Career Banker?????
Okay - Currently a senior about to graduate college. Will start in July in a coverage group at a mid-tier BB.
I thought about going to HF after IB because I majored in a very quantitative subject (which sets me up well for admissions to a 1-year quant finance master's).
But I've been asking myself: Would I rather be an MD at a bank or a PM at an HF in 15 years? And I'm leaning toward IB because I'm a really personable individual and love the idea of client service. I do love math as well, but focusing my career on a P&L sheet doesn't seem that appealing...
I'm 21 and my thoughts will certainly change. Would love to hear from anyone who'd like to chime in.
Cheers!
Almost any MD level job is really about sales, so if you like working with clients that shouldn't be a problem. Most HF PMs aren't arms deep in a model 9 hours a day, they are talking with clients a lot of their day.
IB is a LONG grind to get to MD and while your career is pretty "safe" in that you aren't likely to get laid off a few times like you are in HF, there is still an extreme rate of attrition from burnout. You will be in your mid-30s as a VP or director still working 80 hour weeks, expected to answer calls on weekends, and your vacation is gone if a deal is getting hot. Even once you make it to MD, the above is still true, you're under real pressure to generate fees, and you will lose deals over silly things like the company decided to go with a lesser bank because the MD belongs to the same tennis club.
HF is absolutely stressful in a million different ways, just giving you some color on the IB path. There's no right answer, and no one can really predict their exact path
Thank you for the insights - guess it's time to start learning to play tennis.
So learn tennis, that's great.
Don't take offense, but I always find it interesting when people just assume they will be a MD in IB. The path is very long and relatively straightforward, but I guarantee you after working a few years in IB, you will have second thoughts about being a career banker.
Yeah there's no point even thinking about this question until he's at least started in the industry
Certainly not easy but easier than a PM I think
Could you elaborate a bit more?
I always advise people to take a risk, unlike most of the people on WSO because after your 2 years in IB, you can always go back to IB. Whether it's through connections or b-school, IB will always be there.
Do your 2 years in IB, try your hand at a HF, then if you suck, go back to IB. They will be glad to take you.
Following and great responses in the comments
You could consider doing IB for a number of years and then going to corporate banking under a CIB umbrella. That way you’re a career banker without hating your life since clients tend to come to you for financing (making revenue stickier) and have a strong skill set
How's CB money wise
Why are you trying to plan your whole life out now. For gods sake live a little and take a risk. Banks aren’t going anywhere
why did wso move this away from the IB thread cmon
How about you get a couple work years under you and then decide? To be sure, I commend you for thinking ahead - that's good - but you haven't had any substantial experience in any work environment, so just chill! Start your career by working hard, put in a couple of years and then start thinking ahead. It's simply too early now - you're working yourself up over nothing.
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