Lincoln Valuations (VOG) vs. LMM IB – Am I Being Shortsighted?
Looking for some insight on which of these opportunities would be more ideal, considering comp is relatively similar at the A1 level. Compensation is relatively similar, so I’m trying to weigh career trajectory vs. lifestyle. Currently a senior with FT offers at:
- Lincoln’s Valuation & Opinions Group (VOG) – Focused on business valuations, fairness opinions, and purchase price allocations. The work is solid from a technical perspective (DCF, comps, some more niche valuation methodologies), isn’t as in-depth as banking. Exits seem to lean toward corp dev, Big 4 TAS, or staying in valuations. Comp: $95K base + 30-40% bonus
- Lower Middle Market Investment Bank – A well-regarded regional IB with a strong presence in specific industry verticals (industrials, consumer, FIG, etc.). Deal flow is solid, and analysts get exposure across the full M&A process, including modeling. Brand name isn’t top-tier but has sent people to larger MM banks and some buy-side roles. Comp: ~$100K base + ~30% bonus
I know banking and valuations are different fundamental roles, but I want to optimize my decision with the goal of lateraling into a stronger MM or BB platform before eventually considering other opportunities. Apart from earnings season (when VOG gets busy), the hours at Lincoln would be significantly better than the LMM IB, which is kind of a sweatshop. Am I being too shortsighted by leaning toward valuations just for the better lifestyle, or is the comp/hours trade-off actually worth it?
Based on the most helpful WSO content, here's how you can weigh your options:
Career Trajectory:
Lifestyle vs. Long-Term Goals:
Compensation:
Conclusion: If your primary goal is to lateral into a stronger MM or BB platform, the LMM IB role is the better choice despite the tougher hours. The M&A experience and deal exposure will make you a more competitive candidate for future opportunities. However, if lifestyle is a significant priority and you’re okay with potentially slower career progression, Lincoln VOG offers a more balanced work environment.
Ultimately, it comes down to how much you’re willing to sacrifice in the short term for your long-term career aspirations.
Sources: Career Bankers: Is Lifestyle and Culture More Important to You Than Prestige/Money?, MS/GS vs EVR/PJT, 40% paycut, Work/Life Balance - Hours, Midlevel Burnout
Ignore title. I work at a Valuations group similar to Lincoln VOG and am occasionally exposed to fairness opinions.
Couple of comments:
Firstly, in my opinion if lateraling into IB is your goal then it's best to go with the LMM IB. As soon as you take the Lincoln offer and put Valuations on your resume you'll be fighting an uphill battle trying to "spin" your experience as relevant. Yes your modeling will be great and you'll have good exposure to transactions, but you will have had nothing to do with those transactions. Your team checks the box that everything that other bankers put together makes sense and that's it. You don't get deal experience and can't say you worked on any part of the deal because that wasn't your role. That being said, you could get more attention by putting Lincoln on your resume, but not sure they're as respected in IB as similar-size competitors, plus you'll still have to spin your experience. Plus if the LMM IB is a well-regarded regional then it sounds like the name could carry anyway.
ON THE OTHER HAND... You asked if the comp/hours trade-off is actually worth it. For Valuations (I know Opinions pays a little different bc they grind) that's a pretty good comp package because AFAIK when I was recruiting for A1/A2 roles, package was around $70K/$80K base. Adjust for inflation maybe idk. As my career in Valuations continued and I went A2A, I came to enjoy the niche I was in, the location, the team, and the upwards mobility. Definitely helps not to be at the bottom of the totem pole anymore but it's a new sort of busy. I also didn't mind the exit opps. IB and even PE aren't impossible, but most exits I've seen were to corp dev, strategy, etc. like you mentioned. My comp isn't as good as my M&A peers, but I get out of the office way more often than they do. I've done some recruiting and ultimately figured that IB and PE isn't for me at this point. I don't have that spark in me to spin my story and grind the technicals I don't use everyday. The pay bump makes sense to me and is proportional to the extra hours you'll end up working, and I don't desire to change my lifestyle. So, that part is up to you.
Either opportunities sound great. Congratulations on the offers. Despite what I said, you don't have to worry about pigeon-holing as you're just getting your career started. The beginning of your career is an excellent time to put your head down and grind while you're younger. Hope this helps any.
What was your typical work load like in terms of hours? Interviewing for a VOG position now and the recruiter told me 50-90 hours which is a big range lol. She also said comp was 95-105 base with 30-50% bonus. Thanks
50-90 hours is accurate
Lincoln VOG is very solid but better if you want to go into private credit as they work with valuing credit a lot. Comp is only 95K for analyst in California, everything else is 85K, probably expect 115-120k total comp first year given 30%-45%-ish bonus
oh you already have the offers, are you going to be in Cali or did they change the base to 95
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