Boomerang back to IB
hey all — throwaway account to ask this question; feel free to ask me questions too and I will answer what I can.
Currently a PE senior associate at a UMM and am considering going back to banking as a senior associate. Reasons are because 1) fund has not been doing well; 2) don’t like portco management; 3) don’t believe that PE is as lucrative as it was a decade ago; 4) hate that every promotion step is a battle and luck dependent
I did my analyst years in a really sweaty M&A-centric industry group (consistently 90 hours per week). At the time, I didn’t really mind the hours and never really hated the work. However, I’m a bit older now and have grown to appreciate having some semblance of work life balance. Semblance meaning I’m fine doing 9AM to 9PM on average (totally fine with getting cooked one week out of the month on sprints) with Saturday off and working a bit (2-5 hours) on Sundays. I like the relative predictability that PE has given me (can mostly make dinner plans on slow weekdays without getting blown up).
My questions are:
- Has anyone made this transition before? If so, how are you liking it?
- IB associates, particularly A2As, understand most of you are still busy; but has it gotten better over time? What would you say your WLB is most weeks? Would be helpful to get a sense of the bank / product or coverage group you're in (i.e. BB / TMT coverage)
IB associates and VPs, have you been able to balance work with your personal life? Understand the analyst years are brutal but has being an associate+ made balancing relationships easier (friendships, family, gf)?
The decision I’m facing right now is that I liked the work in banking better than PE. However, my analysts years were brutal (consistently past midnight) and I never want to go back to that; but I can still grind way more than a 9-5. I think banking is a good risk-adjusted way to accumulate wealth (alongside strong savings habits) — but don’t want it to blow up my relationships and health. Seeking advice and insights from current associates and VPs.From my end; it looks like my friends who stayed are either happy or meh, but not too many miserable. Just want to crowd source outside my bubble.
Thanks!
Based on the most helpful WSO content, your situation and concerns are not uncommon for professionals considering a return to investment banking (IB) after a stint in private equity (PE). Here's a breakdown of insights and advice:
1. Transitioning Back to IB
Yes, it's not unheard of for PE professionals to return to IB, especially if they find the predictability and structure of banking more appealing. The key is to position your PE experience as a value-add, particularly in client-facing roles or deal execution. Highlight your understanding of the buy-side perspective, which can be a unique asset in IB.
2. Work-Life Balance (WLB) as an IB Associate/VP
Hours and Predictability:
IB associates generally work fewer hours than analysts, but the workload can still be intense, especially in busy groups like M&A or TMT. Based on WSO threads:
Balancing Personal Life:
Many associates and VPs report that balancing relationships becomes easier as you move up the ranks. Associates gain more control over their schedules compared to analysts, and VPs often have more flexibility, though they may face increased travel demands. However, the culture and expectations of your specific group will play a significant role in determining your WLB.
3. Key Considerations for Your Decision
Since you enjoyed the work in banking more than PE, returning to IB could be a good fit. However, be realistic about the hours and stress levels, as they may still exceed your current PE role.
Banking can indeed be a reliable way to accumulate wealth, especially with disciplined savings. However, consider the long-term trajectory—VP and MD roles in IB often come with significant lifestyle trade-offs, including extensive travel and client-facing responsibilities.
Choosing the right bank and group is critical. Look for groups with a reputation for manageable hours and a supportive culture. Boutique or middle-market firms may offer a better balance than bulge brackets.
4. Advice from WSO Threads
Some firms and groups are known for valuing work-life balance more than others. Research specific teams and speak with current employees to get a sense of the culture.
Your buy-side experience can set you apart and make you a valuable asset in IB. Emphasize your deal experience, understanding of portfolio management, and ability to think like an investor.
Establishing boundaries and managing expectations with your team can help you maintain a semblance of balance. Be upfront about your willingness to work hard but also your need for some predictability.
5. Final Thoughts
If you have more specific questions or need help strategizing your move, feel free to ask!
Sources: Work/Life Balance: Equity Research vs. Investment Banking - (A Definitive Guide, Part 1), https://www.wallstreetoasis.com/forum/investment-banking/has-ib-worklife-balance-changed-in-2019?customgpt=1, What is corporate banking?, For Those Considering Banking - Some Broad Advice, Investment Banking Hours - What to Expect?
Following
Bump
I made this exact move - happy to answer any specific questions but no regrets so far.
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