In the process for Nomura, Santander, Mizuho Levfin entry roles, anyone got any insights into comp and exits? Looking to get into l/s credit and ss after

Based on the most helpful WSO content, here’s what you need to know about LevFin roles and their exit opportunities:

1. Compensation:

   • Compensation in LevFin roles at banks like Nomura, Santander, and Mizuho can vary, but generally, it aligns with other BB or strong MM banks. Pay typically includes a base salary, performance bonuses, and sometimes discretionary perks. While specific figures for these banks aren't detailed in the context, LevFin roles are known to offer competitive pay, especially when factoring in bonuses.

2. Exit Opportunities:

   • L/S Credit and Special Situations (SS): LevFin roles provide a strong foundation for transitioning into credit-focused roles like long/short credit and special situations. The underwriting and debt structuring experience gained in LevFin is highly transferable to these areas.
   • Credit Funds: Many LevFin professionals exit to credit funds, where hours are generally better (often 60 hours/week) and pay can be competitive, sometimes matching BB levels with additional perks like carry and fund investment opportunities.
   • Private Equity (PE): While LevFin can lead to PE exits, it’s more common for those with strong modeling experience. Some banks’ LevFin teams (e.g., Credit Suisse historically) are more focused on relationship management, which might limit PE exits unless supplemented with modeling prep.
   • Hedge Funds: Multi-strat credit hedge funds, particularly those focusing on CLOs, distressed debt, or direct lending, are common destinations for LevFin professionals.

3. Additional Notes:

   • Banks like Nomura, Santander, and Mizuho may not have the same prestige or deal flow as top-tier BBs, but they still offer solid experience in the debt space. This can make you marketable for credit-focused roles if you leverage your experience effectively.
   • To maximize your exit opportunities, focus on developing strong technical skills, particularly in financial modeling, as this is often a key differentiator in competitive recruiting processes.

If you’re targeting L/S credit or SS roles, these banks can be a good stepping stone, but ensure you’re proactive in building the necessary skills and network to make the transition smoother.

Sources: Leveraged Finance Exit Opportunities, Venture Debt/Lending Industry and Career Opportunities, https://www.wallstreetoasis.com/forum/private-equity/qa-non-target-top-bucket-ssg-private-creditdirect-lending?customgpt=1, Lev Fin Outlook & Best Groups 2020