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Mentor
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Mentor
I had the same issue before and sort waited too long to make the jump into PE, got stuck and wasn’t really wanting to move from a seasoned VP to Sr Aso at a PE. Effectively, I would go from interacting with PE Principals and Partners on deals/socially to working directly for them, and I couldn’t stand that from an ego perspective.
You’re at a crossroads where you either 1) forge onward to become MD and then can make major jumps into PE/Buyside at very senior levels (basically MD-equivalent); 2) take a restart and go for Sr. Aso; or 3) find a startup strategic in your coverage area and join their Corp dev at a high level. The latter is purely title inflation and you’ll need a few jobs to solidify the credibility/title but it’s a path.
All options unfortunately will lead to a significant comp hit, that’s the eventual golden handcuff dilemma every person has to deal with in IB.
Mentor
Sorry I realize this is long… brevity isn’t my strong suit.
I made the decision to go after MD, just not at a BB/EB. I did my time, so to speak… I also think while large fees can be made from mega deals, the mid-market is far more interesting and a lot more value can be added to <$50M clients.
I jumped to a growing MM boutique about 2 years ago with the carrot of MD/partnership in the next 1-2 years depending on performance - I like to think I’m on track for that… but we’ll know in the next few months.
Reasons I switched:
1. WLB is much better - I see my little kids after work every day and put them to bed, something I could never have imagined when working for a big IB.
2. Culture is better - MDs/VPs don’t yell (unless merited) and people actually enjoy hanging out after work for a beer, more importantly there’s time for a beer. I also like most of the people on my team.
3. Comp - in theory I took a 25% pay cut, but the bonus is all cash versus cash + SBC. The opportunity to make partner will immediately bridge the gap and take it way past in a much faster timeframe.
4. MM vs large cap, I get to work with clients who actually appreciate what we do versus a Board that doesn’t given a toss…
Drawbacks:
1. You don’t have the same resources as a full service IB and the delineated lines of duties are blurred - I was building a model before the holidays, although I find those tasks fun sometimes.
2. Winning deals is magnitudes tougher because the brand isn’t there so you’re truly demonstrating why the value you add is better than GS, Evercore, and others with thousands of quals and impressive names… but then when you win you feel even better.
Nope, that’s how it goes but the longer you stay and don’t make it to MD the bigger the fall and less ops there’ll be. Cut ties now and make the jump.
Sometimes a step back is also a step forward.
It really depends on what your end goal is…. Whether you can swing a pay cut and busting down a level or two, that’s entirely up to you.
In the exact same situation. I’ve come to grips with a backward step in order to take two steps forward sooner.
Put your ego aside and think long term, that’s how I became ok with it.
Unlikely I would return. I was a late entrant into IB after working in a different field. I like the operational/building part of PE, so if working for someone else flipped I’d be more inclined to buy a business myself.
F