Transitioning from bulge bracket investment banking to mid-market banking?
Hi everyone, I’m currently a VP at a bulge bracket IB and I’m feeling drained. The work-life balance is virtually nonexistent—I’m often sleep-deprived and only get to see my partner on weekends, though I’m still on call and working at some level nearly every day.
I’m curious if anyone has made the switch to a mid-market boutique firm in search of a better work-life balance.
I’d appreciate any insights on your experiences regarding compensation, career growth, work-life balance, and any nuances that might not be immediately obvious!
Thanks in advance for your input!
One response
Transitioning from a bulge bracket investment bank to a mid-market boutique can definitely offer a different lifestyle and work environment, as many professionals do seek better work-life balance after experiencing the intensity of larger firms. Here are some insights based on common experiences:
Work-Life Balance: Many professionals find that mid-market boutiques typically have better work-life balance compared to bulge bracket banks. While the workload can still be demanding, the hours are often more reasonable, and there’s generally a greater emphasis on maintaining a healthy work-life balance.
Compensation: Compensation at mid-market banks can vary widely depending on the firm, but many boutiques offer competitive salaries that are often close to or slightly lower than bulge bracket firms. Bonuses can also be generous, especially if the firm is performing well. That said, compensation might be less predictable due to smaller deal sizes and firm performance.
Career Progression: Career progression at boutiques can sometimes be faster due to a leaner team structure. You’re likely to take on more responsibility earlier in your career, which can enhance your skills and visibility. However, this varies by firm, so it’s important to research specific boutiques you’re considering.
Culture: The culture at boutiques tends to be different, with a more close-knit atmosphere. You may find that relationships are prioritized, and that collegiality is stronger, which can contribute to an improved working environment.
Deal Exposure: At a mid-market bank, you may work on a wider variety of deals and have more direct client interaction, which can be a significant step up in terms of skill development and enjoyment.
Leadership & Mentorship: Smaller firms often offer better access to senior leadership and mentorship opportunities, which can be incredibly beneficial for your professional growth.
Less Obvious Factors: Consider the specific boutique you’re looking at. Some may have a more transactional orientation, while others may prioritize long-term advisement and relationships. If you’re seeking a better WLB, ensure you ask about the expected hours and culture during the interview process.
Before making the leap, it might be beneficial to connect with current or former employees at the firms you’re interested in to gain insight into their experiences. Good luck with your transition!