Is anyone else frozen at the “upper” Associate level? Typically aged 24-30. Not here because you can’t be promoted to VP, you can, but because maybe you don’t want to be? You gotta get out somehow, but how do you leave such a highly coveted, cushy job?
In my eyes, here are your only options:
Let’s say you’re 1, maybe 2 years into a typical PE / PC associate role. You’ve done your 2 year IB stint already.
1. Stay the PE / PC course
You can inevitably be promoted to Senior Associate and subsequently VP literally if you just put your head down and twiddle your thumbs long enough. People leave, maybe get fired, group grows. Or you could even jump to another firm and get the promote that way. But essentially, if you know your way around the shop and can run a due diligence process well enough, over the course of 5-7 years tops you’re a lock to move up. However, you don’t even really like your VPs in the office that much, they’re chotches. And the directors are stressed, busier than ever, and never see their families. So do you want to stick around? Can you do this forever?
2. Get your MBA
A lot of different opinions here. But the opportunity cost is huge. Not to mention 6 figure tuition. Could be a good way to meet future founders / partners / a network. Potentially shift career path a bit, shoot for a higher paying gig afterwards. Though will the MBA degree hold weight over time, especially those not called Harvard / Stanford / Wharton, etc?
3. Go Corporate - Corp Dev / FP&A / Chief of Staff / etc, including startups
Interesting trade off given likely a better WLB. Lower pay, better hours. Maybe a little equity in the company if early enough. Simple life. Friendlier people. Potentially making more of a difference versus just being a cog. But once you go corporate, can you ever go back to the institutional side? What if comp doesn’t equate to much? What if you realize you actually liked PE, are you stuck here?
4. Join a HF / VC / go back to IB
Probably higher comp generally here. But potentially worse hours? More stress? Going back to IB sounds awful, despite knowing they would want you (they always need bodies). VC would be cool, but SF isn’t ideal and good luck schmoozing your way in east coast. HF, could your skillset even be a fit here? Seen it done before but rare
5. ETA / Search Fund
This is the route I took and it’s somewhat binary. It either works or it doesn’t, and for me it did not. If it works, you’re looking at an enjoyable lifestyle business all the way up to a future billion dollar buyout from PE rollout in your category. If it doesn’t work, you’re out a good chunk of change, lost some dignity, out of institutional finance for a period of time, and hunting for a job again. Also, raising money sucks.
6. Start a Business
Quite challenging despite vibe coding / AI making everything more and more possible with some sleight of hand. No one’s telling you when to get up, what to do, when to work, which direction to go, or who to hire. You’re HR, Sales, Marketing, Accounting, Ops, and everything in between. May need some initial capital. Everyone will say your idea is shite and leaving your cushy gig is a mistake. The upside is enormous though. And it’s fulfilling as hell. Creating something that’s yours, it’s pretty powerful.
7. Pack it up, travel full time, move to Bali?
Maybe we’ve missed the point altogether. The grind never ends does it? What if we took a backpack and up and left. Touched grass. Go find a surf break way outside our usual stomping grounds. Live minimally and frugally. Kick off some side projects. Maybe work as a barista or bartender locally. At this point making $1 more means nothing to you, just looking to live life. But just like everyone else, I have my own set of excuses here, like friends, family, pets, mortgages. Up and leaving is a far off daydream.
If anyone is in this boat - stuck wondering what to do next, or maybe has already navigated through this period to greener pastures, I’d love to hear thoughts. Cheers
