I did an Internship in IB now im unsure if following the path, it was shit
Last summer, I did an internship in investment banking in a BB, and the the hours were insane. In just 3 months, I sacrificed a significant amount of time with my family and friends. I almost broke up with my girlfriend, and I couldn't even find time for sports, losing a lot of progress. Now I'm uncertain about pursuing a career in IB. I felt the work/life balance is shit and im not really into losing everything for a job.
However, I still want to work in the finance industry, I find it so entertaining and I have focused the last 4 years on working in finance. The problem is, after experiencing IB, I feel that other finance careers may lack prestige and high earning potential. I am willing to work hard and put in long hours, but not to the extent of 80 hours every week. Maybe I'm hoping for a utopian career that doesn't exist, but I don't think I'm asking for too much.
Could you suggest any finance careers that are prestigious, offer a high salary (though lower than IB), and don't require a minimum of 80-hour workweeks?
If there are no such careers available, which finance careers rank highest in terms of salary and prestige, following investment banking?
Eliminate the word prestige from your vocabulary and life. If you chase it you will be deeply unhappy. I know it feels like everyone in college is focused on it, but three or four years down the line people filter in surprisingly random jobs - no one cares out of college. Pick a path that suits you.
I would look for an analyst role in corp dev, or the more niche parts of PE (credit, secondaries, etc) where you aren't doing buyout deals and thus aren't working as many hours. You'll average less hours overall, probably 60-70, but will still hit 80 or more when you're closing in on a deal. This can be for a week or a few months, so it depends if you'd be willing to put in the hours at all knowing they aren't permanent.
If you want less hours than that I recommend corp strategy
You're absolutely right on the prestige quote. What you said at the end is the reason why i wrote here looking for advice, im looking for a path that suits me.
Thank you for your answers I'll give those careers a look. Im willing to work those hours and have a few 80+ hour weeks, my biggest problem was the minimum of 80 hours a week in IB.
Cheers!
Try S&T or ER - you won't be forced to work weekends and can still make way above-average money long-term.
If you want even more WLB then asset management investment roles at slow places like BlackRock or Invesco.
Don't think FP&A will satisfy your prestige requirements.
Placement agents and in house IR can be very interesting and good WLB
Corporate Banking pays nicely these days, especially at BofA, JPM, etc.
Also, BusDev in PE is growing and the pay can be very nice.
Thanks for the answer!
I've always found corporate banking interesting. How are the hours there compared to IB?
50 - 60 hours in a typical week is what I've usually heard. 70+ hours in a bad week.
Strategy consulting is an alternative path that is equally prestigious as IB but has less hours.
Second this. Consider MBB consulting if you're still looking for a role with lots of learning and responsibility, similar prestige, and even more exits. People in consulting tend to be more reasonable and weekends are protected.
Isn’t MBB extremely picky about whether or not you went to a top target?
Good luck!
Look into Secondaries and VC if you are interested in the private side, and look into LO/HF if you would consider a career on the public side. If you want to start on the sell-side, ER and S&T are good options as well.
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