College junior, looking at summer internships. I've been interested in M&A for the past 1-2 years, and relatively recently after speaking to some people in FIG it caught my interest as well. I think I would enjoy covering banks etc., but I might want to move into PE after my analyst years, and I am wondering how much I would limit my PE exit options if I ended up in FIG.
I looked up a few threads on here, but I wanted to ask the question myself - in the real world, at a practical level, suppose you are in FIG. How much does it pigeonhole you? From PE's pov, how much do they care? How big is your recruiting disadvantage?
You can move onto financial institutions focused PE afterwards.
ur exit opps are what you make them...but yes it helps to focus on the FIG focused PE funds given the background
going through top PE firm websites I have seen plenty of BB FIG analysts as associates (not just Goldman Sachs FIG either)
Pretty soon there is going to have to be sister websites called PEO and VCO...if you can go BB FIG, quit worrying about your exit ops.
FIG focused PE is one of the most bad ass types of PE in my mind.... if not the most badass type
Check out the firm Stonepoint Capital - a guy I know works there. The firm's people are completely fucking badass - their top guys were formally CEO of goldman and things of that nature. The pay is also off the charts
Stone Point Capital now that i look again..
This is sort of a silly question if you don't have a choice to make. If you don't currently have offers you are choosing between then I wouldn't worry about it, just focus on being prepared for your interviews and put yourself in a position to have a choice in the future.
Regards
Thanks for the responses. I just wanted to get a fair opinion on if the difference in work is the problem some people make it to be - obviously, it seems, it isn't.
"put yourself in a position to have a choice in the future" this is exactly the reason I'm asking.
If you look across the funds FIG is actually one of the most represented groups. I think it's because FIG is a bit special on its own terms and draws technical oriented people. I would say around at least 30-40% of the guys at top PE funds had some sort of FIG experience in the past. So you shouldn't worry that your FIG knowledge won't get appreciated in interviews.
Going through top funds, FIG is pretty underrepresented compared to the other industry groups that are more broad. However they are good for FIG focused PE firms.
It's a matter of preference, but I don't know why out of all coverage groups out there you'd pick FIG. I mean, you WORK in the industry - so you'll know it fairly well as is. If I did coverage, I'd pick a different industry like Tech, and do an M&A focus on it if I could. Afterwards the doors are open for VC / PE, and with an M&A focus you'll do a lot of modeling and execution. At a regular FIG group you'll do a lot of equity raises for FIGs, which can be monotonous and boring.
But to each his own.
That's patently ridiculous. Working in IBD does not mean you know the first thing about financial institutions...explain to me just how doing tech m&a ends up teaching you how to understand a bank's capital constraints.
if you find fig interesting, do fig. doing things you like and are good at will lead you to be much better off when it comes to finding other jobs
I summer interned in a FIG group. before the end of the summer I was contacted by a headhunter for an analyst postition in a PE fund (I refused - I prefer to start my career in IB). I asked the Headhunter if FIG was a problem in order to go to PE
They said no BUT you are not the first choice when they look for itw candidates as you dont do any LBO modelling...
MS/JPM FIG to PE? (Originally Posted: 04/13/2011)
There aren't many useful (or recent) threads about PE opportunities from FIG (mostly thinking FIG at MS/JPM); does anyone have any idea? Obviously the modelling done in FIG groups is somewhat different, but I've heard people say that PE shops aren't too concerned because picking up the relevant skills after FIG modelling isn't very tough.
Can anyone confirm/deny?
Thanks.
I actually think this has been discussed ad nauseaum.
In short:
//www.wallstreetoasis.com/forums/former-ms-ma-KKR-here-to-field-questions
it's a long thread but he mentions that GS FIG is the second most sought after group by KKR so take that how you will
MM FIG --> PE (Originally Posted: 02/25/2009)
What are the chances to move from a FIG Boutique/MM investment bank to PE? I've heard from some that it is extremely difficult, while others have told me it isn't as hard of a transition as it is initially perceived to be. I'm sure a lot depends on the type of PE firm (whether or not they focus on financial institutions as part of their business), but is it a realistic path?
Any insight would be greatly appreciated.
Thanks!
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