DB for 2 and Out Programs
I am wondering what the exits look like for DB's strongest groups in terms of headhunter outreach and what firms I can expect interviews for coming out of DB. I understand that LevFin/Sponsors at the firm are strong, so am also wondering what kind of PC exit opps exit from the group. The forum seems to all say that DB is the weakest BB, but does DB still exit/get better PE or PC looks than firms like RBC or Jefferies?
For reference I am in the Americas and already signed for DB so at this point just trying to get a good sense of what is realistically possible. The lateral market seems dead now so don't want to depend on that for now.
Better than RBC/Jefferies of the world and weaker than any of the other BB/EB's. In other words, Noticeably worse UMM/MF placement than any other BB/EB, but better placement than Jefferies/RBC.
RBC M&A and PU&I place decently well
Bump
You’ll have opportunities for most places but it’s what you make of it
By most places, does that include UMM/MF funds? Do you know if DB gets any on-cycle outreach? Just curious as someone not there since DB is very memed on.
Currently a first year at DB and got some outreach for UMM/MF. I chose to sit out for on cycle though, seems like most of the analyst class I’ve spoken to did the same. I don’t feel like I have any less opportunity to interview with MF/UMM (though I didn’t try, just going based off headhunter outreach) than people at other banks, I think a lot of the difference in exits from DB vs other BBs has to do with self selection. I know of groups where not even one of the incoming analysts are considering doing PE.
False to say it's all self-selection in terms of DB exits, candidly it is viewed as the worst BB by every headhunter and that's reflected in the amount of outreach and interviews you get. Did my analyst years at DB, I got less outreach than those at other BB's including the other European ones. I did get more outreach than the RBC/Jefferies of the world analysts from my friend group, including RBC M&A and PU&I. DB has materially better exits and more opportunity than RBC/Jefferies and materially worse than all of the other BB/EB's. I would say the top DB groups get outreach on par with like a bottom-tier coverage group at a firm like Barclays for PE stuff in terms of comparison to the other BB's and has better outreach than the top RBC/Jefferies groups solely due to historic BB status. Again, want to note that you do still get some UMM/MF outreaches, but you get relatively less and are at some level of disadvantage coming from DB vs coming from even a mid-tier BB like Barclays.
In regards to PC, DB LevFin/Sponsors does pretty well with MM/UMM names. Not still that great for MF names; candidly DB LevFin is still only a top 10 franchise in getting leads in the LevFin and Sponsors universe and isn't elite in the field; more so just better than the other groups comparatively. DB business model is driven around LevFin and Sponsors activity, so it's still the best group for activity and will still get you very good odds at PC exits even it's not very likely you'll end up at a MF shop.
Did my analyst years at DB. LevFin, sponsors, and REGLL had decent exits including several MF / UMM. Other groups not as much, though have heard anecdotes of good exits here and there. You won’t get as much HH outreach as other BBs / EBs, but should be more than MMs.
Advice is that if you really want a MF, you should probably lateral. Else, you can definitely get a LMM or HF exit from DB.
Wait until you actually start the job to see if you want a MF / UMM. I was in the same exact boat when I started and was considering lateraling so I could get those roles. Then I started the job and realized just how much I wanted chiller hours (which you won’t get at a MF). Ended up moving to a LMM firm where hours are extremely chill and comp is not that much lower than my peers at a MF ($ per hour is significantly higher). Upside is also higher as they don’t kick us out after 2 years. Absolutely do not regret my decision at all and am actually happy I started at DB, else if I were at a better firm I may have gotten a better exit but would have burned out by now.
Obviously just my experience but don’t be discouraged if you don’t end up at a MF. Plenty of ways to make money in this world
How recent have the MF exits from the Sponsors team been? Digging through LinkedIn I've only found 1 within the past few years.
Not everyone puts a group on LinkedIn as an FYI. Not many MF PE exits for either sponsors or LevFin. Sponsors are also a smaller group, so 1 every other year is still a decent chunk of analysts just to note. You are mostly going to exit into MM firms and rarely a UMM from the top groups at DB.
If you truly want MF, you should lateral. I don't think MFs are for everyone; it's just IB 2.0 with even worse promotion odds and career advancement but if that's what you want for sure you should just lateral. The advice applies for any nontop 3 BB or EB. MFs almost take everyone from either the top EBs or top 3 BB's with it being relatively hard from anywhere else.
Does being in sponsors considerably improve the exit opps over LevFin? From my understanding, their LevFin team doesn't do any modeling so I'd presume most of their exits would be credit.
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