Deal flow/staffing as first year MM/BB analyst?

I was wondering how many deals a first year analyst should expect to have worked on this year, and how that number might vary between MM and BB banks? I realize that activity is different across industry groups, but was hoping for any general insight. Thanks in advance.

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M&A volume is down and will be down this year. The past several years they have been higher than normal. Expect lower than historical numbers. Additionally, not all deals are equal. An example:

  • someone in your class gets brought on to do due diligence and “closes” a deal 2 months in, then they assist with marketing for a deal that closes after 5 months.
  • someone fails pitching twice, then works on a project at the very beginning having ownership of the model and it takes 7 months before the deal closes

I would take the experience of the second person over the first even though the first person has “done more deals”. 
 

As an analyst focus on getting reps seeing an entire transaction and understanding the role your bank does from a high level. If sell-side, learn how long a process takes and the steps required. If another function, understand how long your engagement is and how it differs from other engagements your firm does. To answer your question, a fast M&A process would take like 3-4 months, realistically it’s prob closer to 6-8. If you close 1.5 full deals a year that would be great. Odds are you and your analysts will have bits and pieces of transactions making up a full transaction, so don’t get caught up in the number of transactions focus on learning and getting exposure to each step.

 

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