Thinking about moving back to investment banking from buyside
Background: 2 years in IB and 2 years in MM PE, now getting my MBA (think HBS/GSB)
MBA recruiting for PE has been really hard even with my background because all the MFs are not recruiting (I'd think at least I'd hear about the opportunities given my background), and if they are, they'd take MF kids, all the MM PE firms (even then few are hiring) are taking MF kids (because few have return offers and also have to recruit), and now I have to probably go even down market.
Now even thinking about going back to IB as 1) pay is similar to MM/LMM PE, 2) I see more of a path to promotion (there's no room for promotion in PE, especially for UMM/MF), 3) MM PE is so competitive especially when you don't have the name brand, 4) hours aren't necessarily better depending on the team
Why does everyone move out? Why don't more people move back? I don't see a reason not to other than the ego telling me that "buyside is better" (which it isn't) and feel like my MBA is a total waste...
What do you all think?
Following, ignore title. Entering MBA in the fall with no return offer
I've been thinking about this as well just based out of necessity in the current recruiting market. I do think being on the investing side is more interesting than pitching a bunch of deals, at least at the smaller / flatter PE shops where you can have real input without real seniority. But on all other points I agree the difference doesn't seem that huge. One thing I'm concerned about though is how hard it would be to move back to the buyside after going back to the sellside. Maybe someone else can come in with some color there
Feel like it'd be hard to move back but probably not worthwhile once you are a senior mid-level in either industry
I tried in a hot market (2022) out of curiosity / backup option and it was fine. Got an offer to lateral for YOE. Also got an offer in 2023 from an ex-boss (so maybe hit those up?)
Obviously now’s different, but I think that it’s just about how badly the banks need talent at any point.
Same, never did the bank stint and strongly considering moving over and just staying there. Even as an Associate I'd get a meaningful pay bump over what I was making as a Sr Assoc at the LMM that I was at most recently.
In a similar situation - something that's come up from headhunters is that PE -> IB without prior IB experience is actually quite unlikely. Is that what you're hearing as well or not really?
I mean, that makes sense. Just in the same way as it gets harder to move to the buy side the more experienced you get the same applies to banking. Skill sets are just different at the more senior levels. Maybe it’s possible at more junior levels (senior associate or below) where you’re just doing grunt work but once you’re leading the execution, teams will definitely want you to have banking experience.
Going MBA hoping to get buyside roles as a white or Asian male in 2024 is pretty much akin to lighting 100k on fire.
Same thing for females. This woke wave is over.
If only it was only $100k that I’ll be lighting on fire this fall
this is the truth.
Are these processes fully active right now? I thought school hadn’t even started for second years…
There's a lot of off-cycle/lateral hiring happening from what I can tell.
Really? Seems like the market is pretty quiet, particularly for NY
I’m confused why you even went to business school. Did someone guide you that was the right move? Did you need a two year break?
I'm strongly considering this route due to how lackluster buyside recruiting is at the moment, and I'm curious what level I should be targeting. Background - 2 years IB, 3 years PE, 2 years startups
Maybe Associate3 or VP1?
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