M&A jobs? Not compatible with the changing labor market?

Having seen American Psycho while growing up, I have always thought that M&A was where top people worked. Over the years, I have learned that this was not the case. It's a graveyard for some. A few will make a career out of M&A or deal-making. Revenue-generation in M&A is ridiculously hard. If you do effort-reward analysis, you will see that it's not worth it.

In derivative structuring, for example, your learning curve is steep initially, and the curve does flatten up to a point (because a complex derivative is really demanding and you can't sell things buyers won't understand ever), but will remain rather steep. In Strats, the curve is always steep. In M&A, initially the curve is steep, but flattens at an increasing rate as you age. Rather, I keep thinking that M&A belongs to lawyers' job, so do DCM and ECM. In M&A, you don't learn about finance, you learn about face-timing in the office and how to handle office politics.

Some go on to do comps in ER, but I personally don't look at comps sheets (because equity comps bore me and where I am, I don't do equity selection). But in equity research, you need different thinking, different kind of thinking. Clients expect more because the clients are professional investors, not corporate officers who you can just humor and charm to get the document signed. Professional investors, we read tons, I mean, tons everyday. Boring research papers could damage the reputation of the whole bank (at least investment banks). I still believe good ones are traditional Wall St names excluding Barclays. It's my personal preference: the queen's bank doesn't sit well with me. My point is you can't fool professional investors with your charm!

What can you do after M&A? After you do your 5 years of face-time? I am not sure. I am saying this as a person who did one year "face-time" investment banking. After a year, I jumped to another boat, initially to a corporate, and then to something else.

Today's labor market is demanding; there is no job for life. Some companies do reward your loyalty, but fundamentally you are in charge of your career. It seems to me that the rotation is fading away (again Barclays are pushing for the rotation, so you work for the firm), so you specialize. You learn skills in your job and, with those skills, you move to a new firm and earn more. You are in charge of your own inventories. You can't rely on the "firm" to provide you with a career. You make your career.

Skills you can learn in M&A are limited. Let's face it, it's the truth. Not sure if M&A offers a sustainable career. M&A careers come with significant sacrifice in terms of your personal life. So you might end up losing on both fronts. Do you at least have money? Not really, you get paid ok, but not a lot.

I wouldn't want to marry a girl in M&A because (a) I don't like your attitude, (2) you have no time , and (3) I really don't understand why you do what you do, why you have to actually go to the office to do what you do. Lack of self-reflection?

I think the point is sustainability. Whether you can build a career out of what you do. In M&A, you rely hugely on the "firm" to provide you with some guidance. And the "firm" knows this, so they can further exploit you.