Thinking about applying to an OCIO as a principal. Does anyone have any insights into WLB, comp, career progression, versus just staying at my MBB? Has anyone done this before?
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Based on the most helpful WSO content, transitioning from MBB to an OCIO (Outsourced Chief Investment Office) role can offer a different set of trade-offs compared to staying at MBB. Here's a breakdown of key considerations:
Work-Life Balance (WLB):
Compensation:
Career Progression:
Skill Set and Exit Opportunities:
If you're considering this move, it might be worth reflecting on your long-term career goals, lifestyle preferences, and interest in investment management versus broader consulting work. If you have specific questions about OCIO firms or roles, feel free to ask!
Sources: Checking in 6 years later [IB to MBB transition], Checking in 6 years later [IB to MBB transition], Investment Banking vs Management Consulting in Italy, 2019 MBB Comparison (Interview Process, Locations, Responsibilities, Perks...), From trader to consultant
What is the role more specifically, is it a principal type role meaning 'partner' with an equity stake/buy in? Or is this a 'principal' titled role, that's more akin to a director or higher title wise, and it's a general role like strategy/product/client facing/investments within the OCIO?
Any insights on comp trajectory or WLB?
Well - here's a broad generalization. WLB will be largely better for the most part versus IB/PE/etc. - you'll be looking 40-60 hours a week - and I'm being very broad, as it's role dependent. Some more, of course, but it's not generally a nights and weekends gig overall. Compensation follows what most LO AM is - it's largely backloaded, and varies considerably based on the role and the OCIO provider itself. I'd argue many of the roles, even investment related, will be a slight discount relatively speaking as you are more allocator/manager evaluator than you are a direct investor (i.e. a fixed income credit analyst) so to speak. But still - compensation is good across the board, if you have a good performing firm that's growing or at least not bleeding assets.
One thing to consider with OCIO providers - it's an industry that's very, very quickly turning into an M&A machine like all of the other areas of AM. The largest 15 or 20 have incredible market share, and are largely part of established big banks, AM firms, or traditional consultants who've expanded their offerings. Those comp, literally and figuratively, to the broader firm they are a part of - generally speaking. The 'best' in my view would be smaller or mid tier providers, dominant in a niche in the market, who are private or even PE owned with some principal/partnership opportunities. Valuations are going to be pretty high at this point - but those remain the best, in my view, long term comp trajectory you have.
That said - it's a wildly competitive market place at this point. M&A is, frankly, probably the quickest and most realistic growth area for most OCIO providers. Not only are you competing with other providers, you are competing with the freaking asset owners themselves - as many are large enough now to hire their own staff or selectively outsource. Add in everyone is running to the same segments - higher ed, endowments, foundations, etc. - it's not dissimilar to the rest of LO AM, but I do think there are unique dynamics. You are even are seeing investment teams get lifted out of large asset owners into the providers vs. simply paying a fee to manage pension plans.
Anyway - rambling over. I can try and be helpful further if any of this is useful. I could ramble on for a while.
Probably a waste of time. MBB consulting has no overlap with OCIO skills.
might get looks if you take a step down title wise to associate.
I'd generally agree - the primary roles where that background would really shine are what i'd consider product/strategy roles, focused more at the business level. Looking at how to improve the delivery of OCIO services, product extensions, strategic growth initiatives, positioning of the firm, etc.
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