Is it normal not to know where to go after IB
Honestly don’t have a passion for IB but the work/hours aren’t unbearable. I have too many mental barriers to take a 50+% comp cut with a corp dev role, and PE recruiting just doesn’t seem to be enticing. I like strategic finance/corp Strat but those spots are limited and unless you enter at director/senior manager level, there really are limited opportunities to make up the comp drop or even get promoted. Idk if anyone else is in a similar headspace or have ideas on exits. I do want to leave banking but I’m just lost on where to go.
I was in the same exact situation and just ended up taking the paycut for corp dev. No choice really. IB doesn't provide as many exits as this forum makes out. I'm thinking of going to med school as finance in 2025 is a joke
Interesting pivot
This is perfectly normal, which is why so many people end up staying. For the people who are okay, they are relatively risk-free, and don't particularly "like" any parts of finance but don't despise their job, IB is a great spot to be at least until the point of having to bring in revenue. There are quite a few people in every analyst class, and I don't particularly think it's weird, just a case of different people having different goals/interests/opinions on what is and isn't interesting. If you don't find investing interesting or internal M&A, IB seems like a pretty sweet job to coast in until VP/Director and then move into decently high corporate FP&A jobs (with great pay relative to the broader population your age and decent hours). Pretty common profile at a lot of the large FP&A adjacent teams with a lot of finance people.
Completely normal. I plan on staying / coasting in IB until D (currently a VP), and if I continue not hating it I’ll gun for MD at my currently shop. If I don’t get it, lateral downstream to another bank for better WLB and another shot at MD.
If all of that doesn’t work, I’ll stomach the pay cut in Corp dev. By that point, I’ll likely have saved enough coin to coastFIRE in a corporate gig
Not suggesting any of this is wrong or bad. If you truly feel work is just a means to an end, to earn as much money as you can, then stay put. However, if you want to find enjoyment out of what you do, explore that side of your brain and seriously consider what interests you. Is there a way to monetize that?
Think about it this way, if you didn't have to work, what would you do? Some would follow their true passions. Others would sit on the beach or play golf a lot. Maybe the latter is your true passion. That's cool too. But most people want to stay engaged and are interested in some work related things. Figure out what that is and shoot your shot. You'll reach a point when coasting just isn't fun.
Your questioning by the way is not only related to IB. Many people in well-paid careers feel "stuck". High management wishing they could become C-Suite; C-Suite with a Board / CEO that has too many expectations; surgeons who wish they could open a family practice and chill...
It is very, very normal. I personally am grinding and saving as much as possible. I am avoiding the high life (paying an outrageous car, Rolex and 5 Hermes bags to my wife), and saving a little bit more. I do not mind the long hours and for now enjoying the work with my team. My child is happy.
If anything changes, I won't hesitate to step down. That's how I see life.
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