Finance

VP fish - what do you see as a realistic exit from IBD? I'm sure at least some of you are not interested in pursuing MD and chasing annual fee targets? Also, how is your potential exit comp vs IBD?

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It’s a great question, and I have no idea. Ultimately I would like to be a CFO, but the first step of getting there is becoming a MD. You don’t see too many VPs leave IBD (without getting laid off), and the main reason is comp. I would take at least a 50% pay cut if I left here for a corporate job

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I left banking as a VP and ended up being CFO of a client portfolio company. Network is key. I quit banking without a job and was able to use network to get great comp consulting gigs. Need to mine your client network.

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VPs are given accounts at some banks to test out fit so it’s expected that VPs generate revenue. If it doesn’t work out, either they are stuck and don’t get promoted to D or others have left for Treasurer or finance manager roles in Corp. Variance in pay is a lot more common in Corp than ibd. Have been surprised by both how much and how little some corps pay for ex ibd people.

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^cant comment if I’m a good MD but I’m not at a BB. At best, my firm can be described as up and coming. Floundering is a strong word. If you have the trust of senior management you will go far. Keep in mind that that your benchmarks are a lot higher at a bulge bracket and a lot lower at “less reputable firm”. What’s important is that you find a place where management trusts you and you trust them

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Thanks for the replies VPs.. agreed on taking a pay cut if one moved from VP in IBD to a corporate role, but just curious on how the VP role itself evolves over the 3ish years... I'd imagine that at some point responsibilities shift towards upselling/developing relationships/etc from pure work stream management.. given this, if someone finds out that they aren't cut out for generating revenue, how long can someone realistically stay at VP or what levels could they target in a corporate role?

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I had the opportunity to be the cfo of foreign public co’s US operations. Big job. This was when I was a mid level ED. I was very very tempted. Finally I would get to be the client. I spoke to an MD friend of mine, he told that that life changes substantially as an MD, you control your destiny, you have a seat at the table internally and with your clients, your opinions hold weight and your comp is very substantial. I listened to his advice and stuck to banking. As a 3rd year MD today I am glad I listened to him. Life changes substantially for the better once you stick it out to become an MD. Not everyone can get there but for those you can, it’s worth it.

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VP3, did you quit after a couple years as VP? I'm sure these years were probably keep to developing your client network, compared to your analyst/associate years? Also, when you say consulting gigs, were these freelancing or did you work with any consulting/contacting firms?

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Thank you Managing Director 1, gives us hope!

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Agree with VP1 completely. Also no idea, but current plan is to retire at 45

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Imo BB will have wider set of opportunities to move laterally and likely a more set HR policy for how to do so. At a boutique obviously less opps since smaller company, but with the right support system it may be easier to get the opps you may want when it’s not a traditional lateral route. If you’re preparing yourself for the possibility of not wanting to be MD, recommend BB for options. If there’s a specific non traditional lateral move you want, boutique may be better. By VP level, job changes are based on who you know, no more resume dropping like AA.

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Managing Director 1 - curious if this is because you are a good MD who knows how to impress clients and bring in deals, or at a large platform where deal flow is good. At less reputable banks, MDs seem to be floundering

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Thanks, this is great info! It would appear that in these terms it helps to be at a BB rather than a boutique.. do you think this is accurate, just in terms of ability to lateral across the organization in other non-ib roles? It do you think that's possible from a boutique as well? (Eg: Moelis/EVR/etc to non-ib at JP/GS/MS)

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Do you think that already having an MBA helps when you are moving at the VP level?

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