I want an honest opinion on IB/ER/PE as a career path in 2022
I am enjoying my Equity Research internship so so much. The intellectual rigor, meeting with buy-side/corporate, culture.
But I am worried about the future prospects of ER/banking in general. Couldn't even sleep at night. Heard so many news about layoffs especially at GS/MS/even boutiques.
Ok, I am kinda exaggerating but what I am trying to say is that I am pretty concerned with the layoffs and being unable to pivot to other industries. Right now, the probability of a return offer is around 50% for me.
My current major is Stats/CS. I am constantly wondering if I fucked up by rejecting a software engineering internship to work in finance/ER. Hope I can get some opinions from the MDs/Senior Analysts from Wall Street Oasis because I could not get an honest opinion from senior analysts/colleagues from my firm.
Should I shoot for a return offer or start applying for FT in insurance (actuary)/software engineering/anything stable career. (I think I am too late for this shit because I have no internship). Please, any honest opinion would do. Hopefully no monkey shits because this has been bothering me a lot.
Thank you for any response. Please avoid answers like: "It is going to be alright" or "Don't worry about it. It ain't 2008."
Not an MD/senior analyst.
This is probably something you can only answer for yourself. You have to weigh your own costs/benefits. I would personally say that if you really enjoy ER, then stick with it.
I think I read that the layoffs are mainly for poor performers. Could be wrong. If you’re worried about the recession and layoffs in finance, layoffs will probably be across the board even SWE.
You should ALWAYS shoot for the return offer. It's about optionality, if you have an offer you have less stress while looking for other offers.
Finance isn't going away, it may blow up and there may be fallout and a few really bad years for folks, it will come back. OR it may all be fine, I have no fucking clue.
If you can get a seat, you will learn 1,000x more in a recession / time of turmoil than you will in business school or during a historic bull market.
This experience should set you up for anything down the road.
My opinion is shoot for the return offer, but that's not the end of the journey. Keep looking at things that might interest you and, if you find and get one, resign from the other company.
The loyalty concept doesn't go that far, you gotta look out for your own ass.
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