Politics or IB?
I want to move into politics. I unironically grew up reading political biographies and constantly following the news. It's something that's just come naturally to me. I'm the type of guy to watch Prime MInister's Questions (PMQs) for fun, go through election archives and just think about British policy. Ideally, I'd really like to be a special adviser to someone, working behind the scenes and really being where power lies. I know this sounds really obscure but I just have a passion for it
But my experience has been in finance. I have 1x BB IB M&A & 2x PE (MM and MF) so far and I think I;ll probably continue to gain experience in finance. Why? I think it's purely because of money. I actually don't have a passion for it at all. But I'm the son of an immigrant and money has always been an issue growing up. I'm laser focused on earning as much as possible whilst I'm young and yet...I still feel like also doing something that I want to do when young
Should I continue to stick with IB/PE as I graduate or should I start thinking about moving into policy roles at think tanks etc
I think it's very hard to give you an answer because (1) I (and probably everyone on these forums) have so little experience in politics and know almost nothing about those career paths, and (2) only you know how passionate you are about each career and how important money is going to be.
That said, my thoughts are:
A) Speak to the Labour / Conservative / etc. party at your university and find out as much as possible about those career paths. Do it as well (LinkedIn networking, etc.) with think tanks or other institutions too. I guess my key question would be how easy is it to do 3 years in IB and then pivot.
B) Understand the financial progression in a politics career path and whether it is enough to provide for your goals (looking after family, any marriage, etc.). Given what you describe about your background, you might need to care for your parents, even.
C) Not to rain on your passions, but ask yourself really deeply how passionate about politics you truly are. I was passionate about international development at university, and spent a lot of time working in sub-saharan Africa and as a research assistant part-time during my studies. It got as far as writing an academic paper and was about to co-write a book with my professor. I just mean I was serious. Anyway, 10 years later and I'm still in IB and have no regrets. Priorities change (marriage, family, providing for parents, and this all requires money) and I've discovered a lot I like about this job. And have found other voluntary outlets for my old interests. Only you know you of course, but just make sure this is a thoughtful long-term decision.
Really cool comment, thanks so much for replying.
Your third thought was really enlightening. Do you ever not regret going following a career in international development? I'm sure it's no different to the 'road not taken' semantics but...to go as far as to produce a paper, it shows you were serious about it. I understand though.
I also think it's no more than a passion. By no means am I jealous or hating on the individuals who work within these spaces but browsing on Linkedin, it just looks and feels they come from a more comfortable background that allows them to pursue their own interests. I don't think I can afford that tbh. Though I really really do enjoy politics and see myself working within the field, I also want to set up generational wealth so that maybe my own children can follow their interests...
Thanks man!
You're exactly right that it's "Road not taken" rather than regret. Given the chance to re-live history, I'd still make the same choices as I have. Money is part of it, for sure, and im not embarrassed about that. I hate the anxiety of worrying about money or financial security, and this career enables that. But also my values and priorities have changed (family, etc.), and as I've grown professionally and personally, this career has become much more interesting.
I have no idea about earnings potential in politics, but I'd guess that it's less than in IB. I do know what you mean in some having the luxury of pursuing their interests without regard to money, but I've found it doesn't help to compare myself that way; rather be proud of having earned what you have through the sweat of your work rather than have it handed down. There's also something about not judging others without having walked a mile in their shoes, but I know you didn't mean to judge.
I would add that you're unlikely to find any outlets for politics in IB, at least in conventional teams, but you probably know that already.
Very similar position, but just over the pond in Canada. I did a couple gigs for minister's of Stephen Harper and currently have friends working for Pierre Poilievre's team. I got out and joined the other rat race (IB) soon after Trudeau got into office.
I want to preface that despite it being an relatively obscure passion in the finance world, to not give it up. Your ability to provide a concise & objective political opinion and forecast implications of legislative items is a very nice skill to have, especially as gov. spending/debt & fiscal responsibility is becoming a more prominent conversation YoY.
However, I will also preface that I highly recommend you stay over in finance, with limited exceptions to that advice. The so-called 'power' of being behind the scenes does not pay the bills. In one year in IB, I made more than 3yrs of political staffing. Similar to you, I'm the son of 2nd gen immigrants and I promised to take care of them. I couldn't do that in politics. Sure, think tanks might pay more, but it's a think tank. You're a glorified mouthpiece of donors for a certain political wing.
You must always remember that you can always come back to politics when you're older and wiser, and if you notice a trend when you read political biographies, some of the best politicians joined politics later in life after working in the private sector.
Sidenote, I promise you, if you casually watch PMQ (we call it QP in Canada), your public speaking and ability to politicize answers will skyrocket. My point is, make it a long-term goal after IB, and by the time you join politics when you're older, you'll be dangerously well-versed in the issues of the day without prep.
However, it sounds like you have an itch for politics which needs to be scratched. So, my two cents:
Since it appears you are British, and considering the snap election for July 4th, call your local MP and tell them you want to volunteer and work on their campaign. Give it your heart. Learn the art of door-knocking. Master the data entry for GOTV on election day. Drink lots of coffee on e-day to keep up with the shenanigans. Get drunk after the polls close. Seriously, do it all. Roll up your sleeves for any work and make sure you leave an impression on the candidate. Use the experience to leverage connections with your parties' political circles, donors, and everyone in between. The regulars in politics love talking to a banker who is on their 'side' politically, which brings me to my last point: since you are interested in the power behind the scenes, being an outsider advisor/donor to the party is where it's really at, not as a internal advisor.
Let me know if you have any questions, preference for DM.
What can I say other than thank you? It's such a fantastic answer that my own reply won't do it any merit.
You're right to say that the best politicians start off not even being aware of politics! It is only an itch, however intense. I'll continue in IB as I leave university. Ironically, I have my own niches within the field that have my interest!
You and @Count WACCula really should share your story sometime, it honestly sounds like an experience
Normally I'm a follow-your-passion kinda guy.
But when you describe your interest in politics this way -- "I'd really like to be a special adviser to someone, working behind the scenes and really being where power lies" -- it kind of feels like your passion is just not having a real job.
I respect that but you want to think about whether there's an actual paying job in politics that's going to deliver the fun & excitement you're after.
Haha, well spotted
Yes, the type of role I'm describing is incredibly volatile and totally depends on whether a minister / government remains in place. Examples include George Osborne as a junior adviser to Douglas Hogg back in the 90s or Ed Miliband to Gordon Brown in the shadow cabinet
Niche examples but you're right
You know much more about this than me, so I’m asking this sincerely: isn’t this why chief of staff exists as a role? I really don’t know, but it always felt to me like chief of staff was a role where a powerful person wants to filter decisions and goals through a trusted person who doesn’t necessarily have a specific skill but is just sharp and loyal.
I was same as you when I was younger, but then realized that if you really want to get into politics and have a say in matters the only way is to become fabulously rich and influence the politicians through "donations". Have you not read the Robert Caro Lyndon Johnson biography?
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