I feel like after working my ass off to get into a target school, there's IB recruiting, then there's PE recruiting, then there's B-school/HF/rising through the ranks. For all the finance professionals out there, when do you realize that you truly have made it? By "made it" I mean an interesting, rewarding job that allows work-life balance.
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Never. Stay hungry.
If work-life balance is what you see High finance is probably not where you should be looking. However, I think there are plenty of areas in Finance that are highly interesting and rewarding. Generally, I think making it is defined be has everyone's individual opinion. Want to make MD, go do it, Want to make PE Director go do it, want to be a trophy wife, Go do it.
Owning and selling your own business. Selling isn’t even required, provided that your daily involvement in the business is voluntary and not necessary.
Rat race never ends
Let me explain to you the term "fuck you money". Fuck you money is the point at which you can pick up a phone book, call anyone in it- and tell them "fuck you" without any repercussions. It's when you are financially independent to the point where you don't need a job, and nothing can affect your lifestyle and standard of living.
That's not when you've made it though.
You make it when you have "fuck ME" money. This is the level where you get so bored with life that you can pay people to introduce some drama into your life. There are companies that you pay for them to kidnap you- just for fun. Think shit like that. Buying things that aren't for sale, getting someone fired just because you don't like the way they looked at you, having dinner with senators and politicians (or even becoming one- looking at you Bloomberg and Phil Murphy), shit like that. Basically, imagine "fuck me" money as essentially playing life on creative mode.
When you own your time.
Personally 100% agree. At one of the law firms my company uses, there is a partner who is apparently close to getting divorced because his wife is absolutely fed up of him being on back-to-back calls throughout the duration of all their (very expensive) vacations over the past 5 years. Guy is probably earning $2m+ a year and has an equivalent lifestyle to maintain - home in NYC, Hamptons etc, 3 kids in private school. But the price of that is he’s always at the beck and call of the IB/PE client - always has to make himself available at the end of the phone 24/7 365 days at work.
By contrast I know quite well an associate at the same firm (worked with him on numerous deals - very smart guy) who left big law to go in-house at F500. He’s been promoted to deputy general counsel for a division of the F500, earns maybe $200-250k in a LCOL area. I’m sure he works hard but he does a regular 9-6, nice house and beautiful wife & kids (who he spends lots of time with). Also not a relatively big spender so he has lots of $$ in the bank if there’s an extended downturn.
Which of them have made it? Well tbh it comes down to personal choice - these are admittedly extreme (although real-life) contrasts, I’m sure a lot of people on here end up somewhere in between these examples.
Both are very successful in their own way, but personally I would definitely say I would rather be the second guy - he still has a great lifestyle, but most importantly he has control of his time. I’m sure people would disagree though (and there’s no right answer - it’s up to you personally)
In my opinion, this.
Being master of your time is the ultimately luxury.
I think I'd feel "made it" if I have enough money to where I am not working for just to make more money, but still find meaning and purpose through a job I like or other endeavors.
Biggest yacht, own a Boeing BBJ 777, couple of kids and dogs
When you’re satisfied.
Nobody can say ‘when’ for you.
A mature answer from a mature person who has made it...when you get to control your time and pretty much do what you want. That includes not having to spend time with people you don't enjoy. That's a big one for me. Money is important but not the only thing. Once yo have enough, you have enough. More doesn't really change anything. Maybe a different car or house or trip but I don't really care about that.
Doing what you want, when you want, with whom you want. Sometimes that becomes the challenge because the with whom you want isn't necessarily independent yet so they may not be available. Happens to me all the time.
As per your definition, you don't need much to be content, i.e. "to have made it". This is good, as it shows there is a (quickly) achievable goal. The issue is that life is always changing, so the question is on how stable is the setup (the job, your life, your view of the satisfaction from the job).
The more you are able to detach your satisfaction/fulfillment or whatever you want to name it, to items outside your reach, the greater the level of control you have on your views of "making it". Some argue money ("fuck you" or "fuck me" money) is the conduit to it. While a level of financial comfort is indispensable, it is also elusive.
In my view, the more you can control your own (your impressions, your reactions, your reflections, your emotions, your conclusions and your stance towards life and all its aspects), the further you are to have a healthy and constructive distance/independence which allows you to feel satisfied and fulfilled, employ your time and energy in activities/with people that contribute to your well-being. That I think contributes massively to "making it".
Sounds a bit like yoga guru shit or self-help book bla bla bla, but indeed, I've experienced in times (still learning, not always easy, it comes and goes) and each may have its way to help itself reach a good level (meditation, sport, etc.), But in my view that propels you to say, I've made it, because I'm happy with how I'm leading my life.
This was deep, I appreciate you
You'll come to terms with what this means to you as you scoot along your finance journey. Often times as an analyst you may think to yourself that the grind is just not worth it and that PE may be your salvation. And if you hit PE you may feel that you're still grinding hard in a way which impedes your personal life and that you've had enough and want to go to a more WLB-oriented role. Or maybe you want more. It's all subjective but I have a feeling it'll come down to a trade-off between what your comp is and what your actual work-life looks like eventually
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