Ignore title. 2nd year associate at $3Bn MM fund. I have hated my time in PE, a combination of dealing with extremely difficult people and a lot of volume of work to get through.
My old boss in IB opened up a conversation on going back to banking, getting the VP promote in 6 months and guaranteeing my bonus that year. Unlike many others I enjoyed my banking group and coming in with more seniority definitely shows a path to improvement in lifestyle (relative to having literally a non-existent personal life).
What do we think? Is that crazy? PE partnership at an A+ place looks harder and harder to achieve every year while I could see a clear path to MD and making $1M / yr
Having done it 2 yrs now, PE is overrated and yes perhaps bankers aren’t doing the most intellectually stimulating work, but sometimes I wish I could just collect a fee from a deal and not deal with struggling portcos or 100+ page IC decks
If you go this path, get the full details of the offer in writing.
Investor > advisor bitch
This is going to sound generic, but do what’s best for you, and don’t do something because the crowd is doing it.
Each job has its downsides. I think you end up choosing/likeing the one that somehow bothers you less than it does others.
Also, it’s a boomerang today, but it could be a boomerang back to PE one day. People need to let go of the idea it’s one career choice then you’re done. Plenty of people, successful people, jump to different jobs. Life and your career doesn’t have to be all linear.
Do you dislike PE or do you just like dislike your PE firm? If the former, then can consider going back. But thee are plenty of shitty firms in each industry. Also there are numerous other buyside roles that can be less labor intensive. These are long-term decisions, don't be impulsive and jump. Network with folks to understand what you want to do.
You sound like in a rush to escape something. And then you say banking is a bad outcome. Who is to say that in 5 years you will make MD? And there will be enough business for you to generate - why are you confident in that? And are you sure won't think "jeez maybe I could've gone to a smaller PE shop, or credit shop, or SWF and made what I do as a banking MD etc etc". Just be thorough and LT oriented. Time goes by quick and you should not determine the next 15 years based on WLB for the next 2.
Do what makes you happy. Don’t get the job of your classmates’ dreams.
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