GUEST COMMENT: Believe me, you would really not want to be a 30-something associate in M&A
A recent article on this site argued that it's tough to join an M&A team in a relatively junior role if you're older than your early twenties. The good news is that in my experience this isn't always the case. You can still become an associate in M&A even if you are pushing thirty.
Why would you want to do this? Well, maybe you've just completed an MBA after being stuck in a dead-end job in corporate strategy or equity research. By comparison, the money on offer, even for a junior M&A banker, can seem very appealing.
However, money is not everything. If you are in your early 30s and are thinking of going into a junior position in M&A, I would advise that you are mindful of two things.
1. It will be really, very hard work
When people who've been there tell you that foot soldiers in investment banks sell their souls, they're not joking.
I could tell you some war stories about the lengths bankers have gone to in order to win or execute mandates for extremely demanding clients. Like the first year Vice President with a one-year old child who passed out in his clients' offices after three consecutive all-nighters.
God forbid that your client is a financial sponsor (banker-speak for private equity or PE-like hedge funds) who are even more back-breaking than your typical CEO. This is because most of them used to be investment bankers.
2. You will be at the bottom of a large pile
Banks thrive on hierarchy. It was one of the reasons I left banking, but some people are happy to suck it up. Bear in mind that the pecking order is one of job title and deal experience. As an older, but less experienced associate you will have to be deferential towards younger guys who have simply put in more time, seen more dealflow, and yes, stabbed more backs than you (and have been promoted accordingly).
How to work the system successfully as an older junior
This isn't to say it's impossible to work the system successfully as an older junior. I've seen people do it; here's how, using examples from my past:
Make like a managing director
Esteban joined out of an MBA programme, no-one really knew what he did before that, and he certainly wasn't telling (there were rumours that he was a luxury car salesman).
He had loud, uber-corporate dress sense that would have made Gordon Gekko cringe. He chose a role covering clients in a few sleepy Mediterranean countries, the languages of which he would regularly and loudly speak in on his mobile as he strutted the M&A floor.
He acted like a Managing Director and because of his slightly balding, greying hair, growing paunch and his MBA corporate-speak everybody bought it.
He was ruthless to work for, got on as many meeting lists as possible and worked as little as possible on each pitch by delegating almost everything to his analysts. He was fast-tracked to VP within eighteen months.
Work your industry knowledge
Tim used to work for a FTSE 100 company. He knew his industry backwards and despite sounding like a toff was actually very technical and efficient in his approach to work.
He was always smiling, even after his annual leave was cancelled for the third time in two months. He had no girlfriend or wife (or if he did he kept it a close secret and can't have seen much of her as he seemed to be constantly at his desk).
He worked harder than his juniors when necessary and his reputation as a work-horse spread amongst the MD's in our team, who liked him a lot as a result.
Due to the depth of his industry knowledge and the fact that they were willing to hear him out, I saw him more than once push back on mammoth projects by explaining tactfully that his seniors were wrong and their proposed 90-page pitch would fall on the deaf ears of their clients.
I'm sure there are many other ways of being a successful older associate. I still wouldn't wish it on my worst enemy.
