Should I move back into IBD for salary?
Hi, I used to work in IBD many years ago but I got burned out and struggled due to a few reasons:
1) the hours, my hair was falling out, my skin went terrible, the stress this gave me was crazy
2) the internal corporate politics
3) I found the work really challenging, e.g. I was terrible at accounting
Eventually I quit and joined a 9-5 strategy job earning half the salary but my happiness grew exponentially. I was able to go to the gym everyday, cook dinner with my gf at home everyday, not stress on weekends and do whatever I wanted outside of 9-5pm without ever worrying about work etc.
However..
Things are now changing, my gf and I have discussed marriage and having children and we're thinking to get married next year and have a baby. The main hurdle we're facing is affording a family, at the moment my net income just about covers our rent, utilities and living expenses. So we have some goals:
1) stop renting and put a deposit down to buy a 3 bedroom home for us and our future children
2) save enough for the wedding (we're willing to do a cheap one and nothing luxury but even cheap weddings are like $25k)
3) have enough earnings to give our potential future 1-2 children a good life
4) my wife will become a full-time housewife focusing on brining up our children, yes it will mean we lose a lot of the income and more pressure on my salary but we agree this is something we both value and want.
Now the options are:
A) do I stay on my $90,000 strategy salary and live pay cheque to pay cheque affording this? Which many people do so I guess this is still fine and achievable but will require a lot of budgeting
B) Or do I attempt to go back into banking at Associate level and earn potentially 3x my current comp?
C) do I look for another career which pays better than Strategy but not as challenging /long hours as IBD?
Would appreciate thoughts! Thanks
Don't sacrifice your wellness. If you left before there were reasons why.
I don't see how there is a different outcome in returning to IB when you're just older and under more pressure than you were the first time.
Especially is one of the leanest staffing situations ive seen in the last 5/6 years.
Look at other corp dev options or perhaps look at series C start ups that start paying good money and you might get equity.
90k USD is fairly low given your experience. I'd focus on job hunting to improve that.
Yeah. If you couldn’t handle it back then, it seems with added commitments like spouse kids etc. it might be tougher. Only you can say if you are up for it/changed for it to work this time around….
Yes. Wealth>wellness Edit: After I read it actually, get the fuck back and man up. The worst thing a guy could ever say is “unsure” and “family” in the same sentence. Get back to ib and make what defines you($). You get in this business to create generational wealth in 1 lifetime. If you play your cards right no reason you shouldn’t die worth 100m with nepo babys and a 12m mansion in CT. It’s not about happiness, it’s about pride and you gotta get back today. Especially with your girl being a housewife, help isn’t needed at home. And sign a hell of a prenup. Bless.
are you in this industry or a student with IBA2 title?
Terrible
Trash take
Onlyfans is always another option
Wouldn't hurt to do IB for a few more years until you have children, then move into corp dev where you can still earn good money
Can't believe you're even considering going back to IB in the slightest given what you outlined above. Don't do it.
So let's get this straight...
Yet, you not only think someone will want you back, but also that you'd be able to stomach it with a serious gf who is thinking about a family? This sounds like personal life suicide.
So much wisdom and intelligence. This is why homie made it to Director. Please take me in as your junior. +SB
I know people who have been in similar situations, and they went in a lot more motivated because they had family to think about providing for. But if you were miserable in your first stint, it will still suck, even if you are super motivated. Give it serious thought, but also consider your health, and think about whether the sacrifice of your wellbeing is worth it.
You said you did IB few years ago and you also said you make $90K now? What am I missing? How is your salary still low..
how the fuck is your salary so low?
you can make 90k doing FP&A for 3 years
Look for another job is the real answer. 90K is frankly ridiculously low pay for anyone who was in IB "many years ago". The going rate for corp jobs out of any decent IB firm these days is well north of 100k and even FP&A pays 100k these days 2-3 years out in cities like NYC. Look for a new job ASAP, you are underpaid.
Good dad you would make being stressed out everyday...
Just consider another job with higher comp.
Honestly, don't do it. This has all the makings of the classic golden handcuffs at possibly one of the worst times for banking recruiting.
There has to be a compensation middle ground between what you're doing now and banking. How about uptiering to a strategy role somewhere bigger and better paying?
This makes me wonder… posts like this one make it seem like it’s impossible to build a life and family without IB-level income. But all around America people with families are getting by, and the vast majority of people don’t make IB income.
I think the long and short of it is: you can’t have it all. Relaxed job, comfortable lifestyle, good money, stay at home wife, ideal location, 3 BR house, ideal life for (2-3!) kids: you most likely gotta pick a subset of these. Most of us can’t have it all. Consider 1 kid and the smallest house you can survive in and your wife getting a job again once the kid is in school.
Well, everyone wants their kids to be at Private school, wearing nice shit, not getting dropped to said school in a shit car, gift a cool Patek when that kid graduates etc etc . Who wouldn’t? Yet most don’t make that money….
You sound paralyzed my man. A few years in IB isn’t going to change your life and ability to provide for a family. Think about a 10 year plan.
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