How big are your deal teams?
How big are your deal teams for M&A deals (and pls provide details of coverage team is included and their role) and what kind of bank are you at?
Starting to realize your role within a bank can be drastically different than the next just depending on the type of team/model they use.
MM bank
Standard EB will range but will normally be MD/VP/Associate/1-2 Analysts. Min size of 3-4 that make it to CIM publish. Everyone pulls their weight, if they don't it's very obvious and him/her will get tagged quickly as either "hard to work with" or "isn't hands on enough"
Standard BB will be 2 MDs, whatever mid-officer role they have like ED, 1-2 VPs, 1-2 Associates and 1-3 Analysts. Would say min a team of 7 by CIM. Granted may be a combo of different groups, but usually everyone wants their juniors to "own something" so even though theoretically work should be split out pro-rata to team size, what tends to happen is a lot of redundancy overlap, back-channel analyses and politicking and at least a few team members not pulling their weight
What I'm trying to say here is - you might get those big model reps earlier on at an EB but the most important thing is developing trust - once that happens you will have no shortage of being given responsibility and opportunities to lead no matter where you go. Attrition is high everywhere.
Do your best to not be in a satellite office and this should apply
Sounds like more work. Sounds bad
GS
1 coverage MD, 1 M&A MD, 1 VP, 1 AS, 1 AN
Does GS only staff 1 associate and 1 analyst in sell side engagements?
I find hard to believe that 1 aso and 1 analyst can handle a 50-70 pages CIM + Operating Model + Buyer List + Process Admin work in just 4/5 weeks
Usually 1 analyst 1 associate reporting up to VP / MD level
Often 1-2 other analysts will get pulled in to help with materials based on needs—like if we need to get a draft of the CIM to the client by tomorrow morning and none of our other live deals are super busy then other analysts will get pulled into to make sure the pages are done in time.
EVR - Multiple SMDs, 1 MD, 1 VP, 2 associates (1 group-focused, 1 generalist), typically 2 analysts (1 An2 or An3 and 1 An1). Seems stacked but genuinely could not imagine having less than than that when having to be on 6-7 other active projects as well.
Varies deal to deal at my shop.
Deal 1 (coverage account that gets wild sometimes)
Deal 2 (SS/BS live)
Deal 3 (SS live)
Deal 4 (SS live)
Deal 5 (SS, closed)
1st year analyst
1st year associate
2nd year associate
vp
md
3 person shop with ex-head of coverage BB MD
Deal team as lean as chicken breast:
MD (deal 1)
ED (deal 2)
An2 on both deals
I’m an intern supporting the An2 with whatever that needs to be done from CIM to looking for data room providers for the deal. Also doing non deal work like prospecting on buyside clients or DD on acquisition targets for clients. Deals range from LMM to UMM and take about four to six months.
,.
UK MM Infra team
on the deals i have done here, it has been mixed - there was a lot of overlap with deals at different stages eg IM on one deal and closing on another. and so it got messy pretty quick at some points. V lean deal teams with the mid level not doing too much hands on and more so stepping in to help associates - directors managed process
1 MD, 1 VP, 1 Asso, 1 An (I was the An 1 and did all marketing materials, Admin, VDR, Q&A, parts of the model - the Ass 1 was protected by the VP and so did fuck all on the deal)
All MDs, 4 Ds, 2 VPs, 3 An (this was due to time pressure - appointed adviser with 1 week to NBO)
1 ED, 1 VP, 1 Asso, 1 An (Associte quit mid way through and they didnt restaff, and i got crushed on this)
1 MD, 1 D, 1 VP, 2 An
Lower tier MM Bank in M&A:
1-2 analysts (two lately to get everyone more reps)
1 Associate
1 VP
1MD
Plus Coverage MD and either a Coverage analyst or associate for industry materials/knowledge.
What i’ve seen:
That worked because decent bench in the team + proven inability to rely on m&a team resources.
On cross border deals, typically x2 the coverage team - as many in US as in UK, with help from sector m&a banker
Deal can be squizzed with 1 coverage / lead banker + 1 mid level + 1 analyst. More comfortable with 2 mid level covering jobs from asso to D.
LMM to MM deals.
1 MD
1 VP or Associate
1 analyst, sometimes 2
I’ll say, I do find it very surprising 1 analyst and 1 associate run the model, cim, all of tracking, buyers list, etc…
One thing to get the work done. It’s another being on top of it enough not to get lost
Worked exactly like that in my old bank. However depending on time (summer, Q3, etc) could also be a fresh MBA associate shadowing or a 1st year coming in as support
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