Can I ever achieve my dream or do I need to jump off the bridge now?
Need advice from all the PE monkeys up here.
>> Did three year of IB as an analyst (M&A), then went off to a top B-School.
>> Managed to get a prestigious PE internship, but the market was so f* up that I didnt get an offer (i.e. they did not hire anybody, and gave me good recommendations everywhere, but no luck).
>>I have a family to feed, so I need to go back to IB again (in a top sponsors group...trying to stay as close as possible to my dream PE job).
Do I have a chance to break in PE again after 1-2 years in Sponsors as a post-MBA associate? a couple of headhunters tell me I'm going to be too old (currently 28. so over 30 after 2 years), and that once you're in banking for more than 4-5 years, then probability to break becomes close to 0.
So... jump or no jump?
Poor you, stuck in a job where you're only making 300k because you lack the imagination to think beyond "I need to get in to PE, NOW"
Jump. No doubt about it, your life is FUBAR
Shut the fuck up. I'm so sick of douche bags with the "you're lucky to be in banking" mentality. Its obviously you who lacks the originality to think beyond the idea that banking is the pinnacle of achievement and anything else is just a cherry on top.
Ummm, completely missed my point Marcus. My point wasn't that he's lucky to be in banking; it's that, if he doesn't like banking, that doesn't mean he has a binary choice between PE and jumping off a bridge...
I was hardly saying banking is "the pinnacle of achievement" - I was, in fact, disputing the assertion that PE is such, and thus implicitly disregarding the possibility that banking is any such thing
Considering the OP made no statements regarding his reason for wanting to be in PE or not wanting to be in IBD... what basis do you have for drawing that conclusion? He never said he hates banking, he just said his eventual goal has always been PE and it appears he may never get there if he goes back into banking now.
Marcus, your "attack first" attitude towards everybody is funny at times, but pathetic just as often. You look like the douche bag here, because Drexel made a good point.
On a side note: I think 'the track' is pretty much a thing of the past now. Unemployments high, new regulation is coming our way, China's still printing rmb like crazy. Interest rates are at zip already and there is no new bubble in sight. Tough luck, but seems like glory days of PE are over. It will be a much smaller industry now, and compensation will come down as well.
I was also wondering when did 'the track' emerge. When did this thing start? The early 90-ties?
As to your question - dude, chill. Go trough a mourning phase if thats what it takes to get rid of this PE obsession (there is nothing wrong with being passionate about an industry, but why do I feel this passion would quickly go away if the pay wasn't so great), keep working and looking around. Good things happen when you least expect them.
If this doesn't help - defo bridge.
OP - I have a good friend who did 2 years in Banking, went to a strategy consulting firm, went to a top B-school, worked in industry, THEN got into PE, and is now an MD. Moral of the story, its 100% doable. Good luck.
I have to agree with Marcus here. I'm tired of everytime somebody has a half decent opportunity in this world they have to be satisfied and take it while the world passes them by. Sure you'll be at lower upper class or upper middle class, but what's wrong with wanting to achieve the very best? What's wrong with wild success being your dream? I like that kind of a drive in a person. And he should feel pain, even doing well he shouldn't be satisfied, he should be terrified of losting his dreams, because you are not truly driven unless you feel it deep down inside like that.
There is nothing wrong with having a great deal of drive, and I think all of us here have that. However, if you actually read the OP, you would realize the emotional immaturity displayed, and then understand what Drexel was really saying. The OP is overly dramatic, and I hope is in no way actually this dismal about his future.
I can see how you might think that, but what I'm suggesting is that perhaps you've misinterpreted that drive for immaturity. Like I said, if you're really driven to that level you should have those kinds of hopeless painful feelings inside, that's a true reflection of how driven you are (i.e. the "jump off a bridge" metaphor he used).
Anyway, just my two cents.
Thanks for the replies (well, the useful ones)
Marcus was right - I'm not complaining about banking, I'm just passionate about PE, and I just dropped $200K in tuition fees and living expenses to make the break. I loved my internship in PE, and just really want to do that.
In case you didn't get it - the "jump off the bridge" was not to be taken seriously. But after spending a lot of money and a huge amount of effort in trying to make the move, it is very painful to end up right where I was 2 years ago: banking. Even though I'm trading for a better bank and a better group. I don't see myself in banking for the next 10 years, so I'm just seeking advice on how to best position myself to break into PE, and if that is realistic!
I mean, all the guys I have seen moving from banking to PE were either analysts, fresh MBA grads, or very senior guys.
There are definitely some people that make the jump later out of sponsors. You will be working with all the top PE firms, so if you have your heart set on it, I'm sure it is only a matter of time.
You guys are hilarious. PE is 'being the very best' now? Get over yourselves. It's the safest way to millions that there is; there's a million guys I know who're more entrepreneurial, creative, and gutsy than any PE guy I ever met, and have made more money being so. The 'track' used to fascinate me, but Jesus, it's just a job. Try being a well-rounded individual instead of getting to the point where you want to jump off a fucking bridge because you 'only' managed to get a gig that earns you $300k a year and where the work is 60% similar to big-ticket PE anyway (working with sponsors along the deal cycle, being a deal monkey generally).
If the question is, will you have the opportunity/chance to jump, then the answer is yes. However, you will have to be pretty lucky. Openings at PE shops for your level (senior associate/VP) are few and far between. BUT, it does happen - I've seen it. it's just a matter of whether you are in the right place at the right time. Working in a Sponsors group, you should have enough exposure to the PE guys that you're on an inside track when it comes to figuring out if there are openings or not.
You guys have a really hard time recognizing a figure of speech don't you?
Obviously this guy was waiting to see what the general consensus on WSO is before either continuing his quest for a PE gig or committing suicide.
Commit suicide, but before you do so securitize your life insurance
OP, you said you have a family to feed. I don't think committing suicide will help that unless you follow the above poster's advice. But seriously, look outside of megafund PE, there's opportunity out there if you look for it.
I feel like, generally, taking such extreme positions on such set paths is detrimental to one's happiness and general outlook on life. Nothing wrong with having lofty (and specific) goals, but you need to keep your head on straight and be a bit open-minded about things. You sound like you have a super strong background, so I imagine there will be opportunities for you. Also, as GoodBread said, looking at smaller funds may also be a very realistic option. Just have some patience and an open mind. Goal setting is good, but you need to be willing to deviate from a set path when necessary without killing yourself (figuratively or literally.)
I have to agree that taking extreme positions on life is a recipe for unhappiness unless you are pretty lucky. Unfortunately, most of us get sucked into it and it can be very difficult to combat. It is compounded by the fact that while opportunity does exist outside of what we set our goals upon, we may not know much about those areas, they seem hazy to us and, hence, don't seem like viable options (even if they are). For people on this board, being in this industry we tend to think of PE as one of the more successful paths. Honestly, it is something I try to combat as well. We see it on this board all the time, once in a while somebody will post a new idea (i.e. "is XX really so bad" or "anybody have any insight into a career in XX?" I think we all know what posts like that are a reflection of, it is trying to find equal success in the face of possibly not having the opportunity to go down the generic set path of what is considered "success" in this industry. In this world you get stuck into a niche pretty early, most people don't know enough about other areas. It is unfortunate, but I think we are all guilty of it to an extent.
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