Incoming SA in a BB FIG group (MS/GS/JPM), but long-term goals are PE. How should I approach the summer?
I will be interning in a top BB FIG group this summer, but my long term career goals are PE. I'm worried that FIG will pigeonhole me given my career goals, and hinder me in the buyside recruiting process. Should I attempt to lateral to a different group within the firm to secure a FT offer after my SA stint is over, and how should I do so? I would assume this might be tough to do internally without disrespecting my current FIG group. Obviously I have to come in and earn a FT offer regardless, but just looking how to set myself up down the road given my goals.
Assuming this is MS FIG since JPM FIG has been #1 on the street and GS FIG has a really good track record for PE exits (although not sure the past year or two)
Honestly I'd say its pretty hard to lateral within groups (IB -> IB) especially word will go around and it will most definitely hurt your chances. But if you have a GS/MS/JPM internship it wouldn't be hard to hit up your existing network and tell them about your experience in FIG and how you realize it isn't what you thought and gear up for FT recruiting.
Please don't worry so much about the team.
First off, this is an internship; PE recruiting is a long way down the road.
Second, there is a chance of changing team at the end of the summer. Don't know about other banks and other locations. However, in London rotation is possible at some banks. I have first hand experience changing team at the end of the summmer at one of the three banks mentioned. This is actively encouraged by HR that will send around an email mid summer for people who are interested in changing team.
Third, usually there is a rotation within the analyst programme. Some banks require / other encourage you to change team after 1-2 years of being an analyst.
Fourth, as mentioned above, some FIG team of these top banks have super placements in PE as well.
Just relax, enjoy your summer, work hard (and smart), get an offer, and you will see that everything turns out fine. Who knows, maybe you end up liking your team a lot or the sector.
How was the dynamic of changing teams within the same bank? Especially regarding relationships with your old team
Can only speak for London here, however, I don't think the stigma with FIG will affect you as much as it used to a decade ago. Note that FIG makes up a massive proportion of GDP in the UK (and I assume in most western countries) and therefore the deals you will be working on are more complex to structure, which is now being noticed by PE headhunters. Valuation in FIG/O&G/RE is a lot more niche and displays strong technicals. FIG is no longer just banks. Sure you cover niche industries (banks/insurers) but you also cover more "normal" companies now with the FinTech boom.
Just a warning: Every time someone sees a post like this, any current associate/VP in the group is going to see it and say to themselves, "I really hope that's not the summer analyst we just hired.
Some of these groups just aren't that big. If you're at a satellite office, it may be way easier than you think to be identified. if you're going to make a post saying you're not interested in the group that you're headed to over the summer, you really should do it on an alternate account without any identifying information.
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