May 06, 2022
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The people telling you that are fucking idiots, particularly when you factor in your considerations (Boston, WLB, culture). BCC is a great seat to get, even if you don't convert it's a great name to have if you want to do top AM. I'm not sure how the SA programme works in the Boston office, but if you can see if you can get a seat which looks at DSS transactions. The fund has an extremely flexible mandate and has done transactions with the PE funds. Both credit and PE invested in the Virgin Australia transaction for example: https://www.afr.com/companies/financial-services/how-bain-capital-playe….

If you decide you don't like BCC for whatever reason, you shouldn't have any issue recruiting FT for IB. For exit ops, go onto LinkedIn and set Bain Capital Credit as previous employer in filter, you'll be able to see where previous analysts have gone.

 

think you are feeling fomo for "wasting IB offers" but BCC is a solid platform that does a lot across credit strategies: industry research (liquid), special sits, private credit, and typically invests alongside the PE team (pref/mezz/DL/liquid credit) - believe the SA program is rotational too so you get to experience different styles of credit investing. Fwiw, a lot of folks from RX programs do exit to a place like BCC (esp distressed/special sits). If it doesn't work out, I am sure you'll be competitive for IB FT recruiting (e.g. Leveraged Finance

 

recruited there and my understanding is that even industry research analysts spend 30-50% of their time cross-staffed on illiquid projects. Going to EVR but would have accepted BCC since spending 30-50% of my time on special sits, mezzanine, structured equity, etc. is better than spending 80% of my time in PowerPoint and 20% of my time in excel. Plus, HF exits are excellent and the hours are also much better.

 

It sounds like you value WLB and know that you want to do investing. The only optionality that you are giving up by going to an EB is to go to a more "intense" distressed fund or megafund, neither of which sounds like it would be a fit anyway. Besides, you already have the "MF" brand name from day 1. The platform you're joining has PE/distressed/credit/growth, and I'm sure you would be well-received by any of these groups if you wanted to interview for an associate role. BCC has very strong brand, and would set you up well for a long-term career as an investor no matter which route you choose. 

If you spend the summer there and feel like you won't learn or that you want the classic banking experience, a shop like HL/GL will have a full time spot for you anyway. 

 

OP could land those roles from BCC, almost certainly. A banking analyst program isn’t a better or worse skill set, but has different advantages.
 

To simplify, being on the buyside as an investor obviously helps with thinking like an investor and trying to understand businesses. On the flip side, a banking analyst program gives you exposure to a much broader range of transaction (especially in a top group such as HL RX).

While OP could definitely go to a top distressed fund from BCC, a RX analyst program would likely be better preparation because it’s a pretty specific skill set. OP is unlikely to learn as much about chapter 11 and the distressed playbook at BCC vs. a RX program. However, OP is likely to learn more about investing and may understand businesses better working at BCC. Further, there would be an adequate credit foundation (perhaps better than some RX analysts, and certainly better than most coverage/m&a analysts). For MFPE, I’d assume the above also applies, to a lesser extent, to the variety of transactions at an EB / BB. Truthfully, I don’t think it really matters and the comparison is like splitting hairs.

I think none of this matters if OP actually values WLB, since that doesn’t exist in a banking analyst program. My guess is firms that are likely to deny an interview to a BCC analyst vs a banking analyst due to “WLB” perception are not firms OP would want to work at anyway.

 

Could you elaborate on WLB at BCC? I heard it was pretty good (from an analyst) compared to IB

 

"compared to IB"

A lot of these credit funds are still 60 hour weeks. Research roles at Fidelity/Wellington aren't much better while you are still trying to get the hang of things.

 

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