Assume the 65-70 hr / week job is something like IB
Assume the 35 hr / week job is something like corpdev
Saw another post like this, but realized few people actually work more than 70 hr / week in IB regularly
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IB until ~ 30 then corp dev
Why not just exit sooner rather than later?
By the time someone is able to make 300k in ib, then they’d likely already be past Aso2, at which that point they should be experienced and efficient enough to generally only need to work 60-65 hours on average, maybe less if they have good analysts
Yes in theory, but in reality I think some VPs work just as much and sometimes more than analysts. Certainly no VPs working 60-65hrs at my bank, IMO it's the hardest level and then the hours drop significantly at director. You lose all weekend/vacation protections, are put on a huge number of deals and still expected to check them all (often with new AN/ASO who don't know what is going on), and are expected to generate revenue, sometimes through new clients you're sourcing yourself, since the MDs aren't going to give you their book.
Not sure it's relevant to the question, but there's a big 3-5 year chunk in there where work becomes very hard and turnover is huge. Beyond that it's a decent life
I’d grind it out in IB until I can lateral to corpdev as a director or svp/head of cd at a tech firm where I could work 40 hrs for 400-500k (if such roles even pay that much)
second this thats probs my plan
What are exit opps from corpdev?
I've seen a decent number of people exit to corpstrat, fp&a and strategic finance. On a few rare occasions, PE but likely had to really really grind
Curious if people's opinions would change if that $150k corp dev role was 100% remote (globally)?
I went with the IB and I would change to the corp dev answer if even 3x a week remote
Isn’t pay and general progression much slower in corp? Heard from a friend that his base salary only increases by 2-3% each year until he gets promoted, which could take years, but maybe that’s just one data point, not sure how others pay
What do pay increases look like in IB?
Literally the most available information to look at yourself
You can expect the following, so 6 years out of college you would have almost doubled your salary with a big jump from the promotion:
I'd also estimate a a standard deviation of 10k-15k depending on bank, group, etc
Analyst to be 100k/110k/115k
Associate 150k/175k/200k
Wow I’d be more curious to hear what Corp pay increases look like or if the 2-3% increases are the norm
A majority of jobs people have besides sell-side/buy-side finance jobs/lawyers/doctors are only 2%-5% pay increases every year excluding years when someone gets a promotion. I love all of you bankers (me being a banker) but just member to come back down to reality at some point when it comes to comp, also helps with realizing how good you have things sometimes too.
yah that's how corp dev pay looks and not a "structured" promotion system like Analyst>VP either so could take a while between promotions too
I am a director at a LMM shop. Around 800mm aum. I'm basically second in charge. My comp is 200k base, ends up around 250-275k all in. .y comp is low, I'm in a tier 3 city, but I honestly work 35 hours a week and play videos most of the day from home. Lol
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Is this LMM pe?
Lmm secondaries.
What is the difference between corpdev and ib? Isn’t corpdev just ib for 1 company? Why is the pay so different?
because there's literally no pitching (no industry slides, reformatting creds or buyers list etc.) and you only do deals for 1 company (how many can 1 company do a year?)
Pe is also like that though, imagine an LMM or VC group: no pitching, no industry slides etc
If the goal is working low hours for above $150k then why didn't you guys just go into tech back in college
Too dumb for comp sci
I struggle to believe people who go into finance are in it to work low hours and make little money. Best options are to work few hours and make lots of money. Then work lots of hours make lots of money. Then work low hours and make decent money. That’s all though
I went from corp dev to banking and easily doubled my hours for about the same pay. You don’t do this job for an associates salary. Stick it out, suck it up. I have no regrets and more job satisfaction.
How much were you getting in corpdev and what position, and what made you want to move to a role that doubled the hours for the same pay? That's essentially like taking a 50% pay decrease no?
This makes no sense unless you share comp / role
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