Seeking Guidance for My Next Career Steps
Hi everyone, I’ve been following this sub for a bit and thought I’d reach out for some advice or insights. I’d really appreciate any input!
I’m currently a first-year analyst at a bulge bracket investment bank in NYC. I approached this role with an open mind, as I haven’t pinpointed my exact career goals yet. However, I’ve quickly realized that private equity isn’t the right fit for me. Instead, I’m drawn to opportunities on the debt or credit side, or possibly something more entrepreneurial. Ideally, I’d love to work for myself—whether that means buying a small business, investing in real estate, or creating something of my own. My intention in choosing investment banking was to gain transferable skills for this flexibility.
I’ve also come to understand the demanding nature of the IB environment, and I plan to make a move after receiving my first-year bonus. Unfortunately, I’ve been placed in a very niche and high-pressure group, and I’m not interested in continuing in this industry for my next role. I’m looking for something more generalist. Recruiters haven’t been much help, either; they mostly send me job postings specific to my current industry or suggest I’m not competitive enough (I came from a non-target school with a decent GPA, and I landed this role through good networking).
My firm does have a reasonable internal mobility program, and I’m considering that option, but I’m unsure what viable career paths there are with a promising trajectory and more manageable hours.
Does anyone have advice on what roles I should target or strategies for transitioning after my first year? Is moving out realistic, or should I temper my expectations? Thank you!
One response
It sounds like you’re in a challenging but pivotal moment in your career. First, it’s great that you’re recognizing what you enjoy and what you don’t, and it’s definitely okay to pivot early in your career, especially in a demanding field like investment banking.
Here are a few steps to consider:
Identify Transferable Skills: Start by assessing which skills you’ve developed in your current role that would be relevant in other fields. Skills like financial analysis, modeling, client management, and negotiation can be valuable in many areas outside of traditional banking, especially in debt/credit roles or entrepreneurial pursuits.
Explore Internal Mobility: Since your bank has decent internal mobility, consider reaching out to other departments that interest you. Look for roles in corporate development, credit analysis, or risk management within your firm. These areas can provide a less intense environment and may align more with your interests in the credit side without taking you further away from financial analysis.
Networking: Leverage your network both internally and externally. Speak with colleagues who have made similar transitions or who are in roles aligned with your interests. They might provide insights that aren’t available through recruiters. Additionally, join professional groups or meetups related to entrepreneurship or real estate investment to meet others who have taken the paths you’re considering.
Consider Further Education or Certification: If you’re leaning towards something in real estate or starting your own business, consider pursuing certifications (like a real estate license or an entrepreneurship-focused program) that could bolster your resume and add credibility to your aspirations.
Evaluate Your Options Outside of IB: Research firms that have roles you might enjoy, such as venture capital firms, private credit funds, or even startups looking for someone with a strong financial background. The key is to articulate how your experience in IB can benefit these roles and demonstrate your adaptability.
Be Strategic with Timing: If you’re planning to move after your first-year bonus, it might be wise to apply for new roles now and see what you can line up before making the switch. Some firms may be more accommodating toward candidates with less traditional backgrounds, especially if they see potential.
Talk to a Career Coach or Mentor: Seek out a mentor who understands both your current position and your aspirations. They can offer guidance tailored to your situation and help you navigate this transition more strategically.
Remember, it’s absolutely possible to find a fulfilling path outside of traditional investment banking, and many people do it successfully! Stay proactive, keep networking, and don’t hesitate to explore diverse opportunities. Good luck!