Got placed in Bofa's EGRC for my junior summer (after being a sophomore analyst in other coverage group) and want to know more about it. It's pretty new but everyone on this site talks down on it. Should I give it a shot or just use my experience to lateral recruit elsewhere. Genuinely curious
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Try it out to see if you like it. If you go in as an analyst, get the brand name on your resume, and land a decent buyside role after two years id consider that a win.
But, the actual group is terrible generally speaking. Lots of people have no clue what they are doing, and they don’t win a lot of true M&A work where you’ll get opportunities to learn.
Would the group's bad rep deter other banks from taking me when I lateral?
Doubt that it would deter other banks a ton, and frankly, it could help as part of the pitch for why you want to lateral.
Had a somewhat similar situation for junior summer–though not at a bank as good as BofA, I was on a team I really didn't want to be placed into, but used this to explain to other banks during the FT process why I didn't want to return. No matter how much you don't want to be in EGRC, don't give the team any indication that's the case during the summer as that will sink your chances of a RO and it will become nearly impossible to lateral.
Probably best to find a way out. The biggest issue is that you will not learn any of the skills you need to succeed later on in your career. Any deals you get put on as an EGRC analyst will be led by an industry team so you will not be doing any meaningful work. Any deals you get put on that is somehow run solely by EGRC will be a crappy deal and run by EGRC people who have minimal experience so you will not be closing anything nor learning best practices.
At this point I'm locked in for this summer so there's really no way out at the moment
can't you network during your summer to move to another group? if you are in new york, that is where most of the incompetence is at least at the junior level from what i have heard.
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