I’m new to the Finance world and I see that the path is set like analyst for two years- MBA in top Business School- then PE/Corv development/HF/search fund/etc.
Why is that? Do most people just want the prestige of being a banker? Is the work not rewarding at all? Is it hard to climb the IB ladder?
Any comments or insights would help. Thanks!
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haha yeah, will do! I am getting many different opinions. That's why i posted
Na. Not many jobs pay 200k a year like an associate banker. Not many jobs pay 1m a year at the MD level either.
Despite this forum touting the IB>PE route, MOST bankers don't make it to HF/PE/CD. Most BB/UMM bankers might, but there are many more boutique bankers now days with absolute trash exit opps.
Thank you! Then do you see yourself staying for the long term? If I can ask.
No one I know makes it Analyst to VP to be honest. The job is brutal and it's not a joke. The few people I 'know' that did go Analyst > Direc or MD are highly antisocial people and seem like their life is the bank. I don't know why anyone would need to do that anyway; seeing how much money you make just from analyst to vp.
Which banks would you consider UMM?
Investment Banking is the most lucrative risk adjusted career in the world, hence why it's so hard to break in. The experience you learn in the short two years serves as a springboard for a variety of exits, but staying is also an extremely lucrative career path and many do. I will say there's a distinct difference at the senior level however between senior bankers that like the path and can balance it with a real life and those that probably drank the kool-aid too early and devoted their life to it, the latter being utterly miserable.
Would tech not be that career, especially taking into account they don't have to beat down by 80 hr weeks at any point
tech, imo, is very dynamic and changes pretty quickly and if you don't change quickly enough (which most don't) then I think you can really find yourself out of a job if you get laid off, or will find it tough to lateral.
It's quickly catching up but just remember that at the end of the day, bankers always get paid. In a boom or bust, there's always fees to be had and banks have continued this model for years through many cycles with success. Can't say the same about tech jobs as much.
Thanks! After two years of banking, what is your overall takeaway on the industry far?
The people are more respectful and kind than I initially assumed
I think it's great for many reasons, but my main takeaways are that
1. Bankers will always get paid. PE shops may take a bagel, but there's fees to be had. Economy may be in the shitter, but RX groups are eating well. Boom or bust they'll be there scraping a fee when they can and the industry continues to thrive/survive through these cycles
2. It's an industry that's filled with extremely talented people and that at the end of the day, like almost all business, it's a people business. The best bankers are those that are well liked amongst their peers and respected for being sharp in their space. Great analysts don't always make great MDs, and great MDs weren't always great analysts or associates.
Regarding the "path" to the buyside...I also see lots of people make the jump to PE because it pays more, which is correct 90% of the time and there's nothing wrong with that however they realize that they hated banking and many times PE isn't too different. If you're making these decisions from a pure monetary standpoint, why would you deserve to be happy?
Lastly- make time for self reflection in the early days of your career to make sure you're fighting the right fight and not one you can't win in the long run. We're generally taught how to focus and channel energy to achieve things, but seldom taught how to make sure we're focusing our energy on the right thing. If you pursue this (or anything) for the wrong reasons, you'll hate it, burn out, and have a miserable career and life. Just my .02
yea
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