Best Exits From Banking
Current senior about to start at a top BB coverage group. Have had tons of conversations with people in my same shoes all the way up to seniors in the industry (mostly from my internship last summer), and am becoming increasingly disenfranchised with PE as an option after banking. The amount of deals done per year is increasingly few, there is little to no path for promotion, tons of time is spent dealing with shitty portco's from the last five years, and I am increasingly unconvinced that it is an opportunity worth many or any juniors time. Am I wrong here? If so why, and if not, what are other opportunities that people in my shoes should be looking at more?
Scottie stick to golf, doing IB isn’t worth leaving the tour.
Patanga wa le mafweno
DEI Becky > MD’s sneaky link > Mistress > OG at ColdPlay Concert
The 64th floor window
We’re the same level of fucked up
congrats on lazard
A few things that will always be true about IB and PE at the analyst and associate level regardless of the market:
Ok I am going to read between the lines. Finance is now full of 2nd+ generation high petit bourgeoisie folks. That means that most of “high finance” is, crushingly, lateral mobility relative to how they grew up. More crushingly, there is no real structured path into the true bourgeoisie or even the very high end petit bourgeoisie. There are really only two true exits that approximate these types of outcomes: successful “start your own PE firm” type stuff, and differentiated success in publics of some sort.
Absolutely, working your way up a MF will often net you higher lifetime earnings than your parents, but it won’t necessarily feel different for a long time. My recommendation is to do PE but not be psychotic about it, treat it like a day job while you seek out something more entrepreneurial. But most people struggle with this. They either don’t know where to cut corners and fail, or the fear and neurosis that got them the seat also keeps them in burnout gear.
So true, most people at my firm are just doing this so they can have a comparable outcome to their parents. Honestly for many of them they won't even reach close to their parent's net worth in this path (who are probably $100MM+).
GOAT comment
"here's a day in my life as a 27 yo working at xxx in nyc"
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