Hey everyone,
Been a lurker and occasional poster here for the better part of a decade under a different handle. Figured it's my turn to give back!
Shoot any questions you have. My path has been a bit different from the usual, so hopefully, it can provide some perspective for those of you on the grind. A quick rundown of my background:
- Current Role: CSO at a high-growth FinTech player (c. $100m revenue) and now launching my own advisory boutique
- Last IB Role: Executive Director in TMT at a top 15 global bank
- Track Record: 12+ years, successfully executed tech transactions exceeding US$25bn, mostly Tech M&As and IPOs
What might be interesting for you guys:
1. Non-Target to IBD: I broke into IB from a non-target school in Europe. I know the non-target struggle is real, so happy to share how I navigated that and built a successful career at two global banks
2. International Move (The Hard Way): I managed a move from Europe to Hong Kong as a foreigner without speaking Chinese. This wasn't a bank-sponsored transfer, I made it happen on my own. Can talk about the networking ninja skills and positioning required for that
3. The Not-so-Conventional Exit: I didn't go the classic PE route. I jumped to a C-level role at a fast-growing FinTech company. And now building my own advisory practice. Happy to discuss why I made those choices, the lifestyle/comp differences and the transition from IBD to Corporate Development & Strategy
I recently joined WSO as a mentor, I'm available to help if you are after deeper, hands-on support. My motivation for this is simple: my journey was a constant uphill battle. I made a ton of mistakes and figured out how to win the game. I genuinely believe I can help those who are serious about breaking in and succeeding in this industry. I've seen firsthand what separates the candidates who get offers from those who don't, and what makes an analyst a top performer.
Will be checking this thread over the next few days. Let's do it!
Based on the most helpful WSO content, this Q&A thread offers a wealth of insights for anyone navigating the challenging path from a non-target school to a high-level career in investment banking and beyond. Here are the key takeaways and areas of interest:
1. Breaking into IB from a Non-Target School
2. International Move to Hong Kong
3. Unconventional Exit to FinTech
4. Building an Advisory Boutique
5. Mentorship and Lessons Learned
This thread is a goldmine for anyone looking to break into IB from a non-target, navigate international career moves, or explore alternative exits like FinTech or entrepreneurship. If you have specific questions about any of these topics, engaging with the poster could provide actionable insights tailored to your situation.
Sources: The Case for Choosing a Non-Target, Started in M&A this month; 30 Years old. No prior experience. Non-target school., Q&A: HK IBD, Comprehensive List of Target Schools for Investment Banking, A Guide for Switching From Commercial Banking to Investment Banking
I could probably ask a million questions but would really appreciate your insights on:
-We always get told if you stay in IB for VP+ you’re locked in for the long term; how did you go about exiting as a senior in the industry?
-I’m assuming that given your fintech exit you were covering fintech within TMT while in IB, how’d you adapt/succeed over the past few years with the industry so depressed post ‘21?
-What’s motivating you to start your own advisory shop and how do you plan on differentiating from the big players?
Great questions!
- The golden handcuff myth. Yes, you are supposed to take the long term IBD career path once you make it VP. Part of the comps can be shares with a vesting schedule, continuously locking you for 3 years. However, you'll always have an exit opportunity if clients like you. The challenge is to make the jump without prior operational experience, as c-level / senior corp dev positions can be relatively rare and often internal promotion. Still doable but networks play a big role. In my case, it was easier as I had a successful corp dev experience between two IB jobs. I left as associate, worked 3-4 years in corp dev / BD and got VP promotion when I re-entered the industry. You also need to be okay with lowering your comps, especially replacing cash bonus with potential equity upside.
- Always been a tech banker with a core focus on FinTech. This initially meant B2B Payments M&A and IPOs at the beginning of my career. Over time, diversified to other verticals such as Blockchain, e-wallet, Digital Banking and InsurTech. Top bankers are resilient. When things went down post 2021, I refocused on the most profitable companies which are mostly in B2B Payments. Still keeping others warm as those coverage efforts pay over the long term. And even had to execute deals in other sub sectors I have experience but less interest in, IT Services & BPO in my case.
- Chances are that you're financially independent after 12+ years in the industry, from savings to return on your investments. I was constantly a top performer, with >$10m fees generated every year in my last 3 years in IBD. Retiring at 35 feels like a slow death though, I want to keep a routine. While I don't need the money, I do value my time and love that new flexibility I am having. Network brings the dealflow, I have enough demand for a while and also keen to explore other opportunities like mentoring. Analysts / associates really enjoyed working with me. I treated them well and made sure to provide significant support on career advancements, some are keen to follow me wherever I go. I find this rewarding!
Thanks for sharing your story. I'd love to hear about how you broke into IB from a non-target school in Europe.
What steps did you take early on (networking, internships, etc.) that you think made the biggest difference in landing your FT offer?
It was a combination of over preparation and relevant internships. I started getting prepared for interviews a couple of years before graduation, mostly using online materials. It's common to have a gap year for internships before graduating from business schools in Europe. I managed to get a first non-IB internship at a Big4 for half a year. Then networked heavily to get an IB internship, reaching out to many bankers to get quick coffee catch ups. I remember having dummy business cards to demonstrate I was serious about being a wannabee banker and even ended up pitching a banker during his Uber trip to meet a client. Sounds foolish but it did show determination, worked well for me! Then I leveraged that internship to get another end-of-study M&A internship a year later at the largest bank in my home country. Despite overperforming, I was not able to enter the process for a full-time offer locally. I ended up joining that bank in London as first full-time job. From that point, my career was at par with my analyst peers but I was a top performer given my background to get there
I appreciate you doing this. I’ll bite regarding the Hong Kong tidbit - how do you pull that off, and is that still a place you’d recommend today given the political climate there?
Tricky one. I moved to HK almost a decade ago, it was a very different environment. I first came in HK without a job, networking hard until I got a couple offers. While "gweilos" like me were already rare in IBD, we're almost extinct in those roles now. Last 3 years have been rough, lot of banks went through multiple rounds of layoffs in HK with forced relocation to SG. I managed to avoid the damage due to good performance and having a regional APAC role (vs. purely focused on Greater China) but the pressure was definitely there. Hong Kong is amazing but not foreigner-friendly when it comes to IBD. As anything, not impossible but quite challenging.
Much appreciate for your insights here, would be very interested in the mentor program if you have time!
My background is a bit like the reverse of you since I'm Chinese and am doing my first gap year internship at France. I'm in the MiM(GE) program in a FR B-school, hopefully could start my career at London/Paris IBD, then would think about pivoting back to APAC to gain higher career ceiling.
May I ask:
-Which niche-sector do you think will be in tailwind?
-What motivates your move to HK?
-Why not the IBD-PE route? Do you find the corporate side more Intelligence stimulating while with more potentials?
Many thanks for your time, wish you all the best and do hope we could have a call on the mentor program :)
I’m a pure TMT banker so can’t speak much for other sectors, but I’d assume non-cyclicals (e.g. healthcare) will have the best tailwinds. Profitable names are the safest bet in any downturn. If you mean within tech, AI clearly has the most hype and potential. What’s interesting with AI vs. FinTech is that a lot of AI players tend to be both high growth and profitable early on.
I moved to HK around a decade ago. Had a couple experiences studying / working in Asia and needed an exciting challenge outside Europe after a solid start in London. I instantly loved HK, the vibe here is just different than anywhere else.
I considered exit ops in PE and even VC but ended up going for operational roles to step out of the dealmaking dynamics. Hard to generalise though, some PE roles are very stimulating, while some corp dev roles are pretty underwhelming.
I won’t take many mentees, I just started recently so you should be able to book a slot through my WSO profile or here: Book me as a Mentor
I’m now part of the WSO Academy, feel free to book me!
From a pure compensation perspective in the next decades, where do you think investment banking stacks up versus working at a trading desk at a bulge bracket or commodities firm at the junior to senior levels? Interested since I attend a stem university that doesn’t have many connections to either industry but mainly quant (don’t want to go that route). Want to choose a route in finance that would give me the most stability in a relatively client facing role.
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