Banking functions with slightly better WLB with minor paycut
Associate 1 at an EB (ignore name). Really fed up of coverage banking. I don't like the work, don't like the industry, also tired to doing M&A all the time. Also, I'm not that interested in PE / HF; however, what I don't want to do is exit to a corporate function (corp dev / FP&A). I still enjoy the general concept of providing financial services, I think I just don't like the IB at an EB lol. What are some other options as an "exit". I use the term exit loosely of course.
Some options I've been considering are Capital Markets groups (ECM/DCM), Corporate Banking, maybe Lev Fin (although idk about WLB there). I know everyone is trying to move from those groups to Coverage. But has anyone gone from Coverage to one of those groups of slightly better WLB? Is this just a grass is greener situation? I imagine ECM/DCM would have more market based hours, and on average less weekend work. Is it even possible to move at the associate level to those groups? Any insights would be helpful!
Look into public finance (healthcare / infrastructure specifically)
DCM and ECM can get pretty intense too during the day but overall hours are still lower
I imagine Public Finance is not the same as Project Finance? I’m fine with intensity and generally long hours during the week. Just want some semblance of a weekend time off lol
Public finance is munis - project finance is basically infra debt (public and private). Pubfin tends to be less hours
I'd second PubFin as a good landing spot. The industry is a bit split with those who focus on the traditional business (i.e. States, Transportation Authority's, Colleges, etc.) and those that sit in the higher margin business (i,e. NFP Healthcare and the Infra/Project Finance teams). The space tends to be less hierarchal and people tend to be nicer than most of IB.
Those in the traditional business have great WLB after the analyst/associate years (typically 50 - 60 hour weeks with little to no weekend work) with MDs/Ds at BBs clearing $500k TC (and for those who are very good, into the 7 figure range). The caveat to the mix of high pay and good wlb is that the work may be a little repetitive as you are strictly doing bond financings (most of which are high grade) and you are dealing with government red tape. If you can get into some hairier deals that are heavily laced with derivatives or are non-IG then it can be more interesting. Its worth noting that there is a some public policy exposure here if that is of interest to you.
Those in NFP Healthcare and Infra/Project Finance typically have higher TC, worse WLB, and more interesting work imo. These roles are still predominately debt financing focused, but there is a good bit of advisory work (i.e. Hospital M&A, Private Toll Road M&A, Puerto Rico's Restructuring, etc.). At BBs pay is on par with ECM/DCM and outside of the analyst years, seniors work +/- 60 hours a week. A decent portion of senior bankers in these roles first spent time on Corporate HC IB teams or Industrials/Energy/Project Finance teams. The NFP HC bond deals are typically IG, while the Project Finance/Infra bond deals tend to be HY. At my BB these guys tend to work closely with other areas of the IB and often pitch large clients together (i.e Kiser for HC or Waste Management for Infra).
Commercial banking, private banking, AM
Depending on the bank but should definitely be fine. Would advise start speaking with associates and VPs in these teams to build network and get a sense of which teams you’d be more interested in. Lev Fin and to a less extent ECM would still have long hours, but typically DCM should have slightly more stable/better hours
Do you like the coverage area you’re in broadly (I.E. tech)? Perhaps you should just lateral to a BB where you can be split between LF, ECM, and M&A.
Currently at a coverage group at a bulge and honestly like the fact it’s not just one product over and over again
Honestly not really. My space is active right now, but I personally don’t find it interesting.
You’re right. I think I’m ultimately over M&A and want other product exposure. Coverage at a BB is not the worst I guess (though probably equivalent from WLB perspective)
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