How to recruit for PE as an associate?
To provide some background, I came from a extreme non-target and did 2 years of ABL at BB right out of college, then 1 year of DCM at a lower tier BB. Will be joining a mid tier MM firm as a 3rd year analyst in TMT coverage. I'm planning to lateral to a BB or EB as an associate after one year at the new firm. Therefore, by the time I recruit for PE I will be an associate and ideally looking for UMM or solid MM PE shops. Do you guys think I will have a chance? If so, how should I best position / prepare myself for recruiting?
Bump
BUMP interesting pth
Oh dont sell yourself short. The blue chip mega funds will be lining up to give be your 5th employer in 6 years, post-graduation.
Definitely agree with the above poster. You seem like you've hustled hard to get into IB which is great but you have already made too many moves... If you haven't started yet, is there no internal path from your current BB to a coverage group, or can you not lateral to a different BB as a 2nd/3rd year? I would try to avoid jumping anywhere else. You are even right now a pretty big red flag to your next job with 4 firms in 4-5 years let alone another move to BB/EB
To actually answer your question, most associate exits I see are mid-tier MM firms to LMM. And those are guys with very traditional backgrounds (post MBA, 3-4 years work experience prior to that + 2-3 years of banking at 1 firm). If you actually go to all of the firms you're mentioning PE will not even look at you, way too many moves. If you can land somewhere solid as a 2nd year analyst (honestly better for PE than coming in 3rd year, more time to learn IB) you'll have pretty solid options once you get a closed deal or two on your resume.
I would take a pause right now and map out your 5 year plan. Seems very silly to be planning your next job 3 jobs from now, no? Forget the MM and either lateral internally, or find a BB/EB that will take you into coverage groups. Do not keep job hopping
Maybe I didn't make myself clear. I already accepted a 3rd year analyst offer at a MM. There's no a direct lateral to IB during my time at BB. And, the current MM firm that I'm at for DCM role, does have a direct path to IB as 2nd year. However, I also have a solid offer from a decent MM for 3rd year analyst right now. Chances are I will take the offer because I have always wanted to move into TMT coverage. Unfortunately, the new MM firm that I will be joining don't recruit well outside of the Southeast. Therefore, I will most likely move to a BB or EB after 1.5 yrs at the new firm, can probably negotiate for a 2nd year associate role or I can ask for 1st associate if there's a solid chance for PE recruiting. If moving to PE is not viable for me as an associate, what about as VP?
To provide some more clarity, I'm currently 2 years at a top BB, 1 year at a MM bank that compete with BB for DCM deals and will be joining a decent MM bank.
Kinda confused if the DCM role is at a MM or at a BB since you contradicted yourself but regardless if you can transfer internally to a coverage group after two years it would be better since you will be waiting 2+ years to move to a BB coverage group regardless and it saves you job hopping around.
The problem isn’t the bank it’s the fact that in your scenario an employer looks at your CV and sees you’ve moved to 5 different jobs in your first 6 years of employment.
ABL to IB transition makes sense since a lot of people want to do IB but moving from ABL to IB to another bank to a fourth bank after that can be a turn off for an employer
I'd still skip out of the new MM firm and wait for a BB/EB tech role (MM DCM -> tech is doable, won't be Q/GS but better than MM). You are moving way way way too many times, you will seriously jeopardize your future recruiting to any job, not just PE, if you do all of the moves you're mentioning. It's fine and explainable to jump around a bit trying to get into IB, but you can't work at 3 different banks in 3 years once you are in IB.
Either wait the 1 more year to move at your current firm, or lateral directly to a BB/EB. If you're set on going to the MM, you have to stay there minimum 2-3 years unless you get a PE exit.
VP is arguably harder than associate since you are so expensive and not doing junior work anymore. The path just gets narrower once you hit associate.
Piggybacking off some other people here, if you’re dead set on the MM TMT group, I think at the very least it might be better to try to recruit straight out of there. While noting that you said it’s typically regional firms, you never really know…I think it’s at least worth a shot (while simultaneously increasing your time spent there) before you add another job change to your resume.
Do you work at truist?
Sorry what do you mean by this:
If you can land somewhere solid as a 2nd year analyst (honestly better for PE than coming in 3rd year, more time to learn IB) you'll have pretty solid options once you get a closed deal or two on your resume.
Do you mean at another IB? Thought you said any more moves would make him unhirable
NVM you mean into PE
This dude is trending towards unhirable but knows it all. Save your keystrokes, folks
Is leaving a firm after 2 years and 1.5 years really that bad on the junior level? It seems like people hop around every 2 years as being pretty normal especially for people who have big 4 backgrounds.
You're describing a clear path to four career moves that you then leverage to make a 5th by you mid-late 20s. I make hiring decisions, and I would not hire you based on the information I know right now.
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