Sorry in advance for the long post, but I need some advice... Let me begin by saying I know I am getting slightly ahead of myself, but I would rather start thinking about this sooner rather than later. So I lost my summer internship in IBD when my bank went under in the spring. I managed to get another job working for a TOP Asset Management company in their Alternative Investment group, in a PE related fund. I worked 6 weeks, just myself and an MD. We get along great, he's a great boss, the lifestyle is far better than IBD and he wants me to come back and work for him when he launches the fund. I would literally be the first person working in the group besides the MD, so it would be nice to get in very early. Base pay is IBD street (65k+10k signing) and bonus will be slightly below street, but not living in NYC, so cost of living is much lower.
Now, I am interviewing at a number of other places for both IBD and S&T. I have moved onto a BB IBD superday, a MM IBD superday, and a BB S&T superday and am waiting to hear responses about first rounds at a few other places. IF (I know its a big if) I were to manage to get an offer at one of these other places, would I be nuts to turn it down?
Thanks for any input.
take the job at the Asset Management firm in my opinion. DO NOT underestimate the importance of getting along with your boss. If the fund does well, you will do VERY well since you were the #2 person in, even if it is a small fund. granted it probably has limited upside "bonus" potential in the long run, but I would argue it has long-term potential to be a great career with a great lifestyle given that you are the seond guy in and you already know you get along with the head guy.
As long as you enjoy the work, you will not regret your decision.
On the other hand, if you are dead-set on trying to get into PE some day you might want to take one of the ibanking jobs since that will likely be an easier transfer.
Yea, thanks for the advice Patrick, that was along the lines of what I was thinking. It is a smaller fund at this point ($1-2B) but he plans on launching additional funds in future years. The team will be on the small side and I hope to get some direct exposure with PE managers along the way, which could potentially lead into a job at some point down the road... as we all know, its all about connections.
My buddies taking ibd jobs all think I am crazy if I pass an IBD job for IM, even though its not really IM since its within their AI group.
Anyone else?
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C'mon guys... someone must have an opinion on this
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Take the Job! It's all you need and then some. You've got an opportunity to be on the forefront of a PE fund that's just starting. Screw working in every other job you are looking at, take this! It's first hand experience that everyone would want if they were in your shoes. Don't let the fact that this is an IM position (regardless of the fact that it's housed within AI and covers PE) affect the fact that this position is ripe for your taking. In the end, the fact that you have an IM background as opposed to IBD doesn't mean anything. Also, weigh the following option, you have an instant in in a shitty job market doing something all of the college kids looking for a job right now will shit themselves for. Those are my 2 Cents. If you want my further ranting, PM me and I'll give you a bit more color.
I say take the job. I just think that you have a lot more potential with this new firm. If you go to a BB, you probably might end up taking the routine track which is 2 years Analyst and then some PE shop where you will start as an associate. In this case you have the chance to become a big player for your PE firm and that will give you way more riches than some BB job.
I would take the job. Seems like there's a lot of upside potential and it's a very unique opportunity. You can always go back to IBD.
Thanks for the advice everyone, anyone else's opinion would be great as well.
NEVER lose your BlackBerry www.conveniencesoftware.com
[quote=Convenience Software]Thanks for the advice everyone, anyone else's opinion would be great as well.
NEVER lose your BlackBerry www.conveniencesoftware.com[/quote]
PLEASE DONT BE A FOOL. TAKE THE JOB! Think of it as more like an entrepreneurial venture as ure not working for one of the big banks.
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