Join as first ever full-time analyst hire at tech IB or growth equity
I would love some WSO input on my situation as I'm wrapping up full-time recruiting as a senior in undergrad.
Background (Ignore Title):
Non-target senior in NYC area, 5 internships to-date (4 in growth/VC or IB), loved the growth equity space. Love NYC and want to be here, but willing to compromise for other locations.
Situation
I'm in the closing stages of recruiting for full-time analyst positions, I have 3 offers on the table.
Offers
Firm I: middle-market, well-known, growth equity software shop. Tier 2 city in north east that's popular for growth equity (take a guess). I like the city, and wouldn't mind being there long term. Role is pure sourcing.
Firm II: middle-market, somewhat well-known, growth equity software shop. They still do great deals. In Tier 2/3 city in northeast. Not in love with the city and don't see myself there long term. Role is sourcing but can switch to execution after a year if I want to.
Firm III: growth stage software focused IB based in NYC founded in 2019 with 2 partners. I interned for them previously, and they don't return interns ever. However, the partners and I have grown very close, and liked me enough to where they offered me to join them full-time. One of the partners is very young (early 30s) and other is far more tenured with 20+ years of TMT banking experience. I would be the first full-time hire ever at the firm outside of the two founding partners. They've been extremely successful in their first few years (closed around $200M - $400M this year), and want to start scaling the firm a lot more in years to come. I'd essentially be the first hire ever made, have tons of responsibility, work directly with partners everyday, rise extremely quickly up the ranks (VP/Principal by mid-late 20s), and if I stuck around and the firm grows as I believe it will, significant outsized comp for my age.
Comp at all firms at entry level is +- $5k so not a factor in my decision.
My thoughts
Of course, I'm extremely fortunate to have two somewhat name brand growth equity offers straight out of undergrad. However, I think this opportunity with the IB is hard to pass up on given how they are scaling, their deal flow, my relationship with the partners, and the upside potential for position and comp.
Firm I Pros/Cons: brand name, city I enjoy (but not NYC), but only sourcing and could pigeonhole me a bit into sourcing roles.
Firm II Pros/Cons: somewhat brand name (everyone in growth knows it), city I don't see myself in long term, but develop sourcing and execution skills.
Firm III Pros/Cons: in NYC, first hire at scaling bank in growth stage tech (space I love), work directly with partners, much more deal exposure, much more responsibility, able to grow with firm (high rank as firm scales, could be VP-Principal mid-twenties), my comp would scale with this and would far far outpace a comp in career with firm I/II (provided they grow as expected). There is also downside protection here. The firm is pretty much unknown at this point (you'd think it'd be tough to lateral), but I'd be on the phone with growth shops all day building relationships. I'd be able to lateral quite easily to growth if I wanted to as I'd be doing similar functions at Firm III as I would at a growth equity shop in addition to my connections I'd build in the space. I see this option similar to joining a startup. I also see comparable beginnings to firms like FT partners, Qatalyst, and others. I think it could be an opportunity to get in on the ground floor of something big.
I'm sure I'll get a ton of WSO'ers saying how dumb I am for even considering firm III, but please just lmk your thoughts, maybe some of you have taken a risk like this in your early career, I'd love to hear all angles.
Thanks
Based on the most helpful WSO content, here's a detailed breakdown of your situation and the pros and cons of each offer:
Background:
Offers:
Firm I:
Firm II:
Firm III:
Your Thoughts:
Conclusion:
Given your preference for NYC, your interest in growth equity, and the potential for rapid career progression and high compensation, Firm III seems like a compelling choice. The opportunity to work closely with experienced partners and be part of a growing firm could provide invaluable experience and connections in the industry. However, it's important to weigh the risks associated with joining a relatively unknown firm and consider your long-term career goals.
If you are comfortable with the risk and excited about the potential upside, Firm III could be a great fit. If you prefer a more established path with less risk, Firm I or Firm II might be better options.
Sources: From Dentistry to Investment Banking, The Case for Taking a Banking Attitude to Other Industries, 1st Year Analysts Quitting?, MM HF IR analyst looking to lateral to MF PE IR, need career advice, Some thoughts about luck in your career
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