Exit opps from MM FIG?
Given the current economic climate, very few banks are hiring right now, and the only offer that has been extended to me is from a very well-regarded MM bank within their FIG group (specifically depositories). I have always hoped to spend two years in banking then exit to UMM/MM PE, preferably in a generalist role and not FIG related. I would greatly appreciate if someone could help me out here, especially someone that has previously worked in MM FIG and exited to a generalist role. Is it possible to exit from MM FIG to a different coverage group (TMT / Healthcare / Industrials) at the same bank or a different MM or BB after a year or so? Alternatively, would it be possible to exit to a non-FIG UMM/MM PE role after a couple years in FIG? How hard / rare is it to achieve either of these exits? (For reference, I have a target school on my resume, 4.0 GPA, prior IB internship experience from an up-and-coming EB, and prior LMM generalist PE internship experience)
I have been working tirelessly to secure a non-FIG role at a respectable MM bank given none of the BBs / EBs are hiring currently... but nearly all reputable banks have filled their analyst classes with their SA class. It's looking like the MM FIG role could be my only option, and I couldn't possibly be more worried about potential future exit opps. My worst fear is getting pigeon-holed in FIG... All answers are welcomed and appreciated.
This is not from personal experience but from what I’ve read/ people I’ve spoken to.
As an Analyst it’ll be much easier to move to a different group but it’ll require work. FIG is quite unique in terms of technicals/ deals and so you can’t naturally just transfer into a different group. If you are really set on transferring give your self a 18 months to get the ropes about what the FIG industry is about and if you still don’t want to be in it at least you’ve shown commitment. After this try to lateral and when doing that make sure you do the cold emails/ cold calls and reach out to people you know. If it’s a MM I’m sure they’ll have other teams and I’d suggest networking with them but not at the detriment of your current team/ properties. Once you start getting to Associate level it’ll become much harder but not impossible. I think anyone that can break into this industry and has the work ethic to stay in it can achieve things that are improbable it’ll just come down to your abilities and a bit of luck.
In terms of the exits, realistically it’ll be hard to go directly to the UMM/MF you want just due to the nature of the specialised skills you’ll develop. But saying that a lot of PE funds are doing FIG stuff and there are even huge specialist FIG PEFs. There are some huge funds that are out there that could be potential targets for you to look at.
On a separate note, don’t beat your self up around not getting to the exact role you want, you’ve mange to break into IB, and also one of the most challenging groups in terms of learning curve and it’s worth giving yourself credit for that. Often times we get lost in figuring out where we want to be (which isn’t always a bad thing) but do give yourself credit for what you’ve already got.
Hope this is of some use
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