To Stay or To Leave
TLDR: Stay in chill MM group or lateral to large more "prestigious" bank with less certainty of future in industry
Experiencing what some might call a "quarter-life crisis" and would appreciate any insight from the more senior bankers on this site. I am currently approaching my first year as an analyst one at a solid MM in NYC. I have never really thought much about PE and am deciding what I want to do next in my career, for some context:
1.) I am in a very great group with room to move up as an Associate, great culture, and hours are relatively relaxed. Pay is slightly below street (as is expected at a MM), but I still have a lot of control over my hours / free-ish weekends to make plans with friends. I know that the pay difference does get larger as you become an associate at a MM vs. EB/BB, but right now that is not what I am focused on
2.) The group I am in is niche and I don't know if I would even want to try to "make it" in this coverage group as a senior banker or try for PE shops OR if I'd even enjoy working in a corporate role in the specific industry I cover
So I have been thinking about lateral recruiting to work in a more generalist role where I could look at exploring other options / industries. One great thing about my group is when I first started we were incredibly busy so I do have solid deal experience to speak to, but I know that if I lateral I would probably come in as an Analyst 1 and my life / hours would most likely be terrible as I try to make a good impression on whatever new bank I join.
My question is, how worth it is all of this? Should I try and ride it out in this group / industry even if its not what I am incredibly passionate about but have a solid path to Associate and can still earn great comp / good hours or try and go to a larger more "prestigious" bank to improve my exit options.
Any advice is very much appreciated.
Perhaps I can give a senior banker perspective.
Questions I would ask you about the current shop:
1. What is deal flow like on a long term basis (not just recently) ? Better wlb groups generally have worse flow amd you'll complete less deals in your junior years. If it's not great and you want to stay on sellside then this could limit your options.
2. If you're going to be a senior banker on sellside, then focus on where it's going to be a). Easy to win business and b). Going to pay you.
3. If PE is the exit route then you just need to maximize your brand at analyst years.
BBs are easier as a MD as the phone rings for you. EBs are harder but you get paid better if you're an earner for the bank.
Finally - there's something to be said for a good WLB. Decide what matters more to you.
Sir - what do you mean by "BBs are easier as a MD as the phone rings for you"?
I assume they mean in part that at a bulge bracket you have more fee opportunities coming from multiple products and some of these opportunities come just by you being at the bulge bank. This could be easy financing opportunities like in leveraged finance or other opportunities you get just because your bank lends to the company or something.
Makes sense. Thanks!
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