Recent mba grad and first year associate. I’ve been learning a good bit but not getting much if any enjoyment out of the job. I will stick it out for awhile if I need to but I don’t see myself doing it long term.
What can I do where I can make good money and build a long term career? My interests are in investment research and strategy/biz dev.
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Consulting is good when you're not sure what you want to do since it gives you a very broad approach to different industries and roles. Also the work can be interesting if you're at a top consulting firm.
Is lateraling from IB feasible?
Yes. It shouldnt be hard. There's a lot of transferable skills.
Pretty sure MBB is doing a lot of hiring outside of their normal business school intake right now. Would hit up your classmates and see if they can refer you.
Pe combines both your interests - research and strat
Is that an option for me as an mba associate?
you can go to a small shop after 2 years but megafunds would be out of the question.
Don't listen to those telling you that you can't go to a UMM/MF with an MBA and even 1 year of banking experience. Networking and the school you came from will be your biggest asset here, and when you have a solid connection, put the effort in to make the jump. You may have to start as an Assoc1 though.
Lol at people thinking PE is research + strats. There's a reason it's called banking 2.0. Replace pitchbooks with endless memo churning and clients with LPs. If you want to do research, go to a HF. I worked at a financial engineering leaning MF/UMM and even my counterparts at 'operationally-focused' PE funds don't do much strategy work.
How feasible would a HF be for an mba associate? I cover fig but would be open to other sectors.
Is PE really still a sales job at the end of the day?
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No I appreciate the thoughtful response.
So far I like the strategy and numbers sides of the job and talking to clients but hate feeling like a graphic designer in PowerPoint all day.
I think my interest and passion is in either something more markets based or building a business. Two very different things but they’re the two things I’m passionate about.
Yes I want stability to an extent but I’m not risk adverse. I want to build wealth for myself and family but I also want to enjoy what I do along the way.
I have thought about being a financial advisor but I’m not sure it’s worth it at this point. If I could join a large team I’d think about it but I can’t take the pay cut to start at zero. I’ve also thought about investor relations for a pe firm or hedge fund. My background before school was in finance and sales. My dream is to work at a HF but not sure if that’s realistic.
Might want to think twice before switching into a junior consultant role then...
Boom - right here.
OP - you just started your first FT role as an associate (after a watered down internship no less - assuming you were in the 2020 intern cohort) - you're not going to get the keys to the Caddy the first day you hit the desk. This job is taught via the apprenticeship model - you learn how to do the very basic / mundane tasks and work your way up to the higher level type tasks.
You mention wanting a role that's more (a) markets based and (b) on building a business - that's effectively your role as a financial advisor (in either a live deal or when pitching). This job is effectively that.....but you have to master the basics before you move on to the more strategic thinking. It's hard to connect the qualitative dots between a client, it's peers, and the broader market when you haven't mastered the quantitative ones (which you generally do by preparing / reviewing excel and powerpoint minutae).
Easy comp here is Daniel-son in the Karate Kid - he thought he was just performing bullshit manual chores because Miagi didn't want to get off his ass and do it himself. Turns out there was a method to his madness. My advice here is stick it out for a year - eventually your Kobra Kai moment will come when it all comes together and clicks. And that moment usually takes 12 - 18 months of being on the desk to happen.
Gotcha, thanks for the color. Sounds like you’ve put in a lot of thoughts around you options/likes/dislikes. I imagine you’ve done a number of informational interviews with folks in the areas you might be interested in? There are numerous options out there that could be a fit in addition to the ones you mentioned. It could be the asset management arm of a RIA, for example. No involved directly in building a book/being comped on that basis, but involved with asset allocation decisions/have fiduciary duty to the end investors. Just one example that pop to mind, fwiw. The search process should be interesting. Self-directed recruiting season!!! Rooting for you 😎
Sorry that this isn’t related but did you go A2A after your MBA or straight to associate? I’m trying to judge how feasible straight to associate is possible. Thanks
MBAs start as associates.
Ah ok. Thanks!
Bump
I didn't realize i didn't like my job for at least 2 years... give it time and open yourself up to learning some things
Look into LO asset management: Fidelity, Wellington, PIMCO, Cap Group, etc. Dream roles but they offer everything you could look for.
Yeah I would love a role like that. I didn’t think it was an option to me but it’s worth a try.
PE
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