Feb 24, 2023

MF Liquid Credit vs Private Credit at the analyst level

I know that some of the MFs (Blackstone, KKR, and I believe Carlyle) have analyst programs for both their liquid and private credit teams.

I understand the difference between the two asset classes, but is there a major difference in exit opportunities between these two groups? Assuming that the plan would be to leave after your two year analyst program, would one group provide exit opportunities that the other would not? Again, thinking about this from a very junior perspective as I understand that you get more pigeonholed in later in your career.

Thanks in advance for any help.

17 Comments
 

Might be fairly difficult to get reliable info on this as most MF Credit analyst programs aren’t nearly as old as the majority of IBD groups (many are 5 years old). I figure you can exit to any role where your experience is semi-applicable with the right network and prep, but I doubt you’ll get a ton of raw data on here.

 
VP - Pierce and Pierce

Might be fairly difficult to get reliable info on this as most MF Credit analyst programs aren't nearly as old as the majority of IBD groups (many are

True, the lack of data and ability to see past exits is really the problem. I guess I am more so asking about what people think the exits could look like based on the role and junior level.

 
Most Helpful
JamesBank

Why are we talking about exiting from private credit? Soon I'm going to see post about exiting from SMs. We need to stop using the term exit. Work the job you want to work.

Analyst level means first job out of undergrad. I don't think it is a ridiculous question to see how much optionality you have in the case that you don't absolutely love the very first job you have after graduating college, wouldn't you agree?

 

No. Because I don’t believe anyone who thinks they will get pigeonholed after 1 year out of undergrad would ever get these roles… if you are 1 of maybe 3 seniors who get a MF private credit role out of undergrad and you decide it’s not for you after a year or 2 you can literally switch to ANYTHING.

A kkr analyst would get picked up so fast for any role bc it’s clear they were a top top candidate in undergrad????

Fascinating how interns comment this stuff to me ….

 

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