For those in the industry, I was wondering what an analyst would lose out on experience wise if their IB was not leading an equity offering / M&A advisory role, but rather, they are a 3rd or 4th string co-manager. Thanks
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Well ... everything. If leading an equity offering was going on a big night out with your buddies, doing the same deal at a 3rd or 4th string co-manager would be like watching some other bunch of people have a great time at the pub from the outside because your fake ID didn't work with the bouncer.
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You don't do anything when you are 3-4 co manager. Work entails listening to conference calls, putting together working group lists, etc...At your own bank you would prepare an underwriting committe memo and or sales memo for your saleforce, but it is nothing compared to the type of work involved in leading a deal (due diligence, preparing S-1, preparing roadshow.)
Note: Do not put co-managed deals on your resume, I would rather see "current" engagements and or cancelled deals then listen to someone bs about all the great experience they got as a co mgr
haha sounds true enough. my firm is never the lead manager, so basically an offering deal is like a boat ride. you sit in the back, do nothing, and wait for your chunk to come in (small chunk obviously).
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