I've heard a lot about how you become MD and partner when you bring in a lot of business for the company, but I was never sure how they did this. Do the perspective MD/partners talk to their own contacts and bring them in, or do the companies give prospective leads to the MDs to get the kill?
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Really depends on the firm and the MD. In smaller boutiques, MDs use their contacts in PE shops, MM companies etc to get deals.
Large firms that do a significant number of transactions will allow a given BB to pitch acquisition targets to it. In this case, the MD will simply lead the pitch. The analyst/associate will do the grunt work, the VP and MD might be involved in finding the target, but for the most part, the MD isn't exactly selling the BB to the client. He/She is selling the target.
an MD basically cultivates relationships with sponsors (private equity funds), companies and even ex-high level executives. these relationships as well as the strength of the bank will lead to being invited to pitch for a transaction such as a sell-side (called a bake-off) which is one way business is brought in. sometimes, companies/sponsors turn to a specific bank due to a relationship the MD has with said company/sponsor for a transaction. also, if a company has done work with a bank before (IPO, debt offering, etc.) then they will typically turn to that bank again. thats why you will see the same banks doing a dividend recap that did the LBO.
Also, MD's may come up with an idea in a pitch that the company likes and runs with, but I have to say this is getting very rare as all banks typically pitch the same things with the only difference being possibly leverage levels.
That makes sense, so how do VPs become MDs?
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