Return to ECM, pursue MBA or to try to recruit for VC?

As the title suggests, I'm a little stuck regarding my next steps and would appreciate any guidance/views.


I spent 2 years in Investment Banking (ECM), where, despite the slowdown in markets, we were extremely busy. By the end of the 2 years, I started looking for a potential exit. I didn't find conventional PE or GE roles interesting at the time, so it didn't bother me that ECM wasn't conducive to them in the first place.


As a result, I mostly recruited for Corp Dev/Strategy roles at Startups. I managed to land a Corp Strat role but quickly realized it's not the kind of work I want to be doing long term. I miss the variety of working with different companies, working on transactions, and the general corporate finance lens.


I'm considering the following options below:

  1. Return to ECM and try to move to an industry team internally:

    Pros:

    • Substantial pay bump compared to Corp Strat role
    • More exciting work
    • Potential to rectify ECM stigma if I manage to move internally, opening up optionality of recruiting for PE/GE thereafter

    Cons:

    • Work-life balance dramatically decreases again for quite some time (probably will need to stay back in IB for a few years)
    • No guarantee that I will be able to move internally (would return as A3, making it difficult to move internally as an associate - too senior?)
  2. Stay at startup and pursue an MBA next year (and then return to IB in an industry / coverage team):

    Pros:

    • Greatest option in terms of life experience (opportunity to attend a great school, building an expansive network, etc.)
    • Potential to take two years away from work
    • A different path to moving into a coverage/industry role in IB directly as an associate

    Cons:

    • No guarantee that I'll manage to get into the programs I'm really aiming for (H/S/W/M7).
    • Opportunity cost (Student loans + lost income)
    • If my long-term goal is not to be in IB, a post-MBA associate role may not be the best option. However, I don't think I'll be able to recruit directly for the buyside post-MBA with pre-MBA ECM experience only?
  3. Stay at the startup and try to move into VC:

    Pros:

    • Interesting work and in line with my long-term career goals.

    Cons:

    • Despite this being easier to recruit for with an ECM background, it still doesn't seem as easy as with coverage/industry experience
    • VC market is extremely slow at the moment, with very little recruiting and most funds performing badly (would ideally need to land at a good firm, which is even harder)
    • Beyond the market, VC recruiting just seems far less structured, leading to execution risk regarding actually landing a role

Any insights/guidance would be greatly appreciated!

 

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