Which infrastructure career path to pursue?
I’m London-based with 2+ years of experience at a boutique infrastructure consulting firm. I mainly build and audit financial models for PPP, PFI, project finance deals and portfolio valuation across power, utilities, transport, social infra, etc. While I am sometimes involved in advisory work, that’s a very minor part of my job. I have learnt what there is to learn technically on modelling but have not worked much on deals. I think it’s time to move to increase my current pathetic salary and develop any skills necessary to maximise my salary, e.g. deal skills
I don’t have a strong preference for what job function and industry I work in as long as it pays well. That said, I think it would be wise to capitalise on my existing skills in infrastructure and project finance. I also have a STEM degree from a top British university so something quantitative would play to my strengths.
Some quick research tells me I have the following infrastructure options:
1. Investment banking (M&A/DCM)
2. Buy-side investment (PE, pensions)
3. Asset management (active manager PE or developer)
4. Consulting – advisory (Big 4 and others)
5. Consulting – portfolio valuation
6. Project finance (banks)
What should I be targeting? Compensation and exit opportunities (to get higher compensation) are my main considerations. I should also be realistic about who will actually make me an offer. How easy is it to cross from one to another if I realise I don’t like it?
As a Malaysian, I also want to return to somewhere closer to home like Singapore within the next 5 years so knowing what industries are active in Singapore would help.
Thanks.
In the space as well. P3 is dying. Target ib for the transferable skills, following up big 4 advisory as back up. You develop similar skill set at the big 4 advising on the deals especially in the building models and industry knowledge.
Currently have offers from MM PE and Big 4 advisory. Should I ditch these offers and try harder for IB? If not, I'm guessing MM PE is the way to go? But will I be able to exit into IB if I want to further down the line?
Based on the most helpful WSO content, it seems like you have a solid foundation in infrastructure and project finance, which is great! Now, let's dive into your options:
Investment Banking (M&A/DCM): This could be a good fit, especially if you're interested in deal-making and transactional work. The pay is typically high, but the hours can be long. It's a competitive field, but your experience could give you an edge.
Buy-side Investment (PE, pensions): This could also be a good fit, especially if you're interested in long-term investment strategies. The pay can be quite good, especially if you're involved in successful deals.
Asset Management (active manager PE or developer): This role would involve managing investments and making decisions about portfolio composition. It could be a good fit if you're interested in a more strategic role.
Consulting – Advisory (Big 4 and others): This could be a good fit if you enjoy problem-solving and working with clients. The pay can be good, but it can also be a demanding role.
Consulting – Portfolio Valuation: This role would involve assessing the value of investments, which could be a good fit given your background.
Project Finance (banks): This role would involve financing infrastructure and industrial projects, which could be a good fit given your experience.
In terms of moving between these roles, it's generally easier to move from a more general role (like consulting) to a more specialized role (like investment banking) than the other way around. However, it's not impossible to make the switch in either direction.
As for working in Singapore, all of these industries are active there. However, the financial sector (including investment banking and asset management) is particularly strong.
Remember, the best path for you will depend on your personal interests and career goals. It's important to choose a path that not only pays well, but also aligns with your skills and interests. Good luck!
Sources: LevFin to Infrastructure: The Need to Build, A Tale of 3 Offers: What should I consider?, Infrastructure Private Equity
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