A career in the field of investment banking typically requires some serious sacrifices – specially when you’re first starting out. There is a payoff at the end of the road, however. There’s also another advantage that’s just as valuable: The capability to exit investment banking and launch a second as well as perhaps even more satisfying career.
With that in mind, let’s take a closer look at the top five career choices after investment banking. There’s a reason why Silicon Valley is really the only competition for Wall Street as it pertains to securing the most effective talent. Namely, the wages and benefits are potentially in the same way wealthy if not richer.
Silicon Valley firms are also well-known for pushing a “let’s improve the world with this product” idea that’s attractive to idealistic workers – and perhaps those coming from a strictly profit-motivated background in financing. If you’re interested in making the move to Silicon Valley, FinTech (Financial Technology) is the logical choice.
A finance history is an apparent plus and, more importantly even, FinTech keeps growing at a staggering rate. This mixture of growth potential – and a banker’s existing expertise and expertise – make FinTech a great exit option. OK, so a transfer to PE doesn’t provide same kind of change you’d experience by getting into the technology field, and you’ll be working with many of the same profession pros and cons.
Yet private collateral is an all natural next step for the best and brightest investment bankers. And it’s an enjoyable experience to help make the changeover, with PE dollars cresting to historic levels. 4 trillion. This implies there’s a ton of opportunity here for smart investment bankers looking to make a switch. It’s important to realize, however, that PE companies want elite performers – and they’re willing to recruit them earlier in their banking career than ever before.
A move into consulting is another reasonable choice for bankers seeking a lifetime career change. Bankers and consultants tend to have a great deal in common from a personality and career ambition standpoint. There is also considerable crossover in conditions of educational background and other attributes. A transfer to consulting can be exciting since it allows former bankers to develop new skills while deploying their existing expertise in a strategic context. You should notice, however, that the pay in consulting isn’t quite as nice and the travel can be much more onerous.
Moving from an investment bank or investment company to a corporate and business advisory role is one of the most common exit paths. For the plus side, the hours tend much less challenging and you’ll play a crucial role in helping a business grow. Some bankers, however, may not like the slower speed and the reduced payment significantly.
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Late profession bankers with a great deal of expertise who are seeking something less taxing, on the other hand, are perfect candidates. Investment banking experience is a significant plus for a hedge account career, as bankers understand the primary financial concepts involved and are used to challenging hours. The hedge fund field however is incredibly competitive, and the ones who perform can wash out extremely quickly poorly. Everything is linked with creating alpha.
If you can’t perform at a higher level consistently, your hedge finance career may be a short one. If you’re a top performer, however, the financial rewards are enormous. A career in investment banking is usually the gateway for an similarly rewarding secondary profession route. When you feel you’re prepared to move, consider smart options such as those listed above.