I'm currently a college junior studying Finance and Marketing. I'll be going into Investment banking at Bank of America Merrill Lynch next summer hopefully in Mergers & Acquisitions or Consumer & Retail. My ultimate career goal is to become CEO or CFO of a major fashion company like Burberry, my question is how do I get there?
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do you really have a PASSION for FASHION?
CFOs know the operational aspect of businesses and know how to implement processes. IB is one small slice of finance and your analyst years really only prepare you to be a banker. By the time you are wrapping that up, PE guys like to recruit you because of pedigree and some knowledge of the deal process. But, it doesn't make you better equipped to become a CFO/CEO.
The best way to do it is to learn how to implement and lead in processes and work with company boards, investors, and other industry leaders. If you gain a strong, 10+ years' generalist understanding of finance, like implementing processes, budgeting, forecasting, financing operations, consolidation, etc., then that would be smart. Next, you just need to go work for startup/small companies and catalyze growth or be a big component to high growth. CFOs/CEOs of big companies like Burberry probably came over from being CEO/CFO of another company.
Don't work for a startup unless you're part of the bootstrapping/foundation/early stage of the company, and therefore will become the CFO from the start. Startups/small companies don't pay enough for people coming from BB backgrounds, so getting a job there would be impossible for you.
Think about it like this, banking/finance like PE is good for understanding shareholder/financer issues while CF/FP&A is better for understanding operational/internal issues. A career path to CEO/CFOs leaves you gunning for 1 spot of the 1000s of potentially qualified individuals. It will be more important to distinguish yourself somehow.
You just need to focus on getting some operational experience, most likely will want to do an MBA, and then work in a very critical role at a company, helping to successfully steer the company through huge challenges.
The clearest path forward for you would be to go from IB to a consumer focused PE fund that has some fashion companies. Get involved with those companies and hopefully move up in the fund to be placed on the boards of those companies. If one of the investments struggles, sometimes the PE fund will put someone from the fund into senior management...you then get an opportunity to build some operating experience.
oh boy i'm not sure if this would be the right place to dip in as your first rodeo. just personal opinion
I'm not sure that I understand your comment? I have had several friends move from their PE funds into C-level operational roles at portfolio companies. It has played out in a number of ways, but it's not uncommon. I am old for this site so most of the guys I'm talking about are ~40 and range from VP to principal to partner.
One of my best friends just took over as CEO to lead a portfolio company through its bankruptcy process. It was incredibly stressful, but he learned a lot. He was put in the role by his fund, and now he's actually getting compensated by the buyers out of bankruptcy who wanted him to stay in charge for continuity.
I meant that a special situation is tough, especially for someone without prior operating experience and personally, I have no interest in running a distressed business.
Sorry, I should have explained further after rereading what I posted. I hope you didn't take offense as that was far from intent.
I'm just a college student and have no experience, however my father has been pretty successful throughout his career. I often discuss business with him and admire him a great deal. I'm not sure if this will be helpful for you, since you're in banking but... here's roughly his career path
Things to keep in mind: - Everywhere's he's been in a leadership position, he has created significant results - He's a good politician and has great relationships with everybody and maintains them. For example: in company of 4. his CEO fired peson X, and CEO said something like "X is too stupid for this level of business bla bla bla". My father was the only one to call X up (because other employees were scared of CEO) and tell him that he was sorry and that he wished him luck in his future career. 3 years later X calls him up and asks him if he wants to be COO of the company X is CEO of. - He has changed a lot between different companies but has roughly stayed within the same industry throughout his career