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Thanks for the reply!

I’m trying to lateral in to M&A at the moment from deal advisory but obviously the market isn’t great. Do you think it’s worth just trying for it to get my foot in the door or would it impact long term goals if I wanted to move to the buy side at some point

 
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I was in your shoes and had a rude awakening. Anytime you see those private “Mid-Market” M&A shops in Canada 80% of the time they’re small cap advisory businesses for family owned businesses. You’ll be able to call yourself an “investment banking analyst” on paper but you’re just supporting business brokers for 800k- 1M EBITDA businesses. You won’t be doing any accretion/dilution modelling or any public valuation methods for your deals, so the skill sets you’ll gain won’t prepare you for a Big 5.

I’d be wary about going the “I’ll stay here for a year and lateral” way of thinking because we have a ton of these shops in Toronto and I do think interviewers are starting to have an idea of what you’re really doing there. You’d have to have someone really pulling you throughout these processes to get an interview.

I started in this and then was able to lateral through networking to institutional, the learning curve was massive. I was not prepared at all. It made me look back at the work and think it was a joke.

If you can hold out and network I’d do that if your dream is to work at a Big 5 but if you don’t have a job I’d take it and start there.

 

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