Currently an analyst at a reputable energy IB (EVR/LAZ/JEF) and have realized that I have no interest in pursuing a long term career in the space. Would really appreciate any advice or success stories from folks who have pivoted from energy IB to industrials/generalist/any non-energy PE roles, etc. Leaving energy is a bit of a sensitive subject amongst energy folks so cannot ask peers for advice.
My background: semi-target undergrad, deal experience largely upstream and infra M&A, so very little directly transferable experience to a vertical like industrials. Really like the culture in energy and the technical nature of it, but I’m bored by the industry themes and subject matter in every vertical, including renewables.
Thanks in advance.
ignore title, currently aso2 in chicago.
-I did an internal transfer out of Houston when going a2a but from everyone I've seen its possible to recruit for generalist pe roles but you will probably have to take a step down. Everyone I knew that went mf was in infra, I did know some that went tech or generalist but those were all mm pe.
Appreciate the response here and this is very encouraging. If anything I’d prefer MM PE and am 100% fine with taking a cut in comp assuming the WLB is better (it literally could not get worse than where I’m at now).
I actually wouldn’t be totally against taking a route similar to yours, do you mind sharing a bit of detail on how you did it? Some folks in my group have lateraled to the NY office, but I absolutely do not want to go to NY. Chicago is awesome though, I’d prob be happier there than I am in Houston.
Yeah, I was in a very similar situation as you.
-I hated Houston but got pigeonholed from college and wanted out early. I didn't like NYC at all either so then came to Chicago(90% of NYC at 50% the price) and IMO nicer in every way.
-I was looking at staying in banking and doing an internal transfer to Chicago or Pe. I decided to stay in banking mostly due to me liking banking much more even though I had an mf infra offer and wanted to settle down in Chicago where there's only umm at best.
-In terms of the transfer itself, it's really easy. Every bank will let you move offices either after your first year(possibly) or when you're going A2A(definetly). I've seen a couple of people be able to leave Houston after they get a summer offer but thats harder and I've also seen it end up in a kid losing his offer and having to do off-cyle. Just let them know when they let you know you're staying(if thats the case) and they'll easily move you.
-In terms of Chicago, I love it. I used to cope about Houston not being a shithole whist there but man it really is a shithole. Take one stroll around River North in Chicago and you'll get it.IMO there's 3 cities in America that surpass every other and thats NYC,LA and Chicago and 2 of them have been run down to the ground so IMO chicago is the place to be.
Thanks again for the detailed responses. I’ve seen people transfer offices (but remain in the same group/team) after going a2a, so just to confirm, you’re in a new group now, right?
I’d assume industrials given you’re in Chicago if so. I’ve visited before but Chicago sounds like a great place to end up…you’re honestly making me re-think my goal of strictly recruiting for buyside roles in Texas haha
No problem man and yeah I’m in industrials, I like it more than O&G by a good bit and groups shouldn’t be a problem, you’re an analyst, way too early to have pigeonholed yourself in terms of groups. If you’d want theres FIG,Tech,Paper Packaging,C&R etc in Chicago it really depends on which bank you’re at, every bank does have industrials though.
-in terms of Texas. I would recommend trying different things out cause if you don’t you’re going to have it on your mind quite a bit. Then again if you’re going pe, then you’ll have the most success in Texas but if staying in banking I would highly recommend Chicago assuming your bank has an office there.
I actually had a comment a while ago about my move to Chicago and this is what I had said if you want more context:
10x better. I got pigeonholed to Houston due to where I went to school. Just take a stroll on gold coast and you'll understand, it makes houston look and feel like damp shit. COL is similiar and you'll live a similiar but maybe a tad bit more expensive life compared to Houston, still nothing compared to NYC or SF. City is 10x nicer. Girls are much better especially if you like all American white girls. People are nicer. Housing is much nicer. Suburbs for later on in your career are much better. Culture is much much much more laid back compared to Houston being a complete sweatshop. Chicago is 90% of NYC at 50% of the price, imo the best place to be long term unless you're gunning for the very very top finance positions out there which most wont ever reach anyways. I used to cope about Houston when I was there but man life is just so much brighter outside. You wake up different in the morning when you get out of that shit hole.
Hi! can I please ask how the people were able to transfer internally from Houston to NYC after summer analyst? do you have any suggestions on how to go about it? And also how did the kid who lost his offer go about it? (JPM/LAZ/MOE/JEFF) Thanks!
There a bunch of good non-O&G PE funds in Dallas and Austin that hire heavily from Houston banking. Look into Tritium, Blue Sage, Trive, Kainos, Gauge, Centeroak, and others. Bunch of people have gone on to do other things from those places after starting in as analysts in energy.
Actually not aware of a number of these names aside from Trive, thanks for the info. Similar spot although I'd like to remain in energy, just move to Dallas or Houston (NY now)
Lantern does distressed MM in Dallas- theyve had a couple of reputable deals.
Happens all the time. If you have any OFS experience emphasize it on your resume and spin it as industrials
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