FIG and Industrials Banking Difficulty
Currently working as an analyst in IT and tech-enabled services vertical at a boutique bank and looking to lateral into a larger platform.
I am seeing a lot of FIG and industrials lateral positions open at banks that I would definitely love to join. But I was not sure how I would be perceived as a candidate coming from a tech background.
Would love to hear any thoughts on whether the project management skillset will still be valued as opposed to specific industry knowledge/analysis. Is it even worth applying for such roles or should I just shoot for other tech/generalist seats?
Both are capital intensive which means sweaty. FIG is the most differentiated from an analysis perspective (at least when regarding Banks & Insurance). Their business models are fundamentally different and harder to truly understand. Balance-sheet driven and a lot of recap and securitization work involved as well. Subject to a bunch of regulation too so a lot of capital adequacy ratios and requirements to keep in consideration. Industrials can mean a bunch of different things but fundamentally easier to understand business models than banks & insurance. Both r sweaty, FIG has a steeper learning curve all things equal. This is my analysis from a FIG group post-grad (My only Industrials exposure was from a semester in college at my SMIF)
Not sure if you were involved in the recruiting for the FIG group at the time, but did your team consider lateral candidates from other industry verticals?
I have no clue I joined out of undergrad with previous IB experience in PCA, but with transactions involving FIG assets. Everyone on my team was also out of undergrad. Scrolling linkedin I don't see much non-FIG to FIG laterals. Most of the time its FIG to FIG, once in a while sometimes FIG-Adjacent to FIG (like TMT with FinTech exposure, Securitization/Structured Finance, maybe Sponsors to more A&WM FIG groups) but I have seen cases of people with like actuarial experience get into insurance FIG. Thats kinda why FIG is always hiring and you see these more drastic laterals within FIG - because its so niche. If you have the skillset you're in the circle, and if you don't its much harder.
Appreciate the insight, just wanted to get a pulse check.
Wanted to circle back to this post instead of creating a new one, as a follow up, which IB groups are open to non-traditional backgrounds?
Currently having a difficult time with the lateral process and primarily focused on generalist roles. With MM deal activity lagging, I was thinking maybe giving a shot at BB/UMM banks but wasn't sure which groups had the lowest barriers of entry.
I have heard ECM, GP/LP advisory are one of them but wanted to hear if anyone knows of similar niche groups?
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