A warning on investment banking (M&A) careers
Scroll to see replies
Original post by username738914
The words of someone who failed to exit to PE/Corp Dev. What about all those people moving over to the buyside in each and every cycle? Are they posting on a forum about how their supposed inadequacies are the cause of preferential treatment towards Consultants and Accountants? No, they're too busy making money. They don't have time to write a memoir about their shortcomings.
I mean, come on, just go on the profile pages of most MMs/MFs and you'll see the intake is 70-80% bankers - don't know where you pulled that enormous horse manure from.
Listen man, you can come up with as many bloody excuses as you want, but the simple truth is you a) didn't do your research, b) you were simply not good enough for the buyside gigs, and c) you didn't have a game plan.
Coming on to a student forum to stroke your own ego and feeling, marginally, better about yourself isn't the answer. Check yourself; look for faults in yourself, don't blame the recruiters for opportunities you could have gotten by yourself.
Don't blame your tools, blame your skills.
I mean, come on, just go on the profile pages of most MMs/MFs and you'll see the intake is 70-80% bankers - don't know where you pulled that enormous horse manure from.
Listen man, you can come up with as many bloody excuses as you want, but the simple truth is you a) didn't do your research, b) you were simply not good enough for the buyside gigs, and c) you didn't have a game plan.
Coming on to a student forum to stroke your own ego and feeling, marginally, better about yourself isn't the answer. Check yourself; look for faults in yourself, don't blame the recruiters for opportunities you could have gotten by yourself.
Don't blame your tools, blame your skills.
The words of someone who has no experience in the industry. My friend's friend who works in.... yeah yeah, your comments are as relevant as a dog's ****.
Bumping an old thread as is still relevant. Regardless of what anyone says here, whether it's OP who is presumably just another guy who "didnt make it" for whatever reason and decided to rant about it on an online, anonymous forum, or the member who hasn't actually worked a day in the industry yet blasts out advice like they were an MD with decades of experience. In fact, both of them are right. Banking is a still one of the best graduate jobs one can take on out of undergrad if one has aspirations for a career in business/finance. There is no doubt about it. Now, once you are an analyst at a BB, is your way towards a HF or PE megafund entirely automatic? Absolutely NOT.
Banking is a demanding profession. Similary to other prestigious occupations such as medicine/law. Did you really think these firms will drop 50k on fresh graduates for nothing? Wrong. They want hard work in return, and that includes stress. They invest in you. Cant take the heat, on to the next one who will. Yes, exit opportunities are a thing, but no one is entitled to these and are similarly competitive to get compared to spring weeks let's say, only this time you are competing with everyone else who already works in the industry and not against uni students who attends Leeds and read bankers make a lot of money and decided to apply. Fun fact: WSO is a business, not a charity. They won't say: hey banking is an absolute nightmare as a career choice, except for a select few who make it over to the buy-side and the poor souls who stay. Even then, I remember they pointed out that networking is quite crucial. Achievements during those 2 years (a rather short period, but can still infer some strong conclusions re you as a professional) and your network matters. Networking culture in Europe is quite different compared to that of US, that's true, but it still exists. Not as hardcore, obviously, but guess what, your contacts matter, and you need to build it - it won't fall in your lap.
Calling recruiters and hoping something will fall in your lap is the absolute wrong way to go about this. Not quite the same as networking. Nowhere near. High finance is a lot smaller industry than say tech, and contacts matter a LOT. Recruiters are just that: effectively they are outsiders (they do not work in the industry) and simply connect demand with supply. Will they shoot over your CV to a buy-side hirer if you are somewhat relevant? Sure. Will the end client give you an interview? Probably not. Strong teams will rarely talk to recruitment agencies - instead of wasting time with them, they will solve their needs via referrals.
I'll also say this: this guy quit after 2 years on a desk. You are barely an Associate, let alone a VP. At those levels, you have already proved yourself and will stand a much better chance at getting that covered buy-side role via recruiters. Is actually quite a failure to quit right around the corner. Should he endured a couple more years, the situation could had been much different.
Re jumping from banking to recruitment.. that's low and I find that hard to believe. Unless they were good at sales, it's a good choice as top performers (just like in any profession) earn high figures and then that's rather sensible. But you rather made it sound like they couldn't take the heat on a banking desk, and just decided to do something easier which is simply.. dumb. You don't need a higher education to be a recruitment "consultant". Indeed, most recruiters don't even have a degree. Why get your degree and work years in M&A if you want to work next to at best mickey mouse degree holders?
Accountants can move into IB. Its the exception, not really the rule - it happens, but what you will see is SURVIVORSHIP BIAS. You only see the ones who do, not the countless other ones who tried and failed. Not only that, but all these movies such as Wolf of Wall St (which doesn't really apply to Europe btw which is a much more fragmented market than the US, especially post-Brexit we can now see the actual impact and thats a lot of jobs moving to continental europe -> no passporting rights anymore). Add on top of that the high rate interest rate envionment we are going to see for the foreseeable. Not great.
If anyone is interested in learning more about the realistic side of IB, as well as how to network effectively, then check out Canary Wharfian (quick google search will get you there) before the recruitment season starts. It's kind of the UK/Euro version of WSO and isn't actually infested with uni kids lecturing the community but rather actual professionals.
Good luck.
Banking is a demanding profession. Similary to other prestigious occupations such as medicine/law. Did you really think these firms will drop 50k on fresh graduates for nothing? Wrong. They want hard work in return, and that includes stress. They invest in you. Cant take the heat, on to the next one who will. Yes, exit opportunities are a thing, but no one is entitled to these and are similarly competitive to get compared to spring weeks let's say, only this time you are competing with everyone else who already works in the industry and not against uni students who attends Leeds and read bankers make a lot of money and decided to apply. Fun fact: WSO is a business, not a charity. They won't say: hey banking is an absolute nightmare as a career choice, except for a select few who make it over to the buy-side and the poor souls who stay. Even then, I remember they pointed out that networking is quite crucial. Achievements during those 2 years (a rather short period, but can still infer some strong conclusions re you as a professional) and your network matters. Networking culture in Europe is quite different compared to that of US, that's true, but it still exists. Not as hardcore, obviously, but guess what, your contacts matter, and you need to build it - it won't fall in your lap.
Calling recruiters and hoping something will fall in your lap is the absolute wrong way to go about this. Not quite the same as networking. Nowhere near. High finance is a lot smaller industry than say tech, and contacts matter a LOT. Recruiters are just that: effectively they are outsiders (they do not work in the industry) and simply connect demand with supply. Will they shoot over your CV to a buy-side hirer if you are somewhat relevant? Sure. Will the end client give you an interview? Probably not. Strong teams will rarely talk to recruitment agencies - instead of wasting time with them, they will solve their needs via referrals.
I'll also say this: this guy quit after 2 years on a desk. You are barely an Associate, let alone a VP. At those levels, you have already proved yourself and will stand a much better chance at getting that covered buy-side role via recruiters. Is actually quite a failure to quit right around the corner. Should he endured a couple more years, the situation could had been much different.
Re jumping from banking to recruitment.. that's low and I find that hard to believe. Unless they were good at sales, it's a good choice as top performers (just like in any profession) earn high figures and then that's rather sensible. But you rather made it sound like they couldn't take the heat on a banking desk, and just decided to do something easier which is simply.. dumb. You don't need a higher education to be a recruitment "consultant". Indeed, most recruiters don't even have a degree. Why get your degree and work years in M&A if you want to work next to at best mickey mouse degree holders?
Accountants can move into IB. Its the exception, not really the rule - it happens, but what you will see is SURVIVORSHIP BIAS. You only see the ones who do, not the countless other ones who tried and failed. Not only that, but all these movies such as Wolf of Wall St (which doesn't really apply to Europe btw which is a much more fragmented market than the US, especially post-Brexit we can now see the actual impact and thats a lot of jobs moving to continental europe -> no passporting rights anymore). Add on top of that the high rate interest rate envionment we are going to see for the foreseeable. Not great.
If anyone is interested in learning more about the realistic side of IB, as well as how to network effectively, then check out Canary Wharfian (quick google search will get you there) before the recruitment season starts. It's kind of the UK/Euro version of WSO and isn't actually infested with uni kids lecturing the community but rather actual professionals.
Good luck.
(edited 8 months ago)
Quick Reply
Related discussions
- Unveiling the Realm of Investment Banking
- Can I break into Investment Banking?
- Placement in UK
- Highest paying UK jobs with an Oxford maths degree
- Finance Careers/ Degrees
- Is investment banking haram?
- Investment banking
- Degree needed for investment banking
- Bristol E&M or UCL HPE
- How competitive is banking
- Degree apprenticeships
- BSc Accounting and Finance or BSc Finance?
- Uni decision - Master econ and finance
- Economics VS PPE
- Investment Banking
- Investment banking which Uni ?
- Apprenticeships
- Advice on future career
- Career path for an investment banker or software dev?
- Does it matter which university I go to become an Investment Banker
Latest
Trending
Last reply 3 days ago
Kpmg 2024/2025graduate applicationLast reply 3 days ago
RSM Job Simulation Sept 2024 IntakeLast reply 1 week ago
Morgan Stanley Off-Cycle Internship Online Test ResultsLast reply 2 weeks ago
Can I do an arts degree at a non target uni and get into career in finance?Last reply 2 weeks ago
exeter vs newcastle for accounting and financeLast reply 2 weeks ago
UBS 2024 Global Banking Off-Cycle internshipLast reply 3 weeks ago
Deloitte vs RSM industrial placementLast reply 3 weeks ago
How far would i get if i did an accounting apprenticeship as a school leaver?Last reply 1 month ago
Deloitte tax consultant v CS Fast streamTrending
Last reply 3 days ago
Kpmg 2024/2025graduate applicationLast reply 3 days ago
RSM Job Simulation Sept 2024 IntakeLast reply 1 week ago
Morgan Stanley Off-Cycle Internship Online Test ResultsLast reply 2 weeks ago
Can I do an arts degree at a non target uni and get into career in finance?Last reply 2 weeks ago
exeter vs newcastle for accounting and financeLast reply 2 weeks ago
UBS 2024 Global Banking Off-Cycle internshipLast reply 3 weeks ago
Deloitte vs RSM industrial placementLast reply 3 weeks ago
How far would i get if i did an accounting apprenticeship as a school leaver?Last reply 1 month ago
Deloitte tax consultant v CS Fast stream
