Interested in coverage banking (senior/MD-level) but dislike the lifestyle aspect
To preface, I understand that I haven't even begun my career yet and my interests can shift with time as I gain experience in the workforce, but would appreciate some color as to help guide my career trajectory towards something I believe I'd be interested in pursuing long-term.
I really love the idea of being a coverage banker. Serving clients by being a trusted advisor and the "go-to guy" for any financing/M&A needs within a specific industry vertical. The vision I have in my career is to have deep knowledge within a fragmented industry vertical where I can grow with younger companies and build lasting relationships early to eventually serve as an advisor as they mature (i.e., horizontal software, HCIT, HC services, etc.). I would love to serve both large, mature companies who require financing (ECM, DCM) and the younger, growth-oriented companies (through private placements, growth equity, buy-side and sell-side M&A). However, my concern is that the lifestyle of a coverage MD is incompatible with my hopes to be present with my future family and would severely hinder my time to experience life outside of work. I've often read on this site that coverage MDs (especially in BBs) are on the road more than half the year, still work long hours, and have little-to-no control over their time (not good for planning out family vacations, catching my kids' baseball games/dance recitals). I don't expect to coach my son's baseball team or be home by 5 when working in a demanding, client services-focused business, but I'd love to be able to be atleast somewhat present in other areas of my life.
Are there any roles where I could marry these two interests? Is the lifestyle of an MM MD vastly different from that of a BB/EB MD? I've read that BB/EB MDs tend to be more "salesy" than their MM counterparts - often pitching for a mandate and then having the VP/Director execute while they go look for their next mandate vs. doing 2-4 deals a year, but being involved in the execution (this would probably be more my speed) due to more favorable fee structure. Please correct me if this info is inaccurate.
I've also been considering pursuing a path as a senior coverage banker on the corporate banking side (CIB). Is the lifestyle better? Would I be on the road 15-20 days/month? Will my work be strictly relegated to investment grade financing (revolvers, TLAs)? Would I be stuck covering large-cap clients with no incentive to pound the pavement to find future cash cow clients? (most likely because of lower fee rev due to smaller revolver and TLA sizes, correct if wrong)
Would appreciate any and all insight.
Can just apply for the Vice Chairman roles. Think that’s in line with what you are looking for
I searched online, but info regarding Vice Chairman roles at IBs tend to be few and far between. Would you mind elaborating on the Vice Chairman role? What are their day to day responsibilities and how do they differ from MDs? Why don't they have the same travel schedule as MDs? I assume I'd need to have, at the very least, a brief stint as an MD before qualifying for Vice Chairman roles, correct?
Lol, in case it wasn't clear, they were making fun of you.
You're basically asking how you can become a trusted, senior advisor without putting in the work, which obviously isn't possible. People want to hire an advisor who is an expert in the field and the only way to become an expert in the field is through years and years of grinding.
The onus is probably on me for poorly wording my intent in the OP:
I absolutely understand that the work is always going to be intense, and the work hours are always going to be long when you're serving as an advisor to a company. I also understand that what I said I'm hoping for in the OP is a fairy tale role, because there's no way I'm advising F500 companies on M&A transactions without putting in 80 hour weeks as a 45 year old and jetting across the country on a whim at the beck and call of clients. I know that somewhere down the road I'm going to have to compromise somewhere where I either work longer to do more interesting work (large-cap M&A) or work a little less and spend more time with family but work on more "vanilla" deals (LMM M&A, large-cap financings, CIB).
That all being said, what I'm truly looking for here is insight into the lifestyles of senior coverage bankers in IBD vs. CIB and within IBD specifically: BB vs. EB vs. MM vs. LMM. I've read many WSO posts to try to get a glimpse of the differences in these roles. I've been able to gather some limited info (ex: BB MDs are essentially salespeople and VPs/Directors handle execution, MM MDs are more involved in execution and as a result do fewer deals/yr and receive a higher % fee revenue in compensation for the deals they close). What I'm trying to clarify is how these differences translate in lifestyle (travel, hours, etc). I understand the blanket statement that no matter where I look, I'll be working hard. I just want to understand the nuance between these roles. Obviously, not all MDs work the same amount of hours, travel the same amount, etc.
Stuff like this is why prospects shouldn't be allowed to make threads until after their first internship
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