VP/Director at top BB/EB. ~$2.5-3M saved. Stuck.

Managing Director in IB-M&A

I don’t know enough to advise you

Are you a VP or a D?

Do you have that money saved up or is that aspirational)”?

What kind of firm are you at? Is your firm generally meh or are their products that are strong 

Why does your industry not have deal flow? Is it cyclical or is it a dying industry? What about it makes it unatttactive to sponsors? Is there angle that they are missing?

What kinds of deals have you been working on / closed? Product? Size?

What is the competitive landscape like when you lose, who do you lose it too? 

Is your firm doing well? Is your group head a player internally? 

Be honest with yourself. If they had to start whacking mid level how far down the firing are you?

These facts would help you get proper advice and 

Thank you!

• Director but can take a step back if needed to VP (those roles are much more liquid and I’ve found people open to the conversation…it’s more so I’m hesitant for the lifestyle and also uncertain path to MD but guaranteed years lost)
• Most of my deals are large cap M&A but there’s also some product deals etc; also built my own lane in an emerging sector that has unfortunately gone quiet
• Firm is a top firm that is quite strong; there might be an ECM seat hypothetically but not sure that’s optimal and honestly will still be busy
• Limited PE mostly strategic (don’t think there’s an angle for more PE); there are a few other top banks that work in this space but moving there would lock me into the space to the extent I’m not already. MD seats are also limited given nature of business. I think consistent sponsor interest is important longterm but could be wrong. Also think broader lane is better.
• Firm is doing exceptionally well but I think long term it’s hard to make it all the way up the ranks here

• Hard to know if they had to start cutting. There are certainly people doing less and being paid more but it’s all political and luck at that point…

  Some options I’ve been considering: BB (not GS/MS/JPM) Tech group VP - get the sense it’s a sweatshop and very different from my experience. Also top heavy and would meaningfully extend my timeline so not sure what upside of moving is. They do work on top deals but it’s a big team…So more pitching than deals I assume. Feel like they need a body. Also AI / private credit is a headwind. 

  Top BB/EB business services - mostly middle market type deals. Assume it’s super busy when you’re working on middle market pitches and sellsides but lots of activity. Need to do way more middle market deals to get a fee. However, feels like easier to find a lane here to own.

  Low tier BB in an adjacent sector: I suspect this will involve a meaningful pay and prestige cut. Not sure it’s much safer either…

  
  Obviously would love to figure out if I can make my current firm / seat work but it seems tough. 
  
  Maybe ideal is a big balance sheet bank in a sector that requires the balance sheet?

  I’m a bit all over the place but very open to ideas.

Managing Director in IB-M&A

My observations

You are thinking about it the right way. Getting the MD seat is your only objective here. It’s the one thing no one can take away from you. 

DONT GO BACK IN TITLE. It will hurt your resume wise, timeline wise and money wise

I like the move to the balance sheet bank lot but only if it guarantees you or gives you an unassailable path to MD. Seen this happen a lot and these firms are paying well and it sets up a pretty secure seat. There’s also a path back as an a MD in time.

I also like the business services angle provided it’s a Director role and has a defined path to MD. Lots going on in this sector.

But whatever you do look at it solely from the lens of will it give me a clear path to MD. Ignore brand, ignore comp. 

Very helpful. Balance sheet bank would be a real step back; 4-5 years minimum to MD. The issue I’m facing is if I want to switch sector focuses; won’t that require a step back? How do I find a role in which they are open to a sector switcher at the director level? I generally agree taking time back is extremely painful so trying to avoid it.  Also - how do I go about finding a role with a clear path to MD? Would they give me a clear ‘list’ to cover?

Do you think it makes more sense to optimize for the right platform versus the title? For example, is taking an MD role at a no-name boutique actually worth it?