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For those considering an I-banking career...
Today was my first official day without the golden handcuffs. Bringing it home with 3 things to think about.
1. Why do it
2. Picking a bank
3. Doing it with a family
I was an MBA associate and was just posthumously promoted to VP.
Today was my first official day without the golden handcuffs. Bringing it home with 3 things to think about.
1. Why do it
2. Picking a bank
3. Doing it with a family
I was an MBA associate and was just posthumously promoted to VP.
1. The job is thankless and soul sucking. So why do it? Yes, I know…work in a fast-paced environment, w/ liked-minded individuals, rub elbows with the C-suite, etc.
The only correct answer unless you’re a psychopath is the comp. You can make great money, even end up with a
The only correct answer unless you’re a psychopath is the comp. You can make great money, even end up with a
couple mil in the bank as a 30 year old VP, but don’t plan your future on it.
The good ol’ banker days are past us. Your bonus is likely to disappoint or you could get blown out like me.
I was able to 2x my net worth while in banking, but I kept my lifestyle the same.
The good ol’ banker days are past us. Your bonus is likely to disappoint or you could get blown out like me.
I was able to 2x my net worth while in banking, but I kept my lifestyle the same.
Invest your bonus. Don’t be the guy spending it on deal sleds before it hits your bank account.
2. This is what your ideal bank looks like:
-Brand prestige
-Peers you want to work with
-Relative work life balance
-Top tier bonuses
2. This is what your ideal bank looks like:
-Brand prestige
-Peers you want to work with
-Relative work life balance
-Top tier bonuses
Sorry but it doesn’t exist. Figure out which combo gives you the best shot at sticking it out. Different for everybody.
3. Lastly, you can do this job with a family. I had my second kid during my 3rd year.
But
Think hard about it. You won’t be around.
3. Lastly, you can do this job with a family. I had my second kid during my 3rd year.
But
Think hard about it. You won’t be around.
You are going to miss important milestones. Is it worth it?
Better have a rockstar for a spouse – they are going to be working just as hard as you. Don’t sugarcoat what it’s going to be like.
If you are on shaky ground, tread carefully. Lots of added stress coming your way.
Better have a rockstar for a spouse – they are going to be working just as hard as you. Don’t sugarcoat what it’s going to be like.
If you are on shaky ground, tread carefully. Lots of added stress coming your way.
That’s it.
If it makes sense for you, go for it! I was a career changer and it worked great for me – no regrets. I can now align logos in ppt with the best of them.
Best of luck and don’t forget to pop out your F1 key!
If it makes sense for you, go for it! I was a career changer and it worked great for me – no regrets. I can now align logos in ppt with the best of them.
Best of luck and don’t forget to pop out your F1 key!
