Am I a high finance failure?
Bit of a different post.
I am not usually one to be unhappy, but lately I have been feeling so low and semi depressed, it all new to me.
Im in my final year of uni, and secured a full time offer at top fund of funds PE firm as an analyst in their IR team (only doing institutional fundraising), upon graduation (semi target).
This is after being rejected from more than 30 application for SA in IB/ST, and somehow managed to get this. At first I was extremely grateful, content and looking forward to an exciting work position.
However, this meant realising that I will never get into IB, and have to stick to this career path for a long while (still unsure if this is the perfect role for me). On top of that, realising that I will be earning around 35% less than an IB analyst is also a factor. Plus, less “respect” or “prestige” for being in the lite version of finance. And the general view people have on IR.
I know I am young, but I feel that this is my “now or never” moment, and don’t want look back with regrets. I know this isn’t a drama, fortunate to have this at least. And have seen how many of my friends have also struggled, but I was hungry for more, I wanted to feed on my ambition to be the best out of my class ( just for me, I know no one give a crap)
Feeling quite stuck and disorientated. Maybe disappointed In myself for not reaching the pinnacle of what I set out to achieve. I guess the grass is always greener on the other side.
Can probably still go to a boutique IB firm and then lateral to a bank at some point. More likely though an MBA can help pivot if you realize you really don’t like IR. I know it’s rare but I’ve personally spoke with some people who made the back office to front office jump. Being at a big name firm for the BO role helps, and I wouldn’t say it’s impossible.
No, you aren’t a “high finance failure,” but you may be a melodramatic sissy
>However, this meant realising that I will never get into IB
How? Plenty of people lateral to IB after a few years in corporate finance/audit/various other jobs.
Do you know if being in IR private equity, will be more helpful to break into IB than big 4 consultancy.. ? (genuinely curious)
And you are right.. bit of a sissy, more like fomo from IB I guess.
Life is unpredictable. You have a great opportunity in front of you, and it's not like the doors are permanently closed. You may also just find that what you thought you wanted wasn't the right path for you, anyway. In any case, no point in regretting what's already done.
I flamed out of recruiting from an Ivy and didn't have a job for over a year after graduating as an international student. Now in my early 30's, work in LMM PC and neither my job or employer is going to wow anyone but I work with a great team, have a great-for-finance WLB and clear $350k in a non-NYC/SF market. 20 year old me would have been disappointed. Maybe this would be disappointing to a lot of people on WSO, I don't know. But like, that's still a great outcome and I spend approximately 0% of my day wishing I was somewhere more "prestigious."
Great insight
thanks for this post man.
As someone who recently left finance and have been struggling with loss of identity that was totally wrapped up in my job, this is a great post.
OP - you just graduated and have a job that will give you exposure to the industry you're interested in, which will comp you well. If you decide you don't like IR, you can make moves to lateral to something else. I was at a MM bank before doing corp dev, and multiple analysts I knew had non-IB / transaction experience before lateraling. You're not going to lateral straight to PJT, but there will be plenty of banks that are willing to consider non-traditional experience as soon as the market bounces back.
If I could rewind the clock and I were in your shoes, I would take an amazing international trip with friends. Try to enjoy the free time that you have and make memories while you're young and still have the time/energy.
Also this was a recommendation given to me by someone else on this site recently (and I'm planning on adhering to it after this post) - get off WSO for a bit. I'm planning on unplugging myself for the next 6 months or so just to reset. This site has a ton of valuable information, but it's also kind of like the Instagram of careers where you are constantly bombarded by people and content that is telling you that what you're doing isn't good enough, you're pigeonholed, you've fucked up your career, you won't get into HBS, etc. Try to detach from all of that, focus on doing good work for a full year, and then reevaluate next steps after you've gotten some experience under your belt.
How did you get past the gap and end up in your current seat?
If anything try the mba path after a few years of building experience and relationships and recruit again later
Gotta say as a 29yo who’s had ballpark similar thoughts, you have so much time and opportunity in front of you. If you want to network your way into a different role, start planting those seeds now and it can be done. Worst case go MBA in a handful of years. But feeling like a failure in your position is unfounded
Investor Relations is an IB exit that's common from the product side (ECM/DCM) anyway.
I would wager you could probably break into UK Investment Banking & Corporate Broking from your role.
Thanks for your reply man, means a lot.
Can I PM you, I would love to ask you for a little advice
There are so many troll posts at this point so no idea if this is satire or not. Yes you are a "high finance failure".
I remember feeling like this senior year. I had high hopes of IB, but ended up only landing a return offer at a HFOF for much less than IB comp. It was still more money than my dad made in a year.
2 years in, I had accelerated my comp 30%. Made good relationships with multiple partners and directors at the firm. And hired by one of the PMs as a trader when they started a direct hedge fund.
ended up going to an M7 MBA and getting into MBB.
it felt like a failure at the time, but you really never know where life could take you
Dude, no. IR is fine and personally I love the secondaries / FoF space.
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