These are very broad questions, but finance will always offer good career opportunities to some people. The difference is that it’s no longer far superior to all other industries, as it was ~20 years ago or maybe even ~10 years ago. If you want to move out of private banking, the best advice is to leave as soon as possible and also move to the place with the most finance opportunities (i.e., London). Germany has some benefits, but it’s not the best place to start a finance career because pay is lower and there are fewer opportunities and exit options. London really is the best starting place in Europe.

As far as getting into IB, I would need to know more about your profile to say (e.g., university quality/reputation, grades, alumni network, other activities and experience, etc.). Some students do move from PB into IB, but typically they do so very early after an internship or just 1 year on the job, when it’s easier to move.

thank you for your interesting article. For people like me it is important to be aware of the future of the finance industry. I would like to know your opinion about banking. I am from Germany and I will start my BA degree in finance in cooperation with Deutsche Bank (Duales Studium). Its focused on banking. After this degree the DB will place me in Private Banking. I know that I do not want to work for my whole career as a private banker and I am also convinced private banking will change rapidly. So I want to place myself more into like Corporate Banking, Wealth Management or Asset Management. I dont know If my profile will be competetive enough to try a career in IB.

From your perspective do you believe “banking” is still a good career? How should I develop my career in banking especially when I believe PB has already passed his peak.

King regards

I think it depends on where you plan to recruit (Europe vs. US or elsewhere). The problem is that MBA recruiting for IB roles is not well-developed in Europe, especially outside the U.K., so it’s usually not a great option. Most people there win Associate roles via internal promotes and lateral hires.

Also, I’m not sure what you mean by “corporate action.” If it’s something like an investor relations role, that could work, but is not necessarily the most relevant background for IB (corporate banking, management consulting, etc. would be better).

So, I’m not sure I have enough information to answer your question, but from what you described, consulting or corporate banking might be more realistic if you plan to stay in Europe and/or your current role is similar to investor relations.

I would recommend reading the articles about lateral hiring, Master’s, and MBA programs because you’ll have to use one of those at this point since you’re already working full-time:

https://mergersandinquisitions.com/lateral-hiring/
https://mergersandinquisitions.com/investment-banking-masters-programs/
https://mergersandinquisitions.com/mba-investment-banking-recruiting-process/

The biggest issue is that the IB hiring market is currently terrible, so you might have to wait for a recovery. Also, it’s incredibly difficult to find roles in Canada because it’s a tiny market. If you can go to the U.S. instead, you’ll find a lot more openings there.

Yes, another year of consulting might work. Other options might include something at the Big 4 firms (you may be more competitive there with consulting experience) or something like corporate banking at a commercial bank. But, again, you might need the German language for that if you plan to stay in Germany. I wouldn’t even bother with roles like AM or PE for now because you usually need more experience to have a good chance there.

Thank you Brian for the explanation.

So, I have switched roles frequently because they were not permanent positions (work student positions, internships, and assistant positions but with a short-term contract – even though I tried to extend or get the full time job).
The idea of getting into CD or this RE Analyst position is mainly because I am currently not having any finance-related project as a Consultant (not doing any financial analysis, financial modeling, or valuation) and I heard from some people that I need to move fast to a finance-related job before it gets too late for it. I even thought to start another master program, so that I can be able to apply for internships in IB, AM, PE.. (but this is the last option).

So, in case I cannot get the CD role and RE Analyst position is not the best option as you described, any back door suggestion for my situation? As I am still not working in a finance-related role, do you think that working 1 more year as a Consultant (Enterprise Process Consulting) could be the best option if I cannot get the CD role?

Thank you once again!

Corporate development is more relevant if you can get that role. The Real Estate Analyst one could also work but definitely makes your profile more real estate-oriented and is less good for generalist AM and PE.

I think you have some good experience, but it all looks a bit “scattered,” so it might be difficult to come up with a coherent story. The biggest issue is that you’ve switched roles frequently, so it would help to stay in one specific job for 1-2 years.

Great content as always!
I have doubts when it comes to find the right career in Finance plus I come from different backgrounds. I like financial modeling, company valuation, equity analysis – although they are different, my interest is either Asset Management or Private Equity. Here is my profile at 31 years old:
– Bachelor of Metallurgical Engineering (not in the US), then switched career to Finance
– Master in Finance from a non-target University in Europe
– Experience: 3 months part time job in Commercial bank, 3-month Capstone Project in a boutique Investment Bank (doing Equity Valuation for an oil and gas company), 9 months Portfolio Management Assistant (Quantitative AM, focus on climate change), 4 months internship in a boutique M&A (cross border deals), and now 1 year Consultant for a Fortune 200 IT Solutions company (no finance, more business process).
– Studying for CFA L1
– It has been difficult to move to jobs in AM or PE, main reason I live in Germany and still need to become fluent in German (most jobs in finance require it). While I cannot get a position, I am trying internally to move to Corporate Development (Sourcing and Execution team which evaluates M&A deals for the company). Also, a friend has recommended me to join his company as a Real Estate Analyst for a leading European REIT firm (commercial and residential RE).
Based on what I have described, in your opinion, which of these two options could be a good option as a back door to later try to move to a generalist Asset Management or a traditional PE, if it is possible?

Thank you Brian
Best regards