I think the reason most leave IB for PE is due to the general burn-out in IB. A change of scenery is nice but it is also a by-product of always looking for the "next big thing" or "exit opps". People train their whole life to get to IB and once they do they need another ambition to look forward to. Is it rational? Nah. But that's the way super high-strung type-A people are. It also is more rewarding to be on the buy-side where you don't get shafted by crazy clients and get to focus on an area of expertise.

 

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