Is IB worth it if I eventually want WLB?
I'm from the UK and people who want to work in this industry constantly say "yeah I wanna just grind IB for 2-3 years then chill" but then what? If you stay in banking aren't directors and MD's still working long and stressful hours? And if you leave IB to go e.g PE, aren't PE hours also pretty bad?
As someone who doesn't necessarily need a 9-5 but also doesn't want to be working 60+ hours a week until retirement, is IB even worth it?
Wouldn't the average big 4 auditor have more exits that provide a good WLB than the investment banker who wants to leave banking? The only option people seem to talk about for WLB after IB is Corp Dev but it doesn't seem to pay anywhere close to banking and is closer to other corporate salaries like fp&a.
Based on the most helpful WSO content, here are some insights regarding work-life balance (WLB) and exit opportunities from Investment Banking (IB):
Corporate Development:
Private Equity (PE):
Consulting (MBB):
Big Tech Finance Roles:
Government and Non-Traditional Finance Roles:
Business School:
General Observations:
In summary, while IB can be a valuable career starting point, those prioritizing WLB may need to carefully consider their exit options and be prepared for potential trade-offs in compensation. Corporate Development, MBB consulting, and certain government roles are among the more favorable options for better WLB.
Sources: What IB exit ops have the best wlb?, [Very Long Post] Stepping Off the IB Train, Is work life balance really worth it when you are young?, MBB Analyst comp/hours ?, The Efficient Career Hypothesis: Almost All Jobs Are Priced In
Yes and yes to your first two (non-rhetorical) questions. And at the senior levels it's also the unpredictability too - the "buck stops with you" and the client isn't going to want to speak with the VP when the bid deadline is 2 days away and you're in Cancun (same with PE - your IC isn't going to be impressed if you aren't engaged when the asset you pushed hard on 2 years ago missed its budget again and the LPs are all asking questions while you're skiing in Niseko).
You're right about Corp Dev. It doesn't pay in the same way as IB / PE (it does have far better WLB, and maybe the argument here is that you'll have the skills from IB (admittedly, as a banker, questionable) and also 5 - 10 years of savings from a very high-paying career if you last that long).
The average big 4 auditor, assuming they pass the exams (ideally with 1st time passes, etc.) will have a lot of solid exit opportunities with decent (£50 - 70k but varies massively) exit opportunities in dependable 9 - 5 (Finance Director type) jobs and all across the country (so you escape the high COL of London). If you want to push yourself, you can work your way up (and CFOs usually come from either the Corp Dev / Strategy stream, or the Treasury / Finance / Accounting stream).
You might find IB more interesting (I do). Or you might not. If you like peanut butter you don't need to qualify it any further than that. Like whatever you want as long as it isn't hurting others.
So overall, yep. If you want a solid WLB type of role with reasonable optionality, I'd say there's nothing wrong with Audit. More power to you.
Thank you for the detailed and thoughtful response.
In a perverse way, yes. Because everything seems like great WLB after IB.
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