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Based on the most helpful WSO content, here’s a breakdown of your situation and the key considerations:

1. Work-Life Balance vs. Career Optionality

• Your current role offers unmatched work-life balance (40-50 hours/week, WFH flexibility) and a clear path to VP with solid compensation (~$180K). However, the lack of intellectual stimulation and passion for the work is a valid concern.
• Moving to IB, especially at a MM firm, will likely mean sacrificing work-life balance for the opportunity to build a more prestigious resume and open doors to other roles (e.g., BB IB, buyside, or even higher-level corporate roles). However, the stress and hours (often 80-100/week) in IB are significant, and burnout is a real risk.

2. The Step Back in Level

• Taking an AN1 role in IB is a step back in seniority and compensation (on an hourly basis). However, this is a common trade-off for those pivoting into IB from non-FO roles. The key is whether you’re willing to endure the grind for 2-3 years to position yourself for better opportunities.
• If you’re considering the DCM lateral within your current bank, it might be a smoother transition with less risk of burning bridges. However, starting as an AN1 in DCM may not provide the same optionality as a broader IB role at a MM firm.

3. Long-Term Career Goals

• If your ultimate goal is to move to the buyside (e.g., private equity, hedge funds), the path from MM IB is challenging but not impossible. As you noted, most buyside roles are highly competitive, and many IB professionals pivot back to corporate roles after a few years.
• If you’re open to staying in IB long-term, the MM role could be a stepping stone to a BB or EB, which would provide better brand recognition and exit opportunities. However, this requires a strong performance and networking effort during your time at the MM firm.

4. Grass-Is-Greener Syndrome

• Your concern about “grass is greener” is valid. Many professionals in IB or buyside roles eventually pivot back to corporate roles for better work-life balance and stability. The key question is whether you’re willing to take the risk and endure the short-term sacrifices for the potential long-term rewards.

5. Risk vs. Reward

• Staying in Your Current Role: Offers stability, work-life balance, and a clear path to VP. However, it may limit your optionality and leave you wondering “what if” down the line.
• Taking the MM IB Role: Provides the opportunity to challenge yourself, work with driven peers, and build a prestigious resume. However, it comes with significant sacrifices in terms of hours, stress, and the risk of not fitting in with the team or achieving your desired exits.

Recommendations:

• If you value stability and work-life balance: Stay in your current role, leverage your strong relationships with higher-ups, and aim to climb the corporate ladder. You can always revisit the idea of pivoting to IB or another FO role later, though it may become more challenging.
• If you’re willing to take the risk for greater optionality: Accept the MM IB role, but go in with a clear plan to lateral to a BB/EB or secure a buyside role within 2-3 years. Be prepared for the grind and ensure you’re mentally and physically ready for the challenge.
• If you want a middle ground: Consider the DCM lateral within your current bank. It’s a less risky move that still allows you to gain deal experience and potentially transition to a broader IB role later.

Ultimately, this decision hinges on your personal values, risk tolerance, and long-term career goals. If you’re unsure, it may help to speak with mentors or professionals who have made similar transitions to gain additional perspective.

Sources: IB VP or Associate to PE -- is this a thing?, Why corporate banking instead of investment banking?, Corporate Treasury at BB Thoughts, Stuck in Corporate Banking - Fighting Complacency, Would you leave in this situation?