Are any other interns contemplating if IB is for them? It's only been a month so far, but I don't know if this is something I would want to do even for 2 years - the intended exit, PE, from what I understand isn't going to be vastly different. Would love to hear your thoughts
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Not an intern, but this is common and it's good to realize it now. It's a good time to exit into tech or whatever else interests you, just make sure you receive the FT offer.
Yes, Investment Banking is not as strategic as I once thought and it's definitely very one-dimensional. I'd like something a bit more entrepreneurial than pasting into spreadsheets/moving logos in PowerPoint. It's kind of funny to say, but IB is kinda like the end game of sales or specialist sales. But I wouldn't mind doing this for a living. Not everyone can be Jeff Bezos, Steve Jobs, or Walt Disney.
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Bezos worked at McDonald's as a fry book, at Fitel where he did engineering to build a network for international trades, as a product manager at Bankers Trust, and at DE Shaw where he led the "Third Market" group which was focused on creating an off-exchange market for listed equities.
But yeah Bezos was a "Banker"
I would argue that PE is much more interesting than IB. While you're pretty much doing the same thing at the junior levels, being a PE Partner making investment decisions and checking in with management seems much more exciting than the MD banker that is a king among his deal team, but still the peasant to the client. Careers are all about the long-term-- think of junior finance roles as the substitute to going to med school/residency before becoming a doctor. So much more BS that you have to deal with as a junior, albeit the stress and pressure only goes up.
Unless you literally live and breathe finance (very very few people), I'd recommend you view finance as a stepping stone for your career. I think there's a point where you want to balance your interests in life. If you're completely fine with working long days (and nights) for your life then maybe finance is for you, but I think most people want some sort of WLB at the end of the day.
At the same time, finance is a launchpad and the longer you stay in the faster you can climb the corporate ladder (if you plan to climb it). 2 years of IB will get you a good role in a Fortune 500 company, 2 years of IB + 2 years of PE will get you significantly further. I know a few people who did 2 years of IB and 4 years of PE (got the Principal direct promo) and these guys (when they choose to exit PE into corporate) are very senior at growth stage companies (Series C / D, ones that are large enough that they will not fail tomorrow but also experience a huge amount of growth). The $$$ you get at working for these types of companies can be really high since you get stock options and restricted equity and if the company goes public a few years down the line, chances are you could make a lot of money from it while working good hours (40-50).
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