High Finance Thread

Hi all,

Just finished my 2nd year at one of the local uni. Have been grinding hard for the M&A career path. But I'm cognizant that I am probably not good enough for BB IBD, probably MM at best. If say I cmi, then I'll have to slog off at Big4/Japanese bank/local bank at 4-5k for IBD hours... Should I look to go Markets or PB or Sales(S&T) instead where the competition is way lower? I still have the time to transition but I feel like now is the time. PB at BB is >7k and WLB is way better too. Any advice for me?

Originally Posted by Unregistered

Hi all,

Just finished my 2nd year at one of the local uni. Have been grinding hard for the M&A career path. But I'm cognizant that I am probably not good enough for BB IBD, probably MM at best. If say I cmi, then I'll have to slog off at Big4/Japanese bank/local bank at 4-5k for IBD hours... Should I look to go Markets or PB or Sales(S&T) instead where the competition is way lower? I still have the time to transition but I feel like now is the time. PB at BB is >7k and WLB is way better too. Any advice for me?

Decide what you wanna do in life. PB is very different from IB. You get paid well for PB, but do you have what it takes? If you don’t enjoy the work you can’t survive more than 2-3 years.

At least if you like IB - go to a local bank IB and pivot to BB after that. Btw it’s not as easy to get into local IB these days. I would say hedge your bets and apply for PB and BB and IB at local banks. Ultimately it comes down to which bank offers you

Originally Posted by Unregistered

Hi all,

Just finished my 2nd year at one of the local uni. Have been grinding hard for the M&A career path. But I'm cognizant that I am probably not good enough for BB IBD, probably MM at best. If say I cmi, then I'll have to slog off at Big4/Japanese bank/local bank at 4-5k for IBD hours... Should I look to go Markets or PB or Sales(S&T) instead where the competition is way lower? I still have the time to transition but I feel like now is the time. PB at BB is >7k and WLB is way better too. Any advice for me?

Why M&A? If M&A is what you want, why would you consider markets / PB / S&T? If M&A is not what you want, why see it as The Job. Anyway IBD is not just M&A too.

I think the first thing you should do is try to think harder of why/what you want instead of just the pay and perceived prestige. Then think of the most direct way and potential way to get to what you want, and then work on it in that manner. If you didn't get what you want, it is fine too. If you got it, good for you.

Don't need to see IBD as the holy grail. I have been there before too, seeing IBD as the one job, and apply for PB as alternative because it pays well too. But it may not be the best for your preparation and your career if just do it that way.

The want to do IBD (even though I don't really want) + pursuit for other roles didn't work out for me personally in my undergraduate days, although I did end up doing what I want (buy side investment research in a good firm) a couple of years later. I think some luck + the subsequent maturity/clarity in thought really help me with my interviews and doing well in my roles.

Originally Posted by Unregistered

Hi all,

Just finished my 2nd year at one of the local uni. Have been grinding hard for the M&A career path. But I'm cognizant that I am probably not good enough for BB IBD, probably MM at best. If say I cmi, then I'll have to slog off at Big4/Japanese bank/local bank at 4-5k for IBD hours... Should I look to go Markets or PB or Sales(S&T) instead where the competition is way lower? I still have the time to transition but I feel like now is the time. PB at BB is >7k and WLB is way better too. Any advice for me?

Not good enough for BB then go MM, looks like you just in it for the money tbh, which is not wrong and if you really wanna do it just jump ship to PB

Originally Posted by Unregistered

Hi all,

Just finished my 2nd year at one of the local uni. Have been grinding hard for the M&A career path. But I'm cognizant that I am probably not good enough for BB IBD, probably MM at best. If say I cmi, then I'll have to slog off at Big4/Japanese bank/local bank at 4-5k for IBD hours... Should I look to go Markets or PB or Sales(S&T) instead where the competition is way lower? I still have the time to transition but I feel like now is the time. PB at BB is >7k and WLB is way better too. Any advice for me?

stop thinking so much about money bro....

Originally Posted by Unregistered

Decide what you wanna do in life. PB is very different from IB. You get paid well for PB, but do you have what it takes? If you don’t enjoy the work you can’t survive more than 2-3 years.

At least if you like IB - go to a local bank IB and pivot to BB after that. Btw it’s not as easy to get into local IB these days. I would say hedge your bets and apply for PB and BB and IB at local banks. Ultimately it comes down to which bank offers you

This is very good advice. I personally only broke into one after many interviews with banks (BBs, EBs, Local). I have to tell you that its really about how wide you cast your net and not giving up. In most places, it is not easy to get into IBD. Its not easy to get into PB in BBs as well, many things can go wrong no matter how well you performed during interviews. That said, there is an element of luck as well. If your CV is strong enough to get interviews from Bulge Bracket IBD, then imo it is better to just apply for IBD across all banks and then go with the best bank that offered you assuming you have multiple offers. Sadly though, many people with strong credentials still end up with 0 IBD Summer Analyst / FT Analyst offers, so this is something you have to keep in mind. All the best!

Originally Posted by Unregistered

Hi all,

Just finished my 2nd year at one of the local uni. Have been grinding hard for the M&A career path. But I'm cognizant that I am probably not good enough for BB IBD, probably MM at best. If say I cmi, then I'll have to slog off at Big4/Japanese bank/local bank at 4-5k for IBD hours... Should I look to go Markets or PB or Sales(S&T) instead where the competition is way lower? I still have the time to transition but I feel like now is the time. PB at BB is >7k and WLB is way better too. Any advice for me?

I dont think local banks are paying 4-5k for IBD? can't be that low.

Originally Posted by Unregistered

Hi all,

Just finished my 2nd year at one of the local uni. Have been grinding hard for the M&A career path. But I'm cognizant that I am probably not good enough for BB IBD, probably MM at best. If say I cmi, then I'll have to slog off at Big4/Japanese bank/local bank at 4-5k for IBD hours... Should I look to go Markets or PB or Sales(S&T) instead where the competition is way lower? I still have the time to transition but I feel like now is the time. PB at BB is >7k and WLB is way better too. Any advice for me?

First of all, decide first what you want and just home in to that because that's what it will take to break into these high paying job. IBD is very different from PB/S&T/WM.

In the case you don't make it, you will have to aim for Corporate Finance at Big4/Japanese bank/Local bank where you can learn the rope at a much forgiving hours and pressure. To clear your doubt, these firm won't work you to death like in BB. Trust me, hours/pressure is commensurate with pay.

Other alternative is corporate development role, in-house M&A team, etc. But this depends on your interest, you seem to be only in for the money.

In any case, if you really have ambition and great desire to work in M&A, just keep the grind. Trust me I was really in your shoes in my Sophomore year with nothing much lined up, but somehow broke into one of the BB anyway.

You can list your current internship experience/achievement here, I can help you rate your chance.

Originally Posted by Unregistered

This is very good advice. I personally only broke into one after many interviews with banks (BBs, EBs, Local). I have to tell you that its really about how wide you cast your net and not giving up. In most places, it is not easy to get into IBD. Its not easy to get into PB in BBs as well, many things can go wrong no matter how well you performed during interviews. That said, there is an element of luck as well. If your CV is strong enough to get interviews from Bulge Bracket IBD, then imo it is better to just apply for IBD across all banks and then go with the best bank that offered you assuming you have multiple offers. Sadly though, many people with strong credentials still end up with 0 IBD Summer Analyst / FT Analyst offers, so this is something you have to keep in mind. All the best!

Echoes this thought well. In my experience, people who really want IB, who are willing to put in through the work to break into the industry, will eventually find their lucky break.

In fact the same can be said for any of these high paying role, PB, S&T, etc. Point is, nothing good comes easy.

In my experience, the ones that keep trying to cut corners, keep negotiating down their goal (cannot IB, eh let's try PB I heard easier sia, etc.) are the ones that end up nowhere. This industry demands more resilience/perseverance at junior level than pure intelligence anyway.

Originally Posted by Unregistered

First of all, decide first what you want and just home in to that because that's what it will take to break into these high paying job. IBD is very different from PB/S&T/WM.

In the case you don't make it, you will have to aim for Corporate Finance at Big4/Japanese bank/Local bank where you can learn the rope at a much forgiving hours and pressure. To clear your doubt, these firm won't work you to death like in BB. Trust me, hours/pressure is commensurate with pay.

Other alternative is corporate development role, in-house M&A team, etc. But this depends on your interest, you seem to be only in for the money.

In any case, if you really have ambition and great desire to work in M&A, just keep the grind. Trust me I was really in your shoes in my Sophomore year with nothing much lined up, but somehow broke into one of the BB anyway.

You can list your current internship experience/achievement here, I can help you rate your chance.

I have 2 M&A firm experience, currently at a boutique but its not a feeder. Interviewed for 5-6 MM banks, all failed. As we all know you need to hit certain places to have a shot at BB, and seeing my peers get it is quite demoralizing. Thats why my current rate is only MM at best... I quite enjoy M&A, but imo IBD is NOT worth it unless its a EB/BB. After reading the comments I think I'll just press on and go big (or go home...) Thanks all.