VP Lifestyle at Top BB Coverage Groups
Hey all
Ignore WSO title, currently a VP1 at a well respected global full service MM platform (WF/RBC/TD type). I’m at a second / third tier coverage group at the firm. Great lifestyle with street comp. Work like 55 hours a week and we barely do any M&A so deal sprints are pretty manageable.
Have an offer from JPM/GS/MS, same coverage. This is one of the firm’s top groups (GS TMT, JPM HC, etc).
6 years ago I would have taken this without a thought but now I am struggling a bit. I have a great lifestyle at my current group, trust from seniors and the bullpen, have started building up a client book.
Any perspectives would be appreciated. I plan to stay in banking for the long haul.
What are you solving for? Are you trying to become an MD long-term? Comp? prestige?
Long-term earnings--yes plan to try for MD and stay in banking until I retire.
Prestige is only important to me to the extent it extends my career / gives me exit optionality in case things don't work out.
bump
Very tough decision. Longevity matters and getting grounded hurts longevity.
100%. If the opportunity hadn't been at one of the top coverage groups for my industry I wouldn't have even applied / considered it.
What I am trying to understand is the hit to WLB I will take vs. the longer term career advantages. I've never worked at a top group so it's hard for me to gauge the typical environment at the mid-level.
Based on my conversations, it sounds like it could be a very meaningful hit to WLB. Don't think it's uncommon for bad weeks to be past midnight for VPs. Obviously not all weeks are like that, but it'll be more heavy M&A so they'll happen. I think it's probably safe to say even good weeks probably aren't 55 hours at the top groups for these banks.
Based on my experience, it seems like VP is one of the toughest positions in banking (and PE). Lots of responsibility, not a ton of autonomy/control. Managing juniors, getting managed by seniors.
It’s not an easy call. Leaving aside work life balance (which I consider an irrelevance for the soft and weak), let’s focus on the merits and the risks,
Being in a top group in your sector gives you more upside over time. The fact that will do a lot of M&A means you have the ability to get paid a lot more over time. But you have to perform and do so in a manner that gets you credit. Otherwise you’re out on your ass. Do you back yourself to perform when you’ve never done M&A and when you don’t have any internal relationships? Can you play the politics vs those at your level who grew up there?
Your current seat is easy. You’ll make MD. You’ll get paid pretty well but it won’t have the same upside.
Only you can answer these questions,
I was going to say that your family probably cares about WLB, but I’m sure they don’t care about you anymore, so…
I'm (maybe undeservedly) confident in my ability to get up to speed. I worked in a more middle-market focused M&A group before this--not the top group/firm in the world but I got my M&A reps, albeit in the MM--and I've always been a fast learner.
My current thinking is that I can always go to GS TMT and wash out to WF/Lincoln/other MM shop, so there is some structural career protection from getting the better brand name. Whereas from my current shop there's a much less desirable rung to fall to.
Currently leaning towards taking the offer, thanks for your perspective. Ironically, I have a young kid and that's made me want to lock in career-wise more than before I had her. Know some folks swing the other way.
lol work life balance is soft and weak? im sorry your family and friends don't care whether you are there or not little guy.
VP at a top BB is still 60-80+ hours a week, but minimal pitching and almost 100% execution. If you're currently in a group with decent flow already then it's the same thing but you're never "off". If you're coming from a group that pitches a lot and does deals sometimes you're going to be in for a rude awakening. Really depends where you are in life and if you're willing to make the sacrifice. I will say a BB brand name will open 100x more doors if you decide IB isn't for you.
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