FIG Exit Options

First, before anyone says it, "FIG" is too short to use the search function.

I am hoping to get some info on exit options after working in FIG at an I-bank. I have some personal contacts at a top MM bank, and I will pursue a FT position with this bank next year. However, all my contacts at this bank work in FIG, and I assume that I will probably get placed in that group if given a FT offer.

I realize FIG is a different beast than other coverage groups because valuation relies on equity multiples. Is it common for FIG bankers to move on to different coverage groups, or vice versa? Does working in FIG put you at a disadvantage for PE or HF recruiting down the road, or are there firms that specifically focus on financial institutions? If so, who are they?

Basically, what do FIG bankers typically do for the rest of their career? Are they career bankers? Do they move on to corporate finance? Are PE and HF jobs realistic, and if so, do you have to go to specialized firms?

Any info is appreciated, especially from bankers that have experience in FIG.

 
SBE:
First, before anyone says it, "FIG" is too short to use the search function.

I don't have any answers for you, but fyi you can search for short terms using google by typing the term then site:wallstreetoasis.com

http://www.google.com/search?q=FIG+site:wallstreetoasis.com&ie=UTF-8&oe…

Looking through the first few pages though, I don't think you would have found the answer anyway.

 
Best Response

I work in a FIG group so here are my views. It certainly is more narrow but then again the fig universe is really huge in comparison to most other coverage teams and it is a bit more varied in terms of what you do. Can you move - yes. People have joined our group from non fig backgrounds (junior-mid level) since I have been here and although nobody has gone the opposite direction recently I see no reason why the reverse wouldn't hold true if you wanted it to, particularly at analyst and associate level.

From what I understand there is currently quite a good deal of interest in fig backgrounds for hedge funds and PE, though not sure if that has historically been the case. As for companies specialising in fig, yes they certainly do exist, look on google. JC Flowers is probably the largest PE fund focused purely on financial institutions that I can think of off the top of my mind.

Nonetheless if your sole goal in life is to get into a PE fund then I wouldn't join a fig group for pretty obvious reasons.

 

i will be starting full-time in FIG in July. A couple analyst that I talked to moved from FIG to LevFin after a year, so it can be done. I'm not sure if thats just the bank I am going to or common across the board.

 

To revive this thread a little bit since I'm interested as well.

In particular: how hard is it to move from FIG into TMT/Industrual/Consumer/Healthcare after say 1 year, within the same bank? (assuming good first year performance)

 

The exit opportunities as a junior FIG banker are basically the same as for other groups. You will probably not be the first person to be called when they are looking to add someone to a VC funds, but I have seen guys from FIG go to Large cap PEs, hedge funds and, most recently, fin tech start-ups.

I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing. See my Blog & AMA
 

I don't think they have to justify themselves. What you'll have to prove is that you can model "normal" companies. When doing fig you're usually not that exposed to traditional lbo models for example. So you'll have some ground to cover there.

I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing. See my Blog & AMA
 

Seen FIG people secure solid buyside placement, in both FIG-specific roles and also generalist roles or even roles in a complete other sector (e.g. TMT). The other option is usually corp dev at a FIG company (usually a client that they've worked with or their firm advises). Also something to consider is most FIG groups are pretty receptive to their analysts moving to the buyside, since there's usually a vertical in FIG dedicated to covering private equity firms and asset managers/hedge funds.

 

There was one analyst in my group who went onto J.C. Flowers. The others stayed for a third year. Granted the guy was a "rock star," but it's possible. My theory is that if you perform well, you should be able to create your own "exits", regardless of which group you're in.

 

Thanks for the advice! At least they did teach you how to be sarcastic at your Ivy league school, congrats!

Judging by your other posts elsewhere, you should probably try to heed your own advice and humble yourself, rather than just going around criticizing everyone's posts, even if it really makes you feel that much better about yourself.

 
jimbrowngoU:
He has a point though - you have basically posted this same topic three-four different times, and it's very much unlikely that this one will yield any different success than the prior ones.

I understand, and he would have conveyed his point just as successfully had he said it like you did rather than choosing to use a sarcastic tone. I apologize for the redundant topics.

 

I asked someone at a BB PE firm to compare their exit ops to a BB FIG and they said that for FIG, you can go into PE, if that firm concentrates on acquisition of financial institutions -- otherwise, it's possible, but will be harder.

That's probably your best chance.

 

And it will obviously be harder coming from SO.

Babo, here's a little bit of info I got from an Analyst during my FT interviews (I was comfortable with the Analyst and kept in contact with him post-offer). He basically said it's very, very difficult to get into PE but it can be done. If you have some good experience on your resume (which you will - SO and FIG in general is hot right now) and some good stats (good school, good GPA, good scores), you'll have a shot at some places, including top PE shops with FI groups. But you will need to utilize your MD's at SO, and make sure you get on it fairly early.

 

You're almost definitely a troll, but I'll bite because to some extent, I'm in a similar situation. FIG exits are great. You should ask the analysts about this, not WSO, or is it actually true that Goldman is really stuffy when it comes to leaving the firm? In my case, everyone, including the senior guys, are very open about exiting.

You won't always be the FIG guy. People switch industries all the time when they move over, so be sure to make it known that you'd like to do something else. FIG is a great group (in terms of exits), but you're going to get worked. Enjoy.

And delete this thread. You know HR is all over these kinds of sites, right?

 

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