How to stay at the top of this game for life
Been looking at school alumni that started their careers in BB/EB. Now, having been 4-5 yrs out, most have moved on to smaller companies in tier 2 or 3 cities and have "exited the game"
For those more senior on here, or anyone with a perspective, what traits do you see of people who stay in "the game" for the long haul (ie those who raise a fund, make partner, etc.)?
Deep rooted insecurity
People think funny but this is actually true (for good or for worse). Not even necessarily insecurity, just a desire / need to prove yourself (either to yourself / others / the world).
To answer OP, stems from mentality and what you want out of life.
This is 1000000% true. Have worked in banking for almost 9 years now, have sat across from most banks and most PE firms on different transactions and I think this is the common theme.
To stay at the top of the finance game for life, here’s what the most helpful WSO content suggests:
Adaptability and Skill Development:
The finance industry evolves rapidly. Those who stay in the game long-term continuously refine their technical skills, stay updated on market trends, and adapt to new technologies and methodologies.
Networking and Relationships:
Building and maintaining strong professional relationships is critical. Many senior professionals credit their longevity to having the right mentors, allies, and networks that open doors and provide support during challenging times.
Resilience and Mental Toughness:
Surviving the ups and downs of the industry requires resilience. As noted in WSO threads, many who last in finance attribute their success to weathering layoffs, political challenges, and market downturns without losing focus.
Strategic Career Moves:
Those who make it to the top often make calculated career decisions, such as moving to the right firm, team, or product at the right time. They also know when to pivot or take risks, like starting their own fund or transitioning to a leadership role.
Work-Life Balance and Health:
Burnout is a major reason people exit the industry. Maintaining physical and mental health, along with a sustainable work-life balance, is essential for longevity.
Luck and Timing:
As highlighted in WSO discussions, even the most skilled professionals acknowledge that luck and timing play a role. Being in the right place at the right time, with the right boss or product, can make a significant difference.
Long-Term Vision:
Those who stay in the game often have a clear long-term vision. They focus on building a career that aligns with their goals, whether it’s making partner, raising a fund, or achieving financial independence.
Optionality in Early Years:
The first 3-5 years in high finance offer significant optionality. Making the most of this period by gaining diverse experiences and building a strong foundation can set the stage for a long-term career.
By combining these traits and strategies, professionals can position themselves to thrive in the finance industry for the long haul.
Sources: Finance can ruin your career (hot take), Q&A: Senior VP in BB M&A (London), Finance seems like an incredibly bad deal compared to FAANG, Do I Fit in Finance? Am I Too old?, Work ethic or intelligence what is more important for a career in finance ?
Mm
Can you be a normal person with out-of-work hobbies to thrive in MF/UMM PE or do you need to be psychotic and only care about work? is intelligence valued in PE?
Intelligence is highly valued but so is commitment. This isn’t a dip your toes in the water and try it out job. You need to be fully committed and structure your entire life around work. If you don’t give it your complete and total commitment, you won’t be successful in recruiting for PE or working in PE.
I’m not saying this is a good thing - it’s objectively horrible for your relationships and life outside of work - but it’s the reality of the job. You need to go in with your eyes wide open to what you’re signing up for.
Yes 100% for the associate gig. I mean more for VP / Principal or the so-called mid-level in PE. During deal sprints, I understand it will always be a sprint. But do you think someone can still have a decent life outside of work and still hold a UMM/MF mid-level seat or will you be constantly paranoid?
Can only care about work in high finance in my opinion.
I think it's 50/50 degree of intelligence and actual obsession with what you do. That obsession is why people with all the money in the world still go to work in a variety of fields. At one point, it's like putting up points on the scoreboard: some football teams will kneel multiple times at the end of the game when they are up 35-0, some will be drawing plays to score with one second left, and when they score, they'll go for 2.
Two routes:
Learn how to manage your anxiety, learn how to turn off, have a strong support system (friends, family, loved ones), militantly work out and eat healthy. Have healthy stress outlets. Have extremely high EQ and social skills so you can charm your way to the top instead of working your way to the top. Have extremely healthy self esteem that allows you to set boundaries and take risks and fail without falling apart. Genuinely love finance and deals and be completely convinced this is the coolest job ever, and not just a fat paycheck or a source of ego validation.
Or just be paranoid, fat, obsessive, and insecure lol
Fantastic response
honestly luck, i.e. joined at a good time (aka graduated at a good time), joined a firm with great culture, or joined a vertical that is not a cash cow but over firm is still great
Bold of you to assume staying in “in the game” is even desirable or worth it. Tons of people stick with it for a few years, realise the money isn’t even that great or worth it and go do something else.
dont have kids until you are 38 is what i have learned at my shop.. its a competitive advantage to be a VP / Principal with no kids
Need to be a massive hardo. All jokes aside I think you need to be pretty type A. I’m a type B A2VP in banking and am completely burnt out. Not everything is an emergency to me and I don’t constantly panic which doesn’t work long term.
People will cite examples of more relaxed people who make it far in high finance but would call them the exception, not the rule.
Work needs to be your life, point blank.
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