From Private Equity To Non-Finance Job: Any Advice ?
Hello everybody,
Long-time lurker, first-time poster. So far WSO has tremendously helped me and I’ve no doubt that it will also be the case here, so thanks in advance! @APAE", true fan of you…
Quick background first. Senior student about to graduate (finance major). Three internships under the belt: FP&A, then LevFin internship (midcap not-BB regional bank), then managed to get a Private Equity internship (pretty hot fund, midcap focus, 2B AUM, dream team).
Here’s the catch: I figured out that I don’t like finance that much. I mean, I love the effervescence, the strategic aspect, the deal focus, and - above all - people interactions (negotiations, sales, networking). But I am definitely not a fan of Excel models or any technical stuff. In short, I define myself as a people-oriented guy with no finance appetite but a taste for deals and strategy.
Plus, due to some recent personal issues I had to recently put things into perspective. Top wages became less appealing and while I still define myself as ambitious I don’t want my professional success to be based on my working hours. I think that a standard 55/60h-week (except for deal rushes) is the max I want to put into my job. Result of a deep introspection, really don’t mind the money loss with IB salaries.
Eliminating IB and PE, I was thinking about 1) CorpFin role within a F500 (same kind of job, less hours), 2) Consulting (MBB/LEK/OW, for the focus on strategy), 3) VC (leveraging my PE exp with less financial stuff), or… 4) PWM (very people-oriented, good work-life balance). However, Consulting would keep the hours above my self-imposed limit and CorpFin seems to be less stimulating than PE and as financial. So VC and PWM remain, two careers I think I could fit in.
Now, what I ask you guys is your thoughts on this.
How to correctly arbitrate between: doing what I truly want (few Excel, no huge hours), maximizing my education and work experience (especially in PE), taking into account the Junior-level tasks in the considered careers (PWM/VC) as well as their potential exit opps, and listening to my recent deep introspection (which could look like a millennial no-hardwork whim) ?
Open to any other suggestion.
Sorry for any grammatical mistake and many thanks!
If you don't want to use Excel, you're gonna have some issues.
No problem using it, but 12 hours a day...
Don't worry, someone posted some grinding playlists to get you through it ... :P
https://www.wallstreetoasis.com/forums/spotify-playlists-for-grinding
Real estate development would check all of your boxes. You still model in Excel, but modeling deals is something like 5% of what you would do and most firms have their models pre-built so really you're just pulling levers. You don't make as much money initially as IB or PE (or even REPE) but you also rarely work more than 60 hours. Probably rarely more than 50. It is definitely deal-oriented as without deals there is no development.
Now you also run around like a crazy person at all times, constantly are putting out fires, babysit grown adults, and above all - you have to actually care about real estate and development - but on a surface level it could be worth looking into.
One of my favorite parts of the job is how different the various tasks are. I get to be a finance guy, a construction guy, an operations guy, a salesman, a politician, a designer, a publicist, etc. at various times and for various tasks. Just th variety is incredibly mentally stimulating.
Thanks a lot for your answer ! Indeed, it seems to check all the boxes.
Just a couple additional questions. What are the day-to-day tasks ? Wearing several hats looks stimulating but what do you concretely do ? Sourcing opportunities, acquiring buildings, getting building permits ? I must admit that I don't know much about the topic...
Besides, how important is it to "actually care" about real estate ? I mean, is it enough to see real estate opportunities as interesting assets with great potential ? Or do you need to be genuinely interested in real estate for what it is ?
Thanks again.
It's truly impossible to speak to day to day tasks, because it depends on how the company is structured, where your deals are in the development cycle, what went wrong that day, etc.
How much you "actually care" would vary too, I assume, by product type, your specific goals, and what you want the outcome to be. I see competitors that build shit product still make money, but are they making as much money? Do they leave a lasting and positive impact through their deals? Are they building a solid reputation for themselves?
This is an area I've been interested in learning more about for a while. How does somebody get into RE development without a background in it?
Gain experience in related jobs and then work your way in.
Also, you can post questions here: https://www.wallstreetoasis.com/forum/real-estate-finance-investing-car…
Or something very sales oriented.
Like PWM ? Or Sales in equities ?
PWM does sounds like something to explore. Perhaps thebrofessor could shed some light on it. I believe that's his wheelhouse.
Thanks !
PWM could be the move, and I'm happy to answer any questions on it, just please read my 4 part series on it beforehand, most of your questions will be answered there.
couple quick thought: don't try to become a client facing advisor straight out of college, start in admin or an analyst role with a track to becoming an FA after a few years. if you try to become a client facing advisor at 22, I have no advice for you other than good luck
Wow, awesome series. Really one the most instructive and enlightening stuff I've read so far. Thanks a lot for that, and for your answer !
I think that I could be quite good in sales and relationship management, the low comp at the beginning doesn't bother me, and I absolutely love the entrepreneurial side plus the fact that you decide your own hours. Definitely a crush on PWM. However, it seems that I should be patient, pursue my career in some MM IB boutiques / MM PE shops / family offices, gain credibility, expand my network, and - only then - enter in PWM as a 2nd career when I am ready to quickly generate business. Am I right ?
Just two questions left please. 1. Is the lack of financial market skills going to be a problem ? I took some courses about derivatives and FICC but that's all... Much more a Corporate Finance guy, no CFA in sight. Even though I could learn stuff about it, that's definitely not my field of expertise. But I could advise clients on non-listed companies and focus on client acquisition. Still enough ? 2. After reading your 4 posts and other ones, I am still a bit confuse about the ideal time to start PWM. Before 27-30 seems to be too early, after 40 will be in quite a long-time, and I anticipate my 30s as my more risk-adverse time (taking charge of a family). Any advice on this issue ? Target a switch on early 30s, wait for 40s, or just passively see if opps are coming ?
Thanks again for your answer and all your posts, very helpful !
Dolorem aspernatur optio suscipit. Voluptas similique pariatur est voluptatem. Architecto recusandae molestias sunt sint. Officia modi eligendi omnis voluptatibus.
Rem ut vero eaque ut. Minima quia nihil nostrum a. Dolore ea officiis et minima. Sed ut eveniet ut ipsa fuga. Hic aperiam facere sint praesentium expedita. Delectus ut et porro fuga. Commodi quae accusantium nihil distinctio modi neque.
Praesentium voluptatem laboriosam et similique et aliquam. Dolores possimus et eos velit minima qui exercitationem. Sint labore debitis sapiente quisquam. Assumenda expedita fuga vitae.
Est fugit dolores dolor tempora voluptas velit. Itaque dolorum nesciunt inventore sit commodi et. Esse error ut nulla debitis. Doloribus veritatis quis eligendi a quos qui ipsam aspernatur. Necessitatibus nobis sint amet sed et aut. Deleniti unde ea sed voluptatem. Hic error unde aliquam eaque pariatur autem.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...