22 Comments
 

It gets better as you go, as is typical in most places. Analysts undoubtedly work the hardest (as is everywhere), but as the role develops so does responsibility and perhaps stress depending on your personality / ability.

Once you know what you're doing, you become efficient, and thus are able to identify what needs your attention and when.

From an ANL's perspective who wants to recruit to PE, pretty good spot to be in in your early stages to be working for sponsors on the types of deals they do (helpful when recruiting starts 2 weeks after you've started your professional career).

 

This is helpful. Thanks very much. I actually ask as I'm interested in a career-long view rather than just the analyst level. Understand analysts grind everywhere, but was curious how typical hours looked at that mid-level. Related to your points on role / responsibility evolving, what drives promotion at the VP / Director levels of a group like this? Is it more execution ability and being well-liked internally or primarily ability to pull in new sponsor relationships. I've never worked much with the sponsors or lev fin groups to know what really drives things in that world. 

 
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As an incoming Associate in that group, you should view yourself as a true partner to the Analyst. They'll handle the model, you'll crank out memos and marketing materials with them and engaged in DD. You need to understand how to model too so you can guide / ensure accuracy, but also be valuable for when the next batch of fresh analysts turn up. Many associates who weren't analysts go straight into VP mode and that they are above this work. Certain way to lose trust with your team, and Analysts can be your biggest ally in covering you. It's been said many times - but you are a lev fin banker, covering sponsor clients (pitching is kept to a minimum).

Role evolves naturally. From ASO to VP you need to show that you can execute, are diligent, are trusted by senior bankers and capital markets partners to execute deals. From VP to DIR you need to prove that you are comfortable in front of clients and able to build those (and new) relationships going forward in your own style. DIR to MDR... point to results, have the right people vouch for you at the right time.  As you can see, the role moves over time from deep in the detail executing, to building client relationships, to owning them. Best MDRs and managers are still close enough to the detail to ensure the team is delivering for their client, but also supporting the team where they need it.

 

High deal flow in both groups just mean you're constantly grinding. Some tech MDs are also not the most pleasant people to work with 

 

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