Is it impossible to lateral into a Financial Sponsors group without direct experience
Hi Monkeys,
Currently a second year analyst trying to switch coverage groups by lateralling. Is it impossible to switch into the sponsors group if I'm coming from something more niche such as REGAL / FIG / NatRes? I also have LBOs in my deals closed (or closing).
But I've heard that 1) it's hard to switch groups if you're lateralling externally and 2) people never leave the cool FSG groups (high deal flow and executes the deals themselves) so it's almost impossible to lateral into there. Not to mention I have to compete against internal hires with more goodwill too.
Have yall seen any transition like described? Thanks!
I feel like there are better exit opportunities outside of FSG (traditional M&A)? I'm going FT pretty soon into a MM FSG so I would love to hear your insight on this. I was thinking of starting to recruit pretty soon for some BB's but I wanted to see how I liked it FT for the first 6-12 months.
I was in an FSG group that did literally nothing. Didn't hold pen for model or do any of the live deal stuff. All we did was making a few FSG overview slides for pitches and that's it. Would avoid these groups at all costs. As an analyst I really wanted to learn, and I understood that if I get laid off from those type of FSG groups, I would be skill-less and uncompetitive for re-recruiting. I didn't want to be a fraud VP (who are A2A2VP in that group) either.
At some banks, FSG is a top-tier group and at others FSG does nothing. The issue with FSG is knowing which banks is which.
Were you able to successfully lateral out?
Sounds like BoA FSG
Think it's a combination of 1) only wanting a single, niche group and thus few spots to begin with and 2) those spots will go to people with experience, internal laterals or those from desirable coverage areas
I would open up your coverage preferences to be broader.
thank you! How hard is it for me to upgrade (going from MM to BB and EB) from a niche group to a generic group like consumer / hc / industrials / lev fin / m&a?
When I'm talking to HHs and networking, I only get responses if the opportunity / person is in the same niche group as the one that I'm in.
In this market, very difficult. You can likely go MM -> better coverage at MM, or MM -> same coverage/similar at BB/EB, but hard to do both. Especially if in nat res, for some reason Houston is just looked at very differently.
The big financial![](https://media4.giphy.com/media/77REzWTTBrOkNKhC92/200w.gif)
bumping. if strictly optimizing for PE exits, do you think it would be better to shoot for M&A groups or execution-handling sponsors groups?
Aut odio rerum dicta sequi voluptatibus quisquam. Nostrum qui voluptatem ut quod quis rerum consequatur. Harum voluptatem laborum earum ea.
Odio corrupti voluptas officiis consequuntur. Sed quam et minus vel nesciunt. Provident nam iste nemo recusandae minus ipsum illum. Maiores aliquid aliquam ea repellat amet nobis. Deserunt quibusdam quasi repellat. Voluptatibus deleniti quia ullam sint vel et dolores maiores. Rerum commodi et vero voluptas pariatur tempora.
Optio veritatis suscipit repellat assumenda dolor aut sunt. Voluptas commodi ratione quis est rem exercitationem. Qui unde reiciendis rerum dolor vel veniam eligendi.
Expedita non debitis sunt quo enim atque id. Et soluta modi ea nemo quas provident repellendus. Eos nulla id possimus consequatur eveniet aliquam. Voluptas similique quod omnis est sunt odit non dignissimos. Laboriosam quo placeat vel corrupti dolor odit.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...