Help: Working with MD
Background:
I’m an analyst at a TMT boutique that just started in June. I’ve been working with one of the managing directors on a few projects since I started. I’ve been trying very hard to impress him and produce quality work that he would like and be impressed by. Comp is street level, and I would like to go to b-school or into PE in 2 years. (right now I’m debating sooner).
Situation:
This week we went through multiple drafts on a CIM together, me incorporating all of his changes into the document to the letter. He read the document multiple times, and gave me his edits. Then, at the last minute, he essentially tells me the document is shit and if we are going to work together I need to put a lot more effort in.
After finished the CIM and getting it out to the client, I tried to ask him for criticism or his personal style preferences to learn and produce better work. He proceeds to tell me that we go toe to toe with bulge brackets in bakeoffs etc. and everything needs to bed flawless. I’ve been working my ass off, and he tells me that I’m letting the team down if I’m not producing better work. He failed to give me any concrete examples of what he likes, but it just has to be perfect before I show him a “draft”. I specifically asked him for examples of old documents/models that he likes. He just told me to be consistent.
At this point I’m on the verge of emotional collapse. I don’t feel as if I’ve come up to speed on the sector, or hit my stride in producing quality work for the firm, and now I’m questioning if I ever will. He said not to take it personally, but put a lot of effort and pride into my work. Since he isn’t pleased with my work, neither am I. As a result, I feel like shit and that I suck at my job. I’ve worked the past 12 days straight and wanted to sleep tonight, but I’ve been up all night with his words echoing in my head.
The thing that is driving me crazy is he read multiple drafts of the CIM, and we were almost ready to print. At the last minute I get berated for producing low quality work? He read the thing multiple times, and said it was almost print ready. It doesn’t seem like he’s open to me coming to him for advice, and won’t give me examples of what he likes. At the same time, he wants everything perfect and done his way. I’m worried I wont ever be able to impress this guy.
I’m feeling pretty fucking shitty. Anyone have any advice or had to handle a situation like this? Should I start planning my exit sooner than expected?
Don't beat yourself up. The guy is an insecure asshole and doesn't know what he wants. There are several things wrong with the situation you just described, with the primary ones being: 1) How is there not an Associate / VP staffed up on this deal? You're less than 3 months into the job. No way you should be responsible for drafting a CIM from scratch. That's what Associates are paid to do.
2) Related to the above point, you shouldn't be falling on this sword. The Associate / VP on this deal should be feeling the heat. 3) How does an MD with over 10 years of industry experience not have a single precedent CIM to point to? Every banker I've worked with that's been in the industry for more than a few years always had 2-3 CIMs, prospectuses, etc that they could point to as solid precedents to work off of. The fact that he can't show you a solid precedent tells me he hasn't done a legit sellside before.
I could go on, but again, the guy is being a prick, and it's probably because he: (a) hasn't generated a solid fee event in a while and is feeling pressure from above or (b) is a genuine asshole at heart.
How did you get yourself into a MD - 1st year analyst deal team situation to begin with? Does your team not have a staffer?
We run very slim deal teams. Normally one MD and an analyst/associate or with a VP. I worked two year in a middle office role, before moving into this role. I also had a solid SA experience my junior year. I've helped work on books before, so I thought I was up to the task and it was going alright.
He has been very successful in his career and is pretty well respected in the industry. That being said, one of the other MDs is running laps around him in terms of bringing in fees(almost 2x). I think he just started sweating things at the last minute, because he sees a lot of repeat business from the client.
It's just very frustrating trying to please someone who can't clearly articulate what they want.
Like you alluded to, maybe he was just stressed/having a bad day (esp. likely if he was fine with the work before and went off at the last second only). Could have basically nothing to do with you or your work. See how he reacts to the next pieces of work you do for him, you may be getting yourself worked up for nothing.
I am fortunate that the vast majority of people with whom I work are quite nice, but in the event that someone berates you unnecessarily, you have to just let it roll off your back. Hang in there.
Let me offer another possibility: you were being a little sloppier than you think. There is always a big adjustment period for new analysts and associates: nobody is ready for the level of meticulousness expected of them. I've never met an analyst immediately as detail-oriented as he needs to be. The best analysts I've worked with are the ones that come to that realization sooner rather than later.
So, yes, maybe your MD was just being an asshole--or maybe he was fed up with having to make so many edits to your work. It would be easier to assume the former, but far more constructive to seriously consider the latter.
It might be helpful to have a middle layer, yes. A sample CIM would also be helpful, as would more experience under the OP's belt. But wishing for all that will not make it so. I'm simply advising the OP based on his actual circumstances.
Your MD sounds like a pussy.
Take a deep breath. If you sucked at your job you wouldn't have worked the past 12 days straight, asked for examples, and made the changes he requested.
I might ask an associate for advice. If your MD is as big of a doofus as it sounds like he is, he's likely built a reputation with the junior bankers, and you aren't the first person he's treated this way. The others should have some tips and tricks to navigating his deals. Just remember to ask in such a way that doesn't come as off complaining, but rather one that expresses your concern and want to do the best job possible.
Don't beat yourself up. Like someone above said, the MD was probably having a bad day and took it out on you. This shit happens all the time to the best of us, don't let it get to you. It's one thing to appreciate feedback, but if you let an MD's opinion of the quality of your work dictate your life, you're not gonna last long in finance. Or have a life.
Seriously, chill out, put this behind you and go to work determined to do your best, not to impress anyone. I'd also recommend going on a weekend bender with your friends (best way to get over anything shitty real quick), but somehow I doubt you're the type.
How did you end up the only analyst working with him? Might be more than a coincidence that the new guy ended up on their own with a stroppy MD
I posted a similar entry not too long ago where a Director was doing my head in with his working style.. Took me exactly 8 weeks to go from swamped and clueless to being the best in the office at dealing with him (every other junior still ducks his projects)
I am your MD. Come to my office tmr at 7am.
Chill out. This industry is full of cretins. This engagement has clearly been a shitshow to you both in terms of logistics and as it relates to your feedback specifically. However you shouldn't take the opinion of one single person - especially someone who seems to be of somewhat complicated dealing, to say the least - at face value as an indication of your worth.
As someone pointed out, try to go to other associates for some informal feedback, or even VPs. Even admin personnel (presentation, assistants) could provide you with good hints, if your social skills are good and you can throw a couple of stealth coffee-room chat baits. Relax, this job is already a nightmare when all goes as planned, and if you choose to be in the game for long enough you'll have plenty deals to correct course going forward, and even if it so turns out to be that you were not as careful as you should have in this one.
I'd get out at the one year mark and try to lateral to a MM or BB, if possible. Banking's hard enough, the last thing you need is some toxic MD not only crushing your time and energy (as expected in IB) but your confidence and soul as well.
This is terrible advice in my opinion (if basing the move solely on this one encounter)...the OP may like working where he is/it definitely sounds like he'll have pretty solid learning opportunities and a steep curve if deal teams are that lean etc...if the OP can figure out how to work with the MD and ensure this type of interaction is pretty limited/non-existent from here on out, it could be a pretty sweet gig and bouncing as a result of one bad encounter (which may have been partly or largely the OPs fault, no way to know for sure) is a pretty bad mentality to have.
Lateraling for other reasons or if this keeps happening unnecessarily I agree with.
Idk... reading this post sounds like the OP is fighting an uphill battle. First impressions are everything in finance. Also, lateraling from a TMT boutique to a MM or BB is always a worthwhile move in IMHO. I'd stay for a year and gain some experience, but hit the road after. Besides if the MD hates you, you'll never make associate anyways.
Who are the top analyst? Why not reach out to the analyst who are favored by the MD, ask them how to improve. I am sure they will understand where you are coming from and will be willing to help you out with feedback on your work. Look everywhere you go there will be bosses like this, see this as an oppurtunity to learn how to work with this type of personality and see if you can learn to manage it. I don't think your MD wants to spend the time going over every detail with you, but you have to remember you are surrounded by resources at work.
My guess is that he wanted to get in your head (I would say that was successful) so that you are beyond meticulous next time. I also agree with the others that the guy might be feeling the heat about not producing himself and you are the proverbial dog to kick for him.
A lot of good advice. I'd reach out to other analysts in the shop and get advice. Also, people each have trigger points and pet peeves. Sounds like this guy's has them and doesn't know how to describe them. You need someone else to give you that info.
Analyst to an MD is tough. Keep doing your best and try and not let the MD ruin your self esteem. If he doesn't help you improve then I'd probably look for another gig at the year mark. No sense working for a guy long term if he doesn't tell you how to improve and just keeps shitting on you.
Hopefully it changes and this is just a learning curve issue.
Doloribus possimus eos reprehenderit. Nihil pariatur reprehenderit harum atque. Illum qui sed enim consectetur dignissimos fugiat possimus. Aut reiciendis eum vel provident voluptatum eius.
Fuga maxime sapiente fuga non est. Ipsum dolore quam est maxime reiciendis itaque aut in. Numquam odit consectetur labore consequatur similique sed. Officia eligendi cupiditate vitae praesentium.
Occaecati ut doloribus temporibus perspiciatis. Explicabo aspernatur eum dolores voluptatem. Est autem veritatis quos beatae soluta. Totam magni aut ducimus. Explicabo maiores animi ipsum assumenda reprehenderit maiores voluptate. Corporis facilis optio facilis necessitatibus libero deserunt.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Impedit corporis aut quibusdam recusandae nisi ut. Qui similique corrupti nobis. Velit illo accusantium eligendi eum quisquam reiciendis perspiciatis qui. Consequatur voluptatum eum vero veritatis odio.
Beatae at nulla totam dolorum. Vero omnis facilis iusto reiciendis. Magni dolorum omnis asperiores autem sed rerum repellat. Nesciunt aut quia nemo sit nihil. Velit sit repudiandae qui.