Wall Street - Resign In Haste, Repent At Leisure

Just bagged your cash bonus and thinking of packing it all in ? Fed up with the Wall Street grind, and anxious to try something new ? Well, you may want to read this.

More and more people these days seem to be looking outside the financial markets industry for their future - the hours are too long, the stress is too demanding, the career opportunities are fewer and far between, and the compensation is no longer as attractive. Anything for a quieter life, in fact.

And some industry professionals are leaving with nothing else to go to - just a plan to go travelling for several months, and see what gives further down the road.

(See Walking Away From Wall Street)

But no everyone believes that's a sound plan. Some feel that individuals thinking about moving on from Wall Street need to mull over their options very carefully and think before they give it all up - as, as tempting as the thought of a life outside the industry may seem, the reality is not always so good.

One former banker told Here Is The City: 'To begin with, you should be extremely grateful to be employed - so many former Wall Streeters are lucky to get a job now flipping burgers at McD.

'And think of the compensation. You may be used to earning $100k or $200k or more a year, but once you're out of a Wall Street job, you will be making significantly less. And these days the job market is so bad - and getting worse rapidly - that employers often automatically reject anyone who is not currently employed (just as a way of cutting down the number of applications)'.

People also often forget about the practical things - heathcare, for example. If you are in the NYC area, for example, you can expect to pay at least $10 -15k per year for coverage similar to that which you would have received working on Wall Street.

Another banker told us: 'Our networking group is full of people who couldn't wait to leave the Street. Very few succeeded on the outside, and it's amazing how many yearn for the good old days when they were working long hours and getting stressed out'.

The message, then, is: 'Be careful what you wish for'!

image: © C.P.Storm

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