Exiting a Boutique

If you already have a grad degree, shouldnt you have joined on as at least an associate?

rmivalue:

I work as an analyst in a middle market boutique IBD, what are my options after 2 years? Any ideas? Already have a grad degree.

ur exits ops are whatever you make.

chuckles02912:

If you already have a grad degree, shouldnt you have joined on as at least an associate?

maybe he did a 5 year BA/MBA program and will get promoted to associate after the 2nd year. maybe he went to a school that wasn't baller. who cares?

I would take the third year if you think it will strengthen your knowledge base and help you get more transaction experience. Additionally, I think it would be prudent for you to start networking and keep the option of lateraling to a bigger bank open. Getting to a bigger bank would probably get you a better network of headhunters to help you reach out to PE firms. Just a thought... you obviously have to weigh other factors like what level you would lateral in at (i.e. repeating 2nd year vs. coming in as a 3rd year... either way you're not talking about a huge issue if your plan isn't to stay at that bank as an associate, your comp would be slightly less as a 3rd year but you might have a less difficult time explaining your story during interviews).

Good advice above

Thanks guys, that's helpful.

On another note, on average, how far in advance do PE firms start their recruiting for pre-MBA associates? Just curious.

Headhunters have started contacting for positions that would begin in summer 2013... I would assume interviews will begin in late February / Early March for larger shops and decisions will be made extremely quickly at those places (i.e. most Megafunds will complete their recruiting in a week).

I know I'm asking a lot of questions here, but honestly, how many transactions can a candidate talk about given they would have only 8 or so months of experience? Assuming top shops are recruiting 1st year analysts.

It depends... I've closed 7 transactions in my 9 months at my firm (started a bit early) but these span cap mkts and advisory. It's more important to have quality experience on the transactions, even if deals haven't closed you can put potential deals on your resume and I know many people who have gotten great jobs without closing a deal prior to interviewing.

Wow, congrats that's fantastic. Thanks for the feedback, it's hard down here in the MM.

Go to a bigger/better IB for a couple of years.

Thanks - appreciate the advice. Could you elaborate on why? Or will PE firms simply throw out my resume if they don't recognize my firm?

I'm in a very similar position as you, though switching banks isn't really an option for me at this point.

I have gotten a small amount of traction with some lower middle market buyout and growth equity shops without any type of highly concerted effort (reached out to headhunters, let some friends know I was testing the waters, etc.). It really is an uphill battle though - you won't get past the initial screening by HH's for most of the better funds out there. If you choose not to switch banks, I would suggest networking with the lower middle market shops that don't have as formalized recruiting processes, especially younger funds, funds you have worked with in the past and funds that focus on an industry vertical where you have direct deal experience.

I'm also not in a 2 year/3 year and out program, so it's difficult (impossible) for me to go to my superiors asking for referrals. If this is a possibility for you, I honestly think it would be the best route to take.

One big thing you're missing from the equation - will your MDs make intros for you?

Thanks for all the feedback - definitely helping.

Interesting situation, similar to Duffmt6 I'd imagine. Upper level (MDs) would definitely not be willing to pull in connections for me (at least for a few years) because they want to keep me around. But the middle level (associates and VPs) would definitely be willing to vouch for me if people at the PE shop wanted references about my work quality etc.

Any tips for cold calling smaller PE shops? What level should I reach out to?

Will headhunters all pass me over - even with the BB IB internship last summer? I actually got an offer there but the entire office was cut before I started and after full-time recruitment was complete...

Also interested in this.

I've been at a small shop, that does mostly valuation work, but also occasional M&A advisory deals for nearly two years, and have started to realize that many of the things I'd been told are unlikely to happen (i.e. an increase in deal flow and more transaction focused). Thus, I'm in a similar position, and am seriously considering taking a step back, if necessary, to make the jump into something higher profile.

1.) You need to learn the common usage of the term "post-opp." I was expecting a juicy tranny-banker confessional and I got this shit instead.

2.) You need to learn how to tag a post. This has absolutely nothing to do with "Goldman Sachs" or "bofa" and makes absolutely NO reference to "private equity" or "venture capital fund." You're 3 for 7 on tags buddy.

3.) A lateral move to an MM or better is an incredibly reasonable and plausible move from the firms you listed (Think, Montgomery, etc.). If you are interested in continuing in banking, you'll be able to find an upward move somewhere.

4.) You're very clearly new here. Welcome to WSO!

^bunch o' weirdos in this joint

Perennial, welcome to WSO. A transfer is totally possible just keep your head up and jump on any openings in other firms.

Nouveau Richie:

2.) You need to learn how to tag a post.

Maybe not the answer you are looking for but what other options do you have? There are not but a few jobs that one can get coming out of undergrad that will give them the opportunities that an IB stint will give, even if from a MM boutique. At the very least you would have access to senior level bankers, good deal flow, etc. Even if your prospects weren't up to par after your stint, you could always hit up one of those top 10 MBA programs you now have a connection to. That would likely put you in a better position to land a PE/VC gig assuming one wasn't available before. Good luck.

Regards

I apologize for the negativity, but I don't understand why anyone who's already made their mind up that banking isn't really for them would apply just for the exit opps. You might as well have applied for consulting, engineering or specialist corp dev roles that you'll enjoy more and still have a good shot at PE. Go for the banking gig if it's something you think you'll enjoy doing despite the hours; people talk about the money like it's a mitigating factor, but it really isn't worth it if you have absolutely no interest in what you're doing. Additionally, PE at the lower levels really isn't all that different from banking in terms of day-to-day tasks.

i didn't mean that I don't want to do banking or already decided it wasn't for me...rather I meant that like many others I don't plan to do banking for the rest of my life, thus I want to ensure that my time investment will leave me with opportunities. ...not everyone has the options that previous comments have spoken of...not everyone can get into a top mba program, good consulting/corp dev. roles are not easy to come by if you aren't a blue-chip kid.

I 100% second hellonyc's thoughts and opinions. Many people gruel themselves through 2 years of IB just to do it. Not to say we don't enjoy to an extent what we're doing, but it's not something we'd spend our lives doing as a professional. I'm in a very similar situation. Similar background, similar MM/boutique style IB.

So am I (not exactly MM but not a BB either). I understand the appeal of PE etc., but the reason I got into banking out of university was because it sounded interesting (and the money too of course). If you're already sure it's going to suck, why on earth would you take the job right out of school? There's other ways to go to PE, trust me.