Stay in my current role or move to private credit?
I'm facing a dilemma I'm hoping you all could help me with. I left PE in 2023 after three years as an associate (promoted to senior associate after three years; title out of date)--a combination of burnout and my moving to a different city. After a few months of my trying to figure out what to do, I joined a company in my industry (think tech/healthcare) at a director level in finance/strategy.
My total cash comp in this role is ~$330k now with a little equity ($100-200k if the company does extremely well over the next 4-5 years; not great time/performance vesting terms). The lifestyle hasn't been great recently (~55 hours per week), but the hours are flexible, and I'll probably get promoted in a few months to VP (so maybe ~$360-370k in total comp next year).
My challenge is this: I applied to a random VP-level role at a special sits fund in my industry, and, over the past few weeks, I went through the full interview process (a few 30-minute interviews, one weekend case study, and a final round). I haven't gotten an offer yet, but I expect it would be ~$500-550k with no carry.
My trade-off is this: my current role is fully remote (so I get to work out midday if I'd like, spend time with my dog, etc.) and will likely go down in hours as I'm building out my team, whereas this special sits VP role requires five days per week in office, starting at 8am each day.
If you were me, would you make the switch? I live in SF/NYC and expect to for the foreseeable future, so cost of living will be high (in support of my switching). I'm slightly bored by my current job, despite the longer hours, but I feel like this new role would burn me out again, just as I was burned out in private equity. I wouldn't say I'm in love with finance, either, though I do like looking at different businesses and sub-verticals within my industry, so I think the private credit work would be more interesting. I'm also worried a bit about how heavy the deal flow will be: my vertical has only one MD and dedicated associate.
Thanks so much for your help. I appreciate it.
Based on the most helpful WSO content, here’s how you might approach this decision:
Key Considerations:
Compensation vs. Lifestyle:
Interest in the Work:
Future Outlook:
Cost of Living:
Advice:
Final Thoughts:
Given your concerns about burnout and lack of passion for finance, it might be worth staying in your current role for now. Use the time to explore hobbies or side projects that could reignite your interest or help you pivot to something more fulfilling. If you’re still feeling unchallenged after a year or two, you could revisit opportunities in private credit or other areas with a clearer sense of what you want long-term.
Sources: Private Credit $350k+ working 0-20 hours a week. Crazy for leaving?, For seniors who have spent your career in private equity, do you regret it?, Would you leave in this situation?, Leave PE for Corp Dev VP role?, Private Equity vs. Private Credit
Current gig seems to be pretty good and you’re at the point where you’re building your own team. Not sure you’re gonna love being bossed around by an MD again specially if you don’t like finance
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