ABS banking
Anyone have any info on ABS banking groups across the street? WLB, exit ops, comp, etc. structured finance is pretty niche so curious to know. Goes for all asset classes
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Interned in an ABS group last summer, here are some things from my experience/talking with members of the group.
WLB: is typically better than more traditional groups but certainly gain have tough stretches, especially when you are first on the desk or in the middle of a deal. Given that it is more of a market facing role, you will have earlier mornings and typically earlier evenings (10pm-1am rather than consistent 2am+ evenings.) Many of the senior associates/VP+ on the team worked 55-75 hours a week.
Deals: ABS deals get slightly repetitive over time, but they are pretty cool. The team I worked with was always on something live rather than pitching which was a huge plus.
Comp: is usually the same at Analyst level as traditional roles but will probably see the biggest difference in bonus as you move to Associate/VP.
Exits: The group I worked with had a lot of opportunities with private debt, CLO, etc. for buy-side roles. Given that it is a niche sector, you may have more limited opportunities compared to a traditional role but you will also be sought after for the debt/ABS specific buy-side rolls because not many people have experience in the industry.
Lastly, I enjoyed the ABS work but didn’t love it. Decided to move into a traditional group knowing that I could eventually move back into an ABS role down the road if I wanted. Great people and pretty good WLB for the pay.
Super helpful, thank you! Do you know how ABS compares to other groups across structured finance (CMBS, RMBS, CLO, etc.)? And what group did you move to?
I personally enjoyed the ABS group given the ability to work across a variety of asset classes. I do think the the CLO teams probably placed slightly better since they work with the primary buy side employers in the space (that I was aware of in my 10 week internship). MBS is also more niche and you can definitely move on to HFs that trade these various mortgages, but again MBS is niche.
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