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Think about whether you want to be a banker for the long term
EBs are great spots to maximize cash comp, but they don’t necessarily set you up for a long term career if you are rising up through the ranks. You gain great execution expertise (assuming good deal flow - you should diligence as it’s very group specific), but no boutique has a great reputation of how to develop your commercial muscle for homegrown talent
That’s not to say that you shouldn’t do it, but if you want to be a partner / SMD it’ll take some very careful planning. On the flip side, you can get to the MD level (typically second to last rung at most places) working for a rainmaker and cruising by on execution. You will be comped very well but you have a ceiling to your career.
Source: at the mid-senior level at one of these places and reckoning with the path forward
OP Here. Any chance you would be open to a dm? Would love to ask some specific questions and get your perspective.
Much appreciated.
Sure thing
People on here hate on banking but if you’re a rainmaker at an EB you’re clearing PE partner salary.
Isn't this a given?
Don’t think anyone contests that. I imagine partners at larger firms still clear rainmaker EB MDs (with carry), but regardless, to be a rainmaker you usually have to pay your dues for 2 decades at a BB and then bring your business over with you to the EB.
If you have a decent line of sight to principal and beyond + you enjoy your job I think it would be foolish of you to be leaving a MF gig for banking. Yes the comp is much higher but the extra $200K isn't going to make a difference in your day-to-day life (though still very nice to have).
You need to develop a much different skillset and frankly I just find banking job to be so boring. Lastly, I think you underestimate this but going from serving 1 client (i.e., your partner/boss) to many different clients (+Managing Directors) is something I think we take for granted in the buyside
in PE you have 2 jobs - sell to your clients (IC) and make good investments. so success is internal politics plus investment ability (and cycle timing)
in IB you have 1 job - sell deals to clients and get hired for them.
biggest question LT is which you like more not the $200k. great bankers are more successful than mediocre PE partners, and vice versa
I made almost this exact move (went back to a BB not EB) recently albeit having slightly more YOE. This decision was made on the basis of:
- I don't want to wait another 10-15 years to see if carry can materialize in another PE firm
- I know the team in the BB (not EB) and cultures + hours are materially better than most PE shops that I know of
- I can see clearer line of sight to my retirement number should I survive another 5-6 years in IB, if I stayed in PE it may be ~8 years
Happy to discuss more.
This is really helpful, I’m earlier in my career but weighing a similar banking vs. buyside question. Would you mind if I PM you?
Sure thing, comment with your username and I'll PM you. Thanks.
If you enjoy PE and want a better (still not necessarily high chance of generating real carry dollars) then going down market could make sense.
You might make a modest discount on cash comp but have a much better chance of a blow out fund vs. working at a large AUM aggregator
I'm an Analyst at one of these EBs and have thought a lot about this. In the near term (5-10 years), the comp beats buy-side no questions asked. Hours have gotten substantially lighter (~60-70 hours) vs. when I first joined, and there's an easy and direct path forward.
Long term wise, realize that if I don't make the jump to buy side now it'll be more difficult in the future, but personally don't think I'll be in Finance for the longer term (past 35 / 40) so may as well make the best cash comp, have the easiest way up, rather than optimize for everything else. Know I'm only an Analyst so could be wrong, but curious how others are thinking about this
I had the same thinking 7 years ago when I was considering staying sellside vs going buyside. But I went buyside because I thought when I hit 40 I might wake up one day and regret not trying buyside. So I went to one of the European MFs. Experience was good, but culture and hours (and even comp) were a downgrade from my banking days. Then they wanted me to do an MBA to get promoted, and I left to go down market to GE and then MM PE. After 3 buyside shops, I decided that it wasn't really better than sellside, and I would've made more money if I stayed in banking throughout. I went back to a BB (not the same one coz CS doesn't exist anymore) where some of my ex-colleagues went a few months ago.
Appreciate the insight and interesting to hear about your perspective and journey. Looking back, do you think you would've went down the same route, knowing what you know now?
I have the same thinking that if I don't do buyside, I'll regret it but at the same time, it seems like even the sharpest people need to jump shops every 2-3 years to get promoted (and most likely downstream). I can't deny that the skillset is going to make you substantially better and there's always the option to go back to a BB, but the constant stress and need to stay sharp every few years / interviewing for the next option seems like it'll get tiring at some point and that I'll eventually want to choose stability.
PE returns will further compress as rates continue to stay high and exits become harder and acquisitions harder to justify with IRR. Banking on the other hard will always clip a fee. I wonder what's going to happen w/ the amount of law fees though, that is truly outrageous and I am glad banking fees haven't gone that way.
Although worth keeping in mind bankers clip fees for private equity platform transactions and portco M&A so if that slows down so do the fees…
Yes there are still IPOs, bonds, etc that generate fees but a lot of non BB banks likely live off PE activity.
Take the EB offer. Here's why:
You're 30, at a mega fund, top performer, direct promo — but you're telling me the carry is unrealized and exits are broken. That's the whole game. In large cap PE right now, "decent carry" on paper means jack shit if it doesn't convert to cash before your 40s. You're not a partner yet, you don't control the exit timing, and your LPs are getting antsy. Unrealized carry is a lottery ticket, not compensation.
700k cash vs 500k cash is a 40% raise on guaranteed money. That's not a lateral move — that's a real pay jump at an age where you should be accumulating, not waiting for a fund cycle to play out.
But — go in with eyes open:
Alternatives to banking? If you can stomach it, search for a Principal role at a smaller fund/ growth shop where you actually have carry upside and a shorter exit cycle. But from your post, those aren't landing in your inbox. The EB offer is the one that's in front of you.
Don't overthink the "I love investing" angle. You can invest again — from a PE Principal seat with real cash in your pocket. Right now you're rationing 500k hoping a fund cycle bails you out. It won't.
In a similar situation right now, just slightly junior to you. Went 2.5yrs BB to now 1.5yrs UMM PE and recently got asked if I could would want to join one of PJT/EVR/MOE as a midlevel associate. Given I absolutely hate PE and in particular the asset management/portco part, I‘m inclined to take it but curious what others have to say
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