Does anyone (at the junior level) actually enjoy working in M&A?

I have a question for everyone here who is an analyst / associate in M&A (or an industry coverage group that does lots of M&A). Forgetting completely about the exit options, pay and prestige, does anyone here in M&A actually enjoy their jobs on a day to day basis?Would you still do it if it paid less or if the exit options were not there? Say for example, if you were not able to move to PE/HF/VC/corp dev and had to stay in banking for the long haul.

 
Best Response

Of course

M&A is the most generalist (i.e. you see a little bit of everything - valuation, industry stuff, negotiations between shrewd dealmakers, financial and fiscal engineering, law and contracts, market stuff, balance sheet stuff) entry level finance job you can do

M&A are arguably the most complex corporate transactions so it's quite intellectually fascinating to follow from pitch to closing

You know private information that only a select few know so you feel like a badass

Huge adrenaline when big news break (e.g. you see the share price of a $10bn company increase by 10%) and as you work on longer term projects vs. markets, you have a bigger sense of achievement when the deal closes

You feel useful because your clueless MD couldn't show anything without you

Working in a team is great if you get along well w the people

you have a lot of BO support so you don't have to do the most basic tasks (in theory)

Good MDs are just cool to see at work

As an analyst you do meetings with people 20y+ older than you and very successful professionnally

i could go on and on but i have to spread some comps now

edit: IMO, people who don't enjoy M&A (I don't mean people who just hate the hours, etc but would enjoy it otherwise) are just people who are not interested in finance / corporate strategy and went there for the wrong reasons (and they are plenty) I'm at a HF now and for certain things, it's much less fun than IBD (still better overall though)

 

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