Leaving IB for Startup
I'm an AN1 at a decent MM shop in a pretty unique group (think Pipar). Not trying to brag, but I'm under the impression most people at the bank are envious of our group since we do investments / co-investments and are not very client serving.
Despite all the glory associated with being buyside it is not all glitter and gold. Fact is, I don't like it and I don't think we have performed well through COVID so its no like comp will be great.
I've been approached by a credible startup (think series A secured) to run a division / project overseeing 5-10 people (not engineers but somewhat blue-collar type.)
Comp is likely 70-80K base with some equity and raises pending good performance.
What do you all think? I'm pretty set on a 2 year max in this industry and frankly would be fine and kind of intend to leave once bonus hits in the summer.
Long term would like to own / operate a business or be an exec at a startup.
Sorry no advice to add, but did they just randomly approach you? Curious as I'm also a 1st year at a BB looking to exit soon and haven't been successful at finding something yet.
not exactly randomly approached - met CEO 3-4 months back and we connected well
Would you be in purely operating role or strategic work as well? I think navigating financing could be really interesting along with the hands on operations experience you’ll get. Could be well set for VC if that interests you later on
what type of school did you attend? try leveraging that
Emphasis in bold mine.
You have answered your own question. No better way to be prepped/learn by doing. And if you want to own/operate a business or be at a startup, isn't that the role that you have been offered? Sure it's a bit more risky but banking isn't the most stable profession and you don't seem to like it much.
Good Luck!
Perhaps myopic at this stage but comp is a punch to the gut.
Also unclear if I hate the industry or if the culture at my shop is just whack.
If I don't want to rule out VC long term what are your thoughts on making this jump?
Pipar?
lol obviously revealed I don't work there but similar caliber, I believe
Try and negotiate a little higher of a base but other than that sounds reasonable and pretty good comp for the type of company and your experience. Of course people have gotten more but many don’t realize how low these jobs pay.
It seems like a management type of role though, at what point do you get equity? If its your direct senior report then it looks like a good opportunity.
Honestly, I'm such a person who is opened for all new things and I think I would try, on your place. But anyway you need to find out more information in advance
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