I interviewed with a top bank in my region last year for a junior IB role and successfully got through 3 rounds prior to it be stalled due to COVID (interviewed with head of the group, 2 directors, and 2 analysts). One of the directors left the bank and offered me a role to join their start-up with attractive pay, learning opportunities, etc. I ended up joining the start-up since there was no indication of when the hiring freeze would end for the bank and I had already been waiting >1 year due to COVID.
Its been <1 year now and the start-up opportunity has been great, but I realised I still rather work at the bank where I can develop a better network, have established training programs, brand credibility, etc. I am thinking of reaching out to one of the Directors I interviewed with and inquiring about reapplying since I know that several others from that bank will be leaving soon once bonuses are paid out.
Any advice on what to say in an email with this Director? I should also note that it is risky for me to reach out as the people I work with now are all ex-employees of that bank and 1 of them (who brought me onboard this start-up) was in charge of their recruitment program.
Bump
Sounds like you landed a better gig than what you had initially applied for? What is it about the bank that has you dead set? Is the start-up finance-related? Hate to answer your question with questions but you may not come across this type of opportunity again for a while.
It’s a great question! The start-up is boutique IB and very small shop.
Reason why I wanted to transition to a proper IB is for the networking opportunities, established training programs, clear structure of progression and brand credibility. I acknowledge I will be giving up the better WLB, culture, direct access to senior professionals, and compensation from the start-up.
The brand seems especially important to me since I am from a non-target school and I am just starting out in my career (transitioning from another industry). From what I’ve experienced and heard, the IB brand is what’s going to open doors for me.
Thanks. Take my advice with a grain of salt, but based on the comment below, you’re in a better place. Reaching out to that Director could go south very quick.
Your career will be what you make of it. Your network can be developed in more ways than one. At a start up, I’d assume you get direct exposure to leadership, client interactions, and WLB/Good Pay (as you mentioned)
What’ll help build your credibility is your knowledge/deal experience and also who you know. Reach out to fellow bankers on LinkedIn for meetups. These are just ideas, you’ll find what’s best for you.
I was in a similar position a few years back (not IB) and I threw it away thinking the grass was greener. Wishing you the best in your decision.
there's WLB and good pay where you are? fuck that man you should stay
im in BB IB and dying, i'd kill for that opp
I really appreciate everyone’s responses. I do believe though that it will be difficult to transition to a proper IB if I don’t do so now as it’s very competitive and I don’t have the traditional pedigree that’s expected. The reason I got as far as I did in the IB process/this start-up was through networking which took 1 year.
I also want to transition to the buy-side (initially thinking PE) and know that many firms will not consider me based off where I am now, which is what I’ve found out through networking and talking to recruiters.
Based on this, does this change your opinion of my situation? Again, I’m really grateful for your time and advice!
Bump
Just a word of caution, PE is not all that it’s cracked up to be and odds are you won’t do it for the long-term anyways so wouldn’t be too focused on the PE exit. But if that’s what you’re really into at the end of the day and set on then you know what you have to do. Don’t get caught up in the whole prestige mystique of PE if you have something good that you enjoy
I really appreciate those words. I know I need to look into PE more, but would you be able to expand on why that is?
Reasons why it doesn’t live up to its hype and the odds it isn’t something one would do for the long-term?
I would say that the notion from most undergrads is that once you move from IB analyst to PE associate is that you’ll be making more money, working much less and have a straight career path to making bank which isn’t true. I don’t know everything PE but from my understanding it’s much more complicated. The pay you’d be getting as an associate in IB if you went A2A and as a first year associate in PE are pretty much the same, and the hours are also pretty much the same. The long-term payoff comes from the carry (if you can work yourself up the ladder which is very difficult). Most places though have an “up or out” philosophy. Most PEs require you to get your MBA so after 2 years of being an associate you have to go get your MBA and then re-recruit for PE associate gigs. Assuming you do that getting promoted is definitely no cake walk. You really need to be a superstar who’s adding value and can think great as an investor to be promoted (ie why would partners want to promote and give you a larger portion of the carry - ie the shared profits. That extra carry comes from somewhere, so it means they need to proportionally be giving the partners less carry to give it to you). So if you’re not making it rain, there’s no incentive for them to promote you and diminish their own carry. Ie if you’re not getting promoted up, you are out. Then most senior people at the funds have no interest in retiring. They’re hours are great, and if the fund is performing they’re making bank so can make it very difficult to get promoted and be on a partner track. That’s why a lot of people leave funds to go start their own. That’s just scratching the surface. Search through the threads here and you can learn a lot more
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