Unless you want to do banking for life, is there a reason to do an analyst stint besides PE? It's such a draining 2 years, and a job in consulting/corporate dev would set you up better for B-school, and Equity research will set you up better for HF.
and even if you do want to do banking isnt it less painful to do something else->Bschool-> IB associate?
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Because. I want.To.Fit.In
Most people do it to fit in...
If you want to do IB for life, definitely start in banking--it allows you to begin building a network in the industry. Further, you might get a direct promotion from your firm and, if not, then when you come out of business school you will have a leg up on others w/o experience. If you were afraid of long hours, it would seem odd to me that you aspire to a career in IB.
With that said, this is an interesting question and one I have thought a lot about. Certainly, the hard work and long hours that you put in in IB give you transferable skills that will be useful in any job. However, it might not be worth sacrificing so much if you do not have aspirations to stay in the industry, exit to p/e or go to business school. This is particularly true if you are not with a large bank that has brand recognition which transcends the industry.
Because...I wanna be like AJ! and Richie Bottles!
You actually learn a great deal in investment banking...you learn how to understand industries, how to raise capital, holding company/operating company legal structure, and how to work in teams...
It also allows you to pay back your college loans relatively quickly. I know from experience that banking can be a fulfilling career, and opens many opportunities, not just in private equity, but in corporate America as well.
For more information, just check out interviews and resources within http://leverageacademy.com/blog.
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