Are the three years of IB worth it given my opportunity cost?
Background: Final-year Oxbridge student (STEM/PPE/Law).
Currently summer interning at a top EB in London (also top group at this EB). EB has historically high return rates, and I’m pretty confident about landing the return. I've realised that the work isn't rocket science - if you’re reliable, easy to work with, and can handle the grind, you should get a return / be a decent analyst. Received stellar feedback so far.
Realisation: I’m not interested in investing roles long-term (HF, PE, PC, etc.). I’ve found I enjoy the client side a lot more - think Private Wealth or top-tier IR. That’s where my strengths lie: communication, managing relationships, and being commercial. I can survive in IB, but I’m not passionate about it.
Other Offer: I’ve got a FT offer from a well-known firm (not banking), exact same base comp as EB, with probably less bonus (but given UK tax system... i assume total comp differences are minor). Less technical work, but significantly better hours and much more client exposure from day one.
Dilemma: I see the value in doing 1-2 years at the EB - brand name, technical training, exit optionality. But honestly, I feel like I’ve already picked up 80% of the useful skills during this internship - PowerPoint polish, process management, working under pressure, etc. I’m questioning whether it’s worth grinding it out in banking full-time if I’m not looking to exit into buyside investment team.
Question: Is it worth taking the EB FT offer (assuming return) for the "badge" and technical skillset? Or would it make more sense to go straight into the other firm where the work aligns better with my long-term interests (client-facing, commercial, lifestyle)?
Curious to hear thoughts from both junior and mid level bankers, as well as anyone who has left banking.
Thanks in advance, appreciate it :)
Intern thinks he's done learning after 3 weeks in banking. Truly amazing stuff.
That aside, without knowing what the firm youu're doing does, it already sounds like you've made your decision. I don't think EBs carry the same badge you think they do outside of very specific finance circles so not seeing the badge argument. And this other firm is "well-known" anyway so what are you really losing. Technical training - sounds like you don't even want that skillset so who cares/
However, I'd urge you to not just think in "short-term" time frames. The base comps are the same now - what happens in 3 years? (banking was never about first year comp). Then, outside of money, consider how both jobs evolve in terms of WLB (some jobs get worse over time), and responsibility (some jobs get "better" over time) etc.
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