One of the best comments I read on this sub...
If you're an IB analyst, you should stop worrying about where you're at in terms of the rat race so much. You could be at a MM, and 99 people out of a 100 would be those who wanted your job and couldn't get it. You want to work at DB. The DB guy wants to work at Citi. The CITI guy wants to work at GS/JPM/MS. The GS guy wants to work in TMT. The TMT guy wants to work at RSSG. The RSSG guy wants to work at Blackstone. The Blackstone guy wants to work at an HF.
So where does that put you?
so once you get to a HF you can finally be happy?
HF guy wants to move to CRE.
I love how these posts stop at HF. You're an HF analyst, relax and turn Billions off lolol
And then the HF guy wants to work at a MM HF.
The MM HF guy wants to work at a SM Tiger Cub HF.
The SM Tiger Cub HF guy wants to work at Ruane Cunniff & Goldfarb.
The Ruane Cunniff & Goldfarb guy wants to be a tech entrepreneur.
The tech entrepreneur wants to be Elon Musk.
Just say "everyone wants to be Elon Musk"
Eh I’d take reliable cash comp over a ton of restricted stock any day.
”A bird in the hand is worth more than two in the bush.”
nd elon musk wants to lick my balls
Currently doing Class A residential development, would love to work in the Class A hospitality sector. I think developing top-of-the-line hotels/resorts would be awesome.
But then you make the switch and realize that sexy real estate (Luxury Hotels, shiny sky scrapers) is not necessarily a better business than unsexy real estate (self storage, workforce housing, industrial).
Think about guys who got into industrial in the 90s before the online shopping boom. They probably felt lame as hell building warehouses in dangerous parts of town while their buddies were developing massive shopping malls in rich suburbs.
Sure, from a business standpoint the unsexy stuff makes money, but have you thumbed through a set of industrial drawings? I'd rather read the dictionary.
I agree - I would rather work on luxury hotels as well. But I’m going along with the theme of the post. I’m positive there are people in the hotel biz who wish they were in industrial, especially if they got laid off this summer
Oh yeah, we could do a whole separate post about where people in RE want to go. from my MBA experience, (very) generally, people wanted to move closer to the asset. Knew a guy who picked LP managers for an endowment, wanted to move to the LP side, debt guys to REPE, REPE guys to development, etc.
That’s interesting - definitely makes sense as I feel there is more to learn the closer you are to the asset, but the junior level pay is not as good on average. So people end up at allocators for money and then operators when they have savings and want to learn
Definitely. And remember, that's a very limited sample size with very strong self-selection bias, aka the people getting an MBA for real estate are already looking for a transition. Plus it's so hard to generalize because people come from very, very different backgrounds in this industry. I love development and came from an engineering/construction background, others go to PE/debt because they're finance people, and still others are AM because their family business is holding real estate.
You end up with a variety of people with different motivations to be attached to the same asset. IB or PE doesn't quite get the same diversity, it's not like the guy in CPG coverage is super passionate about Oreos and the energy guy really loves oil, they probably really love finance and then found their niche, because ultimately being a banker is about finance first, and coverage second. I might be totally out of pocket with this, and hopefully someone from IB comes and corrects me where I'm wrong, but that's my two cents.
I remember talking to my aunt who is a lawyer about this, she started in entertainment law because she loves showbiz and thought it would be really cool to be in that business, then quickly realized it's just normal law but your clients happen to be famous. I feel the same analogy applies to a lot of finance.
So your argument is “don’t have ambition”? What complete shit career advice. Might be the worst advice i’ve ever read on this website.
Here’s the thing: If you’re an A-type personality and you don’t at least try and take your shot, you will have nagging doubts that never go away.
So fuck that. Try. Struggle. Reach until you’re content with your situation.
I think you missed the whole point...Why don't you take 5 and calm down a bit?
typical IB associate /s
In reality there is tremendous value to being a big fish in a small-to-medium-sized pond. The rainmakers at Citi don't all want to work at MS. Perhaps the Analysts do but that's pretty short sighted. Life is more than a series of exit options in a row until you're dead.
Plenty of MM firms overcompensate MDs to attract talent and deals, so yeah you're spot on for this. I know someone who went from MS -> CS -> JEF -> RJ and got huge paybumps every time.
And all these people want to have a life outside of work. And people in not so prestigious places can have it :)
I'm in banking because it is the first step on a long-term path I've mapped out for me to become wealthy. Once I become wealthy, I will realize my true calling by bankrolling and building up the infrastructure, networks, and movements to destabilize the global order and rebuild a new society in my image.
I am motivated because I believe in the cause.
hahaha ok then
All that and he still can't get a reservation at Dorsia.
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