I have a summer associate platform offer at BAML (NYC) and was hoping to get some color on M&A vs. LevFin @ the bank. Any notes on dealflow, bonuses, reputation, exit opps, long-term prospects, management styles, Quality of Life Delta highly appreciated. Coming from a non-traditional background.
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Congrats! I assume you're from MBA.. mind if provide some of your stats? Top 10? 15?
Had a friend that recently left LevFin BAML---LevFin is very strong at BAML given their huge balance sheet. They originate a lot of their own deals and run their own model (not the case at all banks) so it's similar hours to overage investment banking--albeit shifted up a bit earlier in the day--you're working 8 to 11 instead of 10 to 1 sort of thing. Don't know as much about M&A but traditionally M&A are the longest, most predicable hours in the bank.
This isn't a either/or you see often given LevFin and M&A are two very different jobs. LevFin you're worred about rates, spreads, what else is going on i the market, and modeling paydown of debt--M&A--well you're modeling out transactions, valuing firms, etc... I'd worry much less about exit ops or work hours at this point and focus on subject matter.
One thing to keep in mind that BAML often places people in the summer in their top or 2nd highest ranked group, with little concern about ultimate need. As a result, Levfin, which is popular, has had pretty terrible yield for return offers (around 50%).
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