernCFA, I recommend reading the book “Shop Class as Soulcraft: An Inquiry into the Value of Work”.
phBOOM Wrote: ------------------------------------------------------- > I spent 4 years in consulting, got my CFA and > guess what I am doing now - applying for an MBA > and become an entrepreneur after that. We feel > frustrated due to the work but I think the deeper > frustration is because we do not know/have good > alternatives. Think about what really drives you > and try to walk that path. It would be interesting to know why would you need an MBA to become an entrepreneur instead of starting right now if you care to share.
I target bschools with strong entrepreneurship programs so that 1) I can net work, 2) build my business while in school, 3) access some valuable resources, 4). participate in venture competitions to get some seed capital 5). seek like-mind to join me and build a team for my business 6). opens doors if I fail in my business 7). more network…
philip.platt Wrote: ------------------------------------------------------- > numi Wrote: > -------------------------------------------------- > ----- > > Plus, the more I work in the field, the more I > > realize that what truly excites me is strategy > and > > management, as opposed to finance. I’m > confident > > that I have a very strong financial foundation > > already, but I’m looking to apply that in a > > setting that I’m more naturally excited about. > > Success in strategy and management have a > prerequisite of having solid financials, so even > if you switch to there, you will still have to > face the financial aspect of it indirectly. But, > with a background in finance, you will probably > have the exact skills needed to excel. philip, you’re right to an extent. i work in strategy and having a solid financial background is definitely a big help in understanding how to solve business problems. when someone comes into our group and doesn’t understand how a sale flows through the financials, it gets pretty frustrating and can be a roadblock. i think everyone needs to know the basics, but i wouldn’t call a financial background a must for strategy. there’s a lot to be said for a strong general business background like you can get in non-financial consulting.
looks like somebody’s got a case of the mondays :(((((
phBOOM Wrote: ------------------------------------------------------- > I target bschools with strong entrepreneurship > programs so that 1) I can net work, 2) build my > business while in school, 3) access some valuable > resources, 4). participate in venture competitions > to get some seed capital 5). seek like-mind to > join me and build a team for my business 6). opens > doors if I fail in my business 7). more > network… Just go straight to Josh Kopelman at First Round Capital. This guy is one of the greatest entrepreneurs of our time and now he is a seed stage investor. He just got Mint.com off the ground… Wiki him. You’ll be surprised at what he’s done.
^ Nice one. Wharton is one of my target schools. Opens doors to First Round Capital.
Nice. When are you applying?