ASO 3 here considering leaving IB.
For those associates that exited banking, how did you source opportunities and go about recruiting while working?
Here is where I struggle:
PE - currently off-cycle / no headhunters are reaching out to associates. How did you get your name in the PE recruiting circle?
Corp Dev - scope of the role and compensation band vary widely, would need to leave NYC to soften the comp discount burden. Opportunities are sourced from linkedin / the occasional HH.
HF - not interested, tougher put than the above anyways
Recruiting while working: for interviews that I did receive, many required on-site superdays, and candidly have struggled how to go about managing live execution across multiple teams and disappearing, going off the grid unannounced.
Appreciate anyone that can opine on how to escape!
Ah, the great escape from the jungle of investment banking! Here's some advice based on the most helpful WSO content:
Private Equity (PE): - Networking: Start by leveraging your existing network. Reach out to former colleagues who have made the jump or alumni from your school who are in PE. - Headhunters: Proactively contact headhunters who specialize in PE placements. Even if they're not reaching out to you, there's no harm in reaching out to them. - WSO Networking Guide: Utilize resources like the WSO Networking Guide to craft your outreach strategy and make new connections in the PE world.
Corporate Development (Corp Dev): - LinkedIn & Headhunters: Continue to use LinkedIn and headhunters, but also consider reaching out directly to companies you're interested in. Tailor your approach to each company's specific needs and culture. - Relocation: If you're open to leaving NYC, research markets where your compensation expectations align more closely with the cost of living and where there might be less competition.
Recruiting While Working: - Scheduling: Be upfront with potential employers about your current commitments. Many will understand and try to accommodate your schedule. - Vacation Days: Use your vacation days strategically for interviews and superdays. - Transparency: If possible, have a candid conversation with your current employer about your search for a better work-life balance. They may be more supportive than you think.
Remember, it's a marathon, not a sprint. Keep your chin up, and don't let the skyscrapers block your view of the horizon. Good luck out there!
Sources: How screwed are IB associates if they're laid off?, https://www.wallstreetoasis.com/forum/investment-banking/breaking-into-private-equity-from-banking?customgpt=1, A Few Observations on Investment Banking Exit Opportunities, Why do banks hire MBA Associates?, How do you recruit to leave banking?
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