Alternative options to IB
It's clear that IB and similar careers like ER, PE, S&T are all elite careers in the UK reserved for people from top target universities. It's ridiculous to see the number of Oxford/Cambridge/LSE students in these fields. Grads from those 3 universities are so highly overrepresented in these elitist fields.
What alternative options are there to IB and other competitive roles given my profile?
I did badly in my A-levels and have a first class degree from a complete non-target university. I'm doing a master's degree at LSE but my A-levels and non-target undergraduate uni have ruined my prospects especially given how competitive things are this cycle.
I honestly don't even think I'd be able to get a strategy/transactions role at a Big 4 firm. Things have become so competitive now that really good applicants are getting rejected from IB and MBB and are going for the relatively less competitive roles like Big 4 transactions/corporate finance. This has made even the less competitive roles super competitive.
What roles would I genuinely have a chance for? I'm worried that Big 4 audit is the only thing I may be competitive for.
Are there any opportunities that I'd be more suited for given my academic profile? Do I have to settle for inferior careers like accountancy or would I stand a chance at something like asset management or a middle office function in IB?
I did offer some well-meaning comments in your prior posts which you sort of discounted, but I'll try again (in the event that you're trolling then maybe it'll be helpful for someone else reading the post).
Also it is somehow ironic that you refer to some jobs as "loser" (a prior post) / "inferior" and also lament how "elitist" some jobs are).
1) Start a business. If you're capable and competent enough to have been successful as a banker, you have a good chance with a business. I doubt Steve Jobs (or the long tail or smaller entrepreneurs who've made companies) wish they had been a banker.
2) Big 4 non-TS / CF. I know, I know. You don't want it. But hear me out. Partners in Tax, Audit, etc. make A LOT of money, and if you're an expert in some niche, so much the better. Also, a lot of accountants (I know you hate this) can (A) find their way to PE front office, or (B) end up in CFO roles at PE-backed firms (if you don't believe me, then go on LinkedIn and look at UK job postings by the recruiter Finatal - CFOs or related roles at these firms get exposure to sweet equity where you can earn a ton)
3) Work at a large corporate - work your way up. Rotate into Corporate Development. Maybe rise higher.
4) I'm not sure what your goals are in life (are you?), but if it's money (and I get that you come from a wealthy background), middle office will earn far less than being a Partner in Big 4 in any vertical over the long term.
5) Consulting? Hopefully no explanation needed.
Not trolling. Just fed up with getting fucking rejected.
IB VPs make more than Big 4 partners in audit or tax lmfao.
Consulting is even more elitist than IB. If you think BB IB is hard try getting into McKinsey or BCG.
You've got to get a job though...? I would not be shitting on Big 4 from your situation, that is realistically the next rung down and offers a path into IB. There is no magical, prestigious, high paying job that is not competitive. It's not at all new that Big 4 TAS/corp fin are still very competitive and get quality applicants, been that way for the last decade. Not trying to dunk on you, just have to be realistic here dude. Big 4 may be your best option and still may be competitive.
Asset management is even more competitive than IB (high pay + far better WLB), unless it's a back office function, so I wouldn't spend too much time there
Not surprised you haven’t managed to get anything given how obnoxious you sound. Jesus just reading your posts and replies annoys me, your attitude probably comes through in interviews.
IB VPs (and I was one of them not too long ago. I was paid c. $500k gross which is relatively generous in the UK and not more than a Partner in Big 4) do not get paid more than Partners in Big 4. Please don't be condescending towards me (I hope I'm respectful enough not to do that to you). Remember that salary is only part of comp and Partners are entitled to a share of profits (as well as bonuses).
Fully agree that at the lower rungs, IB pays way more than any Big 4 role.
Agree also that big 3 consulting roles are ultra-competitive, you're right. But I think you ought to look beyond the big 3. There are dozens of consultants out there from the Accentures to the A&Ms to the Oliver Wymans to the Roland Bergers, etc.).
Again, encourage you to be open minded here given your situation (and I'm truly trying only trying to help. I'll stop posting if these comments aren't helping).
You haven’t even got 1 job and you’re already sneering down at big 4 partners who make 400k a year, are you an idiot you need to get a job to make money, the attitude 1 million or 0 is stupid grow up, this is likely why you keep getting rejected this kind of personality isn’t popular
Could you elaborate on consulting Please?
Of course, and I really don't pretend to be any kind of font of wisdom here - I work in IB, and while I have friends in Consulting ("CO") and know a bit about it, I'm no expert. At university I explored that career path and for some reason a BCG consulting took me under his wing and tried to get me through the applications, but by the time I got my offer in IB I just gave up on CO and didn't look back.
CO is a lucrative and interesting career. There are a ton of blogs and posts out there so I won't repeat it all, but you have the "Big 3" (MBB, or McKinsey, Bain, BCG) consultants which are extremely competitive generalist consultants. There are a huge number of smaller consultants which range from other, smaller, generalists, to the Big 4 (KPMG, Deloitte, EY, PwC, who also have consulting functions), to specialist consultants who only know a particular field, but know that field extraordinarily well.
It's difficult to describe what consultants do because it really could be anything. How it was described to me is that consultants are experts in approaching problems and organising data in such a way as to come to a solution. The problem a company might have is "How can I improve profitability in my [Soft Drinks] division?" The consultant goes away and comes up with recommendations (based on interviews, data both internal and expernal to the company, case studies of past, similar situations, etc."
From a candidate perspective, you can learn a lot of skills (I'd say primarily soft skills but don't underestimate these), get exposure to senior level individuals at clients, and earn quite a lucrative income (certainly a respectable white collar salary, but much more if you become Partner or if you start your own firm).
Just want to re-emphasise that I'm a banker and I've never worked in consulting. This is all second hand knowledge. But the point I was (thanklessly) making to OP was that CO is (A) lucrative financially, (B) potentially intellectually challenging, (C) open to individuals with similar backgrounds to bankers but with a long tail of smaller firms which are less competitive, and (D) generally well-respected both personally and in social circles (if that's where you get your shits and giggles which...some people...seem to)
I feel like I’ve read this same post 100 times now
living off your inheritance
I want to try and do something for myself before I do that
Give the spot to someone who actually needs it
Asset management at a more boutique shop. Once you’re mid level there are options for you to move into a larger platform and level up your comp
Getting fed up with your posts. First get some job and then think about getting into IB otherwise you are getting no where
You can't into IB from 'some job'.
Average LSE masters student
Yeah seems the uni is only valued at the undergrad level in finance.
You probably don't want to hear this but maybe just come to peace with the potential fact that you are just not good enough, which is perfectly okay. And I am sorry. I’ am sorry you are a hothouse flower. That you are nothing. You are curdled cream. Maybe you should write a book or collect sports cars or something. But for the world? Nah. I am sorry. You’re not made for it.
Yeah I've become aware that in the UK you have to go to an elite target. There's a reason why so many grads are from Oxford/Cambridge/LSE undergrads. At the least you need to go to a semi-target like Bristol or Bath.
I went to a complete non-target for my undergrad so that's why I never stood a chance.
Yeah, that’s not why.
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