What am I missing
Currently 6 months into IB at a top shop in NYC. Just announced for a sellside process I've been on since I hit the desk. Great experience to be a part of and I learned a lot but am now completely sure that banking, in the long run, is not for me. Looking at going into PE now but given that oncycle is going to kickoff in the next couple of weeks, I feel extremely behind my peers who have known that they have wanted to pursue PE since we got our return offers last summer, especially in terms of prep / networking etc. I also don't want to follow the masses and end up being in the same position of not knowing what to do next 2 years from now.
I want to pursue something that has more of an impact or at least gives me more of a reason to care about what I am doing. I have this idea that a MF with a focus on operations / turnaround will provide that but maybe this is wishful thinking and will end up with me in an associate seat doing more of the same process BS Im currently doing as an analyst in IB. I've flirted with roles in LMM / MM PE that are more hands on but want to keep the doors to publics open.
Other than giving me a place to write out my thoughts, I wanted to post this to see if there's a role post IB / PE (besides HF) that fits what I am looking for with a bit more detail below.
Hours - I have consistently worked 80-100 hour weeks since I started which, in terms of total hours, I don't mind but would like to have more control of my time - gym / run in the morning, confidenly saying I can make a Friday / Saturday night dinner etc - obviously there will be sprints where this is isnt possible but ideally this is only ~15% of the time.
Comp - given my want to have a bit more control of my time, I'd assume Id have to take a cut but would ideally want to stay close to my peers in PE
Work - Hands on / creative / fast paced / either building or investing in something that I own - basically every second im in the office I want to be learning something and not waiting around for a senior to turn comments
Path to promotion - not extremely important at the moment, I'm young and would be able to apply what i've learned to the next role if something doesnt work out
Maybe I'm a naive recent grad but hoping that other members of WSO have been through something similar or were able to find a role where most / all of the above was met. Appreciate any thought you guys might have.
Happy holidays!
Based on the most helpful WSO content, your situation is not uncommon, and many analysts in IB face similar crossroads. Here’s a breakdown of your concerns and potential paths forward:
1. Feeling Behind in PE Prep/Networking
2. Desire for Impactful Work
3. Lifestyle and Control Over Time
4. Compensation Expectations
5. Avoiding the Same Process-Driven Work
6. Broader Career Considerations
Suggested Next Steps:
Remember, you’re not alone in feeling this way, and many professionals have successfully navigated similar transitions. Good luck, and happy holidays!
Sources: Breakdown of Post-IB Exit Opportunities, Handling Stress / Burnout in Private Equity, Private Equity Associate Regretting Decision, Considering moving back to IB after 2yrs in MM PE, Unpacking Corporate Banking at Citi/BAML?
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Genuinely consider the MM world, especially distressed-focused funds. Larger platforms are inherently more bureaucratic, and associate roles at most UMM/MF shops are still very process and execution-driven due to firm scale and portfolio company maturity. If you hate comments now, you’re going to hate the bureaucracy of a large investing organization, more internal processes, more standardization, and a lot more work that’s administrative.
At many MM funds, teams are smaller and juniors sit much closer to management teams and real operating decisions. You’re often directly involved in the day-to-day of helping portfolio companies — not just inorganic growth, but GTM, strategy, expansion, and whatever else management actually needs help with. This is largely because many of these firms don’t have massive value creation teams (unlike top UMM/MF funds, which can have 100+ people dedicated to ops), so associates are forced to get into the weeds themselves.
There are exceptions at the UMM/MF level, but they’re the minority. I’m at a $15bn+ UMM fund, and while we’re assigned to portfolio companies, there’s also a large value creation team and internal staff handling most operational and business development work. In practice, that means our day-to-day portco work skews much more toward M&A evaluation and high-level “strategic thinking” than hands-on execution. This is the same for every MF/top UMM I have friends at.
Thanks for the advice. I’ll spend more time looking at these firms. My only hesitation with MMPE is limiting my HF looks if I choose to pursue publics later in my career. In your experience, have you noticed a stark difference between the looks you / your friends get at UMM/MFs compared to friends/peers you may have at MM firms? Obviously expecting there to be a difference but how drastic would you say it is?
I’ve personally always been more focused on private markets (longer time horizon + control), so I haven’t optimized for the HF path. That said, I do have friends at solid MM platforms who’ve gone to HFs — it’s just not the most common outcome for people in PE generally (despite what WSO makes it sound like). Most people I know stay in PE (either at same firm if they get the promote or move somewhere else), move into portco/corp roles, or go to b-school across firm types (MM/UMM/MF).
PE vs. HF / public vs. private markets are fundamentally different experiences in horizon + control (thus very fundamental different jobs), so I’d think hard about what you actually want to do long-term. IMO, It’s not worth doing two years at a MF/UMM purely for optionality if you end up hating it and then have to navigate a tough senior associate market. If your goal is publics, I’d be more intentional about targeting MFs or generalist UMMs. From what I’ve heard, specialist funds (though in the UMM / MF world this is just Tech names) can be more limiting for HF recruiting since you tend to go very deep in a single industry rather than building broad public-market coverage.
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