What is your long term career plan? / What do you do after the 2-2-2?
I am curious as to how everyone would answer the question: "where do you see yourself in ten years?". Personally, i'm thinking about doing a 2-2-2 between IB, PE, and business school, but I am not sure if i'd want to go back to PE after getting my mba or to pursue another field, such as being a tech PM or something at a F500 company. what do most people doing the 2-2-2 go into after their mba? Thanks!
I’m not on a traditional 2+2+2+eternal glory path but to answer your question, in ten years I’d like to be at some type of corporate, ideally a growing sponsor-backed company but maybe a public in my sector. My functional role would be driving the M&A and capital markets function until substantial growth and/or an exit. IB is interesting but some days it feels like the bankers (which includes me) are all just cucks watching on the sidelines and giving opinions meanwhile the clients are actually out there building businesses, making decisions, taking risks, facing consequences and reaping all the resulting rewards.
Every time I have a deal close sure I get excited (love that shit) but can’t help but feel like it’s the client that got the real victory. And more specifically the portco not the sponsor. Although it’s a big win for the sponsor too, the investment professionals aren’t the ones that just built a business and led it to a incredible outcome. Sponsor-backed corporates I interact with are full of grinders that work more than 9-5 because they’re creating something they’re passionate about, but less than IB/PE because they still control their lives. That sounds like the sweet spot (granted my experience is all $1 billion deals).
Using Roosevelt’s man in the arena construct, it feels like bankers are just spectators on the sidelines watching. The sponsors can be considered the coaches (or hell literally the sponsors like in modern sports/entertainment) so they’re closer but not quite there. The corporate professionals are the ones in the actual arena fighting. In a dream scenario that’s where I want to be. Doesn’t hurt that I’ve seen the pay some of these guys make…
How much do they make?
I can see why it could be much more fulfilling to working for a company and seeing your blood, sweat, and tears actually yield a tangible, positive outcome.
However, I don't think the comparison that a banker is like a spectator is fair. Of course the company and sponsor, just like the fighters and coaches, have skin in the game. Where I disagree is that I argue that spectators don't have much skin, while bankers do. If you are a spectator and you win, you are excited but do not reap any more rewards of the win. If you are a banker and you win, you are excited because you just won, but more importantly because you just brought in a handsome amount of fees.
True freedom is breaking out of the 2 2 2 path. I was forced to adjust quickly when I was let go from my analyst program early. Ended up in LMM PE. I don't know exactly what I'm doing for the next 4-5 years but I am just trying to stay in an investing seat no matter what. I don't want to rush into on-cycle or an MBA 'just because'. Ten to fifteen years from now I want to manage a fund investing in the same asset class I'm learning now.
Currently: corp dev associate at a Fortune 500 utility.
1-3 years: get into PE.
3-5 years: Be in PE in Chicago.
7-10 years: begin consolidating the political consulting industry.
What's attractive about PE for you if I can ask? Currently in MM PE but want to do CorpDev in long term
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