I'm fresh out of undergrad from a non-target in the northeast. Currently interning at a boutique IB and just accepted an offer for a first-year analyst position at a MM IB in NYC. I'm extremely excited to have landed this because I worked my ass off to get here, but I want to know what I should be expecting. Haven't had any experience modeling at the internship but have had a lot of experience putting together pitchbooks, due diligence, and comps. I know the learning curve will be steep. Any and all experiences from MM IB firms is appreciated. Also, any tips to try to get off to a good start is greatly appreciated as well.
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Probably don't expect to be invited to as many Christmas parties as people from BBs. You'll probably make friends with the other Analysts from sub-optimal banks, like Mizuho, Societe Generale and maybe some of the ECM guys from Deutsche/Barclays. If you have game you can still probably get laid every now and then, but make no mistake, the models are with the Goldman/JPM/Morgan Stanley crowd at the more exclusive bars in NY that MM bankers don't have the connections to get into.
You were an intern after graduating?
No, I interned in the fall while finishing up school
Congrats!
I think the best thing you can do is familiarize yourself with the M&A process and each party's role therein. This, I think, will allow you to focus on other skills and hopefully flatten out that steep learning curve.
The daily grind for boutique or lower MM IB analyst? (Originally Posted: 09/25/2014)
Hi Monkeys,
Just curious what your days tend to be like in these smaller environments. I am mainly curious about these opportunities because it seems like you get a lot of hands on experience, which is great if you are wanting to work in lower MM PE.
How much of your time do you spend on:
a. researching/reaching out to potential clients
b. modeling
c. maintaining a comparable database
d. admin (I know this sucks, but at boutiques, I'd imagine there is a little of this)
e. other (what else?)
f. what are your roles during a transaction?
I know some boutique analyst go to conferences and networking events.
You forgot what takes up 80% of an analyst's job... building pitchbooks.
Models take a matter of hours to do, and analysts aren't as hands-on with ongoing mandates.
I can't give inside info but I can tell you from the buyside that it completely depends on the bank. I'm in lower to full MM PE and some of the IB's we deal with have analyst at meetings making meaningful contributions and other are just a faceless email person.
Building marketing materials (kickoff package, teaser, CIP, etc), ad hoc tasks, data room diligence, modeling.
What rpc said. Environment is much less intense. Highly unlikely you'll consistently work 80+ hour weeks. Closer to the 60 hour week range. While personal life is vastly better, pay is worse and exit opps are much, much worse. Source: Used to be a lower mm banking analyst.
Didn't mean to imply light hours (not sure how that was communicated from what I wrote...) Hours are group dependent. I'm at ~90-95 fwiw
You'll probably end up doing modeling 20% of the time, 50% building pitchbooks / memos / CIPs, 10% of your time maintaining public comps and M&A database (you'll find that most of the time, people will pick the comps as they need, and there probably isn't a trustworthy comprehensive database because FactSet / CapIQ can only go so far...), and the rest of your time on admin stuff.
MM IB Analyst - Not Doing Much? (Originally Posted: 10/06/2015)
What Industry?
Tech
Bump
Enjoy it while it lasts. You'll be busy soon enough.
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