Has Anyone Here Left A Relatively Cushy UMM / MF PE Seat To Pursue MM HF Work Instead?
Considering making a move to one of the big 4 MMs. Currently have a relatively decent gig at a UMM PE shop, no up or out in 3 years, starting in the L300s and moving up sequentially over time. WLB/perks are decent (food/snacks at the office and probably putting 60 hours a week but sometimes 50 too). My boss is okay/dull and sometimes feel like I teach him certain things and am not learning enough (not a go-getter but knowledgeable but so much of this role is process optimizing and relationship mgmt.) so I do sometimes feel unfulfilled/bored. I manage a personal book (mostly commodities and macro) and right now am learning to make long/short trades in the sector I'm most interested in, in case I do decide to and have ample time to do this right now. I know MM HF will be intellectually stimulating (not relationship monetization), and am confident that comp will scale with performance and time put in (and I will get some freedom too). I think that generally, I've gotten to my current spot because I showed passion/ability to learn not because I followed the set-out path (math @ random non-target, LMM bank in a structured finance role but got an MMHF offer with a well-tenured PM, EB lateral offer and UMM PE offer and ultimately chose UMM PE because it presented the best risk-adjusted return especially given that no 3 years and out structure for my role). But at the same time, low job security, relentless culture,and early mornings seem worrisome - did I forget to add I am definitely someone who would be constantly stressed out and obsess over my positions every day (not sure if normal)? some of you out there might relate. I'm curious if you regretted it or not if you made the switch or ultimately why you chose not to make the switch? What would you tell yourself a few years ago?
I had a cushy UMM PE job that I left for a SM HF. The main draw was work life balance / more stimulating work while having a similar compensation trajectory. The biggest worry was stability of seat so I was very selective with the recruiting process. It’s been 6+ months since I transitioned and I can say with certainty that it was one of the best decisions I made in my life. Overall it’s just the mentality of going from a service / “always on call” / deal making type of role to one that prioritizes research and takes a longer term view. I think that trade off isn’t there when you go to a MM but I’m sure it does to an extent. As long as the team / firm you’re going to is successful and they realize quality of work is not correlated with time spent at work, I think you always end up coming out on top. I’m in my late 20s and I couldn’t continue to see myself working in PE and trying to balance having a family. It’s either I would have delayed the family until I became closer to the Partner level or I made the switch without sacrificing long term comp.
Also waking up early and having a relatively stagnant sleeping schedule is infinitely better for your health than the sporadic late nights in PE. This is such a underrated part of the move. Maybe you can prioritize sleep when you’re a Principal or Partner, but very difficult to do as an Associate / VP.
bump. appreciate AS2's responses
Bump. In a similar boat. What's the culture like at MM HFs?
Hate to say this but this is a heavy "it depends." In the case of MMs, it's very dependent on your PM and colleagues in the pod versus a general firm culture. This is why it's so critical to find out your pod's culture beforehand.
bump
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