Should I leave IB?
6 months into my current EB as a first-year analyst. Struggling a lot with bad thoughts and the lack of control over my life. Recently, an opportunity has come up to work full-time in a part-time online gig I had in college. Without spilling too much into the details, it's something in the creator economy that is entirely unrelated to business that I did for fun, was quite good at, and made a decent amount of money. I actually used it to pay off my student debt at an Ivy League entirely before graduating. The people I worked with part-time then has since taken that gig up full-time and want me to join their company, with equity.
The option they gave me at this "start-up" is: $250k + performance bonus + equity. I estimate the actual all-in is probably $400k. I can do this job from anywhere I want in the world. Hours are very flexible. And most importantly, I am very, very good at this job. I would say I am actually probably the best in this particular niche in the entire world.
However, despite all the overwhelming pros, I am struggling to take it. As a part of the creator economy, there is a very good chance that in a few years, no one will care about this niche I am in altogether and I will need to find a new job again. Then, with just 6 months of banking on my resume and no relevant experience for the past few years, who will even hire me? It seems like such a big risk that I actually don't know what to do.
On the other hand, there is also a huge chance that in a few years, this niche will get even bigger and I will make far more money than I can a few years into IB/PE.
What would you do if you are in my position?
I can see where your trepidation comes from but goddamn OP I would take this in a heartbeat. Sounds like a super unique role with immediately higher comp and the potential for really high (albeit risky) comp in the future. You're young. I say take the risk.
You have an Ivy background and IB + work experience to fall back on if all else fails.
100% take the job now is the time to take risks and tbh it doesn't sound that risky. Even though you only have 6 months at an EB that plus your ivy education should be enough of a cushion for you to fall back on if this does tank.
Based on the limited information you’ve provided, I would be gone
Please take this in a heartbeat because not only 1. comp is good and 2. you are *really* good at it, but *most importantly* you are at an age where you can take a lot of risks. Even if the industry moves on, becoming an expert at a niche is very important as you will be THE person to go if there are any ventures happening. Worst case scenario, leverage your previous IB connections and jump back. IB is bleeding talent to everywhere, so they will be always demand for people.
Anything over banking
So vague - are you a TikToker joining a “house”? A competitive gamer joining a certain team? A YouTuber who makes a certain type of video?
I think a lot of people aren’t fully understanding your post. Twitch streamers, YouTubers, etc. are basically “brands” that come and go with the exception of a few extremely strong names.
These guys will make a ton of money for a short period of time but eventually their brand becomes dated. Or their fan base was entirely centered around one particular game that dies. Or their music genre dies out (see 90s boy bands, grunge). There are lots of examples.
It comes down to:
1) can you make enough money in this niche (while it’s still around) so that you never have to worry about money again?
2) Once the brand / niche dies out, what transferable skills will you have gained? What will you do afterwards if 1) isn’t achieved and you still need money?
I am a consultant but have been in the online writing start-up space since high school. People have left other full-time roles to jump full-time into this industry for much less than what you're being offered, and the ones I know only regret it to the extent you regret making your hobby/side gig into a full-time job. To make things short, if this offer is legitimate and the experience isn't something you would be mortified to put on your resume/talk about in the future, you don't have much to lose going for it for at least few years assuming you'll gain useful skills and work experience either way.
Do it. You have a solid finance job on your resume and an incredible offer in front of you. If your new gig doesn't work out and you want back into finance, people will interview you because you have something cool on your resume. And if all else fails B schools will eat up your story.
You've got more safety nets than you think having that EB experience
OP - first off, you have--IMO--good problems that I think a lot of folks would love to have. On the other side, I totally get where you're coming from as a first-year and good on you for being this self-aware. You're Ivy and have IB experience at an EB. You'll be marketable even if the start-up completely fails. But...
A couple of considerations on the start-up...
- How strong is the track record of the founders? Are they serial entrepreneurs or just starting out?
- Who is on the equity cap stack? Prestigious VCs or just friends and family?
- Is the start-ups revenue runway 'solid'? Executed contracts, history of revenue, etc.? How defensible is their position?
- What does the exit strat look like (if its too early in the business lifecycle, then you may not know)? Acquisition, IPO, recap, etc.?
- What is the split between performance bonus and equity? Do you have a 'floor' performance bonus in writing?
- You mention that you're 'very, very good at this job' and probably know this niche incredibly well. So, what is your gut feeling on this business? Is it set up for success or could they be doing something better?
- On lack of control, a start-up is hard work (as you know). Would you actually have flexible hours or--given you've had a history of being successful/hardworking--would you end up making this start-up your life?
- What is the worst-case scenario for someone your age/with your YOE? Doesn't seem like it would be that bad, IMO
Either way, good luck man. This all sounds pretty exciting and let us know where you land. I'd also be very interested in what this niche actually is (without revealing more than you feel comfortable with).
Will you be happy doing it?
Will you regret not doing it?
Answer quickly and there you go
Do what you need to, there’s always a way back in if you need to. Paths aren’t linear.
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