Should I go for IB or stay within my BB back office post grad?
Hi,
I'm a 2nd semester senior at a non-target liberal arts school.
I have an offer to return to a BB internal audit department. Right now, my resume has a private equity (at a search fund) internship, investment banking internship (boutique) and a BB internal audit internship.
I'm seeing traction to be placed in a IB boutique come Feb - March of this year. If I land an offer, at a no name IB regional boutique, and want to eventually work in bigger IB shop should I go and drop my BB internal audit job? Or should I focus on going back to the BB internal audit, start my career in a notable company, and see where life goes. I can try lateraling internally, or try and go get a MBA in a few years. Are there any routes I'm not seeing? Any suggestions on a game plan?
100% take the boutique job. Provides relevant experience and once you have 1-1.5 years under your belt it makes an easy case to lateral to a bigger / better shop. Moving from BB BO to IBD is extremely tough, especially in this environment when a lot of BBs are performing layoffs.
My brother in law told me to take the BB BO as there is never a guarantee that I will be able to switch to a better shop. He said that I may be stuck in the boutiques for the rest of my life and it would be better to go with something that guarantees a career path. In the BB BO I can be a VP making 200+ in 4 years out from undergrad.
Sure you could have the life in maybe 5 years, but do you really want that? BO work consists of menial bs that isn't really fulfilling. Not saying IBD is the end all - be all but you should take a chance on yourself and go for broke, especially at such a young age with really no opportunity cost. If IBD doesn't work out at a boutique, you can easily pick up another BO job, not the other way around.
My cousin worked at internal audit at a BB as well, he hates it boring work, he eventually moved to the big 4 and that’s mostly the exit option you will get if you stay at internal audit
Highly doubt you’ll pull 200k in the back office four years out of undergrad. If that is truly the case, shi sign me up.
200k is nothing 5 years in. If you move to IB you’ll be clearing 330k plus 5 years in
Echo the above sentiments. Will be much easier to get into BB FO from the boutique job. Additionally, at least at GS, it will be 5.5 yrs before you are up for VP promo, and you definitely will not break $200k at that point in Internal Audit. Maybe by 2nd / 3rd yr VP.
mm maybe its not typical but I know two people got to VP after four years after going through the development program
Fair enough. Assume they were at other banks not GS?
Yeah, I dont want to put the bank I worked at out just in case someone from there sees
Yea man, I don't know what bank you're at with this IA program, but I can guarantee you that no one there is making 200K after four years. I know that executive directors make 250K~ in IA so, I'd say VPs may be scrapping at 180-200K. Again, echoing above, I'd say 5.5 years is the expectation you should have for reaching VP.
I was in your shoes 10 years ago. Please take the boutique offer.
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