Lifestyle MM bank or top EB (London)
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I've been working for some time at a LMM bank that has a comparatively good lifestyle — I'm talking around 70 hours a week, with 70 being the upper end (AN1), and it going down from there. Directors leaving at 6-7pm.
The problem is that pay is meh and dealflow is not that good compared to other firms. I do like everyone there, though.
I've just been offered a role at a top EB (LAZ/EVR) with better pay and dealflow, but I'm unsure if the hours will be worse / if it's worth it.
Am I being stupid for even taking a second to stop and consider the move? Should I just take it straight away? I've enjoyed working at the LMM bank but unsure if I'll like the culture at the new firm.
Jump to the EB definitely - if you're at a similar LMM to where I started out you'll quickly get sick of the lack of brand name, lack of deal flow, lack of comp, etc etc plus you'll always be wondering what if you had taken the offer, how would things pan out differently down the line
I think you’re right tbf, I’ve thought that already so a move would be good
Take the EB. Don't look back. Hours / lifestyle will most certainly be worse but it gets better as you progress to AN2
You’re probably right, but what about weekends? I value having those free, but unsure of hours during weekends in LDN for these kinds of banks
these days probably good amount of free weekends. back in the day those places certainly a lot of weekends in office. full saturday / some sunday
but dont just assume they are all going to be free
whats the comp like at a lifestyle bank?
Base about 5k lower, bonus substantially lower I would say
Congratulatios on a tremendous offer. As far as I can tell you wanted a kick up the arse and already have sort of made the decision :)
I agree with others - it's obviously a hugely personal decision, but I think:
1) The brand name. Rightly or wrongly people will see it at the top of your CV and think good things about you. Same as Oxbridge - may or may not be the best teaching for a particular subject, but that's not the point. It's much more important in those early years and in your more senior years there can be very good reasons to be at a small / LMM shop for sure, but if you can handle the step-down in lifestyle, I would.
2) Skills. Firstly, having dealflow (admittedly that might change at your LMM over time) gets your hands dirty with models, VDRs, CIMs, etc. that you need to be familiar with. Moreover, you'll have exposure to different products (appreciate that the EBs don't underwrite, but you'll still have exposure to, say, IPOs).
Thank you so much!
Spot on analysis from the poster above, agree with the points made.
OP, I would definitely take the EB offer based on the assumption that your are still an analyst (or even junior associate). What going to a brand name shop and getting the required reps does to your future career optionality is tremendous. I wouldn't worry so much about lifestyle as a junior banker (unless the shop is toxic, but that's a different story). At the risk of sounding sweaty, I will venture and say that WLB should not be your first priority at this stage of your career. The trade-off you're making in the first 5 years of your career will set you up well for whatever path you decide to pursue later on.
For what it's worth, I just left an EB restructuring gig after 5+ years of blood, sweat and tears (did A2A) and now doing something with much greater WLB, growth prospects and solid compensation. I think getting the right deal experience at my shop was also a key factor in unlocking these doors for me.
Best of luck!
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