When to just call it quits and give up
Started professional career late and currently 4YOE at MM ER shop. Interviewed across LS and LO (around 7 total processes) got to case 3 times and didn't make it. Currently low 30s age and thinking of giving up and going into another business but feel terrible because investing it what I always wanted to do but sometimes it feels like the world is just telling you no. Seeking advice on what to do ? Am I now too old for this? Just feel really stuck and can use some advice / motivation .
It’s tough. I know a bunch of equity research people who are having trouble switching to buyside. Not as many seats these days.
Maybe move to a hotter coverage sector or more well known bank first
Thanks. I’m just not sure the risk/reward is there for switching sectors given my sunk costs. But totally hear the thought to move banks
How long have you been looking? When you say 7 processes, does that mean 7 interviews pass the phone screen? Honestly, that's not a lot.
When I was in a MM ER shop I was actively looking for at least 12 months and had over a dozen final rounds before I got an offer.
That said, it's brutal out there as investor45 mentioned. Are you building contacts to get warm intros when you can? The benefit of SS ER is that you can talk to your existing clients to get intel on new roles and backchannel. Even if you can't get an intro from them to a fund, ask them if it's ok to mention them. Being able to name drop someone they know is a good starting point.
This is over a 2 year span I’d say. Been outbound with BDs as well + reaching out in general to PMs. Using clients is not really an option for me (will stop here to not reveal too much). What was your process for landing interviews/getting more looks? Did you send out pitches? By processes I mean actual meeting with PM.
7 PM interviews with 3 cases over 2 years is a very low amount. Before covid I had well over 15 PM interviews and did at least 7 case studies over 18 mo before I got my first buyside seat. You need to get more earlier round looks in if you wanna speed it up. Clock is tickin’
above commenters are more encouraging so ill take the more pessimistic view and my honest take.
its good that you have passion but unfrotunately you have to weigh the reality as well. it depends on the levels of shops you are looking at but most legit LS shops (whether it be MM or SM; prob not SM given you dont have M&A or PE background) will pass you due to your age as you will be joining as a fresh junior associate. not that age matters too much as I have seen people in their late late 20s (like 28-29) join as associate when its usually like 22-23 yr olds join, but low 30s is kinda pushing it.
id say try for another year and switch to something else. not saying this to make you feel better but the fundamental LS is a dying space imo with not great economics as we used to see in the early 2000s. alpha is decaying with too much competition and crowding is a real issue - its because everyone looks at the same shit and thinks the same anyway esp the pods who lead the flow with fast money.
my point is that being an investor in life can take many forms. doesnt have to literally be an investor in the HF seat. there are better things in life imo
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