Hi all - I broke into banking as an off-cycle analyst and spent ~2 years at the AN2 level before transitioning to tech corporate development at a F500 based in a HCOL city. I've now been in corp dev for over two years.
That said, I’m looking to return to banking - mainly for financial reasons. I’m currently earning ~$170–180K, which isn’t bad, but comp progression has stalled (bonuses are minimal, and promotion is unlikely in the next 1–2 years given the team structure). Long term, I want to stay in the city and be able to provide for / support a family, and the economics just don’t get me there.
I’m currently in talks with a few firms and I'm ideally aiming to come back in as an associate. I have strong traction at a couple of strong MM firms (e.g., WB, HW, Baird, HL), though possibly at the AN3 level. I'm also exploring a few associate roles at smaller platforms with less tech presence.
Would appreciate any thoughts on reentering at the AN3 level versus holding out for associate roles.
As for why I’m returning to banking the financial upside is a big part of it, but I also find myself missing the pace, structure and just broader exposure vs. being silo'd to a specific industry.
Bump
There isn't a material difference between being an AN3 and an AS0/1 at the more established MM platforms. Given both options I'd go with one of them - will be a much higher quality experience and keep more doors open vs. a smaller platform
The AN3 role is from the likes of WB/Baird/HW and the associate roles are from companies like Cantor/Opco/Lincoln - def MM, but not sure on the deal flow and experience.
You think it's well worth to bite the bullet and go back as AN3?
Dude associate at Lincoln is good life and dec pay
If its lincoln id take the ASO role. If the others would lean toward AN3
Honestly, the grind will be tough. I get the financial reason but imagine working 80-100 hours with no control over your schedule. it will be too much of a change given u’ve been out for some time. If you left IB because you couldn’t manage the stress / hours, your personality isn’t suited for this job unless you’re really doing it for the money this time round
I have the same exact story as OP. What do you suggest we do then? Corporate jobs are just not liveable with regards to wages at this point. Is the delta in finance really working 80+ hour weeks and making a shit ton of money or coasting in corporate for little? Is there any middle ground roles or careers that aren’t just downstream IB/PE shops? I’ve looked at AM, but it’s extremely competitive for a seat without a CFA
Move somewhere cheaper
Maybe cb in cib or non cib teams. At the Associate level at one of the overpaying firms (bofa, jpm, wf) you can get by working 50-60 hours for majority of the year with 60-70 hour weeks here and there. Pay scale would see more than corp dev and some PE roles where carry isn’t converting or just not a strong shop.
Compared to ib, less hours, decently lax environment, not really the most fast paced. Biggest flaw is the haircut on salary which is through bonus usually stalling around 50% although it isn’t uncommon to see some associates reach the same salary as a mm middle bucket performer
Have you tried a shot at PE?
Given you're re-entering the industry, I'd go with whichever firm you think you can stick it out longer term with. If you join a group with an unbearable culture, it'll be a tough sell to move again. As others mentioned, there's not a material difference between AN3 or AS1, but I will follow-up with the "tiers" of the banks. If the bank is Lincoln, I'd consider the associate role, but I think the associate role is a tougher sell at a firm like Oppenheimer vs. William Blair or HL.
OP here. First off, unfortunately not Lincoln. For the MM w/ less presence that I mentioned above (associate roles), I have warm connections (prior team members that I've worked w/ and have since lateralled to different banks) and actually know the team (culturally a fit for me). That said, don't really have a gauge on the "better" (branding/deal flow wise) MM firms' culture as I came through these process cold.
Very similar situation here. Are you certain in wanting to move back? I 100% agree on comp but feel so conflicted going back to something I hated
Same but the thought of going back int IB and slaving away just for money is kinda whack. Been doing the math and based on how much I've got invested rn my retirement fund is basically set to compound nicely for the next few decades.
The market is not a guarantee but the cash comp in IB is. The paycut is to steep imo…maybe I just need to learn to use all my extra free time better
The paycut is steep because you're not working the equivalent of 2 full-time jobs. I ask myself "what is the end game here if I go back into banking"? Sure, I'll make some extra cash for a few years years while dealing with the added stress, hours, and other bs that comes with the job but then what? I'll probably be back at square one.
I see your point though, the money is hard to turn down. I exited IB last year into a remote sponsor-backed role and the pay isn't great relative to banking. However, I work 30 hours a week and have complete control over my schedule/life which has been pretty nice.
Just want to add that it's not even confirmed at the end of the day - RIFs come for everyone and even at the VP/director level, it happens
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