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"lapike" The buy-side has more interesting work. The buy-side has better hours. After a few years in PE, your carry is enough for you to be a mediocre performer and still make bank.

If this isn't a prime example of "the grass is always greener" I don't know what is. Granted I'm not as knowledgeable as most here, but I for sure know that very few firms have a clear path to carry after a few years as associate, and that PE is not some incredibly safe career path where mediocre performers aren't shown the door. Also you write about buyside clients calling you about changing a color from red to burgundy at 11pm. If anything that goes to show that the people on the other side have to deal with boring, nitpicky work as well if they feel like that is a pressing issue at that hour. I can appreciate your warnings about your experience in banking, but it seems very disingenuous to romanticize the buyside as if it does not have its fair share of BS as well.

I’m a fun guy. Obviously I love the game of basketball. I mean there’s more questions you have to ask me in order for me to tell you about myself. I'm not just gonna give you a whole spill... I mean, I don't even know where you're sitting at
 

Sir, this is a Wendy's

But in all honesty, what type of bank are you at that you are sorting logos as an associate?

Speaking from personal experience, the A2A experience differs drastically depending on bank/group. I did the A2A route at an EB and while my associate years were tough at times, they were much better than my analyst years. Hours are reasonable plus my pay was on-par if not better than several of my peers who went the PE route (with exceptions obviously). I dont know if the experience would be the same at a BB

Banking isnt for everyone, but there are individuals out there such as myself who enjoy the strategic dialogue, working on transformational transactions, originating ideas and deal structuring solutions. I've actually enjoyed my time in banking (granted its heavily firm/group dependent) as we focus on large cap M&A situations and our clients are almost entirely strategics as opposed to sponsors. Seniors take an active role in mentorship and junior development and my responsibility and exposure had increased pretty significantly - you have a 2-3 year track record and the seniors are comfortable in your ability to run a process or analyze a deal structure or present ideas to a F500 board of directors

 

Started as a first year associate just like a 2 year banking analyst would. Few key things. First, be willing to take a step back if this is the path you really want to take. I have seen others recruit to senior associate/VP, but those are exceptionally rare and being able to make the jump at all is lucky. Second, be open to all kinds of direct investing roles. The interviews will be fewer and far between, so if you want enough of them to have a shot at landing the gig you need to increase the number of potential options any way you can. I interviewed for traditional LBO PE, private credit, HF, family offices, growth equity, you name it. If you are dead set on PE I suppose it is ok to focus, but you have vastly higher chances if you open yourself up a bit more. Then once you have real direct investing experience you can try to lateral to your dream job.

 
"lapike" Friends, end of year is coming up and undoubtedly, many of you will be getting promotion opportunities.

Let me tell you this: if you can, abandon the sell-side. Unless you want three and a half more years of sorting logos and having buy-side clients call you at 11 PM asking for the dominant color in the deck to be changed from red to burgundy, there's no reason for you to stay.

The buy-side has more interesting work. The buy-side has better hours. After a few years in PE, your carry is enough for you to be a mediocre performer and still make bank.

Perhaps your favorite thing in life is going to rocket.io and looking up e-mail addresses, then go ahead and stay. But otherwise, even switching industries is better than A2A. I know a top bucket analyst who left this job to go work as a high-end bartender in Kentucky. He's happy now, and he's still clearing just over $100k/year because he has the talent and the wits to be damn good at his job.

And the worst part is - once you're promoted, the calls stop coming. PE doesn't want you as badly. Other banks do, but they just want you to go sort logos for them. The work is the same. You're an alpha in society, sure, but you're a beta in your industry.

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