Where is the $ after ER
I am a new associate at a MM firm and don’t really know what I got myself into long-term. I wanted to do IB all of college but decided the WLB wasn’t for me. Now I’m worried (because an exit into PE is non-existent), how I’ll ever break $1M total comp in a year. What are the best exit opportunities, timelines, and comps for positions on sell-side, and buy-side at different firms (HF, long only, etc.)? Can I still be successful?
None bc you’re too afraid to use the search bar
Thanks for a vague response and absolutely no help
You’re cooked. Exit to Phd in finance and teach
Fry cooker or shoe cleaner
Shoe cleaner could lowkey be nice. At least you don’t have to split a bonus
Well then why did you enter ER? It’s been clearly noted multiple times that PE exits are nonexistent from ER…
Starting out in ER is fantastic for people who
1. enjoy the client/media facing role of the sell side and want to make a career of it
2. have a goal of ending up at a long only or pod
PE is simply a different career path.
Go to a HF
can you do PE from ER?
LMM ye
People shit on climbing to become Analyst, but hot sectors (i.e. biotech) will get your average Analyst low 7 fig comp. HF, long only, pod, CFO/CBO/upper level strategy for start up, are some that come to mind. SS ER opens a ton of doors. If you don’t think so, you either 1) work for a bucket and your Analyst is shit, or 2) you have no competence and don’t know the usefulness of all that company/BS exposure, on top of the work.
Why not IB? A pretty common transition is ER to IB after a year or two. IMO you should re think your thesis on why you dont want to be in IB. Even if you can tolerate IB for a year it will set you up for almost any exit you want. It depends on the industry but in the mining and metals space IB shops love ER guys because of the in depth specific industry knowledge we have. The ability to slice and dice and mine model and understand how it actually operates is an invaluable skill. Almost as useful as a geologist in ER. But going back to your question: I see two options. Switch to the buy side (try to get in with a HF, maybe become a PM one day) or do IB for a year and get your fancy PE exit. Lots of ER people in the mining and metals space become Investor Relations for mining companies.. and they get lots of options. You can have a SERIOUS SERIOUS pay day if the company does well in a commodity boom.
IMO if you're worried about IB for the 70/80hr work weeks then you need to re think your mindset. Small short term sacrifice for a lot of upside. Get to the top in whatever industry you choose and you will be paid well.
Not a common transition
I disagree. At least in Canada, ER to IB is probably the most common transition there is. BB in Canada would rather pull an ER associate with 1+ years experience rather than a fresh business grad from a target school with intern experience.
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