MM PE Associate to EB IB Associate in NYC
Posting with a new account and looking to get some advice, so here are the facts.
I’m a 1st year associate at a somewhat reputable MM PE firm in a 2nd tier city. Graduated from a non-target with decent grades and stellar extracurriculars. I did two years as an analyst in M&A at a semi-reputable MM boutique under an MD that was locally known for producing capable juniors by headhunters, so I was getting approached bi-weekly for local buy-side roles past my 1st year as an analyst. After some final rounds that ended with being told that they had gone with the other guy because he simply had more experience but that I was officially on their shortlist, I received an offer at a local rapidly growing and reputable MM PE firm. I’ve been there for less than a year.
I was recently approached for an IB associate role at an EB in NYC. The vertical is in line with my buy-side experience. Final round is coming up and I’m confused as to what the move could mean for my career. I love my job but IB at a reputable firm/bank in NYC coming from a non-target and being relatively young career-wise seems like an attractive opportunity. Here’s the kicker: I’m a married father. I would be bringing my wife and toddler over as well, meaning much less time with them (currently working 60-65h, no weekends aside from e-mails).
The move is one for the resume imo, but I’m also concerned that I’ll have moved twice within three years, so if I hate my life and I realize that the comp boost isn’t worth it, I’ll be locked-in for my associate years over there because a third move within five years of experience would likely hurt my resume. But then again, would the experience at an EB in NYC offset that and still allow me to land another PE role (hopefully at a megafund or upper MM firm) if I realize this isn’t for me after a year or two?
Basically confused here, so any help is greatly appreciated.
I don't have the answers to all of those questions since I'm way more inexperienced than you. That being said, I do recommend you to make up your mind first and decide what is the best option from a professional perspective and thenseriously discuss it with your wife , with your best scenario in mind. The reason why I say this is because if you don't know what you want and you end up not liking the option you picked, you might feel as if it was because of your family which would make matters worse. Being a little bit extremist here but I thought it would maybe find the best answers.
Also, it sounds like you are doing great, cheers!
I would caution against returning to banking if your goal is to ultimately go back to PE. I've never seen it done, and I suspect you would find it challenging to convince a future prospective buyside employer of your interest if they see you ditched your first PE gig to go the sellside after just 1 year.
I won't claim to know much about your lifestyle goals or family dynamics, but I would personally try to avoid taking a junior banking role with a family. You'll almost certainly be working longer / more unpredictable hours than you currently are at the MM PE firm, and in doing so, could miss out on some pretty formative years for your kid. You are asking a lot of your wife to relocate again, handle more childcare responsibilities, potentially leave her job, see less of you, etc. You can always get into banking at the VP+ level later if you decide the buyside isn't for you, and may ultimately do so at a more stable time for your family.
At the end of the day, nobody knows how you weigh the above better than you do, but that's my $.02.
As an associate with a family here in NYC, assuming you’re coming from a city with lower CoL, I can let you know that whatever pay bump you were expecting will almost entirely get eaten up in higher taxes, housing costs, other living costs and child care/schooling costs (a decent Montessori is 30k+ annually per child), not to mention the stress of admissions etc.
Don't do it imo
Thanks everyone, turned it down. Cheers!
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