Experienced IB Associates and Above: What is Your Long-Game in IB? How Are You Feeling About Your Jobs?
I know this discussion is had fairly frequently but it normally gets bogged down into a venting sesh for burned out Analysts / Interns and we all know those first two years can be a shock to the system and just a general cluster fuck, so it skews feedback a little bit because I think most users here are Analyst 2 and below. So wanted to hear specifically from those who have grinded past the Analyst stint and/or those who have come in at the Associate level and see this as a long-term career.
Would love to hear from Experienced Associates, VPs, Directors, MDs, etc.
Few points to discuss:
- How do you like your job in IB now that you've presumably gotten past the horrible Analyst slog?
- Do you find the work you are now doing more interesting? Is it a bit less frustrating now that you've got some support beneath you for the bitchiest of the bitch work?
- Have you been able to manage your WLB a bit better or at least gotten more flexibility around being able to fire off emails / do admin work away from your office desk?
- Obviously the market is a bit slower, but what are your hours like relative to Analyst level? Marginal improvement?
- How do you think about the long game? Is your current pace of work sustainable? Are you counting on it improving as you move up? If you don't think it's sustainable, what do you look at as your next steps and/or end goal for leaving IB?
For my piece, I've found that I enjoy my job a lot better the more I move up. Hours are more like 12 hours in office on weekdays, weekend work is as needed but typically ends up averaging ~10 hours, often in shorter increments. Though I'm still working around 70ish hours a week (would definitely be more in a busier market), it is incredibly relieving and compresses my hours significantly now that I know what I'm doing. A lot less late nights where I'm stressed the hell out and having to do things the super, duper long way or figure things out for the first time while on an active deal, working past midnight.
General comfort with long/complex models, getting to know the way we do things at my specific bank, accumulating templates, understanding what comments to focus on versus which I can get away with letting go by the wayside, having grunt work support beneath me and knowing how to use our market data services have all helped improve the experience significantly. I'm at a point where I feel fairly indifferent about the path forward. Feel like there's a defined path upwards, at least to VP / Director for now, in IB, but also starting to entertain some Corp Dev roles or buy-side roles at small but growing funds. The type that won't pay as well initially but hire Associates with direct industry/product experience for the partner track.
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enjoy it most days, feel stuck to the money though and not sure what exit would be
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1) Like anything it has it's good parts and bits I like less. On the whole and when I look around the "what else", there's nothing too compelling. It's interesting and we're meeting new people and learning about new businesses all the time, and the more you know, the more you're valued. It's stimulating and entrepreneurial - unlike a lot of corporate jobs, it's quite clear what my "mission" is (which I find satisfying), and there's a real "storyline" to each project that has a clear success or failure. I find it quite unsatisfying to work in a job where it isn't clear what my goal is.
2) Yes it's absolutely more interesting. The tasks are far less repetitive and we're really getting ahead by learning and having conversations. That said, the work is much more mentally draining. Having to untangle a thorny issue in an EV-Equity bridge, then draft a Management Presentation, then come up with a list of due diligence areas, and where the buck truly stops with you (you can't do a half-assed job like copy and paste a past template and tweak a couple bits and then trust your AS / VP / etc. to tidy it up) is hard. There are days when I'd much rather stick headphones in and shuffle the proverbial logos
3) For me one of the best things about getting more senior was getting more flexibility and making (for the most part) my own deadlines. There was nothing I despised more than having my night dumped on so an over-eager VP could "review" it first-thing (it would sit on his desk until midday inevitably) or I'd need to haul my ass into the office at 10am on a Saturday because a Director had plans already on Saturday afternoon. The hours are definitely less, although I caution that it's much less easy to become detached. You're much less truly "away" when you get more senior - if there's a live deal and your client needs you and you're on holiday, tough. This sounds awful and I don't mean it in a nasty way, but Analysts are a lot more repaceable (which is good for Analysts in a way!)
4) Long term I honestly don't know. I never thought I'd get as senior as I have to be honest. We get paid an outrageous amount of money for what we do and I don't come from money, so I've sort of adopted the idea that since I enjoy the job, I'll keep going until I start to become an average or below average performer, and just keep building a financial base until then. Alternatively I'll quit if the hours get too tough (which sounds weird as I just said they're getting less, but I don't have kids yet - I might soon, and I'm self-aware enough to know that that is going to change me psychologically in ways I can't understand)
Bump. Interested to hear more.
Currently in Strat & Corp Dev after having spent some time as an IB analyst. When IB recruiting picks up I would be interested to hop back in as an associate for increased career development and then either climb to MD or exit back to Corp Dev depending on how things pan out.
Just want to make sure I’m not making a huge mistake getting back into banking. It was hard but I remember being more than capable of handling 70-80hrs a week. When it was regularly over that is when I was regularly struggling.
For context, would be thinking MM IB in the Industrials space. Happy to provide more context if it helps.
You went from IB… to corp dev… and you want to go back to IB… and then maybe go back to corp dev? Why did you leave IB in the first place? As someone in IB at face value this doesn’t make too much sense. All of my peers that have left say they’re much happier (low bar) and would never consider returning.
Tread carefully. Rosy retrospection always makes the past seem easier, more pleasant, and more compelling than it ever was. Even if your banking experience was bearable, the likelihood of that outlier event happening twice in a row seems low.
Came in as an MBA Associate after 5 years in Big4 audit and TAS. VP at a MM boutique working on deals in the 35-200mm range. The work is fine and the pay is fair. I'm definitely not an IB lifer, and I'm actually starting to look to make a move in early 2024. Corp Dev or even a nice simple FP&A role would be ideal. Honestly, I think IB is pretty stupid...I got in for the money, and now I'm ready to bounce ASA fucking P.
Lower middle market is so sweaty. I worked at a shop doing similar sized deals to you, and then moved to a BB. The clients have much cleaner data and are more familiar with an M&A process which makes life way easier. Not to mention the buyer universe for a $1B+ company is much smaller than those LMM deals where just about every sponsor could be a “potential buyer”. Broad auctions suck cock. Last thing is that BBs have 10+ people on the deal team, so you have a lot of support.
Exactly right. Friends at BBs tell me that mediocre or even poor performers can hide in the background. Not the case in a small shop.
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