Investor Relations at MF or Private Banking at JPM/GS/MS
Have analyst offers already secured for both but need to respond with a decision asap.
Honestly not sure which I would enjoy more and which would set me on a better trajectory.
I recruited for these roles aiming to find a decent gig for which I would not need to exit in future - my SA in MF PE was brutal and the job consumed most of my time. However, it would still be a factor I would consider assuming I did want to try something else in the future.
Any advice or thoughts would be much appreciated.
Bump
Bump
Investor relations is a slam dunk. Sick role
Why?
Do IR fam.
IR and it's not even close
Can people please give some reasons behind the IR being the obvious choice?
Personally, I don’t see it.
From my offers, the comp is higher in PB, there is a clear progression and seemingly infinite comp if you are good at what you do. Also, the work life balance seems better in PB compared with IR.
Would love some insight
I have not worked in PB but from interactions with PB teams the roles are quite different.
Coverage: IR has a narrower focus on Alts, potentially single strategy. PB can go everywhere.
Pace: PB is more closely linked to public markets and trading, plus HNW investors expect an immediate response. You may have to let your team know if you go to the bathroom. IR working with institutional investors can be less hectic, the pension investor is unlikely to call you on the weekend.
Control: in PB you need to build your book but if you are successful, you control the clients and assets. IR can have strong relationships but ultimately the client backs the investment team and you are much more replaceable.
Type of relationships: PB is more sales, servicing the client and wining and dining. IR tends to be more institutional, with process structuring more important.
Really useful - thanks!
If you had the choice to switch away from what you're doing now and move into PB, would you? Would you if you could start over at analyst level? Why?
I honestly don’t have a good grasp of what PB does, but always thought MF IR would be a sweet gig. Would be easy to raise capital attached to such a big name, I imagine the pay/wlb is great at more sr levels, can always exit to a hot new fund, etc. I think IR only really sucks at struggling funds but have no firsthand experience in the space.
I agree with everything you have said.
As far as I understand, IR people essentially sit between the LP's and the investors therefore kind of represent them while in PB, you are the advisor and investor as a whole package. So while the numbers you are dealing with are smaller (in terms of AUM), you have a front row seat and a lot more control. Not sure which is more valuable.
One suits my personality better than the other. Easier and more enjoyable for me to be good at it.
Also a question of location. My impression is the US is a better place for PB because there is more wealth and less cultural and regulatory fragmentation.
Forgot to add, PB should be easier if you have a network that you can tap into.
Best case if you inherit it tax free :)
https://www.forbes.com/sites/sergeiklebnikov/2023/08/08/young-morgan-st…
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