Title.
Currently a second year analyst at EB in NYC. I’ve done a bunch of interviews and have made it to late stages at a handful of firms and actually turned down a PE offer because I didn’t think it was a good fit. Pretty consistently nail the model portion of interviews, and do well enough in some processes to get to the point where I’m one of the few candidates being chosen to get an offer. Have gotten rejected at some of my top choices though, but still have good prospects.
I’m also doing really well in my current role. However, the thought of doing a 3rd year as an analyst is just feels so dreadful to even think about. Not because I dislike the role, but feeling like I’m wasting a year of comp and learning. Why stay on when getting paid less than I would in a PE role? Most of the people in my class with PE offers base is 15-40k more (granted, they are top shops) even though my firm supposedly says they match PE comp for 3rd year (like LMM??). I feel like my performance is equal or greater than these peers.
I feel like the saying “comparison is the thief of joy” is pretty relevant here. On one hand, it’s just one year, so who cares that I could be making more money today. I actually don’t mind my current role that much as I’m already able to pass on most of the stuff I don’t like to 1st yrs/stub assoc. Since my firm doesnt give early promotes to even top performers, should I just hang out for another year and not try that hard? Not like I’m being underpaid relative to any other non-finance career path available to me. It’s just annoys me that even if I’m confident I can handle the role of IB assoc, I have to wait another 1.5 yrs for the pay. Another part of my issue is that I really don’t like any part of living in NYC except the work opportunities so I feel the need to maximize my learning and comp while I’m here. There are many places I’d prefer to live, but don’t have interesting work imo.
TL:DR For the third year analysts, do you feel like you made the right choice to stay? Or for PE associates, do you wish you stayed on for the third analyst yr to chill before PE role?
the comp difference over one year is negligible. It took me 3 years to get into banking and actually took a discount from the prior valuations associate role I was in despite working more hours. But I am happy I did it because I enjoy the new role more. Which do you want to do—investing or banking? Which firm has a better culture and can set you up for a long term career in finance better?
Those are the only two things that matter imo and will keep you from burning out. No point complaining about one year of comp when this is a crucial decision in your 30+ year long career
I could see myself in an IB role up through VP, even though I do prefer investing. Reason I wouldn’t want to stay on past VP is seems to switch too much to a sales role after VP, which I do not like and would not want to stay on at that point. Wile definitely doable to switch to PE at VP level, I think it might be a better idea to switch to PE sooner to get more tx experience under my belt
IB to PE at VP level is not really realistic at all. Maybe for business development or at a small startup fund.
I currently work in PE at a MM fund. Prior to that I worked at a top boutique like you did for 3 years and thought it would have been much better had I moved to buy side a year earlier - worked more as an a3 than I did as an a2.
Also, you’re more likely better off at a mm fund. Read the sentiment on MF and UMM, tons of people burn out or need to leave for Bschool after a few years working there, especially if you came from an already sweaty group.
You can’t seriously be turning down offers unless they’re total a** or in an odd geography. Take your next decent to good offer and don’t look back
Got a quick question about MM PE firms can I PM you
why would you turn down that offer after going through the entire process?
Iste itaque nostrum commodi corrupti voluptas soluta eius. Voluptatum ab velit reiciendis. Vel omnis occaecati asperiores in ipsam fugiat et.
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