Stay in banking or go to megafund?
Working currently at a top BB group (JP Healthcare, GS TMT, Morgan Stanley M&A). Recently went through on cycle and landed an amazing MF offer with high rate of admission to a top MBA program (GSB / HBS).
Unsure of whether or not to take the offer or stay on as an associate in IB.
Am currently working with really cool corporate clients that PE doesn't really touch and I'm fairly good at my job. I feel that my work is rewarding and I am still learning a ton, as I personally haven't closed many deals yet.
Also I like the brand name recognition of my current employer among individuals outside of finance. They treat their people well and have an amazing office space.
People say if I decided to go back into banking after doing PE and not liking it, that it would be easy. However, I'm not so sure.
Looking for a long term career in finance, then transition to public service.
Any commentary would be helpful!
For banking, you'd probably want to get an MBA anyway for optimized network/long term promote. You'd have an incredibly easy time recruiting from any top tier MBA to a great bank, so why not try PE out and then come back to banking if you don't like it with your hot new MBA degree.
Really appreciate the perspective here.
Question is, what level would one rejoin BB at after MBA (and two years as PE associate)?
If they just take you in as an entry level associate, then wouldn't you be losing two (or four including MBA) years?
would likely come in as an experienced associate, probably a 2nd year aso, that's how it is at my bank
You'd come in as an Associate, but probably have a quick path to VP. People get trapped in the Director/VP years so having an MBA from HBS long term will likely accelerate your career at that stage
OP sounds like he loves IB.
If your at a top BB your likely going to still get equivalent experience.
Decision is easy, stay. Don't drink the kool-aid of PE.
That being said how did you land a MF offer without being in love with it, lmao.
Thanks! Realized that the grass is not always greener so have decided to stay. Hopefully this is the right choice!
The interviews were just a bunch of technicals / cases that were easy to "logic" through. Also I think in these interviews, enthusiasm is at least 50% of the battle!
It sounds like you already decided, but it really depends on what you're seeking, notably:
There's countless other factors but really comes down to what you want to do longer term and which role(s) you think you'll enjoy more / be more successful in. No wrong answers, albeit if strictly maximizing comp, PE has the stronger long-term earning potential.
Thanks, really appreciate it.
Comp wise, I'm truly agnostic. Honestly I think corp dev at a company like SpaceX would be one of my favorite exits, regardless of what I'd get paid. Just want to work on "cool stuff".
One thing I'm worried about with respect to PE is that it's much harder to make it to the top (VP, Principal) than it is in banking. And when these individuals exit, they do so to other buyside firms, which is great if you enjoy investing (not really certain that I would).
Or, when they exit to corporate roles, they are usually at smaller pre IPO companies (fully aware SpaceX is pre IPO but it is filled with industry veterans), which doesn't feel like the best thing for your career in your 20s.
Comparing an exit to a corp dev / product mgmt role at a Series B SaaS company, vs a similar role at a F500 company or truly revolutionary unicorn, I'd prefer the latter. And it feels like banking is better for that goal.
Am I wrong?
PM me. I'm a VP in PE and went to b-school (HBS/GSB). Happy to chat about my experience if helpful (started as an associate) and bounce ideas around.
It sounds like you want to stay in IB, which is a valid choice
Counterpoint - you can always go back to IB (your group would absolutely welcome you back - have seen this done, you can enter at senior associate or VP so you're not losing any tenure) but this is likely one of your only shots at MF PE. The MBA would be helpful if you want a public service career longer term.
IMO, I'd do MF PE and MBA, but leave your group on the best of terms and stay in touch with people. If in 2 years you really want back into IB, you can skip the MBA and go right back. But based on your goals I think it's worth trying out PE.
Thanks so much!
Agree that an MBA would be a boost for public service - but you don't need PE to get one.
Yes I know some people who have moved back to banking from buyside but that is quite rare. Also we've witnessed a unique time in the job market when banks really needed talent. Will it be the same moving forward? Not so sure.
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