Sell side -> Buy side -> M BA -> corporate -> back to buy side possible?

Long-time lurker, first time poster and am looking for some advice and thoughts on my current situation.

I have 2 years of sell side experience at a BB, then went to a tier 1 mutual fund (think T-Rowe, D&C, Fidelity, etc.) for 4 years. After, I decided to do business school (top 5 school) with the intention of continuing to do investing and had a summer internship offer with a mid-tier buyside shop.

While I received a return offer from the summer internship, the comp offer was well below industry especially for having 6 years of equity research experience. I also had thought more throughout b-school that trying my hand at something corporate (FLDP program based in NY) and learning more internal finance skills for a company would be interesting and a helpful skillset so I could be apart of running a company and building something while still enjoying finance/strategy that I have always enjoyed.

I have only been in the role for a few months with the first rotation being FP&A, which I realize is absolutely not what I want to do. While the next rotations could be better and something capital markets related (treasury, IR, corp dev/strategy, etc.), I am missing investing and also making significantly less while I am really getting no credit for having 6 years of solid finance experience (everyone starts the program at the same level and graduates the program into the same level position regardless).

I now know FP&A is not what I want to do and think a CFO track path that I thought was what I wanted is likely not the path I desire. I know I need something that is much more challenging, intellectually stimulating, faster paced, and sets my career up better for the future. As a result, I am trying to figure out the best game plan going forward to best set myself up for my career and earning a comp that feels more commensurate with my experience.

For context, I am quite passionate about ER and love investing. I do it in my free time and am always paying attention to markets. I have some concerns though about the industry longer-term and pressure on active management in addition to what seems like limited exit opps outside the industry since its a niche skillset.

A few options that have been a consideration would be:

Stick out the two years in the current rotation program, get some corp dev/IR experience and see if I could hop after to a corp dev, strategy, PE, IR, or strategic finance role. But I do not know how feasible this is if I only have ~8 months of experience in a corp dev rotation (which is not guaranteed, but think I could get it).
Leave now back to sell-side (had a sell-side offer 6 months ago and think they'd take me back quickly) so I am not outside of the public markets for even longer and then could eventually hop back to buyside. Except I am not sure how buyside would feel about the story of sell side -> buyside -> corporate -> sell-side then try to go back to buy-side. Seems like it could be a weird story to explain why I didn't just stay on buyside or go straight from corporate back to buy side. Guess I could say it was the quickest way back to being in the markets so I wasn't out of it for too long and was easy to leverage with the prior job offer. Also feel like worst case scenario, sell-side would always be an option even after 2 years in this program?
Leave directly to buy-side. Seems much more difficult as there are more limited seats in mutual funds, interview process is more intense and likely takes 6-12 months to find a good role I'd like. I worry the recruiters/mutual fund recruiters may think I left investing and have been out of the markets for 3 years technically given the 2 years at the MBA. There's also the long-term question of active management pressure longer-term so is it a good idea to stake your whole career on this given exit opps from ER seem limited the further you get into your career.
Leave directly to a different strategic finance/IR role that would give me more credit for my prior experience and would be more what I enjoy rather than FP&A and month end close stuff. Think I would still like something in strategic finance that is less FP&A focused and more analysis.
Leaving to something such as consulting. Have a lot of b-school friends doing consulting at MBB that could help me prep for and get my resume in the door. This helps provide a lot of eventual exit opportunities to do many different things such as strategy/corp dev roles.
Try for PE. Realize this is probably the hardest option. Think I'd enjoy PE given the equity research experience. Never really pursued it given I liked ER but seems very interesting, builds good skills, and doesn't have the lingering questions of pressure on active management long-term.
Go for a family office. Think I would enjoy something like this. Could leverage my ER skillset and also would provide me with gaining skills with other investment classes too.
Hop to a HF training program such as P72 academy. Not my preferred choice.
Something else? Open to any thoughts.

Last question - is there any sense of urgency I need? Do I need to rush to get out more quickly or does staying as long as even finishing the 2 years at the program seem fine?

Would love any and all thoughts you all have. Thank you in advance!

2 Comments

WSO Monkey Bot

O

9mo

Based on the most helpful WSO content, here’s a breakdown of your situation and potential paths forward:

Key Observations:

Your Passion for Investing: Your love for equity research (ER) and investing is clear, and it’s important to align your career with this passion.
Concerns About Active Management: While valid, many professionals in ER and buy-side roles have successfully navigated these challenges by focusing on niche expertise or transitioning to related fields like corporate strategy, private equity (PE), or hedge funds (HF).
Current Role Misalignment: FP&A and the broader corporate finance rotation program don’t seem to align with your skills or career aspirations, and you’re feeling undervalued.

Potential Options:

1. Stick Out the Rotation Program (2 Years)

Pros:
- Gain exposure to corporate development (corp dev), investor relations (IR), or strategic finance, which could open doors to roles in PE, strategy, or even back to the buy-side.
- Builds a broader skillset, which could be valuable for long-term career flexibility.
Cons:
- Risk of being further removed from public markets and investing, which could make a return to the buy-side more challenging.
- Limited credit for your prior experience, and you may feel stagnant.

2. Return to Sell-Side ER

Pros:
- Quickly re-establishes your presence in the markets and leverages your prior experience.
- Provides a clear path back to the buy-side, as long as you position the move as a strategic step to stay close to investing.
Cons:
- The narrative of sell-side → buy-side → corporate → sell-side → buy-side could raise questions, but it’s manageable with a strong story (e.g., “I wanted to stay close to the markets and leverage my expertise”).
- Sell-side hours and lifestyle may not be ideal long-term.

3. Directly Return to Buy-Side

Pros:
- Aligns with your passion for investing and avoids the need to explain a return to sell-side.
- Mutual funds or family offices could value your prior experience and MBA.
Cons:
- Competitive and time-intensive recruiting process (6-12 months).
- Concerns about active management’s long-term viability remain.

4. Strategic Finance/IR Role

Pros:
- Leverages your prior experience while moving away from FP&A.
- Could lead to corp dev, strategy, or PE roles.
Cons:
- May still feel removed from investing and public markets.
- Limited alignment with your passion for ER.

5. Consulting (e.g., MBB)

Pros:
- Opens doors to a wide range of exit opportunities (strategy, corp dev, PE, etc.).
- Strong compensation and prestige.
Cons:
- Requires significant preparation and a pivot away from investing.
- May not align with your long-term passion for markets.

6. Private Equity (PE)

Pros:
- Builds strong financial and operational skills.
- Aligns with your interest in investing and strategy.
Cons:
- Extremely competitive, especially without prior PE experience.
- Requires significant networking and preparation.

7. Family Office or HF Training Program

Pros:
- Family offices could align with your ER skills while diversifying into other asset classes.
- HF training programs (e.g., P72 Academy) provide a structured path into hedge funds.
Cons:
- Limited availability of family office roles.
- HF training programs may not be your preferred choice.

Recommendations:

Short-Term Priority: If you’re certain FP&A isn’t for you, consider leaving sooner rather than later. The longer you stay, the harder it may be to explain the pivot back to investing.
Preferred Path: Returning to the buy-side directly seems like the best fit for your passion and experience. Start networking and engaging with recruiters now to explore opportunities at mutual funds, family offices, or hedge funds.
Backup Plan: If buy-side recruiting takes too long, returning to sell-side ER is a viable option to stay close to the markets and position yourself for a future buy-side move.
Long-Term Consideration: If you’re concerned about active management’s future, consider roles that blend investing with strategy, such as PE, corp dev, or strategic finance.

Urgency:

While staying in the rotation program for 2 years isn’t career-ending, it’s clear you’re not aligned with the role. Leaving sooner (within the next 6-12 months) would likely be better for your long-term goals, especially if you want to return to investing.

Good luck! Your passion for markets and strong background will serve you well—just make sure your next move aligns with your long-term vision.

Sources: Q&A: From Sellside Research to Strategy & Finance at Rapid Growth Start-up, Feel Trapped, Exit Opps From Sell-Side ER?, Accounting vs Finance: Part 1 – Career Paths, https://www.wallstreetoasis.com/forum/private-equity/going-from-mm-investment-bank-to-mega-fund?customgpt=1, Q&A: From Corporate Finance to Corporate Strategy (Supply)

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Analyst 1 in IB - Cov

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