LMM PE Analyst Vs. BB IB Associate (Prior Military)

(Also military) Good on you for landing those offers, especially IB at the associate level. Very impressive without bschool. 
 

There must be a big gap in compensation between the two right? My guess is the benefit to BB IB would be the comp, standardized training program, and optionality. 
 

For the LMM, I would think about how stable it is. How many funds have they raised, how has performance been, etc. I would think this has less optionality. But you should investigate the WLB here. If it appears stable with good WLB, maybe you can close the comp gap relatively fast. That’s how I’d think about it

I would probably take the BB role due to three reasons I) title II) Compensation III) Prestige

Unless you get really lucky with the LMM PE shop (i.e., career track and you end up making this firm your career for the next 20 years of your life) your future outcomes will probably end up better with the IB offer 9/10 times. People here harp that it's impossible to go to PE as an associate but if you're targeting LMM/MM its absolutely doable after being an IB associate for 1-2 years. 

Agree with users above - take the BB role as an Associate, you can always recruit to the MM and lower MM for Associate positions after 1-2 years

Fellow vet currently in PE - Take the PE offer if you want to go into PE long-term. 

Many prior military members are told they can transition to PE after banking, which is  actually pretty rare in practice. Especially from a BB, you will look too expensive on paper to get a shot at a PE Associate role and unfortunately be a victim of the wrong perception from PE firms that you are too old to grind. 

Take the PE analyst offer in hand, grind, show you belong, and rocket up the ladder.

You seem to have a pref. for the LMM PE fund.

As a guy who started as an analyst at LMM (new fund aswel), I am quite happy with my choice. Good WLB and interesting work. Yes I don't have the prestige and a little bit less comp but I am fine with tthat atm. Located in Europe btw. Btw a recruiter reached out to me yesterday if I wanted to go a larger fund. So don't agree with that you have to be really lucky with the LMM PE shop, you can always still move a bit more up market if you want. (not to MF, but you already said that wasn't your goal)

Good luck on your choice.

Edit: also with some prior CF experience like you.

The prob. of the BB setting you up for a "better" job in the long term is most def. higher. Definitely because it is an associate position versus an analyst position. But if you don't have the 'energy' right now to grind at the BB than I think in an analyst position at an LMM where you can - maybe - rise quickly due to your prior experience/ age can also be very rewarding.

But in the end 100k is a lot. 

You'd be nuts to take BB over LMM PE, especially if LMM PE is where you want to be. You likely will not receive proper (or none at all) training, so it is up to you to learn the hard skills and absorb the soft.

Well done and congratulations on the option!

Here are a few thoughts, at the end of the day you have to evaluate the options presented and make the choice you think is right for you. I wouldn’t defer to other people’s preference of what you want to do.

1) All the posters are taking it as a given that you want to be in LMM PE, but I would ask how sure you are of this? Why do you want to work at a portco doing roll ups. Right now, you don’t have deal experience and so your preference on what you want to do long-term may change.

2) The risk of LMM is greater because: 1) new fund , 2) lower title, 3) less prestige. How confident are you in the pedigree of the founders? Do you feel like it is a good culture fit because that’s important at small shops 3) is there something particular about this fund that appeals to you (industry focus, style of investing such as growth oriented, personalities of founders, etc.) While you can’t completely mitigate the risk, I think you can be proactive and ask the PE fund what a promotion schedule would look like and what you have to do to get promoted. I think that’s a fair request.

3) How important is WLB to you? Do you have family commitments?

4) How confident are you in your ability to learn on your own? You will have to do that in LMM PE. So long as you’re committed, I don’t think that’s a bad thing. Banks teach you how to excel and PowerPoint, but not how to be an investor, which is important.

Take IB... and never go to LMM unless you're absolutely sure that's what you want or the market is doing so well...

I did EB -> LMM and now doing my MBA to go upmarket... or switch back to IB at an added $200k cost.

I’m military and did not do IB but currently at a LMM fund. 
 

I would seriously consider the IB job. The other comment made a great point about seeing if you could keep a seat warm at the LMM PE firm until after a year or two. I am at a pretty low pay right now and would love to switch to banking to feel appropriately compensated. I also think there is a lot to be said for starting at a large bank with structure, training, and resources. There’s no structure or training at my firm. I wish I had a stronger technical skill set coming in. Also being LMM, I spend so much time sifting thru the messiest financials you’ve ever seen—it’s a joke. So try learning technical skills when you don’t know if a number is messed up because you fucked up or because they gave you the wrong number. Not ideal.