Are there good exit opportunities from a MM group??
Do analysts at a MM focused groups (Keybanc/Stifel/Cantor) have a chance of getting into MM PE? Or is it better to lateral banks and then apply for buy side?
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No. You’re a failure. You will never do anything right because you only worked on $500,000,000 deals.
I bet you only got a 1400 SAT and 3.7 GPA too.
You’re obviously too stupid to be employed anywhere for working at such a bad bank.
Jesus Christ. You’re going to be fine dude, yes MM PE hires from MM Investment Banks. But no one is going to hire you if you’re not confident that you deserve to be hired.
Be proud of how hard you worked to get here, not what a bunch of 20 year olds that are eventually going to go and work in non IB/PE related fields. This is your life take control over it.
I don’t blame OP for asking the question. I’ve seen many ask similar questions (about similar MM banks) and they’re always told PE exits will be incredibly tough from a mid-tier MM bank like Cantor or Keybank and even LMM PE is challenging from these firms even though LinkedIn shows the opposite. Lots of conflicting answers on WSO.
Right, but we gotta have a candid decision on self worth on this forum, it feels like everyone here is so desperate to prove they’re something, and most either feel they’re too good for banking or not good enough.
Your life will never be a movie nor should it be. It will have shitty parts, it will have good parts, it will have bearable parts.
You are your own person, and the life you have is the one you have, you are not a company do not compare yourself against the comparable analyst.
You are smart, you are loved, and just be happy. No one is in charge of your happiness but yourself. If you want to do PE, do PE, you will find your place. There’s no such thing as a set path. Be kind, and love the world.
Now I’m going back to work because I love what I do, even the 9:30 PM on a Friday parts
Based on the most helpful WSO content, analysts at MM banks do have good exit opportunities. The most common exit from a MM bank is to a MMPE firm. Even top UMM or MF type firms are within reach, although these might require a lateral move or off-cycle recruiting.
However, it's important to note that the MM banking path can be a very attractive career in its own right, not just a stepping stone to PE. There's a bit of a stigma among students when it comes to BB/EB/MM, but at the end of the day, there are a lot of very good MM and UMM PE shops that place well into M7 MBA business schools if that's your ultimate goal.
As for lateralling, it's generally advised against. The analyst experience is largely the same regardless of which bank you work at, and the pay is generally the same within the bands as well. If you do choose to lateral, you end up losing out on a lot of the goodwill that you've built up. You'll likely be burning bridges with your prior group, especially if you head off to another ibanking role. You'll also need to re-establish your reputation at the new bank, and all those long hours you put in to please your prior MD will mean nothing. When it comes time for outplacement, you'll be at a disadvantage to your peers, as you'll need to explain why you jumped ship for the same job.
So, in a nutshell, yes, there are good exit opportunities from a MM group, and yes, you do have a chance of getting into MM PE. Whether or not it's better to lateral banks and then apply for buy side depends on your specific circumstances and career goals.
Sources: Middle Market Banking Exit Ops, what do they look like?, Advice for New Analysts Seeking PE Exits, https://www.wallstreetoasis.com/forum/investment-banking/eb-vs-bb-long-term-and-exits?customgpt=1
Bump
If only there was a website where you could see the work history of the employees…
Not everyone got that premium 😶🌫️, my searches capped
Some decent other discourse, but happy to provide my input. I'm at a top MM (HL/Baird/Blair), and people exit to great MM PE shops as well as UMM PE for those who are top tier analysts. People (as in all other banks) also exit to other IB/Corp dev/stay for Associate.
I have been told that due to my background, I would be a great fit for any top MM PE position. I would say that this is only because I am in a top group at a top MM. The banks you mentioned are LMM, exits will reflect that, so expect probably decent LMM exits.
If you definitely want something better, then lateral. Have seen Stifel/Cantor (not from Keybanc, but don't really know much about them) people lateral into great groups so this should be possible.
Finally, while LinkedIn can be helpful, try to figure out where past analysts from your group have gone- this will give you the best profile of how you will likely shape up.
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