In an attempt to preserve anonymity, I was the coverage analyst for a mega cap deal that made headlines, etc. For some context, our M&A team was staffed to the brim, my coverage team was extremely thin.
I effectively crushed it, and the MD, who is also our global head, knows that and knows how I work. He's also the kind of guy who deeply values loyalty, although he mentioned he knows what it's like for analysts and understands why analysts rarely want to stay in the industry.
I have also dedicated all my time to the deal, and more or less stood by as recruiting went on, not to say that I'm a shoe in for KKR had I participated fully.
Given this information, what do you guys think about me approaching the MD, also our group head, and basically asking for introductions to the PE world, recommendations, etc?
I'd be cautious, could work out well but at the same time if he values loyalty, politics can be tricky. Only you can gauge, use your best judgment, but I'd maybe probe the subject by asking his view on the pros and cons of buyside etc.
also would love some insight on this, particularly in the context of HF recruiting considering positions are usually immediate start.
I honestly think you or maybe a coworker you really trust can answer this question better than I can.
You're in the best position to make a decision. The one recommendation I have... if you decide to go to him, go to him with an ask (aka a specific firm in mind). Know which funds he has a good relationship with and when they go to market to hire, bring it up to him. If you go to him with a broader request "help me get a buyside gig," then the odds of it actually working out are lower.
I second this, if you approach him go in with "I need your help, what would you do in my situation?" I feel like approaching him this way can flatter him and then he would get a sense of being a mentor to a young guy who has has impressed him. This will allow you to see what he has to say and then ask for the pros and cons of each decision he brings up. I don't reccomend going in and telling him what you want to do directly, do it indirectly.
As others have posted, this is pretty risky. Does you bank have a lot of 3rd year associates? Part of me thinks it would be easier to try and see what you can get on your own and/or wait until next years recruiting cycle to ask the MD for help, that way there won't be any confusion about loyalty and all the firms won't have already filled their classes.
If you can't seem to get anything on your own and you HAVE to make the jump this year, then it might be worth the risk, but realize that you can only go to him with this request once. Don't waste a card if you don't have to.
If it were me, I would be happy to help. I love it when my good analysts want to stick around, but the job is not for everyone and there are people who are clearly better suited for the buyside. My approach is that if someone is planning on leaving, I'd rather it happen in an orderly way with my support (and I've gotten my guys in many of the top PE and hedge funds over the years), so that I can plan accordingly. And I'm not going to screw someone on their way out.
But everyone is different.
I would have an open career discussion with him, about your alternatives in and out of banking. To the extent that you see any understanding about a career in private equity, you can ask him to make calls.
Ask him for some time and say that you'd like to discuss career paths with him, including forward opportunities at your firm. Talk to him about his experience and what he recommends for people in your position. He might bring up private equity. If so, there's your opportunity. If not, ask him directly as he already knows you're getting hit up by headhunters. If he says anything positive at all, talk to him about what types of firms he'd recommend and if he'd be willing to make intros.
"I have also dedicated all my time to the deal, and more or less stood by as recruiting went on"
For future reference, this is a bad idea. If you really want something (PE), then you probably shouldn't dedicate 100% of your energy to something else (banking, even if it's your current job). If you're a good analyst, your team should be able to cover for you for a few mornings/afternoons.
100% agree with this. I was on a mega deal that made headlines during the recruiting rush. A good and reasonable Associate will cover for you.
This. Gotta step up your recruiting / multitasking game.
Thanks all for the good ideas. Prob should have tried harder during recruiting season, but I was honestly overwhelmed. Client was particularly demanding
There's still good opportunities out there. The problem is that you're still in banking and have no control over whether things will be slower when an opportunity comes along. Just keep in mind that you, as the analyst, have the least to gain from a successful deal - it can make a senior guy's career (or even life), but that doesn't mean shit for you. Good luck taking the next step.
That's a good point. I mean, this deal was the biggest of its kind in its industry and was truly transformational. These are both companies pretty much everyone, even middle America, has heard of, so my thought process is that headhunters would get wet when they saw the deal on my resume.
HH activity has been pretty slow since I got back active, so not sure if having a marquee deal on my resume really, really helps as much as I thought it would. Keep in mind that this is one of those situations in which we were not pulled in at the last minute as two strategics were about to sign the dotted line. We pitched it, somehow convinced the client, and saw it through, for like 6 months before announcement, so there was substantial work aka ton of fodder for interviews.
Why not just stay and reap the benefits?
Yes, I will pretty much be guaranteed top bonus for next couple years if I stay given the impact the M&A and financing creds made on our group's revenue for the year. That said, fuck banking, it is a miserable, miserable profession.
I approached 2 MDs at my bank for help with buy-side recruiting. Both responded well, made calls and gave me people to email. I thought long before I approached them because I wasn't sure how they would react. Ultimately, it came down to how genuine I felt my relationship with them was. I've known both MDs since my summer internship and I've always kept in touch with them from a Mentor/Mentee angle. Therefore, I had known these guys over 2 years before I came at them with "Hey, I need your help getting out of here". Use your intelligent judgement and determine if this person has a genuine care for your career development. If they do, they shouldn't have any issue helping you pursue buy-side opps. Also, I've learned during my 3 year analyst stint that it's all about how you communicate something and the perception that you give. Your message should'nt come off as if you hate your current role. It should come off like are very appreciative of current role, but you are interested in expanding on a different skill set. Also, don't be a softie. Be clear in what you want when you speak with them. "I want to go to the buy-side" sounds better than "I kinda want you to help me because I kinda want to go to the buy-side".
Modi commodi et illo illo non unde quasi. Incidunt omnis aut repellendus dolores iure.
Voluptatem recusandae quasi laudantium incidunt dolores eum beatae. Dolores dignissimos quia aliquid tempore est velit. Rerum beatae ipsum eos in quasi et.
Architecto ex iste facere consequatur. Voluptatem eos provident quibusdam commodi natus consequatur perferendis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...