This has been talked about in the past and I participated in the discussions myself. My previous experience has been that it’s super hard to crack if you don’t know anyone, which I still don’t. I’ve interviewed for several positions in the past and have never received an offer.
I managed to get a few more interviews lined up and am wondering, what if I actually do get an offer? Has anyone here or know anyone who made the switch and how did it turn out? IMO, the IB path seems to have better, and likely more valuable long term opportunities but don’t know anyone personally who’s made the switch. SS has also been wearing on me and I kind of want to change it up.
what level are you currently at in ER & what would you be going to IB at? i assume you would have to essentially start all over no? IB blows id look into moving to an asset manager or fund before IB unless your end goal is PE or a more niche HF product that pulls from specific IB groups.
My bank doesn’t have the associate levels broken out but I’d be a senior associate in most groups. If I switch to banking, I may have to step down to analyst. One guy I know went from director on the SS at a middle market to IB associate, so I think you right in saying I’d likely have to start over.
I like asset management but that seems nearly impossible to crack with a pedigree. If I do break in, I do not want to be a sector specialist and want to be a generalist so that makes even tougher (I know I’m being overly picky but that’s the knowledge base I want to build, I’m not too interested in my sector). I think the best plan for the short to mid term is to make and save as much as I can and do something privately in the long term. Trying to maximize that NPV.
yea the SS ER to generalist is a tough move as its what everyone wants. if youre not absolutely miserable id probably just bide my time, keep grinding away, speak to recruiters & see if the right opportunity becomes available. ive had some good luck doing that & i never ended up in exactly the place i would have thought, but if you have flexibility you could have a skill set that adds value in a way you didnt necessarily expect.
obviously if your in a work environment that is detrimental to your health (mental or physical) get out, and if you think IBD provides a clear path to where you want to be go ahead, but i dont think going into IBD just to go into it is worth it.
One of the associates I worked with on the sell side switched to IB in same industry. This covers the difference in work. Seems like he enjoyed the work and hours on sell side better. He didn’t start at the bottom level. He is above the first year guys.
Everyone I talk to in SS research is miserable about their job prospects, so I can only imagine IB is perceived to be better for long term career opportunities. On the other hand, aren’t you like in your mid 30s now? At some point, you can’t go around just applying for analyst positions. It’s going to be a weird fit to just hang around with 22-year-old dumbasses.
Thanks for the thoughts, maybe this isn’t the right way to go for me at this point. I’ve changed paths and jobs a lot and maybe I should try to stick to it. Things aren’t going well here though and if things end up playing out very badly, I plan to work on my own while I figure it out. Wish I could do another sabbatical but too many obligations now.
Well, you’ve certainly got the vague timelines down. Set a goal with a clearly definable date.
Why don’t you think you could move to buyside? You would be more likely to make that switch without losing as much of the ground you’ve gained in your career. Otherwise people will think you don’t know what you want to be when you grow up.
Some banks let their guys switch groups moreso than others. We just had an ER VP (had been promoted to VP 3 months prior) switch to the same industry M&A group with the VP title. Same transition for the associate level from S&T to Lev Fin.
You buld such a marketable skill set in ER, if you can manage to be unhappy in the job or with respect to your prospects, you’re probably just a miserable person in general.
Timeline wise, if I had to guess what will happen, one day, I’ll get fed up, quit suddenly and start my own fund. The longer I can delay that day, the larger the base will be and the more experience I will have under my belt (I treat my personal investments like a second job).
I haven’t had much luck getting buyside interviews (I have a few ideas i’m working on though). From the one I had (investment associate at one of the largest and most well known hedge funds in the world), they were very very focused on pedigree (schooling and GPA). As hard as I pitched, I couldn’t over come the sub 3 from hacksaw u I got.
I can convince people that I know what I want to be but at the end of the day, I’m in the check cashing business.
Got it, it sounds like you should wait until you have enough experience that you can apply to jobs where they don’t care about your college GPA. What specifically is the issue with your current gig? I’ve been in some bad work environments in the past, so it’s possible I can relate and recommend strategies to move it towards something more palatable. If it’s just not the work you want to do right now…gotta pay up before you can move up.
Yeah, the problem is not your grades. The fact that they even ask for your GPA seems to show that you don’t have enough relevant work experience, which is because you keep job hopping. I’m not sure what your current situation is, or how tolerable it would be to stay there for a bit longer. However, employers would probably want some assurance of commitment before putting you ahead of other candidates.
FWIW, from the asset management side of things, we’ve hired several SS guys over the years. It really comes down to two things: Do you happen to cover a sector that we need an analyst for; AND, do our PM/analysts use your research. They almost exclusively hire SS guys they know and like.
Another position to consider on the fund side is Client Portfolio Manager. You don’t manage money directly, but you do sit with the teams and have to know your s h it, but you are in sales at the end of the day.
So, the circumstances might not always align, but it’s not at all uncommon.
An update to this… made it to the next round, would be joining as an 1-2 year associate. Would have to move back to my home state, currently in a large financial city. Things have been going better at the current job.
I dunno… I guess I’ll go through the rounds and see how the numbers shake out if i get an offer. After thinking more, several years in the same job may be the best way to go.