I go to law school, and had the option of being a summer associate at either a top tier IB or MBB, and chose MBB, but given that people seem pretty stressed (especially given travel) and worked at MBB as well (and given it pays quite a bit lower) am wondering if I made the right move.
I know most of the discussion here revolves around the analyst level, and it seems that analyst have great upward trajectories and exit ops after a 2 year stint, but would you recommend entering IB (for the first time) as an associate, assuming top-tier firm?
In terms of my own goals, I really don't know where I see myself in 5 years, but money is pretty important since I'm kinda poor at the moment. I don't know if I want to be "married" to NYC finance for the rest of my life however, and the lifestyle of IB did give me the biggest pause. Wondering now if I should re-network in the IB world and re-interview for full-time gigs or not.
Thanks in advance.
First few years will be rough, but it still seems like a great career if lifestyle is not too important. Also it's possible to make the move to PE / HF at the associate level. It's more difficult, but still possible.
Once you hit VP, the average hours worked per day isn't bad, it's only an issue when a fire-drill comes up.
Got it - yeah I figured associate1-2 would be really tough (though probably not as tough as analyst years) and hours would probably drop after that while pay goes up a decent amount. Hours actually creep upwards at my MBB each year as you get closer to partner from what I've been told...
My friends in the field consistently tell me it isn't sustainable, their attitudes changed a lot over 2-3 years as an associate. At first it was wall st or bust, nothing is better and then the 2-3 year mark came around and they unanimously said fuck that. The reality is look at their compensation on an hourly basis, time is your most precious resource. None of them regret doing it, but they were all sold on finance from day one so the career opportunities were worth it.
You might add to your decision the hours that your other high paying options work. 160,000+ a bonus sounds pretty good till you gotta bill out 2200 hours + probono. In that career, the hours never get better. That's according to an associate at DLP that I talked to when I was evaluating it. It's kind of irrelevant to your MMB vs. IB question, but it might help put it all in perspective.
I can't speak to that. They knew what they were leaving behind and still made the jump. On paper it seems great, but they'd disappear for a few weeks at a time because they were so inundated at work. The last point I want to reiterate is that when they started, working long hours and late nights was like a badge of honor. Obviously that changed.
Keep in mind that your mileage may vary greatly. I know some people at the VP level in one firm who are busy as all hell, while I know another person who said that they didn't know whether they were going to last their first year....but once they figured out how to accomplish the work quickly and efficiently it turned into a relatively pleasant experience where they generally don't spend the entire weekend in the office.
What often gets left out in these discussions are things that are hard to predict beforehand such as how good you will be on the job. If you're a top associate, people will respect you, and you will have more ability to push back. Everything is going to vary group to group and bank to bank, but if you don't have a family yet and you enjoy the work, it's definitely worth it.
Hey palwhan , I am trying to make a similar decision but from b-school. best of luck
Pariatur sint et a. Rerum facere at culpa ratione officia. Vel et sed vel est dolorem repellendus aperiam. Velit odio omnis doloremque adipisci quos et.
Vitae quia earum necessitatibus expedita consectetur reiciendis. Laboriosam consectetur eum nostrum voluptatibus animi. Sit tenetur et nam rem in perspiciatis magnam. Ipsa tempora ipsum sint rem.
Quis repellendus consectetur ut ipsum assumenda. Non est illo quo delectus molestiae rerum recusandae. Dolor nihil ipsum inventore dignissimos.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...