Successful people that started in banking?
I've been reading the corporate profiles/bios of tops PMs/principals/founders at HFs/asset managers/even a lot of PE shops and it seems like few of them got their starts in investment banking. I feel like WSO creates this impression that IBD is the ultimate way to start your career, especially if you want to move to PE/HF. If that's the case, who has found great success in the financial industry after starting in IBD?
Check out Einhorn (though, the story pictures IB not in the best light), sorry can't recall anyone else from the top of my head
WSO is talking about IB route only cause this is how industry hiring is going. You go do IB, after 2 years you get hooked by a headhunter, and BOOM...you are in HF.
As for the fact that a lot of great HF managers are not from IB, this is cause two jobs are quite different and require different skills/mindset. So, don't worry if you are not doing IB. You still can be a great HF manager :D
HFs have changed a lot since the days when many of those guys were our age - many of the big HFs are much more institutionalized now and more structured in how they approach junior hiring.
I do think taking the banking analyst job and breaking into HF after a year or two via a headhunter is the easiest/most traditional way to break in these days. Not the only way, but the closest thing there is to an established path to the industry.
What frgna said. I don't think WSO creates that impression, it may be that the majority of users who join just want to get into IBD. If you check out the Certified Users, there's a huge variety of people... With regards to IBD, I worked in FIG M&A and made the transition to HF this summer. Decently sure that the interviews I landed for buy-side were because of that.
It seems like banking is a great way to break into PE/HFs at the analyst level but once bankers are in, they don't seem to progress up either at the current fund/starting new funds. Maybe this is because this new trend of recruiting out of IBD is fairly new or this is because banking doesn't provide you with the right skills to move up and manage capital.
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