Do I want to do IB or do I just want money
Hi,
I’ve been recently struggling with a life decision. I have a background in engineering and currently work in land development and construction engineering. While I was working I really liked the work that developers were doing so I applied to and got admitted to a top master in real estate program. I was very excited that I got in but now I am having second thoughts if I want to do real estate as the pay is not the same as IB.
I’ve been thinking of doing an mba and just do IB because the pay is better. Is this justification enough to pursue IB? I know people talk a lot about following your passion but I struggle to determine what it is as I am pretty money minded. Any wisdom or help would be appreciated thank you
If you want to actually be in the RE sector, then going to IB for money will be a mistake. You would be more likely to jump out of IB in 2-3 years and try and pursue REPE/Development investing instead and the years in IB would be profitable but miserable as you work intense hours. On the other hand, if you only want to go into RE investing because of the money and don't actually have a strong desire to be in that space, IB would open up a lot more opportunities to you for the future and make more money in the short-term. The advice I can offer isn't incredibly helpful since you're asking about very different career paths and candidly, we are strangers on the internet, so my advice isn't well informed on you personally. I would just recommend that you do IB if you're uncertain of what field you actually want to be in long-term but do REPE/Development if you're genuinely interested in the RE sector.
Ah, the age-old question of passion versus paycheck. Based on the most helpful WSO content, this is a crossroads many find themselves at, especially when considering the high-finance world. Let's break it down with a bit of wisdom from the jungle of investment banking insights:
Understanding Your Motivation: It's crucial to figure out why you're drawn to investment banking (IB). As one seasoned professional on WSO pointed out, there are stock answers to why you want to do IB, but they won't sustain you through the grueling 100-hour weeks if your heart's not in it. If it's primarily the allure of money drawing you in, remember that the satisfaction it brings can be fleeting if you're miserable in your day-to-day work.
Passion vs. Paycheck: Another voice from the WSO forums highlighted a significant point: not everyone is willing to sacrifice short-term happiness for a potentially richer future. If real estate excites you and you see yourself enjoying the work, that's worth considering. Yes, IB might offer higher pay, but happiness and job satisfaction are also valuable currencies in life.
Career Flexibility and Exit Opportunities: Investment banking is known for its rigorous skill set and the doors it can open. Many enter IB not just for the immediate financial reward but for the exit opportunities it provides, such as roles in private equity, venture capital, or corporate strategy. If you're looking at IB as a stepping stone to broader career options, that's a valid strategy. However, it's essential to weigh this against your interest in real estate and whether a direct path there might be more fulfilling.
The Long-Term View: Consider where you want to be 10-15 years down the line. The WSO community often discusses the importance of long-term career satisfaction over short-term gains. If you see yourself thriving in a real estate environment, feeling engaged and motivated by the work, that might be your path. On the other hand, if the strategic, fast-paced world of IB excites you and you're drawn to the challenge and the learning curve, then maybe the MBA to IB route is for you.
In essence, it's not just about following your passion blindly or chasing the money. It's about understanding what motivates you, what work you find fulfilling, and how you define success for yourself. Both paths have their merits and challenges, so consider what aligns best with your career aspirations, lifestyle goals, and personal values. Remember, the only race you're running in is your own.
Sources: Is IB not as attractive anymore?, Q&A: Investment Banking Associate, Here's why Investment banking is the best career path ?, Big Law to Investment Banking -- Thoughts?, If You're Stuck Choosing b/w Consulting and Banking, DO BANKING
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