Lev Fin question
I recently accepted a FT analyst position and am currently in a IBD generalist pool. We have group selections coming up during the next couple of months and I wanted to get your impression on joining a Lev Fin group. I've spoken to people both inside and outside the bank and it seems like a great fit for me. However, one can't help but notice that the sector currently isn't doing too hot right now...I was listening to the radio and someone said that bonuses in Lev Fin were expected to be down as much as 50% this year at some places. I don't want to reveal the name of the bank, but I will say that the Lev Fin group has historically been considered one of the strongest over the past several years. While it's difficult to judge what the market is going to be like when I start in July 2008, and I don't want this to a be a huge underlying factor in my decision, I still don't feel 100% comfortable committing to this group yet? What do you guys recommend?
Thanks for your advice!
In my opinion, choosing a group based on what's hot is not the way to go at the analyst level. You'll learn a different skill set in a Lev Fin group and if it's a top group, there will still be deals to get done. Not to mention, if you're a top analyst in any group, you'll be the first one they staff on deals so you shouldn't worry about getting a bad experience. Who knows what the market will be like next year and in the following two years.
Did you work as a SA in the same bank you committed to? The SAs who networked (and signed) over the summer most likely took the most sought after positions. I know that in my year that is what happened and I imagine that with the higher SA retention rate this year (due to the soft market) it is probably even more likely this year. The most desired groups are probably filled or close to it with kids that already have a track record at your bank. Just a heads up. Someone more senior probably has a better view on this.
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