BB Tier 2 FT vs. Tier 1 SA vs. CO
Hi everyone, new to the website and would want to get a bit of career advice from the monkey tribe. I have talked to a lot of people, and the "best" advice always seems to come along the lines of "do what's best for you, you have so much time, rankings are for insecurities, nothing really matters, its all about character". I do agree with the latter, yet, my sub-par monkey brain needs a bit more quantitative certainty from the general population as I do believe that your first career choices are capital to launch you in the right direction. So here it is:
Goal: Find a job where I would be stimulated by interesting broad topics - gracefully paid - but with manageable hours as I get older (probably PE from what I understand)
Parameters: Based in London but could move anywhere in Europe down the line (not US for now) - would be keen on US perspectives, but I think the differences are too drastic between the two markets when considering prestige/opportunities etc.
Current state: I don't mind putting long hours. I currently am in an off-cycle IB internship at a BB (BofA, Citi, CS, eq.) and do believe that I could be going on for 2-3 more years to open as many doors as possible. From this internship, goal is obviously to get a FT offer, but here are other options that could be accessible:
1) Stay where I am, I already know the team and the firm and it will be easier for my development - despite the hardships of IB, I wont be starting from 0 where I am.
2) SA position at Tier 1 (GS/MS/JP or LAZ/CVP etc) - riskier as offer is not guaranteed, (would also consider lateralling down the line also?) go for the elitist route, where deal flow and talent will be exponentially different (from what I have heard). Push it harder yes, but at a fair price when you consider the doors these places can open for you down the line.
3) Consulting MBB - Don't think there is any particular incentive to go to big 4 after a BB off-cycle, but I do see the value MBB could have. I am very lost on the topic though and know very little. All I have in mind is the simplistic: Less hours, less pay (than IB), but still a very nice career that could yield a lot professionally/personally.
My inexperience is palpable as I reread myself, but please if you have any good advice for some international European that just wants a shot at success and happiness, I would be keen on getting input from any of you talented Monkes.
TLDR: From a Tier 2 BB IB off-cycle to where? Stay, Tier 1 SA or CO.
How can you do a SA after your OC, have you graduated university or no?
I have not graduated yet, but my OC should convert into FT when I do. My only question was, do I come back to a guaranteed FT, or take the risk of doing an SA at a more competitive firm. In other words, I would like to assess the probabilities of converting the SA. If p<0.5, then taking the FT position and maybe lateralling after sounds way better. On the other hand, if p>0.9, then is that 10% uncertainty worth shooting for the "better group".
I am also wondering about consulting. Would the exit opportunities be drastically different/worst or actually kind of the same - Better work-life-balance for same outcomes in the end.
Hey man, first thing I would say is to be proud of where you’ve already gotten. I really enjoyed my summer at one of those “tier 2” bbs you mentioned and was super ecstatic about coming back full time.
I recently left to go to a competitor firm which would offer larger deal opportunities, mostly to get some experience for buyside recruitment. I knew pretty early on I wanted to do PE after banking, however not everyone is as certain. I also felt a certain additional pressure to place well as I wanted to go back home to Cali for my PE years to be with my family and friends. There’s not as many good funds out west as there are in say New York, so I wanted to go to a place that fully maximized my ability to place well (days off to recruit possibly fly out, resources from 2nd years, seniors making calls to funds to vouch for you, etc…) unfortunately the group I was at didn’t really offer those opportunities.
I would make a list of what you care about the most, then maybe give your summer a go and see if the group can meet those expectations. At the end of the day, there are not all that many differences in the day to day work between firms.
Thank you for this, very helpful. I am indeed very proud of where I am, but I think I still have it in me to push it more. As in, everyone works hard, I get that, but I do think there are major differences in intensity at GS, than say a MedioBanca, CS, or Barclays. While all of them are exceptional to work for, I do think that this aforementioned intensity is rewarded by more interviews to the buy-side, and overall has a better conversion rate. In short, I feel like I am at 90% of my capacity, and am wondering the risk/reward ratio of pushing it a bit more, with as another component, the risk of maybe not converting the SA into FT at the "better group", are worth it after all.
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