Question for either analysts who have finished their 2-3 year stint or having finished:
What would you say is the average number of deals an analyst works on from pitch to close?
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It really depend on your group as well as the general economic climate and M&A / equity markets so it's had to give a hard number. I was an analysis in a coverage group during and after the crisis and only closed 2 deals my first year when markets were dead and nothing was happening, but probably around 8-10 the second year. Obviously around 50% of those were equity deals and we could argue all day when it is appropriate do count equity deals (ie. IPO vs. secondary, top left vs. lead vs. co, etc). People in product groups (LevFin, M&A, ECM) will usually have been involved in many more deals, but then they are generally providing support on execution so they don't lead the project / are involved from start to finish (obviously internal structures varies from bank to bank so involvement / leadership can vary quite a bit).
Anyway, I think when it comes to transaction experience, quality >>>>> quantity.
How many deals during analyst stint (Originally Posted: 02/03/2010)
How many "live" deals were you apart of during your analyst stint? Looking for range to guage my experience. Thanks
Do you mean deals where you contribute throughout the process and had an impact, or where you helped find one comparable transaction but technically "worked" on the deal
during my SA stint I worked on about 10 "live deals" if by live you mean i helped do 10 minutes of research for a deal and never worked on it again, but only semi contributed throughout the process for 1 deal
How many closed deals does an analyst typically have under his/her belt after their two years? (Originally Posted: 01/08/2013)
I am just wondering how much deal experience an analyst is expected to have after his/her two years.
How does this number of deals that an analyst works on affect exit-op recruiting?
depends on what products you work with.
M&A, could easily be 0.
Anything underwriting-related (LevFin, ECM, etc) is in many cases easily in the double digits.
old...bump... also interested in learning more about this
Depends entirely on bank/group/product.
As someone above said, M&A is usually more variable due to its nature vs. ECM/DCM sort of stuff.
Speaking about M&A, I know people who have closed 3 deals in their first year (pretty big ones too) and people who have closed 0 in two years.
Really depends on a lot of factors. The market (deal flow) being the most meaningful, but company / team / product dynamics all come into play.
I would expect a MM M&A analyst to have two closed deals over their two years. This could vary anywhere between 0 and 5+. Firms such as Baird, Blair, Lincoln, Blackarch, BB&T, and Harris Williams fall into this bucket.
My final count as an analyst from '07 - '09 was five closed deals (2 start-to-finish, 2 inherited from outgoing analyst, 1 supporting another analyst) as well as a deal that died at LOI stage and a couple of others that were pulled upon entering the market. Most of my peers in this time frame had 2-4.
Deal dynamics at BBs are quite different so this volume isn't really comparable.
Hard to generalize but underwriting > M&A in terms of sheer numbers. The timelines are shorter than M&A and they are usually easier to complete.
So far looks like the average where I work is about 5 M&A deals and ~6 financings (as lead, if you're just in the syndicate, this would probably be 20+). Note that my industry has been pretty tame over the last 2 years relative to others.
How many deals signify a good dealflow from an analyst perspective? (Originally Posted: 04/05/2007)
How many deals should a good analyst at a good group expect to have in his first year? What's a good dealflow? 5? 10? more?
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