IB FT recruiting out of MMHF SA
Junior at a target; interned at large SM this past summer; TLDR they said they'd give me a return contingent that I spend 1yr in IB/PE (insinuated it must be a top shop). I'm going to a MMHF grad program (CAP/P72) this summer and was wondering if there were any success stories from ppl with similar background who recruited to IB/PE FT.
Based on the most helpful WSO content, transitioning from a MMHF SA role to IB/PE FT is definitely possible, especially if you're targeting top shops as suggested by your situation. Here are some key takeaways and insights:
Leverage Your Target School Network: Being at a target school gives you a significant advantage. Use alumni connections aggressively, especially those in IB/PE roles, to secure interviews and guidance.
Highlight Your MMHF and SM Experience: Your background in a large SM and upcoming MMHF grad program (CAP/P72) is impressive. Emphasize the technical skills, market knowledge, and exposure to high-level decision-making you've gained. These are highly transferable to IB/PE.
Focus on On-Cycle Recruiting: If you're aiming for PE, on-cycle recruiting is critical. Many candidates with strong HF/SM backgrounds have successfully transitioned to PE by networking with headhunters and showcasing their deal experience or investment acumen.
Success Stories: There are examples of individuals who have taken a similar path:
Prepare for Technicals and Behavioral Questions: Even with your strong background, top IB/PE shops will test your technical skills rigorously. Use resources like WSO's financial modeling guides and interview prep materials to ensure you're ready.
Consider the Long-Term Plan: If your ultimate goal is to return to the HF space, spending a year or two in IB/PE at a top shop will not only fulfill the condition set by your previous employer but also enhance your profile significantly.
Your path is challenging but achievable with the right preparation and networking. Good luck!
Sources: MM pe vs MF, Are top MFins target programs for Private Equity firms?, https://www.wallstreetoasis.com/forum/private-equity/going-from-mm-investment-bank-to-mega-fund?customgpt=1, Q&A: MBB BA/AC/A headed to UMM this summer and guide to off cycle PE recruiting for consultants, PE Lateral Recruiting Advice/Stories/Help?
Assuming you get a return offer, fairly doable to recruit for FT IB/PE. It's possible without a RO as well, but much harder tbh (esp at "top shops")
Heard for public’s everyone who recruits sellside ft didn’t have an ro - did you recruit ib ft w mmhf ro?
Don’t full time processes take place before the internships are even over though? So how do you know about full time?
PE, yes, you would need to recruit during the internship. IB, no, a lot of them kick off around the end of your internship (and into your senior fall)
That's what I did. Honestly, it wasn't easy. I was also recruiting during COVID. I ended up at a middle-market shop but probably could've gotten a BB in a normal market.
I picked up a part-time internship at a boutique (like a legit boutique) IB the semester before my junior summer. Helped me with the "story" of wanting to pivot.
Would you reccomend this as a hedge for no RO for junior summer podshop
If you don't get a RO, you're a bit fucked regardless. You need some sort of leverage to kick-start a FT process.
Bump, curious if others have experience / advice on how to get process started.
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