Wondering if anyone actually comes into banking wanting to do FIG. I'm in FIG but definitely was not my top choice of group. Also sounds like my fellow analysts were forced into the group as well. If it's GS FIG, then sure, but for other banks, I can't imagine why anyone would willingly want to do FIG. Thoughts?
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Two of the largest hardos in my school are obsessed with FIG. It attracts more academic people for whatever reason.
Not that I’ve seen (at MS)
At the Analyst level it’s the kids who simply couldn’t get into other groups during the networking and group placement process. A few FT FIG Analysts in prior years have been those who actually summered in BO roles since the FIG SA’s will find a different group for FT
At the Associate level it’s usually MBAs who were in Big4/Accounting type roles pre business school who couldn’t translate their experience/ tell a story for M&A and thus FIG is the only industry group that was directly related to their prior work experience. The good ones do a year and then leave to another group internally or move externally
Sorry bro, but if you actually worked at MS, you would know that at the associate level, FIG has a completely separate recruiting process and that M&A doesn't hire directly at the associate level.
The only people who recruit for FIG at MS are those who decide right away only to go for FIG. If you went for pool and weren't succesful, by the time you figured out you weren't making any progress, it would be too late to recruit for FIG.
Depending on the bank, it's *fairly* laid back.
I know someone at my bank who works in FIG, very rarely does he have weekend work. Admittedly, he says it's boring but he makes decent money and the relatively free weekends makes up for the lack of excitement.
I think it gives you a good structured finance / corporate finance experience as the companies can have pretty complicated capital structures, but the business models are generally simpler / less interesting and there is probably less M&A going on than other coverage groups. Just depends what you're into, but I enjoyed it.
I chose it because I find the space interesting but I’m post-mba and not worried about buyside exit opps. It’s a sector that’s busy across market cycles and is a top revenue generating group at many banks.
Curious about FIG. I'm trying to move into IB as i'm currently doing Corp Dev for a financial industry firm. The deals are so boring. Wanted to move into a different industry if I could land an IB gig but everyone I've talked to said I'll have the best shot at a FIG group. Is it any better on the IB side in terms of just more exposure to different types of firms? We really only stick to looking at our exact appetite.
Has anyone ever seen a FIG resume with an interests section??
True. FIG hardos are mega econ nerds
My firm's FIG team has fintech thats why I wanted to do it. However, I avoid the other subsectors as I don't like them.
In all seriousness, It can be a great space to make a lot of money because its not popular but pretty boring and technical so if you know what you're doing it can be a pretty lucrative on the buy-side. I know quite of few people at FIG focused funds that do very well doing while less work than their colleagues covering other sectors. Very steep learning curve but once you get it, it can be pretty straightforward and most of the FIG subsectors really haven't changed that much and companies within them are much more alike than 2 companies in another sector on average. It's also really easy to do quantative analysis on them because of the insane amount of information on many companies due to many being highly federally regulated (i.e. banks and most insurance), for example you can find some bank financials on a branch level.
You could argue that placing on the buyside is easier from FIG as FIG focused funds will pretty much only be looking at you, while you can still be pretty competitive for generalist roles. Most mega funds have FIG and are pretty much only going to hire FIG bankers, which largely isn't true for other sectors.
No. Help us. Men in ski masks raided the CS office, lead us at gunpoint into black vans, and forced us into the Jefferies basement. We all kneeled before handler, who gave us two choices.
Live, and work in the FIG division or Die like the dogs we were. I haven't been given food, water, or seen sunlight in days. I don't even know how long it has been. I am handcuffed to my think pad. Help me.
Well given some of the toxic bankers (universely despised from analyst to MD) from my group that went to Jefferies last year I might take death depending on the vertical (the worst of them are now in insurance at JEF).
rude
I started at a FIG adjacent bank. I always liked the idea of covering banks and the financial industry because we’re part of it too. I would probably have enjoyed other coverage groups, though.
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