So, a little bit of background: I worked as an analyst at one of the top boutique/mms IB firms on the street in a regional office, and I lateraled to a BB bank (where I am currently at) and have received an offer to be an Associate in September (accepted).
I have just recently recently received an offer to join a top Prop Firm, and am really struggling to decide whether or not to accept.
I've realized that working 75+hr weeks gets really tiring after a while, and the prospects of getting the Associate salary bump in a few months, is only enticing because of the $, but for no other reason.
On the other hand, at the prop trading firm, I'd be working no more than 55-60 hours a week, and the career path is inherently more risky, but the upside is much, much greater than investment banking.
Thoughts?
I would say go for an Associate at BB hands down over the Prop Firm. At a prop firm you won't make any money for first 6 months. Plus BB is a better place to be.
Two different careers, choose the one you'll enjoy more.
Just to clarify:
My salary right now is a standard BB third year base, and will go up to 100k BB associate base. At the Prop shop, base is 80k, and bonuses range wildly. I've heard of some "prop shops" that make you put in your own capital, or that don't pay you a base at all - this is a top prop shop with some guys that used to work for large hedge funds.
As far as what I want for my career, well, I'm not sure... I know I don't want to do investment banking forever. I think it's something I am fairly good at, but because I don't love it, I'll never be great at it.
Chicago?
If I were you I would choose prop trading so that it equips me with trading skills and one day I am able to be a trader at HF?
[Opinion from a sophomore | MM IB Intern]
if the prop shop is a "top shop" as you say, i would go with it
however, i am pretty confident individual, believe in myself and see "financial security" (especially in IB) as an illusion, and would always go with the higher upside thing
unique position to be in, and as the time passes your chances of moving to the prop thing will be getting low i say go with it and dont look back
Thanks again guys for the responses...
Yes, the prop shop would be in Chicago. There's no doubt that financial security is much greater in Investment Banking, especially since even if you get let go in IB, you can always go to a competitor, or to almost any F500 firm. In trading, exit opps are more limited, but upside is higher.
Part of the reason I went into banking was that it was the most safe and risk-less way to make good money right out of school. I've never really taken a risk in my career, and maybe this is the right time to do it? I'm leaning towards taking it, but I'm such a p**sy.
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