Conflicted about the buy-side
Hey everyone,
I'm currently a 2nd year analyst at a BB. I really enjoy what I do and love everyone I work with. My life isn't perfect, I experience the same annoying sh*t that beleaguers your average analyst (i.e., repetitive / pointless tasks, long-nights, incompetent seniors, etc.). However, I'm not personally motivated to leave it all in search of 'greener' pastures.
I didn't partake in on-cycle recruiting, and haven't really recruited for buy-side opportunities since. Roughly 90% of my class has secured MF/UMM offers for next year; and it has me thinking whether I'm missing something? Do I need to leave the sell-side in order to maximize self-fulfillment, optionality down the line, how much money I make, etc?
Open to any and all opinions. Thanks
If you are not self-motivated to want to leave then you should probably stay. I think from a risk-adjusted way to earning 7 figures+ as quickly as possible, banking is one of the best avenues to do that, and if you are generally ok with the status quo of banking then by all means you should do that.
If you don't sound interested in investing or the buy-side right now, then you likely won't enjoy it. Don't think you should necessarily feel any FOMO here since at least in the near term you probably will make more money than your peers who are taking pay cuts to go to PE.
In terms of just commenting generally on optionality, had an MD mentor tell me there's essentially 3 logical points to leave a career in banking: (1) as an analyst you can pivot anywhere (buyside or corporate), (2) as a VP you can pivot to a senior level role in corporate, (3) as an MD you could pivot to be a senior level advisor at a buyside firm or be a CEO/CFO. All this to say that while the most optionality might exist right now, there's still doors open. And if you really hate being an associate in IB and find it's not at all what you expected, I'm sure you can still pivot to the buyside and take a small timeline cut in your career (e.g., leave and go back to be an ASO1 in PE).
Thank you! Could you elaborate on your point about the “status quo” of banking?
When I say "status quo" I just mean - are you okay with the way things are today? E.g., if you don't mind the pointless tasks, long-nights, incompetent seniors that you mentioned then banking could be a good fit for you. A lot of those annoying analyst issues will likely go away with seniority too.
Ah makes sense, thank you.
Can you still recruit for PE after being promoted in banking? For example, associate 2 in IB to associate 2 at a PE firm, Vice President in IB to VP at PE firm.
Feel free to correct me if I'm wrong but I've been told sticking in banking past your early aso years pigeon holes you to the sell-side.
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