Hi all - back w/another ? - When is it ok to quit your job w/o another offer in hand (if ever)? See the original post below for some background, but basically been with the same group for about 6 years and although the pay is really good, all other pieces of a good successful long-term career are missing (i.e. job growth, opportunities for advancement, my passion for the work, considering myself there l/t, etc). I’ve been with the same company since I graduated from college and although there have been several times that I’ve wanted to call it quits, given it’s a back office role, nothing worth while came across during the job search and didn’t want to go from one crappy position to another. Fast forward to today - Had my annual review recently and despite my hard work, looks like the new manager just isn’t going to support me for a promotion. I hear through the grapevine that they had a similar struggle to get promoted and I may be on the same route.
Although I don’t mind waiting and giving it my all, sometimes you have to know when to move forward. I mean money can’t be everything, right? Just have second thoughts about being unemployed, esp. in this mkt. Unfortunately I work unpredictable, and sometimes extremely long hours and w/the level 3 exam, have very limited time for networking/job search so the only option is to quit in order to find another job (my current network is very limited and I’ve already told them numerous times that I want another opportunity). Thinking about quitting sometime in Q1 (after getting the annual bonus) and taking Q2 to study for the cfa/job search. Thoughts?
PS - apologies for the long post, but this forum has been really helpful in the past, so really wanted to share the issue and hope to get some good thoughtful advice. Thanks.
I always advise my friends to think twice (or thrice) before leaving their job…
The opportunity cost could be significant if you remain unemployed longer than you expect - then you’ll have to start thinking about insurance costs, funding your retirement account. etc.
Just as importantly, your market value gets substantially eroded the moment you stop being employed: very unfair and not entirely rational, but sadly true. Firms want “hot” employees, who are wanted by other firms - starting with their current employers. Opportunities cool down markedly the moment your resume has an end date. Of course there are still some options, often through personal connections or because you have a rare/valuable expertise - but if you had those connections you wouldn’t feel the way you do at the moment.
If you had a calling (starting your own business, volunteering overseas, climbing mountains…) and a heavily padded bank account — maybe. If the climate is really toxic and you feel like your work situation is ruining your chances for happiness — maybe.
But it sounds like your neither insipired nor desperate, so without knowing much about your specific situation I would suggest you aggressively step up your search efforts, but remain employed. Think about it as an employer-sponsored search… Are there internal opportunities you could explore, networking with other managers and teams? Would your company sponsor training that would make you more attractive to them - and to others? Are there new projects that would allow you to develop new skills and get exposed to other businesses? Shine at your job, take on new assignments, study for the CFA exam, think hard about next steps, get energized and excited about all the opportunities that are out there (internally or externally) and before you know it you’ll get promoted, transferred or hired away… Good luck CFAfatso!
had the same thoughts but with different circumstance. i got a 5k bump which i am thankful for. but i think i can hit the streets for more. But i like my job, i know my routines, i know the people there well, so there is less risk. i still have to study for l3 and gmat but it should be manageable with my current workload. lastly i job hopped my first job after about 1 yr and i only been in my current job for a bit over 2 yrs so i need a bit of job stability. so on that note i prolly will hang around for a min 1 year then mba it. btw do i need exactly 4 yrs work exp for charter? like Aug 2012 to Aug 2016? or can it be Aug 2012 to Jan 2016?(
Also if i was in ur boat i.e. i work a lotta hrs. 6 yrs within the company, plus i need to pass sum exams, assuming i had money saved, i’d take a break from it all and focus on studies.
Sorry for the late response - needed to just get away from everything and the holidays were the perfect escape.
Although I have decent savings in case I end up being unemployed longer than a few months, I know that it doesn’t look great on a resume and what the heck am I going to do with all that free time? However, I’ve come to the conclusion that there’s no way to have enough time to work the crazy hours my manager expects, wrap up L3 studies and network for a better opportunity so unfortunately gotta pick one. Maybe it’s the new years resolutions and I’m being too optimistic, but I’m going to go with the L3 studies/find another job/MBA route (as of now lol). I feel like I have to be confident in my abilities and trust that I deserve better opportunity to fulfill those dreams - that if I don’t step up and show some courage and believe in myself - no one will. Really nervous about this - but it’s the only thing that makes sense - I’ve been unhappy for a very long time and if it was one or two reasons, I’d change it, but if it’s almost everything negative and good things are a decent paychk and comfort w/the work/office politics, then it’s time for a change, right?
Anyone disagree? Why?
PS - in my late 20s, single, decent savings for a 12-mo fall back, quite frugal lifestyle and quite ambitious.
Thanks again friends - I really appreciate the thoughts - and happy new year!
Define “crazy hours” for me… Also there are always going to be tradeoffs in how you spend your time. What I’d do is stay at the job, and from now until the 1st week of June studying for the exam and passing is your priority and do just what you need to do at work. If they support your studying, they’ll understand. If they don’t support it you have even more incentive to find a better job after June.
I was actually having this conversation with some friends a couple weeks ago, and it’s always better to look for a job when you already have one. There’s a lot less undue pressure/stress since if it doesn’t work out, you’re still employed somewhere. But hey, that’s just my 2 cents. At the end of the day you’re going to do what you want to.
Unfortunately the hours are very unpredictable - and I"ve been warned in advance that there’s more work coming down the pipeline in the nxt few mo for my manager/me - so basically M-F would be all work, plus some wkend, which is completely OK if I felt like I was making progress down some career path; instead, I’m just earning a paychk. Nothing wrong with that, as money is VERY important, but isn’t there a point in time, where you say - hey, I’m almost 30, no where near my l/t goals, been in this role too long and life is short - so if I don’t like it, take a risk & change it…I mean the whole big risk/big reward concept?
Ideally I’d love to find another job and just complete the CFA while employed, but there simply isn’t enough time for all three (no one wants to network on wkened and after a 12-14 hr work days + l3 study, job search is the last thing on my mind. If I quit, yes, it looks bad on the resume, but then I can dedicate full time to job search/network/studying, all three which are more promising than putting in more hours at my current position. I don’t really want to, but I’m willing to even go back and get my MBA if I don’t find another opportunity in the next few months while I study for l3. I guess in short - anything to get out of my current job…
If its that bad, then quit, but just realise you’re not quitting to further your career, you’re quitting because you hate your job. Its a bad choice, but it may be a necessary one.
My advice is right now to keep your job and focus on passing L3.
After the exam, focus on job-searching. You can always find time to interview by calling in sick or taking PTO.
That being said, I didn’t follow this advice: One year ago I left a six-figure position without having another position lined up. I studied and job-searched… and it worked out – I passed L3 and now have a better position. It took me about three months to find another position. It worked out okay for me – but it was definitely risky and so for that reason I wouldn’t necessarily recommend it.
I’m in the same boat except I’m 24, 2.5 years out of university. My job is a routine. I was thinking of quitting to look for a job full time except my manager and director, as well as reading the posts here, said that employers look for people who are already employed. My manager said I’ll get promoted if one of my coworkers get a job in another department (which doesn’t seem as likely now).
My priority is to focus on L2, hopefully pass so that will give me some leverage on my resume but I am actively looking right now whenever I have time.
I’m a bit confused by your comments @Geo - why do you say “you’re not quitting to further your career…it may be a bad choice” - if I don’t have enough time to study for the cfa exam/network & job search for a better opportunity and would even be open to going to a F/T MBA program, I feel like quitting my current job shouldn’t be that big of a deal…I can take a few months to study for L3 and job search and increase my chances to get my charter/network, and then if I don’t find something, I can volunteer/travel (to build my story) and apply for MBA programs…if anyone asks, I’ve been doing my job for 7+ years, it’s not challenging me, and I’d even go to the extent and say its stopping me from pursuing other opportunities that would help me advance - professionally and personally.
Similarly, @Marathon Runner - I’ve had the same thought process for a few yrs now - study for the CFA while keeping my job and then network/find another job (since I can’t study/find something else while working given the hours), but I failed last year frankly b/c I didn’t study enough - I just think it would be stupid for me to put myself in that same position again (work and study) when I know studying is always going to take back seat w/my work responsibilities (i.e. there is no such thing as do the bare min to keep your job and then leave - he has my cell/bb and will use it to get me to log on from home if I manage to escape) - might as well do everything I can to get my charter no esp. when no matter what, I’m going to leave this place sooner or later?
Sorry for the crazy long posts - these conversations are obviously easier live - but after discussing with family and mentors, I guess I wanted more input from people in similar positions as myself…thank you!
^ Its MUCH easier to find a job employed than unemployed. I’d generally not waste my time with an unemployed resume unless it was spectacular and there was a good reason they quit (studying isn’t one, unless FT MBA). Second, you’re overestimating the value of the exams. They’re important, but won’t open up that many doors. Passing and being unemployed is worse than working and not passing, IMO. Third, most people don’t make quantum leaps. You’ll likely end up in some maybe marginally better but likely marginally worse jobs until you find one that works. Losing several months of income simply isn’t worth it, you won’t make it back with a positive NPV just through the CFA exams. A FT MBA, maybe. But not this exam. But if you’re going to lose your mind, maybe you need to step back and quit. But this is the worst decision when it comes to finding a new job. You could also try to assert your personal space better with your job. If you don’t care if you get fired, then that’s what I’d do. “Hey. I’m studying this weekend and my BB will be off, sorry, but that’s my professional and personal priority, end of story. Happy to help you on Monday.” I mean this is back office, not some big hustle career. This is an important skill to develop as you progress in your career. Learning to say no is very important. Make your boss respect your time.
I agree with you geo, in my personal experience, if you do not set your limits, someone else will. With that said, you better be on top of your game if you want to take that approach.
