How respected are MMs for sellside?
Did a long/short summer at one of the large MMs and currently doing 2024 SA apps. Grades are fine, go to a target school
Mainly focusing on IBD/ER with a few AM/PC applications too; basically applied to most things as I need an internship lol. Struggling to get a first round out of any of my applications and wondering what’s going on or if my XP isn’t actually sought after. The most translatable shops for my xp (other MMs) barely run summers and can’t find their apps anyway.
Appreciate the market is rough but people are still getting offers/interviews for SA and I’m not one of them lol
What about the other variables like networking and club involvement? Your experience would not bar you from interviews.
Held leadership roles in largest finance club.
Don't really do networking
You’re leaving a lot of doors closed
Lmfao
Bump
Helping to bump this.
The below is more or less purely anecdotal evidence (and I didn't hear it straight from the source so YMMV) but apparently in APAC (not sure about the rest of EMEA) the banks seem to prefer candidates with a "one-track mind", which means they pursue IB all the way. Didn't really believe that as some of the MMHFs are such good brands and names and have a rep of hiring the "best talent" but perhaps the sell-side banks just prefer people with more deal experience?
Especially as there are many hardos who spend a semester at a MM bank and they obviously have the reps in compared to someone who went to a MMHF for summer. I guess that's a point of worry too, and hearing it from people around me and you having difficulties too makes it slightly worrying.
I guess it's really a different ball game compared to the USA.
I'm not based in APAC but I'm unsurprised to hear that. In APAC the culture is very much grind out every single relevant thing to get an offer; you don't really get non-finance/econ/maths people in the finance roles there either.
That's not really the case in EMEA, I've seen people do these summers and get decent banking gigs afterward but unsure what's going on. Guess we'll see
All the best ahead! Just keep your head up and don't give up, market is really bad now and my seniors/batchmates are struggling with apps too. APAC doesn't have a networking culture either so fully get what you are going through.
The MMHF you went to didn't convert? Headcount issues or? Am aware that places like P72 had shitty conversion rates for the past summer too, and they are "supposed" to be one of those that converts the most and takes in the most freshgrads.
why would i hire a kid that interned at some middle of the pack HF vs someone with a known IB on their resume? Just suggests you couldn't break into banking for your first summer and ended up at some middle-market boutique HF.
Would widen your job search to other roles like ER, operations etc
I'm doing ER as well, will look into operations etc.
MMHF = multimanager not middle market though, would've thought the fund is well known and respected as hard to get into for the IBers but i guess not?
Same applies; not a lot of reason for me to go for the Balyasny SA kid over the Jefferies SA kid. The latter is better rated xp and harder to get into and harder to complete.
Think you overvalued the experience, don't think it qualifies you for top SA opportunities like you thought. Better to think of it akin to a regional IB boutique SA you do as a Freshman etc.
I'm skeptical of this given a lot of the people at the fund I worked at were ex-BB IBD or from other good shops like EVR etc...
But I suppose you might have a point and I should be aiming at regional, smaller banks to cold email and take me?
With your background, I wouldn't have reasonably expected interviews at mid/low tier BBs and EBs. Sure apply to them but P72/Balyasny/whatever brands are pretty weak...
Just be realistic about what your experience affords you and what are moonshoots.
MMPM hominem herzyherzy curious what you guys think of this dialogue lol
Well this has to be up there among some of the worst takes I’ve seen on this forum
dude you’re in ecm relax
I don't think that its a wild take - while big 4 MM def have more prestige than BB / EB, we are comparing a person who did not get an offer, so prestige has to be pro forma down, that is why the jefferies lateral would be better.
Would hesitate to say this. HF summers are not IB summers. When doing one, the assumption is the offer isn't there for you to lose like in IB, you'll be doing actual work such as ramping on stocks and building models from the ground up before pitching it with a variant view etc.
Not getting a return from an IB is a red flag (aside from the current market conditions), not getting one from citadel shouldn't be - the kid's probably more capable than most Ib analysts with 0.5 YOE, probably more given MM return offer rates are down this year.
Anecdotally: We had an intern in our team, who didn't get a return because they didn't quite meet the standard we'd expect for someone to successfully skip 2 years of banking and do our accelerated training program - they were still miles better than the interns I'd have and convert at the top EB I used to work at before making the jump to pod land...
If you don't mind me asking, what skills did this intern have that made him better than those EB interns, and who was the best intern you had while at EB and why? Heading to an EB myself and trying to ramp up right now, and your answer would be helpful in making sure I'm comprehensive in my preparation. Thank you!
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