Career Longevity
I'll probably be in a position to Coast / Lean FI in 2 to 3 years, max 5 years, but could stay for 10 years instead and try to make it to FATFI at 40 at typically assumed trajectories for the industry.
I'm bored to death in PE (no one seems to be doing deals in this market - a lot of looking but no closing) but am realising the limitations of our industry.
Every once in a while someone posts on WSO about early retirement and gets good advice, but also gets a significant # of complaints about how stupid it is to retire early, etc.
So I'm asking the reverse - how many of your AN class are even in finance today? What's the real career longevity of our industry?
Because as much I'd like to stay to FATFI, the pyramid gets smaller and smaller at the top, and we are very much in an up or out culture.
Few of the senior people I see add value, even really smart ones, and competition is so tough it ends up being 100% politics anyway.
I'm in Asia and there aren't alot of MM funds to start with, much less any worth going to. Striking it out on your own is tough for the same reason that it's hard for MM funds to thrive and grow - it's one massive oligarchy and who you know is more or less how you get deals closed, you can be close to an idiot so long as you're not an utter idiot.
Alot of reasonably smart people aged 35 & up that I see are in:
- Family offices making the same base as an IBD associate, with variable lifestyle and comp
- Moving from firm to firm / trying to late entry into a SWF / Pension Fund type for the stability, and being really under-ranked in the process, meaning that a VP works like an analyst and banks only as much as an associate, with none of the carry that you go into PE for
Taking a break / slowing down to make it sustainable isn't that easy either: Can't really take sabbaticals (unless you get a liquidity event), can't dial down work the way doctors can by going in a few days only.
Am seriously considering switching into tech despite the downturn; seems like the only industry where corporate roles generally pay well (obviously sales in every industry will, but that's a different story)
Based on the context provided, the longevity of a career in the hedge fund industry can vary greatly and is influenced by a multitude of factors. Here are some key points to consider:
The industry is highly competitive and not everyone can have a long-stable career. It's not uncommon for an analyst to be stopped out less than a year after joining a multi-manager fund.
The expected value of your career earnings as a PM at a MLP or Citadel is actually pretty low. You might get lucky and take home a good amount one year but then you could get fired and struggle for the next 5 years.
The industry is not as glorified as it seems. People who succeed and stay in the industry don't do it for the money, they do it because they possess the intellectual rigor and work ethic.
The industry is not the panacea for wealth that it once supposedly was. If you're still walking this path, you have to be partly delusional, partly confident, while maintaining a healthy dose of humility fortified from accumulating battle scars.
Lastly, you have to have a love for markets/investing. To you, the 'average tenure' is largely irrelevant, because deep inside you're convinced you're an outlier among outliers. You truly have to believe you're the next George Soros/ Warren Buffett.
In conclusion, the longevity of a career in the hedge fund industry is not guaranteed and is influenced by a variety of factors including your skill set, work ethic, and passion for the industry.
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