What happens to the people who don't make it after IB?
I'm talking about all the people that go into IB, but don't get promoted or move to PE. It seems like everyone wants to become a partner in private equity, but there is no chance there are enough spots at the top for as many analysts that exist. So what happens to all the people that don't get keep getting promoted to partner? Are they stuck as IB VPs forever? If they career change, where do they go if they can't get into PE/HF? I'm not personally in IB, so kinda clueless. Thanks!
A lot of people who wouldn't make MD at their bank would try to lateral until they could. I guess they'd have to exit if they couldn't anywhere.
>It seems like everyone wants to become a partner in private equity
Very few people want to do this, unless you’re talking about the undergrad WSO users
There are so many options for people who don't get promoted internally... and I have seen almost all combinations
1) external move and try it there
2) go the consulting route, either through a real consultancy or contracting through their own company
3) literally open up shop and do something different on their own
4) they get a job in the industry or somewhat related to what they have done before. CFO roles might fit, Head of M&A, strategy directorships, etc lots of option, great WLB and package could be nice also?
Dude opening a small shop or joining a small shop is the dream come true. I have seen it first hand where guys make bank and barely know what they are talking about at local / regional boutiques
Exactly. Not every business out there must be listed on wall street and only handles billion dollar deals.
I have seen so many ex bankers retire in some beach community like Newport and just help local companies on a much smaller scale. Even the lowest buckets from a BB could easily do that and still make bank.
Same for becoming a freelance consultant - there are so many M&A contracts available for very high daily rates - and the clients have no clue whats going on either way. It is easy to give advice on strategy, structure a deal and then move onto a new client.
I am not saying these steps involve no risk, but if the spouse also has a job or the house is paid for... it might work out OK.
Well just think how many 10mm dollar construction / professional services firms are out there. A fuck ton. You can usually transact on those for lets say even $250,000 a pop. Bring in a VP and a Analyst to do a lot of the work and boom you could probably walk with a nice 300-400k a year for probably some pretty minimal work.
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