Mike, Mars is quite right of course and I really do feel for what you're going through right now. I've been in exactly that same position myself. As a junior analyst, I would sit at my desk at 10.00pm at night doing pointless errands at the minute-by-minute whim of some senior associate, dreaming about what it would be like to be one of the admin staff with their family-friendly lifestyles and decent work-life balance. There I was, earning not a lot more, yet working double the hours, doing difficult work, being at the beck and call of overly-ambitious MBAs, and living this dreadful lifestyle that, quite frankly, felt not unlike slavery actually. Being shipped all over the place, never knowing from one day to the next what I would be doing, considering myself extremely lucky and suddenly "free" if I managed to get out of work by 7.00pm one day, and actually fantasising about having a job where the hours were as short as being able to leave the office by 7.00pm every day! Fancy that, a job where you could be out of the office by 7.00pm EVERY DAY! It would have been like working part time.My advice is, get out. Do it as fast as you can. You are extremely employable, despite the effect that receiving constant "feedback" will have had on your self-esteem. You aren't earning much right now, despite all the hype about being a "master of the universe", and you can do pretty much just as well in industry. Look around you. Do you want to be like one of those losers who you currently report to? It's fine for them working these hours, what with their big salaries, but what's in it for you? Certainly not the £50K bonus at the end of the year, that's for sure. So why are you doing it? For career prospects? Well you've got the name on your CV now, so cash it in. As a very highly educated, highly employable person, you don't have to settle for that sort of working atmosphere. Look at what it's doing to you. You know you're not happy. Does it get better? Probably not, if you stay put. Having to go through an "up or out" every year, and being savaged by job-end appraisals? Pfft. You don't need that sort of grief. In fact, you literally don't need it - you're bright enough to have proved yourself already actually. The prospect of more money in the future is always a difficult compromise, but really the tax man takes most of it anyway and the more you have the more you want. There's nothing wrong with settling down in the second or third quartile - in fact, I think that's the best place to be.