How to structure youself to become a highly paid quickly?
My last thread got a lot of hate. In this thread, I mentioned, there is the Citadel's of finance where entry level jobs start closer to $150,000-200,000+. For this however, you need to be a quant and have quant experience. Which includes coding, etc.
Esentially, if I had known this was the path early on, I would have restructered my life into learning coding. But since I never knew about this opportunity, I didn't.
To understand my question, you need to understand my background and where I come from. I spent my last few years running e-commerce niche websites, selling items in a niche market. However, that niche is basically done. I made well over $150-200K/year doing so.
That run has ended. Now, I need a new role. My previous experience running a business, understanding how a business is run, and dealing with actual companies, set's me up perfectly FOR WHAT I THINK, is my future role. Private Equity.
However, there is different types of private equity firms. Some are small firms with no growth, just pure management of existing capital. Some funds are small funds with hypergrowth, raising a lot of capital. Some funds are massive instiutions, with billions or trillions backing them.
I have the opportunity to either going back to running start ups, joining a PE firm, or doing something else. Whatever I end up doing, at some point, I need a vision of what to do.
After looking at this site for a very long time, it's been very helpful. For someone like me, what do you think I should look to pursue?
For example, are their funds with hyper growth out there, that you have an influence on doing deals so you will rank up quickly? Because see, if I went to goldman, I would follow a specific path and work my way up the hierarchy. I don't want that. I know what it's like to pull 200K+ a year, I don't need to work myself up and miss out on a few years that can contribute to my net worth. Combine that with some of the educated folks a big instiution like Goldman has, it will be extremely tough.
That's where I was getting at, which firms do you think I should focus on? Or should I even pursue working for a PE firm in general?
You'd probably be better for VC if you founded a company from the ground up. I think your lack of willingness to take a pay cut, alongside a lack of proper financial training in a bank, would make a transition into PE very difficult. As you say, you'd be competing against the educated folks at Goldman for PE roles, which will be extremely tough.
I recommend doing some research for yourself, not asking random people online which funds to apply to. Look for any funds that may invest in e-commerce and see what employees in that firm did before working there. No one other than yourself should be able to tell you which funds to go for
I mean, this is why I ask online. I'm able to get different ideas. For example, I never thought of venture capital before.
Your experience is very interesting, but not quite right for an immediate transition into PE. Want to get paid a lot in a very short period of time? You have to take risks. Go back and start another business (not dropshipping) and try your hardest to make a killing. If you make it, you'll make a lot more money a lot quicker.
Just because you have ‘high earnings’ in one field does not mean it will transition to another field. If you read a lot you’ll find this is extremely common. Golden Handcuffs are a thing. And the skills that earned you that income are as you admit niche.... leave that niche and your comps goes too..
Get the education required to play. Or start up another company. There are no short cuts.
Right, I think that's what I'm focused on. Educating myself in a field I want to go into for sure.
That's what I'm on the search for, which field, which firm, or even which startup.
Not trying to be mean here, just realistic:
Large PE firms are not going to take a chance on someone with an otherwise average background (low GPA, nontarget, no banking experience) just because they successfully ran an e-commerce business which was not scalable. Just too much luck involved. A Harvard kid who learned financial modeling at Goldman is more of a sure thing, and plug and play for the work of a PE analyst/associate. The recruiting process for the funds you're talking about is extremely regimented.
Your options at the PE level are LMM firms that are willing to take a shot on you. Start-ups are also receptive to a diverse background and you could transition into VC from there.
I agree completely, but don't you think if I take 6 months to a year, I'd learn everything a Goldman kid knows about modeling?
No. The banking experience sucks but you can't replicate 80+ hours a week of practice and hundreds of reps
That experience doesn’t mean shit for PE (not trying to be mean). PE is about structuring deals and the funds that care about operations will hire someone from consulting to do so.
edit: there is an e-commerce PE fund. Can’t remember the name but some research should point you in the right director. They buyout amazon businesses
Yeah but from my experience online, Amazon businesses aren't sustainable. There is always another person coming in, willing to make less, and will cut you out of business quick.
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No way it’s CalTech and doesn’t know how to code though
It's not Caltech it's way better lol
You're not really well-positioned at all for a PE role. I'd look at tech roles or small VC funds but it's 99% likely they won't live up to your comp standards at this time.
OP, don’t get discouraged seeing all negativity above. Whilst many people are correct in saying you would have tough time getting into well-known PE shops, it’s only a tip of an iceberg and there are hundereds more smaller shops where you can get good experience and earn decent money.
Your background might be good for a platform like Thras.io (of which there are many others smaller but similar in scope). Would say to do some search on that because there’s a lot of money flowing into these platforms at the moment and your experience combined with some additional deal structuring knowledge could make you a strong candidate
Wow and I'm thinking Amazon businesses are dying. That's insane valuation right there.
Do you mind letting me know some other websites like that? I've actually never seen this before.
Dude these posts are getting dumb. It seems like you’re expecting everyone to be so impressed with your super niche e-commerce business background and suggest that you’re going to have it so easy transitioning to PE or some $200k+ job with literally no finance experience, no structured training, a low GPA, and some non-target college degree. So, I’ll repeat what I said last time: you face a huge uphill battle getting into these jobs. The reason they’re so competitive is because they have both high pay AND exit opportunities (among other things). Your drop shipping / e-commerce business may have high pay but, as it seems you’re realizing, it’s not sustainable, and as you’re hopefully learning, it does not make recruiters salivate. You will not get a second glance just because you were paid a lot. My recommendation is, once again, go to business school, go into investment banking, and transition to PE or VC or whatever. I’m sure you can sit here and argue how that path doesn’t work for you because you’re so used to “pulling” fat stacks but this site can’t cater to your super niche situation and preferences. I genuinely wish you the best, and I really do hope I’m the naysayer you get to reference in some speech to college graduates about how you should never listen to the haters but tbh, I’m not hopeful. You come across as a little arrogant, and in my experience, humility is more valuable than a dying drop shipping company. P.S. The only school “way better” than Cal Tech on the west coast might be Stanford, so might want to check your UCLA / Berkeley ego before throwing Cal Tech under the bus.
I was also confused by “better than CalTech” like what
It's not hard to learn finance or training
I'd suggest starting another business or getting a job at a startup where you'll be paid $100k to $200k a year.
If you're in e-commerce and we're running a company that size I'm guessing you were doing your own media buying? A good media buyer with senior experience is probably around $100k to $150k depending on geo.
You could also boot up an agency.
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