Downsides of PE VP Roles
Posting this from a burner account for identification purposes.
A bit of background
I am coming to the end of my first associate year at a reputable MM PE firm. Recently, my firm offered me a third year as an associate, with the potential to come back post-business school as a VP to the extent that the firm is hiring. The VP role would also put me on a partner track. While the VP spot is not guaranteed, the firm has experienced really rapid growth since inception ~15-20 years ago and I was told that a VP spot would be 90%+ certain if I did three years as an associate and then business school. Further, in the 2nd half of my 3rd year, they would notify me if the spot would be available, so I can hit the ground running in business school if I need to recruit.
My current thinking
I can leave to go to business school in 2 years, if I wanted to, but given the potential to skip the VP recruiting cycle, the idea is very attractive to do 3 years as an associate and just come back after a b-school stint. That being said, I do not love my current role. While I have closed a platform already, and am close to wrapping up a second in the next 2-3 weeks, the past year has been a bit of a let-down in terms of expectations. That being said, I have never been in the shoes of a VP, and want to gather more information about the role itself. While I know the day-to-day and deal-related tasks, what do most VPs struggle with, especially at larger MM shops? What are the worst parts of the role and for those of you that have committed for the long term, what outside aspects of intellectual fulfillment (and probably money) convinced you to do so?
If I ultimately choose not to stay in PE to try to become a VP, I will probably leave for business school after 2 years as an associate.
I realize this is an extreme 1st world issue, but want to go into the decision with my eyes wide open. Thank you all for the consideration and thoughtful answers.