Does anyone want to stay in investment banking these days? (2024)

But first, I don't know what the hell I'm workin' for!

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1. Death of an investment banker.

Why am I trying to become what I don't want to be?

-Biff Loman and every investment-banking analyst (probably)

Insider's Emmalyse Brownstein recently reported on salaries within private equity, including what top firms like Blackstone, KKR, and Oaktree are offering 2024 associates. The compensation is impressive, with some firms offering first-year associates nearly $200,000 in base comp alone.

Emmalyse's story got me thinking: Does anyone actually want to be an investment banker?

Whether it's private equity, hedge funds, or venture capital, most young bankers want to eventually end up on the buy side. These days, I wonder if there is anyone left who aspires to be a lifer at an investment bank.

If money is what motivates you, you're certainly better off on the buy side. Banker salaries will get you in first class, but the potential total comp at PE firms and hedge funds will get you flying private.

And if having a good work-life balance is more your top priority, you're also better off on the buy side. PE firms have been known to grind through people, but nothing quite compares to life at an investment bank.

Perhaps the one point in the banks' favor is that they sit at the center of the financial world, one colleague pointed out to me. Working at a bank will give you a holistic view of the financial markets in a way that's just not possible on the buy side.

But, to be honest, it doesn't matter how bad of a deal working at an investment bank might be. Like an overzealous bouncer at a college bar, banks are the annoying-but-powerful gatekeepers standing between you and your dreams. An investment bank's analyst program remains the go-to route to get your foot in the door on the Street.

It'll be interesting to see how long the banks are able to maintain that position, however. If PE and hedge funds decided to aggressively court dealmakers out of college, the entire facade could crumble.

Don't agree? Let us know. You can pingInsider's senior editor Michelle Abrego or me with your thoughts.

Click here to read more about salaries being offered by top PE firms to 2024 associates.

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Curated by Dan DeFrancesco in New York. Feedback or tips? Email ddefrancesco@businessinsider.com, tweet @dandefrancesco, or connect on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London.