Burnt Out M&A ASO
This is a partial rant, partial cry for help, and partial poking around for ideas. For reference, I’m an ASO2/3 at a prominent but industry-focused M&A boutique; typical deal size in the 300-800M TEV range.
The firm I joined has done quite well, and we’ve visibly moved up market in the time since I’ve joined as an analyst. That said, I’m completely burnt out. Aside from PTO, I haven’t had a single work week shorter than 70 hours in over 3 years. Just as a reference, there has only been one 1-month period where I wasn’t on any live mandates; instead I was on 2 pitches, one of which converted to a live deal shortly thereafter. Recently, we’ve also been short-staffed, particularly at my level.
I feel like I’ve been living in a half-existence for these past 3 years. I’ve lost relationships. I’ve lost all interest in things I used to love; reading, watching sports, etc. I don’t enjoy the work at all anymore; each deal is starting to feel the same, and every CIP slide I have to pull together feels like pulling teeth. Modeling went from exciting and interesting, to something that is most likely to kill my weekend.
Problem is, I have no clue what to do. I feel stuck. Too old / experienced for PE. Not enough accounting experience for FP&A. Corp Dev seems like banking with lighter hours / pay, so I don’t think I’d find the work enjoyable.
I’m just at a bit of a loss, and looking for any thoughts. I didn’t mean to end up as an associate, it just kind of happened, and now I’m not sure what’s next
Quiet quitting is in
it'll buy you time if all else fails
Look I’m not an expert but pull yourself together man. You’re killing it right now in a stable spot so this is a great time to reconsider your priorities in your life. Money? Relationships? Self-care? Personal hobbies? I know you listed a bunch of things you don’t do anymore but really re evaluate what matters most to you, and start brainstorming on ways to fix each one. It might seem daunting at first but as you attack each one just like its own math problem it gets more manageable.
IMO you are not too late for PE if it interests you. I’ve seen plenty of ASO/VP/MDs from IB get into PE. Sure it’s a path less traveled but it’s certainly traveled.
If you like IB at all the work will begin to change and become more relationship driven as you get more senior, which should change up your workflow a little. I’d encourage you to power through a little and see where it takes you. You could also lateral if you’re having issues with your specific firm (not ideal as you’ll have to rework towards your current “position” within the firm).
I suppose an MBA is in the cards unless you are a post-MBA ASO.
Private credit, secondaries PE, AM, research roles, S&T
I have heard a little about research roles but don't have a lot of information on them. Could someone expand on where research roles are and what the job/progression looks like?
Have you thought about potentially acquiring a business in the vertical/a vertical that you enjoy working in? There’s tons of founders looking to exit businesses that haven’t really focused on growing the business and use them as cash cows.
I never realized the skillset I gained to diligence a business until my friend was looking at a residential services business and we were thinking through things to dig in on, growth opportunities, etc. If you saved up a decent amount and can get an SBA loan, that could be an opportunity for you to basically run a business and manage it how you want (i.e., hire staff and let them manage or scale from there).
You could definitely do FP&A. You don’t need to be a CPA or have arcane accounting knowledge.
yep I know a 2yr analyst that became FP&A manager right after
You're an ASO3 and frankly you're doing things you no longer should be. No wonder you're burnt out. Where are your analysts and aso1s?
This is the part you start to help your VP and take on more of their work, and the only way to do that is delegate more of yours, so no more pulling together CIPs, building models. No wonder you're bored and everything feels like a blur, you've done it as an associate for multiple years.
As you move up, your time because more valuable what might be for example an priority task as an analyst is extremely low value as an associate.
Whether you stay the course or choose to exit, hopefully this helps smooth the rest of your time there.
Let go, care less (it's just work), and delegate more (you should by now). Get your mind together and make an informed decision about whether or not you want to stay in banking. It's never too late to change, and the world is bigger than PowerPoint and Excel.
70 hr a week is a fast track to a major breakdown in health. Cut back on your availability. You saying "yes" to a 70 hr work week every week for 3 years contributes to management thinking current staffing levels are adequate.
You're like 25. Howtf are you too old for anything. Recruit PE if you want but the grass isn't greener. Why don't you take some PTO?
you need to start valuing your time more and demanding seniors view you the same way. you need the start developing a mentality that you getting in the weeds of every model, page, VDR is frankly a waste of your valuable time. you should be spending your time talking to clients, meeting with the MDs to go over ideas, ensuring work flows are being executed and giving guidance/help when the juniors start to struggle.
You need to demand your MDs view you this way. You are not a junior resource to just pump out pages to them. You are a strategic thinker and leader.
An MD I work with handed me a page create the other day with the literal words "just find an analyst to do this, dont waste your time on stuff like this". you need your Mds to start viewing you this way. If they refuse, find a new bank.
in the same light, you need to start being more presentable, energized as you became a more client facing relationship manager. that means getting sleep and have more time for socializing (you think you will just bring in clients when spend 90 hours a week at the office? you need to start making friends, going out to dinner with others etc).
not to mention internal politics....you need to start blocking time out to spend time with coworkers/seniors outside of the office for social events, lunches etc. as you are more senior, having alliances/close mentors is much more valuable then modeling skills or your attention to detail. Don't shy away from an hour long lunch with some coworkers etc. Do not sit at your desk all day, being up an about talking to people.
not sure if anyone willl read this, but hope its helpful. personally my VPs years are MUCH better than my junior associate years.
This is good advice, SB'd
Only place I'd disagree with a bit is some of this sounds more like 2nd year+ VP than where OP is (though I think the mindset generally is the right one). If you have a team of 1 analyst, 1 associate then you can't dump everything on the analyst - they will hate you and you're reputation will crater. As an associate you need to be in the model, making pages, etc. or stuff won't get done. Be strategic about what pages, etc. you take on but there isn't enough hours in the day for the analyst to make the CIP, model, turn comments, run the buyer log, and all other ancillary Board and other supplemental stuff that inevitably comes up.
This is great advice. With the way you describe your experience, it sounds like you're a BB VP.
On average, I think EB VPs have to play down a lot more than their BB counterparts.
literally a second year vp at a bb as both of you guessed
agreed hes still an associate and cant fully execute this plan, but he needs to start trending there.
things as a 3rd year associate you can do are demand to not be on crappy sellsides, if its a process driven staffing ask for a first year assocaite and analyst to do the process work so you can play the VP role.
doesnt need to happen overnight.
A+ comment. If you don’t push back people will take advantage of you. It’s not in anyone’s best interest to level up someone who pumps out the grunt work
Hi,
Sorry you are feeling this way. Maybe look into pod shops at MM, more intellectually stimulating work and better hours. Best of luck.
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Go to Accordion or another similar consulting shop with a prominent "Strategic Finance" type of practice. They'll take ex-bankers all day
What does their "Strategic Finance" practice actually do?
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