How easy is it to go from MF IR to banking to PE
My end goal is PE, bad job market so took this non deal role. Yes better WLB but now I feel like I messed up. What should I do now
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Jumping from a mega-fund (MF) Investor Relations (IR) role to banking and then to private equity (PE) is a challenging but not impossible path. Based on the most helpful WSO content, here’s what you need to know and consider:
Challenges of Transitioning from IR to Banking:
Steps to Pivot:
Alternative Pathways:
Mindset and Strategy:
In summary, while the path from MF IR to banking and then PE is not straightforward, it’s achievable with the right mix of networking, skill-building, and potentially leveraging an MBA.
Sources: MM HF IR analyst looking to lateral to MF PE IR, need career advice, How Do I Get Into Private Equity?, Ask me anything - Non Traditional Background to MM PE to H/S/W, Moving from Asset Management into IB / PE, How many target kids go straight to MF PE?
Do a top 15 MBA and this is easy enough (although would probably be in a LMM PE firm post-MBA, MF don't really hire post-MBA ASOs). Without an MBA, going to be difficult to get into IB especially in this market
what if I network really well and show my technical skills can’t they be willing to take a chance on me ? When would the market get better ? I feel like I can’t wait this out
Your technical skills, even if you show you can build a model, are just never going to stand up to someone who has spent a year building models and doing IB work (or similar work) all day every day. Even with a strong MF PE brand they know IR is not a technical role.
There's just waaayyyy too many qualified people at tiny boutiques, laid off from IB, or with IB-adjacent experience for them to bring someone in without the right experience.
The lateral market has been tough since 2022 so it's hard to say when that changes. Get 2-3 years of experience, go do MBA and you'll have a BB/EB ASO role.
Realistically, I'd probably stay in IR or lateral interally to something like strategy if you hate it. I know it's hard to turn down the prestigious route of ~deals~ in PE but IR is a really solid career. I think most people in IB or PE would kill to have the earnings potential and WLB that MF IR affords you
I'm at a BB and a couple people at my bank came from IR roles. They weren't at a MF either. They came in as laterals at the Analyst 1 level which we do hire from time to time. Most of our laterals are from MM or boutique IB firms so most of the time we are hiring existing IB Analysts but sometimes the applicant pool isn't strong or we have multiple spots so we end up hiring from more diverse backgrounds.
Your best shot is to aim at the lateral Analyst roles, you probably won't get any experience credit since you aren't doing transactions or execution in your current role so would expect to come in at Analyst 1 and then work your way up. Even our laterals who come from another bank and have relevant experience we will ask them to repeat a year so maybe it's just something we do in our group.
How do I find these roles available for analyst 1? Networking? Headhunters or posted online ?
I really don’t think you should go from MF IR to IB or PE. you’re in a good spot. IR is a really great skill. It’s far more valuable these days than transaction execution. I would consider becoming really good at what you’re doing and leveraging that the next cycle is whether that’s crypto or real estate or infrastructure or private credit or whatever else. Your ability to navigate the LP system and the relationship relationships you are building will be really valuable.
Curious how your WLB is in IR relative to your peers at your level in IB and at your MF? Heard MF IR is almost as grindy as the investment team, maybe 70-80% of the grind / hours…
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