Why do people leave elite investment banks and asset management firms when they claim the compensation is so great?

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It’s a highly competitive environment… the compensation is great, but you can only rise so far due to hierarchical restraints… they have an elite alumni network, so jumping to another firm isn’t difficult… and they’re actively recruited away…

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Burn out and general misery I believe are the answers you are looking for. At some point, the money isn’t enough to deal with it. Or you make enough money you no longer have to deal with it.

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I don’t have personal experience, but my friends in IB say they are always watching their backs… it’s a shame.

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Culture is huge. Let's be honest as an industry there is a history of toxicity that is so accepted that movie villains who don't out right kill ppl work in investing and finance and no one blinks. So when you get a chance to leave a poor environment for the same if not more. It is a no brainer to jump ship and hope it is different there. It is an active recruitment strategy to say "our culture is different"

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They probably are sick of working 70 hour weeks

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Yeah, it’s funny, people often assume the big paychecks make it worth it, but the hours and stress can be brutal. A lot leave just to get their life back or do work that actually feels meaningful. Money’s great, but it can’t fix burnout!

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I’ve always assumed work life balance is horrible at competitive banks and firms. It comes to a point where it’s no longer the money that matters.

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Qlo

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