Worth Leaving IB?
Hi guys,
I recently interviewed with a startup, and the talks have gone well so far. I am pondering taking the job, but I am not sure if I want to leave my spot in IB. It's not typical IB, it's moreso ECM/ops but I have 7/63/79 and don't want to lose licenses. I honestly don't even want to be at the current bank due to low comp, toxic team, and lack of deals I actually want to do. Just not a good fit.
The startup is in the healthcare space, and provides a way better office culture, and seems like a great team. Not to mention, a HUGE jump in salary. I don't want to say any firm name due to a breach of confidentiality, but my question I pose is this:
- Is it worth leaving? I feel like I am struggling breaking into an M&A (or anything higher in ranks) anyways
- My licenses can be extended up to 5 years, but would I be fucked getting back into finance after leaving? From a recruiting standpoint.
- The offered role is VERY front office facing. What do you guys think about exit ops from a successful startup back into a larger role?
Lots of questions going through my mind, would love to engage in conversations with anyone providing advice. Very much needed.
This seems like a no brainer, I'd go
Definitely agreed. Just curious about reentering a future opportunities down the road. Any thoughts?
It seems like you are not ready to make the move, given your references to the FINRA licenses and already thinking about the exit ops. There are so many variables: Do you work in a T1 city? Can you find another IB job? How long have you been looking for a new gig? Is Healthcare something you want to be in for the next few years? What are you doing at the startup / whats the title? (No need to answer any of my Qs but just saying how its tough to provide advice given what you've provided so far). But based on what you've provided, i think it makes sense to leave...do something different...get some decent experience at a corporate...and see where things take you. Also some Qs for the startup - are the founders experienced / reputable, are there smart folks in the cap table? do they operate in a growing TAM? (again no need to answer my Qs...but some Qs to for you to think about as you ponder your next move).
Also not to take a dig at you, but if the culture is toxic and you are doing ECM/ops, you aren't really giving much up especially given the uptick in comp you'd be expecting to get. It would be a different story if you were at like Evercore M&A and taking a big pay cut.
Very much appreciate your robust response, thank you! I really appreciate and value your insight. Could I send you a PM if you have time?
I am in NYC, and struggling to get recruited for another IB job. I have been looking for a month or two. The founder is reputable in my opinion, completed a Series A for 6M. Met him in person and was someone I could see myself working for.
A couple of thoughts:
Agreed - with Caris Life Sciences even putting in their S-1 stuff about the risk with the current administration, I grow nervous about solency.
Would it be a dick move to, assuming I receive the offer, still further interview and jump ship if I get an IB offer?
I would leave
I do want to be at an M&A bank though...my only concern is I will be screwing myself to break into one. Thoughts?
Banking will literally always be there. Don't get hung up on FINRA nonsense. You did it once, you can do it again. Start up has so much upside potential if it works out and even if it doesn't. The value of real experience cannot be understated and on top of that you'll get exposure to a whole new world of individuals. If the thing goes public and you make a billion, great. If it blows up, worst case scenario is that you end up back at a bank, likely getting credit for years served and with the benefit of a greatly expanded network of industry participants
Say it fails and I am now back on the job market. Am I fucked if I want to go to a PE shop or something? If I spend a few more years at this I will not be the young post grad guy wanting to spend 80+hrs a week on work, thoughts?
More experience will only help you. Having real industry knowledge is a differentiator and maybe you get to know folks in your expanded network that would be willing to hire you. And maybe i'm reading too quickly, but doesn't seem like your current job is something worth holding on to + trying to transition from ECM to M&A is challenging
PE is a crap shoot at all levels and i'm a lifelong banker so idk
The ultimate backstop is B school, where you can write a compelling story of your daring choice to join an early stage venture, the lessons it taught you, and how it crystallized your interest in [ ] as a long term career
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