IB/IM Dilemma - Career advice?
Hey guys,
Never posted anything here but I’ve been following the site for a little over three years now, first two years were mostly lurking. I’m in a bit of a dilemma and want to seek all monkeys out for some career advice. So, I’m a recent graduate, went through the recruiting process late fall last year and early spring this year (mixed of IB and IM.) Landed a couple of offers (all IM, no IB) and decided to go with a $10-20B fund (think private foundation /trust /fund of fund/ endowment/ etc.), on the private investments side.
I received an email today from the HR contact of a bank (top 10 by assets) asking if I am in the market or still interested in the position I interviewed with them back in Dec/Jan. It was down between another applicant and me at the time. They've recently decided to add another member to the team so HR reached out to me.
I would feel really shi**y about jumping ship so shortly after I started, at the same time honestly want to take the position - it was my first choice back then. Really don’t know if I should and how to present the situation to my boss if that's the case…
I understand I’m being completed vague about everything but I can’t really disclose anything further without exposing myself. Colleagues are active members of this site too. Any advice would be genuinely appreciated.
here's what I'd do: if I had friends in the bank who raved about the culture, lifestyle, etc and I trusted their opinions, I'd probably end up leaving. if there was any uncertainty, I'd stay put. if it's private investments, you will likely get to wear many hats, whereas if you're at a top bank, you won't get that kind of exposure. if it's a top 10 bank, they will have turnover, you could gracefully decline the offer and then reach back out to them in 6 months to see if there's any spots in the next recruiting round. I think the biggest problem is people have a "grass is greener" perspective, and they're never satisfied.
do you like where you are? if yes, stay. if no, go. big banks have turnover, an opportunity will come around, but it makes no sense to leave a good situation (if it is, in fact, good) to go to a perceived better situation. plus, you will most certainly burn bridges if you leave after that short of a time period (not sure if that will hurt you or not given the lack of detail).
The only thing I'm worried about with my current position is - while exposure is great, it's 1-mile wide but 1-inch deep. By the time I leave, I will have a great understanding of different buckets in private investments (RE, VC, PE, NR) with very little technical experience - and that in itself is an uncertainty.
do you have a mentor you could run this by who knows your situation and the firms in question? if so, ask him/her. I can think of a private wealth firm in my area that would not afford great exit opps/experiences, but I can think of a few that do. if you graduated this year, I think it's too early to judge, and personally I think it'd be great to get exposure to different areas, no one should expect you to be a wizard at anything at 22 years old.
This may not fully hold true, but I feel like you can always go to IM from IB, but you can't go from IM to IB quite as easily.
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