Is Client Side the Place to Be?
I am in a PE rotational program and will soon wrap up my first rotation on an investment team. While I have enjoyed parts of my experience, it is clear that my skill set and enjoyment of work is much more suited for the client side. While I have met the mark in my current role, I can’t help but to think because of my natural born talents and developed skill set, that my results would be much better in a client service position.
I am aware that the grass isn’t always greener and that there are real considerations that come into play such as: amount of travel, reduced exit opps, decrease in pay. I am somewhat unhappy and unsatisfied with my work in my current role and feel this may be a better fit. But, it is also my first year in a full-time position so I understand it could just be that factor. Would love some advice, thanks!
Transitioning from an investment-focused role in private equity to a client-side position is a significant career move that requires careful consideration of your skills, interests, and long-term career goals. Based on insights from the Wall Street Oasis community, here are some points to consider:
Assess Your Skills and Interests: It's crucial to evaluate what aspects of your current role you enjoy and which skills you believe are underutilized. If your strengths and interests align more with client interaction, relationship building, and service, a move to the client side could indeed be more fulfilling.
Consider the Trade-offs: As you've noted, moving to a client-side role might come with certain trade-offs such as potential decreases in compensation, changes in the scope of exit opportunities, and possibly increased travel. Weigh these against the satisfaction and fulfillment you anticipate from a role that aligns better with your skills and interests.
Exit Opportunities and Career Progression: While it's true that investment roles often offer a broad range of high-caliber exit opportunities, client-side positions can also lead to rewarding career paths, especially if you excel in these roles and build strong networks. The key is to identify how a client-side role fits into your long-term career vision.
The Learning Curve: Recognize that the first year in any full-time position, especially in a field as demanding as PE, comes with a steep learning curve. It's not uncommon to feel out of place or unsure during this initial period. Before making a decision, consider whether your feelings might change as you gain more experience and confidence in your current role.
Networking and Informational Interviews: Before making any moves, try to network with professionals on both the investment and client sides. Conduct informational interviews to gain insights into the day-to-day realities, challenges, and rewards of client-side roles. This firsthand information can be invaluable in making an informed decision.
Professional Development: If you decide to pursue a client-side role, consider what additional skills or qualifications might enhance your candidacy. Whether it's obtaining relevant certifications, taking courses in client relationship management, or gaining experience in specific industries, being proactive about your professional development can make you a more attractive candidate.
In conclusion, while the allure of a role that seems to better fit your natural talents and developed skills is strong, it's important to thoroughly evaluate all aspects of such a career move. Consider your long-term goals, the potential impact on your career trajectory, and whether your current feelings might evolve with more time and experience in your present role.
Sources: Moving from Asset Management into IB / PE, Why move to PE/HF at all?, Advice for a Banker Who Kind of Hates It, Regrets After Switching From IB to PE?, Why does every 2nd IBanker want to transition to PE?
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I work on the “client side”. I originally started in an investment seat and never looked back. The way I saw it was that I could have grinded it out and been fine-ish on the investment team but I was never going to be the best investor. I’m never going to be the best fundraiser but I am significantly stronger in this field and have a much clearer path to the top. That said, client side is basically the sell side of the buyside and can be very draining.
I’ve had this similar thought about myself, so good to hear if being solidified. Thank you for the helpful comment!
How specifically can it be draining? Dealing with LPs when the fund isn’t performing?
Convincing someone to give you $100M is incredibly difficult. A fundraise now a days is a 12-24 month marathon from start to finish and there is always something to be doing plus much of the outcome is outside your control (which your boss won’t appreciate). If a fundraise is successful you’ll get told it’s because the investment team is so great while if it’s not successful it’s because you’re a bad salesperson.
One of the most important things to look at when getting into this function is the product you’re selling. There are a lot of shitty funds out there and you don’t want to make your life more difficult than it has to be. If you work at a larger multi-strategy firm they may have some good funds but they will inevitably launch some dumb idea that you’ll get stuck calling around on that is going no where.
What skills / interests do you think make you better for the client side? The ramp into your first job is always hard so some of the things, you may think are challenging / aren't good at are a natural part of the curve.
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