Hey everyone,
looking for some career/ life advice.
graduated 2021, interned and worked full time at GS for a little less than 2 years, Deriv s&t. Was looking to move around at the time to a full trading role or completely opposite IB with the eventual goal of getting to a hedge fund. Many of my peers went to trading roles at pod shops or if they were patient enough made it to GS IBD and are now recruiting.
i ended up leaving to start a company that was going to be funded by a family office. I was excited and naive and just jumped at the prospect of getting to be in the room with these guys and learning as much as I could. I viewed the company as a way to prove some value and see where the relationship went.
the partners are awesome and have taught me a lot but the promises that were made have not been followed through with and we are not getting any deals done, I’m not getting any reps or deal experience that would be useful for me in the future and the company idea has been shuttered.
I’m almost 4 years removed from school and have been having a tough time getting interviews places since my experience is split between structured products and now pretty random private deals. I have no idea what to do and getting an MBA to re open my options doesn’t seem like the best idea but also not the worst. Any thoughts? I don’t have a great fundamental/ modeling background but am taking a course now so I can hit the ground running. Most of my day to day is sourcing and talking to brokers and other investors. I do have a passion for trading/ investing and I think that’s the route I want to end up going. Do I try to get back to a BB and re start as an analyst somewhere (I’m also 100% open to coming in as year 1 I don’t have any salary expectations or need to be an associate)
Based on the most helpful WSO content, here's a roadmap to help you get back on track:
Leverage Your GS Experience: Your time at GS, even if it was in Derivatives S&T, is a strong brand on your resume. Highlight the transferable skills you gained there, such as market knowledge, client interaction, and analytical abilities. These are valuable in both trading and investing roles.
Address the Career Gap Strategically: Frame your entrepreneurial stint positively. Emphasize the lessons learned, the exposure to private deals, and the initiative you took. Acknowledge the challenges but focus on how it has shaped your perspective and resilience.
Strengthen Your Technical Skills: Since you mentioned a lack of fundamental/modeling background, continue taking courses to build these skills. Programs like WSO's Financial Modeling Training can help you develop the expertise needed for trading or investing roles. Be ready to demonstrate these skills in interviews.
Target Relevant Roles: Given your passion for trading/investing, consider roles that align with your interests and experience. These could include:
Network Aggressively: Networking is critical, especially when transitioning back into finance. Reach out to former colleagues at GS, alumni from your school, and industry professionals. Use platforms like LinkedIn and WSO to connect with people in roles you aspire to.
Consider the MBA Option: While not mandatory, an MBA could help you reset your career trajectory, especially if you target a top program. It would provide access to recruiting pipelines for hedge funds, trading desks, or IB roles. However, weigh the cost and time commitment against your current situation.
Be Open to Lateral Moves: If breaking directly into a hedge fund or trading role proves challenging, consider roles like FP&A, corporate development, or even boutique IB. These can serve as stepping stones while you build your skillset and network.
Stay Resilient and Patient: Careers are long, and setbacks are part of the journey. Focus on the long-term goal and take incremental steps to get there. Many professionals have successfully pivoted after similar challenges.
If you're looking for additional resources, check out WSO's Financial Modeling Training or networking guides to sharpen your skills and expand your connections.
Sources: https://www.wallstreetoasis.com/forum/investment-banking/qa-md-in-ma-and-capital-markets-with-bulge-bracket-and-boutique-experience?customgpt=1, 34 year old day trader to investment banker, https://www.wallstreetoasis.com/forum/private-equity/then-and-now-compbanker?customgpt=1, Where Did You Go When You Realized Banking Wasn't For You?, Dietitian to Investment Banking?
Can you give a little detail about the deals you've worked on since you've been there? Sort of unclear whether or not you guys have actually closed on anything.
No deals have closed since I started. A few of them made it almost to the finish line and fell through for various reasons. These have ranged from 5-10mm ebitda middle market type of businesses, roll ups, opportunity zone + development deals, It’s all over the place. We don’t do heavy financial modeling and valuation it’s mostly structuring and partnerships with the sponsors or operators. Typically some split of pref/ common.
the 2 partners made most of their wealth over the last 15 years and are now comfortable waiting and aren’t very pressed to deploy capital.
the company (the reason I moved down) - unrelated to these deals was their idea to buy single family houses, become lenders, and do a variety of things in that space which I spent time on but they wanted to go a different direction after a while. We only ended up buying 10 houses. After that the rest of my time was spent trying to source deals, meeting other FOs, brokers etc and putting together investment memos and basic models.
Oof. I’ve been here before. Family office backed gigs are always a gamble. They typically aren’t sophisticated so you need to create your own learning environment, but you’re also not aligned from day 1 because they have too much money to be hungry.
I would try and move to something else as soon as possible. Your situation isn’t a unique one, so I am sure you will land. In this market an MBA isn’t a terrible call, but given your initial experience and depending how you frame these past few years you can have a good story.
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