IB MD is a job for LOSERS, not BSD’s

How many banking MDs do you know that are actually charisma chads? Me personally, none. Most of these guys are over-compensating dweebs who will bend over and submit to any client ask, no mater how ridiculous. It is laughably pathetic how little gumption or self assurance these guys have. When’s the last time you heard an MD say “no” to a client? MD behavior is sort of like Jonah Hill in Forgetting Sarah Marshall - basically your whole life is running around trying to get people to notice you and to “be there” for your clients, but no one actually gives a shit about anything you do - because you are a little advisor runt lol. For way too long I really thought that being a banking MD was the pinnacle of finance and prestige but how wrong I was. These are guys are not “experts in the space” - they are multiple time divorcees who couldn’t get into PE or any form of principal investing so they had to stay an advisor. Pour on the dislikes but you know deep down it to be true.

inb4 “advisory is more stable” inb4 “PE is banking 2.0” inb4 “FT Partners pays more than PE” inb4 “Natixis is more prestigious than PE/HF” inb4 “DJ Dumbass has WLB”

 
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People on this forum would rather be a 2 and out in PE that ends up in corp dev than a IB rainmaker who makes $15mm a year just because “they’re their clients’ bitch”. Idiot

 

Yeah bro fuck we should have all stayed in IB to clip an easy $15m a year

 

Natixis mentioned, this thread is getting censored soon.

 

I think this is highly dependent on the bank you’re at. I’m at an EB, and although some of the MDs fit the description you’ve described, the majority (>50%) are worth looking up to.

 

Because good ones (who compete more off of quality experience) get paid big packages to come to EBs

 

this is a good insight. i've experienced both. some MDs are sought after for their expertise in a space and their network of contacts. these MDs can set up much better boundaries on their clients/can pass along more of the bitch work to their team.

Commodity MDs who's only point of differentiation is client service, tend to have the bad lives and makes the lives of your team miserable.

If i were a banker again trying to make career out of it, I'd work for a differentiated MD. Better for your life AND career imo.

 

I would agree that most - though not all - MDs were middle of the pack kind of guys in their early / mid senior years. They just survived (i.e. kissed the right ass for years) to make MD and are now slaving away for clients. They probably missed out on great exits to stay in banking and be the client's bitches but at the end of the day IB is just a job, even for MDs.

 

A good MD knows the industry- all companies in it and last couple decades of transactions- like the back of their hand. This is extremely valuable to clients who just don't have that. Not sure who you work for, but in my group we land multibillion dollar deals without pitches or going into pitches knowing we will win because our MDs are so well known across the industry.

Your point about PE makes little sense as well, if these firms are full of the best of banking, then why do they need to hire bankers for advice. And yes, part of hiring bankers is to run a process, but good senior bankers deliver great insights to clients and that's why some banks get paid so well. Sure, there are a number of MDs who are scrubs, but a good IB MD is worth a lot to clients. As with any overarching statement there is some truth and some untruth. Sorry that your MDs suck, hope you feel better about your bosses at the PE firm where you exit.

 

Of all of my friends and colleagues who left banking…. None of them have regretted it.

In all seriousness, I agree to an extent. A lot of MDs are dweebs and almost none of them are people I aspire to be. Everyone in the corporate world needs to answer to someone, but these guys are on another level in terms of being a slave to their clients.

I would admit that a lot of them are intelligent, speak very well, and know their space though. They all just seem very neurotic and unhappy.

 

Good point- read it at midnight, didn’t even look at the author’s title and I was just making a bad joke with the assumption that the someone was just trying to troll WSO

Deloitte is obviously not a bad place to work at, and any Big 4 accounting is an excellent job and it’s way better than what the majority of college students are able to achieve.

If anyone is offended, I fully apologize- the MS is well deserved

 

I hear you. My experience in IB was quite different. I would say there was a pretty strong 50/50 split between the socially awkward MD and the more charismatic, salesy MD. The majority of the MD’s were highly competent and thoroughly enjoyed the process of advising a client and the long-term relationships that came along with it. Another thing I observed was that you do not need to be super extroverted or gregarious in order to be an effective MD. That stereotype is just played up in Hollywood. Some of the highest producing MD’s at my firm were on the more introverted/reserved side of the spectrum. 

 

I don’t know. For example, of the six banks I have worked with in the past year, exactly two MDs come to mind in terms of being actual BSDs that don’t just bend over and spread them for the client. That is in line with what I’d expect.

I would expect most senior bankers are mid. Think of what it takes to get to that level. You don’t need to be Bruce Wasserstein or anything like that. I would expect most MDs to just be a warm body and for a small number of MDs to actually be genuinely insightful and good at managing the client

 

Any job in 'sales' where you are competing over selling something is going to be this way. IB, advisory, services, IR, wherever. Directors bend over backwards for any and every client because 1: THEY are responsible for it, 2: THEY get paid the best for getting the client, and 3: YOU do all the work anyway.

 

Just a lowly SA going in FT next summer here. Call me crazy but this seems so bank/group dependent.

I'm not gonna so far as to say any MD in my group was a BSD (not because they aren't or are, but because why would you call another grown man by that term) but they weren't losers by any stretch and were very chill given the circumstances and stress around their job. From their work ethic to their personality, I definitely respect the senior ppl in my group but that's just me. Can't really generalize.

 

How many banking MDs do you know that are actually charisma chads?

This made me LOL. But yeah dude, most people working $1M+ jobs are dorks, not tik tok swag lords with broccoli haircuts who use terms like "charisma chad". High end lawyers, bankers, hedge funders, equity researchers, tech developers, etc. are in many cases extremely nerdy dudes. I'd argue Bankers are honestly the less socially awkward of the lot because at the end of the day it still takes good salesmanship. 

You also fundamentally don't understand how the world works. If you think IB MDs are bitches for clients you've never seen a CEO bend over and take it up the ass from his board / majority shareholder and then still get fired after a transaction closes. Or a PE Fund manager have to suck ESG dick to impress potential LPs. Everyone is someone's bitch.