Associate looking for career advice
Hey everyone, looking for some career advice. Did 2 years of banking at an EB and now working at a larger growth equity shop. I've been in the new role ~9 months and am pretty unhappy. It's more similar to banking than I expected. The decks are actually extremely similar to banking (think lots of focus on formatting as opposed to content, etc.) I actually like sourcing and the investment judgement pieces but am unhappy with the more banking like stuff like formatting, the hours (seemingly long for no reason), and some of the other more beuracratic aspects that I thought would be more minimal post banking.
I assume most buyout shops would be worse in terms of this stuff... currently considering venture but any other suggestions? I didn't like banking and feel like I got caught up in the buyside allure when in reality the role is pretty similar minus some cool parts.
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Most jobs that exclusively hire bankers are pretty similar to banking. That’s literally the whole point.
Venture or other Growth Equity is probably your best bet. The earlier stage you go, the more sourcing you'll need to do.
If you like sourcing and hate modeling, and still want to stay in a PE-esque shop, maybe TA Associates is the way to go. Although, I'm not sure if I would recommend that.
Not sure what you mean by formatting, but the way you "present" the investment thesis and story - whether it is graphical or not, is a key differentiator between a good PE investor and a bad one. Everyone can do the modeling and diligence work, but the way you craft the story (incl. "angles" and value adds) is what makes the difference.
If you dislike that aspect of it, then buyout is 100% not for you.
I'm happy with modeling... when I say formatting I literally mean changing the fonts and colors at 2AM for no reason
That's also what I meant re: similar to banking. Is this typical??
I would recommend staying and toughing it out for a few years. It seems like you enjoy the important, value-add part of the job but just hate the bitch work. The vast, vast majority of careers open to you have way more bitch work and as you get more senior, you will spend more time doing what is interesting. It sucks, but you’re probably better off paying your dues and dealing with it than leaving
First off, sorry to hear you're going through it. Terrible feeling to be unhappy / unfulfilled with your job considering the amount of hours you devote to it.
I was in a pretty similar position last year and posted here a good deal about it; got some great advice and ended up switching out of buyout. I liked the work and was good at it, but just couldn't live with the lifestyle any longer. Felt like once I left banking I wanted to live my life again and PE didn't give me that opportunity. Instead, while the work was interesting, I had a similar lifestyle and was thus unhappy. I saw the lifestyles the other / more senior associates and VPs had and it was just not what I wanted, so lost motivation fast.
I ended up switching to Corp Dev after I got my first year bonus and am a lot happier. I don't source, but my day to day is similar to what I used to do in PE, split between investment diligence / execution and strategic work (similar to PortCo work), so I get to flex the same muscles. For you, I'd either recommend exploring this route or trying VC, as from my buddies in VC I know it's a bit less intense in general than growth / buyout.
Unfortunately, investing is such a competitive industry that it doesn't really incentivize good culture as much as it does good returns. This leads to people working longer hours and a bit of a 'rat race' culture that mirrors banking, so be sure to diligence another firm if you go that route. Worst case you try it out and end up being in a similar position and look to go to B School or end up going corporate.
Happy to discuss more if you want to shoot me a PM.
I left a pretty tough / toxic banking job to go to a MM growth shop (~$2B AUM, T1 city) and the WLB has been great. Just finished a live deal sprint (got through term sheet and IC in 2 weeks) and I was working max 70-75 hours those 2 weeks.
If you like and appreciate the sourcing element, I would suggest going to a smaller shop growth. Not sure what your shop's AUM is but as others have echoed, the smaller the shop, the less "banking" it is. I won't get dumb comments from my Associate or VP....they will just look at my slides / work and clean up where necessarily (fix colors / font if they want). Mutual respect of time goes a long way. Also, another thing to possibly look out for if you're lateraling is if they hire bankers vs consultants vs straight from college. My shop is a mix of all 3. If you're only hiring ex bankers, you're going to essentially be a banker in your role. My sister works in MF PE and it's pretty much banking with better hours and better pay. Still grind your ass off and overall less BS work, but some of that stuff is inevitable
This is great perspective. I'm struggling a bit in my current role (in terms of fulfillment, not work). Would you mind if we can exchange PMs, sort of deciding on my next role and it's been tough overall as my only option is to lateral.
Sure - just go off anon and i'll PM you
My experience in PE/GE (it's a mix) is the exact opposite. It is a completely different world from banking. I enjoy the role thoroughly. I have lots of exposure to management teams. We spend very little time on formatting (almost not enough time), and all of our time on content. I disliked banking so strongly because I have such a low tolerance for "bs" work (which was most of it), and I get much more fulfillment out of my current role where I feel like a lot of the work is meaningful. All of this is just to say that not all GE/PE is like what you are describing. Perhaps it is just the shop you're at? Maybe consider what moving down market looks like? Just thoughts. Ignore if unhelpful.
what kind of decks? are these IC memos?
Yep or even on relatively early stage deals (meaning early in our process, not VC)
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