Is IBD an option for a newbie in 40s?

If you've been involved with Bus Dev then you should already have a good conceptual understanding of M&A. I don't see how these light modeling courses would be helpful to you. If I saw your resume and it included years of experience in BD and then a modeling course, it would only raise flags to me. If you really think you could benefit from the courses feel free to take them, but I wouldn't list them on your resume.

The fact that you have workout experience is useful in PE during distressed situations. However, to be honest at your level your primary competition on the PE side (besides those already in PE) are investment bankers who are at the MD level, and it's really not a question of whether you can do the job, but what the credentials of your counterparts are.

On the banking side, you may have a shot, although I've never seen the move done so late in the game at a large bank (I worked for a bulge with no commercial arm so maybe those with experience at JPM/BofA/Citi, etc. can chime in).

It'd be helpful to know what kind of commercial bank you were with (is it attached to an investment bank? Regional player? Do you have exposure to financial sponsors, leveraged products or syndicated finance?). Any kind of credit experience that you can tout that has a similar feel to IBD is a plus. Also, while admittedly the transistion will be an uphill battle, why not consider other halfway options? For example, many hedge funds have leveraged credit funds, distressed credit funds, etc. Many hedge funds are now so engulfed in all portions of the cap structure that there's opportunities all along the ladder that may seem "sexier" to you than being a commercial banker. A VP at a commercial bank that I know of recently made a switch to a large HF/PE's credit fund that works primarily with 2nd lien and senior unsecured credits. Not exactly M&A or PE, but certainly a step in that direction. The pay happens to be significantly better, too.

great post

My biggest challenges are my lack of network in the IBD/HF/PE world and no prior exposure to financial sponsors, leverage or syndicated finance.

My thinking to take one of the modelling courses is two fold:

1) Gain formal modelling training, particularly for LBO models (never had it before). However, I do not know how close these training models will be to real life scenarios and how complex the depiction will be.

2) Utilize the trainers to network within the industry. Again, not sure what are their placement records and how successful this approach can be.

In addition, I have worked for a large financial institution with a BB IB (I was not located on the NYC). I have also worked for a large regional bank, off the Street. Both of these banks are in the top 10 US banks and recently did not have to cut their dividends or had a need to raise new capital.

My feeling is that the training courses are not going to be that useful. To do an analyst's or associate's job, you really need to be able to sit down in front of a model and understand it within a few hours (even if you have never seen one of its kind before). If you don't already have the Excel skills to do that, no amount of LBO training courses are going to get you there.

But most of the people who frequent this forum are 1-5 years out of undergrad. Maybe a user like Ghengis Khan can better address your question. You might also want to chat with your peers at investment banks, hedge funds, or private equity groups if you know any. If you don't, you could always speak to a recruiter.

i recently met with an associate at a BB with a commercial arm who worked in commercial for some years and then got hired as an associate in the ibanking division, so im guessing its possible

I think good points have been made here, but from what I've seen it's quite difficult to move into a bulge bracket or large PE role coming from a non-traditional background (e.g. you spent a good part of your life doing something besides banking/PE).

For someone with your level of work experience, a modeling course is not going to be helpful, either in terms of getting the job or understanding it. Your time/money would be better spent going after actual positions at places that better suit your experience.

Banks are currently not hiring (well, a bit of an exaggeration but you get the point)... it's pretty much a bloodbath all over, and it would be very difficult to switch at a late stage in your life even if the market were better.

I would suggest the better approach is to go for smaller PEs/HFs that would appreciate your experience rather than aiming for the top right away. If you have no exposure to leverage or anything that may be difficult, but it's a lot more viable than going for a BB, given the stage you're at.

In terms of the lack of network, I would stretch and go through all your existing contacts and see what you can find - I'm sure there at least a few who deal with PE/HF types. Also consider your alumni network, even though you're far removed from school don't discount that.

http://www.mergersandinquisitions.com/
Mergers & Inquisitions

The only I-banks that may be interested in you are small (really small) boutiques. Your only real chance is to do some type of leveraged finance at a hedge fund or private equity fund.

I wouldn't even waste my time contacting I-banks, regardless of whether you take a modeling course. One potential is to pursue something at a location that no sane person would consider - Dubai, India, etc. Their standards are probably lower.

btw, you may be surprised to know that many I-bankers look at commercial banking as a sweet deal, regardless of the smaller paycheck. Less hours, going golfing with clients, less time sitting in front of a computer. A buddy of mine golfs about 45 times a summer with clients and has his country club membership paid by the bank. Not bad at all.

"One potential is to pursue something at a location that no sane person would consider - Dubai, India, etc. Their standards are probably lower."

Care to explain where this is even coming from? No sane person?... Be it that Mumbai maybe be a bit less conventional for now than Dubai, I don't think its a totally irrational location with low standards.

haha...Dubai pays as well as NY with more perks

"One potential is to pursue something at a location that no sane person would consider - Dubai, India, etc. Their standards are probably lower."

What the hell are you talking about?

There have been some really constructive views and comments from some people and I want to thank them for it. However, now we are veering off the path a bit.

Can we now get back to the topic under discussion. I would really like to hear from others who have some real opinions and experiences that I can benefit from.

I'm sure that Dubai pays well. But, I repeat, no sane anglophile would go there.

Dubai, I can understand. Civil liberties issues there.

But why Mumbai? I thought that's where everyone wants to be. Along with Shanghai and Hong Kong...

Love the folks spouting stereotypical put-downs about the Arab world. 'No sane anglophile'? Dubai is full of people from the UK and Australia, so there's that ridiculous comment done with. At the higher levels, they pay as well as BB's abroad.

You think that graduates from prominent universities are chasing I-banking jobs in Mumbai, India? I suppose anything is possible.

Now Shanghai and Hong Kong are great possibilities, but you generally have to speak Mandarin or some other Chinese language.

btw, I speculated that i-banking employment is easier to obtain in Dubai because I constantly see positions advertised.

Was just in India a few months ago. Would have to say that it is certainly not somewhere I would ever want to live.

I would love to work in Dubai...

i know some pe professionals antsing to get into india. ditto for folks trying to lateral into the mumbai office. that said, many of them are indian, maybe they just want to go home...

At the end of the day, everyone wants to go back home. Americans don't love working in India, and Indians don't love working in America (actually I'm probably wrong there), as I know some indians willing to donate a kidney just to come and work here but I can see why bankerchic wouldn't want to live there.

Wouldn't your disposable income be higher in Dubai than in NY, since salary level is the same but you pay no income tax? Correct me if I'm wrong...

Hahah love the pic

We're Italian, "WACC" means something else to us.

I have lived in Dubai and can only say that Indians are very shrewd in a very KNIVING way. Be careful......No im not pakistaniLeave america if u dont like it. Simple as that

It’s hard but not impossible. I know two people who managed to move to IB after working for over 15 years in back office areas (Ops and Credit).

I came across one of the articles that discussed a situation similar to yours. Even though the guy worked in back office operations, with professional help he was able to tailor his resume in such a way that it looked that he some skills that were transferable to an IB job.

I think, if you can you should do a course in financial modeling to get a better understanding of the valuation techniques. Knowledge can only help and not hurt. Out of IBI and AnEx, I recommend AnEx strongly because of their unique teaching style and also great instructor bio.

Because of them I landed offers with BB. They should also be able to advice you with your situation and help you tailor your resume for banking.

Why in the world would u want such a miserable position in ur 40's? Dude get over the mid life crisis crap and enjoy the rest of ur short life. At 60 ur dick wont even erect and by doing IBanking itll be over by 50. Just my 2 cents