So I did the traditional 2yrs in IB to 2yrs in PE including 6 months working at a portco and now find myself looking for my next gig. A buddy of mine suggested hoping back into IB as an Associate and I was wondering if anyone has any experience with something like this.
Would my best bet be to reach out to BB's internal HR/Recruiter or do the typical PE HHs also dabble in IB Associate placement? I'm sure I could also network my way in but figure I'll start with the traditional routes
Also open to career path suggestions where I could leverage my ops/portco experience along with PE/IB.
why?
Money & hours is arguably the same or better, upward mobility - couple years until I'd make VP whereas most shops don't promote, no fund risk, etc. I haven't given up on PE, just considering exploring another option.
I rarely hear people move back into IB after 2+2 traditional path. What other paths are considering at this point in your career?
Have you considered moving to larger PE firms?
Is being an executive at a portco or company in your industry possible? I'm in growth equity where my role involves helping a lot of portco's with their financial infrastructure and I'm hoping to bring that to a high level operating seat, so I'm curious to hear your perspective as to why or why not
I know someone who left to be an associate at a LMM firm from his MM bank. He left on really good terms. After 2 years he came back... as an associate. Granted, he was on an "accelerated" path to VP. But they let him come back because he maintained a good relationship with the firm. Definitely wouldn't work at a firm like GS where you have to lie about a doctor's appointment to get the day off for a PE interview. Not sure how well it'd work at a BB or EB either.
It's probably doable and easiest if you can go back to your old group. I think where you get pressed on is wanting to be a banker. There is a flight risk component that could scare people off - like this guy will jump for buyside again first chance he gets.
If you focus on your story 100% you should be fine. You obviously have the skills and technical ability to do both jobs.
Seen it before too, guy went from Citi to mid market PE and then back to sellside. He hated PE and it was a decent pay jump down which people don't talk about enough. With no potential for making partner/MD.
Curious, have you considered an MBA? Could be an alternate route to reassess your next career step and take a break. Although the opportunity cost could be high and you'd have to stay in your current gig a bit longer.
Regardless, with your experience I'm sure you'd have no trouble landing interviews immediately for IB Associate roles, whether though HHs, networking, or internal HR. As others mentioned, crafting your story on why you want IB long term will be key.
I don't think it will be a difficult move. Assuming you want to leave PE not due to performance, you will likely run around your IB peers in circles. I think A1 would sell yourself short, push for A2?
Why not corp dev at a serial acquirer?
I don't have experience doing this, but from what I've seen, it shouldn't be too hard. If you have a good relationship with the bank you left, you can probably go back there, and maybe even push for an A2 title. In fact, I'd almost only go back if you could at least get some credit for your PE experience.
I've been thinking about this a lot recently, seems like everyone in the posts above have mostly echoed the same notion which falls along the lines of "Why" or "Why not try another PE" or "Why not try Corp Dev".
At the end of the day banking utilizes somewhat of a different skillset than PE, especially as one moves up the ranks. Banking is all about selling. You're doing multiple transactions in a year, it's fast paced, relatively steady, and a good banker is worth his/her salt. Some people might like this better than the PE grind which involves years of analysis, travel, etc to try and find a single deal and then the ensuing multi-year grind to realize value. Sure, it can be sexy, but it can also be monotonous and filled with hassle.
Regarding comp, people get all excited about PE comp and how it' the promise land, but that's really only the case in certain scenarios. For the first 4/5 years as a junior employee (assuming you're not at a MF/UMM shop) the pay is really in line with what banking pays, maybe less. Given that most people can't make the leap to VP at their existing shop, you then fall into the traveling circus of mid-level PE professionals trying to find a place to land. I'd argue the path is banking is much more linear and predictable.
Work/life balance might be a little better in PE because you're not sucking up to a client, but the MM has become competitive for PE and you're just hustling in a different way, to find and execute deals. Not to mention if you do a bad deal, do a few bad deals as a VP and you're probably out.
There was a good thread a while back about a guy who declined a PE Associate position to stay at his MM bank. He said his group was very work life balance friendly, minimized pitching if possible, didn't burn people out unnecessarily and that he was averaging something like 60 hours a week or so. If you could find that type of balance at a bank, make a few hundred thousand a year, and don't have to slug it out in a major market city, you could live a fantastic life.
Definitely keep your options open, but if you liked banking, I don't think there's as much shame going back as WSO would lead you to believe.
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