Am I Crazy? Considering Declining IB Offer
Title says it all.. I'm a 1st year analyst at a 3rd tier consulting firm. I've been exploring lateraling for the last few months, and finally received an offer yesterday to join a MM bank's tech group. I felt extremely conflicted when I got the call - it's really tough to rationalize banking right now, especially with the heightened awareness on analyst treatment.
Any advice would be greatly appreciated.
Don’t do it bro, lateraled myself and regret it... huge downgrade in responsibility, intellectual stimulation, and hourly pay.... it’s a chain of fear and dick sucking and you’ll spend countless hours formatting appendices slides to perfection and looking for perfect stock photos for MDs and VPs that are actually clueless as to actual corporate finance concepts and know nothing more than how to spin buzzwords to sound like they add value and know the industry (even when they don’t)
this whole industry is a fucking joke
Sorry to hear that man, was it worth it for career trajectory at least?
No because I had a decent career trajectory before and was getting decent pay.
if you’re actually in management/strategy consulting and your job actually involves using your brain and providing insights then would stay. If you want to be a PPT slave for slides that no one outside the bank gives a remote fuck about then welcome aboard
btw expect 100+ hour weeks, at least at my bank conditions haven’t improved at all
It seems like a good offer. Obviously I’m biased because I am going into IB but at the end of the day it comes down to what you value, what your goals are, and what you are willing to sacrifice for what you want. The hours will be long, the hourly pay will be worse, but the total comp and career trajectory will likely improve but only after 2-3 years
In terms of generally turning down an IB offer, I did it to join my current Long Only firm in covering equities. Had FT offers to work in MM banks and at elite boutiques in Tier 2 cities and thought that the opportunity am my current firm was way more desirable.
It is absolutely possible to turn down an IB offer. Just consider what you want to do.
I think you should take the IB offer and try it out. You're still young and a year or two at an IB firm could help open doors in the future (even returning to a great consulting firm and or B school). You're right that things are busy in IB, but that makes it seem like a GREAT time to enter given high deal flow. Also, if you accept now, you will hit the desk and then soon after you'll get another bunch of FT higher (last year's summer SAs). AKA the cavalry will be right behind you so there will be plenty of bodies.
I think if it doesn’t feel right it probably isn’t. Had an interview with head of a group and immediately felt he is an asshole. Took tome to debrief and think through and realized he was so offensive. You have to be 200% sure that you like what you’re going to do and the people you’re going to work with because the truth is it will always be worse than you expected so I wouldn’t switch if you already still has doubts. Maybe talk to someone who is in that job and ask questions
You have to be 300% sure haha. It's incredible how one individual in a team acting like an asshole can destroy the whole experience. I recently lateralled, and 9/10 individuals were super nice (And are actually super nice to work with), the other individual was indeed weird/asshole during the interview. I rationalized it as him acting like that just for the interview.... oh boy I was wrong. Now he's the reason why I'm looking to exit right after the bonus hits my account.
Sounds like there could be good reason to decline. Idk
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