I find it interesting to look at the career paths of my peer group now that we’re three years out of college. It’s crazy how things turn out. Maybe you’ll find it interesting/helpful.
- Right out of college, I worked as an analyst at a BB. The first year, I made $130k ($10k signing bonus +$70k salary + $40k bonus + 10k in retirement). I hated corporate culture, so I quit to start my own business. Worked for a year on different business ventures. The freedom was great, but I was also a little stressed because I wasn’t making any money. Five months ago, I bought a small retail business with a fellow IB analyst dropout and a bank loan. We’ve been open for two months now and things are going very well. I’ll probably make $50k this year and I am very happy. The future prospects look very good.
- My good friend started as a sales rep at a large private company making $38k out of college. Three years later (and two promotions), he is still at the same company, but makes $100k while working 40 hours a week. He wasn’t happy with his job for the first two years (when he was making way less and working more), but now he is happy with his job. It has good prospects as a long-term career.
- Another good friend went to work in real estate IB. He was making over $100k right out of college and probably averaged 70 hours a week. He also hated corporate life, so he quit after 18 months. Now he works part-time at a small early-stage VC firm and works on his own business ideas. I think he is making half of a $50k salary working at the VC firm. I can tell that he feels the stress while searching for the right business idea/venture (like I did), but he also knows that he will never be content working for someone else.
- Most of my other friends went to work in real estate out of college. 40-50 hrs/wk, making anywhere from $38k-50k. These same people are still in real estate. The smarter ones are now making $55-60k. They all seem content with their jobs and lives. Good work-life balance.
- Out of my peers from banking, many have quit or were laid off, many have gone on to the buy-side and some to MBA programs. Most of them still have the “paying your dues” mentality. The ones in PE definitely like it better than IB, but still aren’t excited about the job or hours. They do like the money.
- Most of my friends from high school did not graduate from four-year colleges and still hold hourly-waged jobs rather than salaried careers. They’re very social and seem to be enjoying life.
Each group—and the associated career path—seems to have its pros and cons. Which one is best? Who is the happiest now? Who will be the happiest in the future? I’m not sure. Every person has different interests and goals in life, and it’s very hard to predict how things will turn out.
The best is to be a plumber.
Personally, financial security is of paramount importance to me. I wouldn't do a job I disliked, but I'd happily work long hours in a job I enjoy to make great money. Dropping out of HS/college and working in hourly wage jobs for the next xyz years is unimaginable to me.
Did any of OP's IB friends become associates at BB?
no one that I knew became associates in IB. some went on to third year, then left for buy-side or MBA.
Thanks would like to hear more of stories like this from other bankers. It seems like the older you get the less you tend to worry about money and more about work-life balance and how peoples mentality changes over years and after working in banking.
I am about to start a gig that I am not really interested in and going be making pennies less than 40K a year, like your friend but glad to see after three years hes making 100K and enjoying hopefully same will happened to me.
you can become very rich in sales, if your good. It takes a couple of years of pain to get there though - so if your smart, persistent, and never give up.. you will make it. With sales there are "generally" two types of people - 1) people that are good at building relationships that cant sell; 2) people that can sell. You need to learn how to sell - that is your prime goal and motive. Id say, 1% of people that go into sales truly know how to sell. You need to become that 1%. People say you cant learn how to sell but I disagree, you just have to put yourself out there. I am not in sales. just felt like having a rant. cheers.
Congrats on the business. I always find these posts interesting, since there's so much pressure to get an i-banking or consulting job right out of school and then leverage that down the road, but even within 2 years people are all over the place. Heard an analyst at GS FIG left to become a pilot (though there are like 2 degrees of separation here, maybe someone can confirm) which I thought was pretty cool.
How's the job hunt going?
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