Hey Monkeys,
The forum talks about IB -> PE -> [input anything here] a lot. And as an incoming IB intern I’m beginning to ask myself questions to find out what might be the right path for me.
With that, I wanted to ask to everyone who began in IB what questions did you ask yourself or did you wish you asked yourself when you were trying to answer the question if PE was the right path for you? Or, if you chose to stay in IB, or go anywhere else, what did you realize that brought you to that decision?
Trying to start a real discussion to get away from the 1,000 comp questions from Prospects about how they’re going to go from bottom rung high school student to 8-figure HF PM
Thanks in advance for the insight!
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Started a while ago at a top BB and was kinda hyped to start. Started to dislike most of what the job entails after my first 6 months at the BB. Life is tough, it's about surviving and collecting the next paycheck at the moment. I think the hours are not sustainable for my body in the long term.
However, I'm very well ranked in my team and am on some of the best projects with well-performing MDs and VPs within one of the typical well-known groups. The perspective gained from that is that the buy-side of this check size is just worse than our life on the advisory side.
To summarize, if any of you feels similar I guess this is a clear sign one shouldn't chase PE (at least UMM/MF). Yes, the clout/prestige and money might be in that field but it's not fulfilling if you don't like banking and that clout won't help anyone spend time with his family, taking that girl you really like out to dinner or seeing some friends to play football. So I guess PE is only good if you liked IB but want to work a bit more focused and have a more long-term approach with more responsibility and technical depth.
Would you really buy/play part 2 of a game if you hated part 1 and just pray it'll magically be better while the developers haven't changed?
I'm quite good a modeling but just not the detail-oriented machines some of my co-workers are and have a bit of a sales-y personality so maybe better to chase GE (i still love to think about business/strategy/finance) or a nice job in a start-up as a step into PE would be a big mistake?
Just some random ramblings during a 5min break between 2 live deals but maybe that's helpful!
That is super helpful thank you! I’ve never thought of the part 1 and part 2 of a game you’re playing reference and think that really helps put it in perspective
Good comment.
2 live deals. May god have mercy on your soul.
Doesn’t GE also pay well too honestly?
Bump
People who are okay with sacrificing friendships, dating life, to maximize income. Throw the MS but unless you are at an LMM, you will largely miss out on having a healthy dating life aswell as friendships for the majority of your 20'sand early 30's.
Stay strong brother
If you want to get the MF name on your resume, I think that's fine, but I would ultimately move down market to make a career of it. Smaller teams sure, but real people who wanted to create a fulfilling life for themselves, not a constant prestige whore clout chaser.
Long term PE is for people who love deals. It could be one or multiple aspects of deals - the investing, structuring, the process management, the feeling important / at center of something "important". If this is you, then PE could very well be a great fit (particularly if you have the analytical aptitude and mental/physical fortitude). If you become quickly jaded in banking and think everything is bullshit, PE is going to offer you more of the same, just at a much higher intensity level with somewhat better comp.
Not even better comp - PE is basically trading short-term comp for long-term potential carry. Most IB analysts are taking a paycut going to PE except the handful going to top MFs / UMMs. IB comp is higher on a risk-adjusted basis.
Yep, this is true in a lot of (most? all?) sub-UMM cases
The trade off is banking is mind numbing work and you’re treated like a cog in a machine. Having to use your brain in PE is simultaneously the hardest and best part. The lows are low (spreading invoices, writing risk benefit analysis at 3am) but there’s nothing like the high of taking a deal over the finish line with nothing but your brain on a lean deal team with a partner.
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