Personal development

Sick of seeing the same old stuff on here, so throwing this question out there. We all talk about exit ops into PE/HF/Bschool/other career interests.

What about personal development/growth (or shrinkage) after your time in IB? Do you appreciate life more? Find yourself more mature? More boring? Closer to/farther away from family? More cynical? Care more or less about money? A tad bit jaded maybe? Still chasing that exotic fruit called punani or looking to settle down long term? Need therapy? Or maybe just a little Tony Robbins?

Not sure...I guess anything can fall into this.

 
Best Response

Definitely appreciate life more after the Analyst stint because I realize how much time I wasted away in my early 20s. As odd as it is to say this, I wouldn't trade it because the experience was invaluable and has positioned my career well for the future.

I don't think the Analyst experience changes your maturity any more or less than any other comparable professional track you might pursue post-college.

I'm definitely more cynical and care less about money, but that's mainly a function of a) seeing pitches/deal die left and right and b) surviving the last 2 years while my bank constantly fired people left and right.

Citylights, there is definitely meaning/worth in the work you do, it's just tough to see it when you're working 80+ hours a week and a high percentage of your deals die (and no matter where you work, many deals will end up dying). I think the primary value is in helping companies access capital that they use to grow/expand/hire new employees, etc. I guess in theory, relative value is highest when working with smaller market clients who need the advice/guidance the most (as opposed to GE or WMT, etc.).

Interesting thread topic. Assumed most out there didn't think past their next paycheck.

 

what would you have done had you not gone into ibanking? Would you have reached full potential or beyond your potential (e.g. being an entrepreneur and starting your own company) if you didn't spend the time working at an ibank as an analyst?

 

I'll take a stab at a few of the questions/topics:

Maturity: I think I went into IB at a much higher maturity level than my peers/analyst class. However, when looking at my peers, I'd say it really didn't have much of an impact at all. The smokers and jokers that started their analyst stint in college mode pretty much ended it in college mode. There was some hints that they had matured, but it was hardly noticable.

Money: I didn't care about money when going through my analyst years, but now that I actually have time to enjoy it, it becomes more noticable. I'm able to afford a lot of luxuries in life that my non-finance peers can't. For example: I've done 3 international trips (with the girlfriend) in 6 months since finishing my analyst years, one of which was just a 3 day weekend. I was able to pay for not only my flights, but my girlfriend's as well. I don't get stressed out by little expenses and I'm able to give gifts at christmas that people actually want. While i'm not running around trying to maximize my income, I'm definitely appreciative of these benefits it gives me.

Free Time: This is probably the biggest change for me. I've come to recognize that there are 24 hours in a day and I shouldn't be wasting them. Outside of WSO, I don't watch much hanging around and I've picked up a ton of hobbies. I play on multiple sports teams, have enhanced my efforts to learn a 2nd language, and do a lot of volunteer work (with my family and girlfriend). I've also been going to the gym regularly and all around improving my fitness. I've also made a big effort to reconnect with old friends from high school / college that I wasn't able to see while banking. Basically, my calendar is still maxed out, but now it is with activities that interest me. While super busy on the time, it's really easy to handle when its stuff you enjoy.

Knowledge/Business Acumen: This is probably the reason why I don't regret my two years at all. I feel as though I've gained an incredibly deep AND incredibly broad understanding of business. I've only been in PE for a little over half a year, but in PE this effect has been magnified. When speaking with my peers from college who went into jobs at the Big 4 or marketing, they have certainly become experts in their relevant subject matters. However, their knowledge is limited to that subject matter and doesn't expand very far beyond. Also, having a client facing job has taught me to express myself in a professional, educated sounding manner. When I speak to someone over the phone and then meet them in person, they are often shocked at how young I am. I spent a couple of weeks in diligence and the subject of my age came up with two of the seller's employees, and they both estimated my age at 30+ (I'm 25, and I don't look old). Now, I'm not saying that I am smarter than anyone else, just that IB and PE have given me the training that has put me above the majority of my peers.

So, at the end of the day: no regrets here. Hated every moment going through it, but very, very glad that I didn't give up or take a different path.

CompBanker’s Career Guidance Services: https://www.rossettiadvisors.com/
 
swagon:
Comp, do you ever relax and have a beer? Or hit the bars much? I consider myself A type, but good God that's a lot of hobbies.

Of course... just got back from the bars actually. Like I said, being busy really isn't burdensome if its doing stuff you enjoy.

CompBanker’s Career Guidance Services: https://www.rossettiadvisors.com/
 

The only development is realizing how much I appreciate my free time and friends. Its easy to think you can handle the sacrifice of 2 years and literally let the job consume you, but until you're a few months in, I don't think it really hits.

This might be okay for people used to having little to no social life, and that's cool - but putting up with the small bs (ie. doing a turn late friday night bc the associate wants it, you know he wont look till sunday afternoon) can be bothersome and frustrating. Make sure you prospectives really want to do this..

 

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