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Blackstone M&A
 

soccrkid8's picture
(Monkey, 37
 
Points)
 on 8/26/12 at 11:00pm
blackstone.jpg

Hi everyone,

I'm a rising junior that is very interested in BX M&A for a summer internship. I just wanted to gauge your thoughts on the group in terms of exit opps, business school opportunities, deal flow, etc. and how it stacks up against other banks/groups on the street. Thanks!

Tags:
ApplyingToBSchool's picture

Exit Opps - amazing. 100%

PE
(Monkey, 47
 
Points)
 on 8/26/12 at 12:27pm

Exit Opps - amazing. 100% placement to excellent funds every year. Senior people vouch for analysts like nobody's business.
Deal flow - less than stellar. they get some good deals but not many. you'll definitely get a better deal experience at lazard, evercore, etc. (and if youre into larger banks, MS+GS)
B. School Opps. - very good, just as good as any other top shop. every business school knows how difficult it is to get a position at BX so it's well regarded

Much of the prestige here is just carried over from that of the private equity arm. people join BX M&A knowing that they're more or less guaranteed top exit opps. Not a total sweatshop like some others like LAZ, EVR, etc. (not uncommon for people to leave at 9-10 regularly). BUT you DON'T come here looking for a ridiculous amount of deal experience.

that said, BX Restructuring is fierce and gets you all of the above plus good transaction experience since they are one of the only elite rest. shops out there so not competing with the likes of the BBs.

Determined's picture

I really hope you're at a

 
Points)
 on 8/26/12 at 1:08pm

I really hope you're at a target. Last year they completely pulled out of recruiting at my school for summer internships. Although they are back now recruiting for full time.

Talent is hitting a target no one can hit.
Genius is hitting a target no one can see.

FernandoTorres9's picture

Applyingtobschool hit the

 
Points)
 on 8/26/12 at 1:55pm

Applyingtobschool hit the nail on the head for the most part. Exit opps are fantastic, but that has nothing to do with "senior people vouching for you." That's totally overplayed. MDs will often make calls on behalf of their analysts, but the same is true at other big banks. Instead of an MD, however, it's usually a VP or associate. Funds understand that difference, so it's not like you're at any advantage because your MD makes a phone call. That said, if they're really adamant, maybe it will help, but they are not really adamant about every analyst. Again, if you have a strong relationship with a VP/MD at a bigger bank, they can also vouch for you very adamantly.

The only advantage BX offers--which appears to be changing in the near future--is that you can recruit whenever you want to without fear of being fired. GS & MS have both stated that analysts can't recruit until their second year.

Deal flow at BX is shit. Let's be real about it. If you actually want to learn, go to a bigger bank or a boutique with stronger deal flow. Those guys don't know jack relative to their peers at other top groups, and it's beginning to show now that the recruiting process is being pushed back. As a result, the group's exit opps aren't as elite as they used to be, though they're still great.

I would take MS M&A, GS TMT, GS FIG, and BX R&R over BX M&A. That said, that puts BX M&A #5 on the list of top groups, and that's pretty damn good.

If you'd really like all the benefits of BX culture coupled with deal flow, as applyingtobschool said, gun for R&R. Now THAT is a truly elite group. If I could pick any group, I would take BX R&R. All the guys there impressed the shit out of me.

FernandoTorres9's picture

As an addendum, Re: target,

 
Points)
 on 8/26/12 at 1:57pm

As an addendum, Re: target, if you want solid chances, you need to be at Harvard or Wharton. There's usually some random Michigan kid in every class too, but otherwise your chances look pretty shitty. Dartmouth also pulls a lot of interns in for what it's worth, but for whatever reason they don't tend to stay. Most have gone FT somewhere else.

soccrkid8's picture

Wow, so it sounds like BX M&A

(Monkey, 37
 
Points)
 on 8/26/12 at 2:56pm

Wow, so it sounds like BX M&A is one of the best places to work out of undergrad. Is the pay in-line with the other bulges as well? Also, does anyone know where recent analysts from the group have placed?

DontMakeMeShortYou's picture

soccrkid8: Wow, so it sounds

HF
(King Kong, 1,891
 
Points)
 on 8/26/12 at 3:48pm
soccrkid8:

Wow, so it sounds like BX M&A is one of the best places to work out of undergrad. Is the pay in-line with the other bulges as well? Also, does anyone know where recent analysts from the group have placed?

Pays better. No tiering either, so everyone gets the same. Think it's something like 90-100 for 2nd years/60-70 for 1st years.

Specific examples for placement don't matter... really depends on you. If you go there and are a good analyst & interviewer, you can end up anywhere. Great PE and HF placement across the board.

See my WSO Blog

DontMakeMeShortYou's picture

FernandoTorres9: As an

HF
(King Kong, 1,891
 
Points)
 on 8/26/12 at 3:49pm
FernandoTorres9:

As an addendum, Re: target, if you want solid chances, you need to be at Harvard or Wharton. There's usually some random Michigan kid in every class too, but otherwise your chances look pretty shitty. Dartmouth also pulls a lot of interns in for what it's worth, but for whatever reason they don't tend to stay. Most have gone FT somewhere else.

There's been 1 Michigan kid there, ever. They like Wharton, Harvard, and UVA. Restructuring is pretty much all Wharton.

See my WSO Blog

DontMakeMeShortYou's picture

FernandoTorres9: Applyingtobs

HF
(King Kong, 1,891
 
Points)
 on 8/26/12 at 3:52pm
FernandoTorres9:

Applyingtobschool hit the nail on the head for the most part. Exit opps are fantastic, but that has nothing to do with "senior people vouching for you." That's totally overplayed. MDs will often make calls on behalf of their analysts, but the same is true at other big banks. Instead of an MD, however, it's usually a VP or associate. Funds understand that difference, so it's not like you're at any advantage because your MD makes a phone call. That said, if they're really adamant, maybe it will help, but they are not really adamant about every analyst. Again, if you have a strong relationship with a VP/MD at a bigger bank, they can also vouch for you very adamantly.

The only advantage BX offers--which appears to be changing in the near future--is that you can recruit whenever you want to without fear of being fired. GS & MS have both stated that analysts can't recruit until their second year.

Deal flow at BX is shit. Let's be real about it. If you actually want to learn, go to a bigger bank or a boutique with stronger deal flow. Those guys don't know jack relative to their peers at other top groups, and it's beginning to show now that the recruiting process is being pushed back. As a result, the group's exit opps aren't as elite as they used to be, though they're still great.

I would take MS M&A, GS TMT, GS FIG, and BX R&R over BX M&A. That said, that puts BX M&A #5 on the list of top groups, and that's pretty damn good.

If you'd really like all the benefits of BX culture coupled with deal flow, as applyingtobschool said, gun for R&R. Now THAT is a truly elite group. If I could pick any group, I would take BX R&R. All the guys there impressed the shit out of me.

Reiterate this. Shit dealflow, amazing exit opps. Helps that the analysts themselves have solid backgrounds and are smart to begin with. I wouldn't stress about the shit dealflow though, even with recruiting getting pushed back. Prestige will carry you much further than you'd expect, and you'd be fine at interviews.

Also agree on BX R&R. It'd be my top choice hands down were I to have to be a junior/senior again. Easy lifestyle, great dealflow, limited pitching, and ridic exit opps.

See my WSO Blog

FernandoTorres9's picture

There's been 1 Michigan kid

 
Points)
 on 8/26/12 at 4:39pm

There's been 1 Michigan kid there, ever. They like Wharton, Harvard, and UVA. Restructuring is pretty much all Wharton.

My bad -- confused with MS M&A, which has consistent Michigan representation.

MangoBanker's picture

Best boutique in the world.

(Orangutan, 259
 
Points)
 on 8/27/12 at 2:04am

Best boutique in the world.

DontMakeMeShortYou's picture

MangoBanker: Best boutique in

HF
(King Kong, 1,891
 
Points)
 on 8/27/12 at 2:18am
MangoBanker:

Best boutique in the world.

Troll post? Let's not get into this prestige war you kids like to masturbate over.

See my WSO Blog

Dreamgazing's picture

Wouldn't it be more logical

(Baboon, 159
 
Points)
 on 8/27/12 at 2:37am

Wouldn't it be more logical to receive an offer from these elite boutiques / firms, then talk about prestige, exit opps, deal flow? I really do not get these threads unless OP had already received offers from multiple places - which i presume will be extremely hard this year.

Dont know how this ended up on the main page

monki1's picture

Former BX RR analyst here. I

HF
(Monkey, 45
 
Points)
 on 8/27/12 at 9:26am

Former BX RR analyst here. I think the information above is pretty accurate. Amazing exit opps and good bonus, very solid deal flow at RR and less so at M&A but still enough. In my analyst class, there was not a single HF/PE firm that we applied to and didn't get an interview from.

ajg1137's picture

What the fuck is a "rising

PE
 
Points)
 on 8/27/12 at 11:09pm

What the fuck is a "rising junior"?

holla_back's picture

ajg1137: What the fuck is a

O
(King Kong, 1,084
 
Points)
 on 8/27/12 at 11:14pm
ajg1137:

What the fuck is a "rising junior"?

Someone in the summer between their sophomore and junior years.

rooster3t's picture

ajg1137: What the fuck is a

 
Points)
 on 8/27/12 at 11:45pm
ajg1137's picture

Someone entering their Junior

PE
 
Points)
 on 8/28/12 at 9:21am
rooster3t's picture

ajg1137: Someone entering

 
Points)
 on 8/28/12 at 12:01pm
SirTradesaLot's picture

'Rising' must be an age

O
 
Points)
 on 8/28/12 at 12:08pm

Turbo leverage for capital explosion -- BD Capital

My WSO Blog

Oreos's picture

monki1: Former BX RR analyst

HF
(Neanderthal, 2,445
 
Points)
 on 8/28/12 at 12:26pm
Determined's picture

Oreos: monki1: Former BX RR

 
Points)
 on 9/8/12 at 2:30pm

Talent is hitting a target no one can hit.
Genius is hitting a target no one can see.

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