Is it okay to ask bankers about deal pipeline during superday?
Some background - I was working at a no-name boutique that focused on a very niche vertical of a broader industry but had great deal flow (6-7 closed transactions a year and lean deal team so worked on almost all the deals). I was laid of at the beginning of this month and to say the least it's been tough. Been applying to random LinkedIn posts and managed to get a superday at a no-name boutique coming in as a generalist. Needed advice on two questions -
1. Is it okay to ask the MDs about deal pipeline during the superday or should I ask about it if I get an offer? I have tried to extensively find the deals the firm has worked on but their website is outdated and since they cater to LMM clients there isn't a lot of press around the deals. Coming from a firm with very strong deal flow I am worried that I might play more of a business development role rather than focusing primarily on transactions.
2. A few recruiters from MM banks have reached out for a phone interview but their process has been slow after that. They haven't ghosted me or rejected me but I'd like to know where I stand with them before making any decision. Any suggestions on how can I go about that.
Thank you in advance for the help!
Based on the insights from Wall Street Oasis, here's how you can approach your questions:
Asking about Deal Pipeline During Superday: It's generally acceptable to inquire about the deal pipeline during a superday, especially if you frame it in a way that shows your eagerness to contribute and your interest in the firm's work. You can express your experience with a high deal flow at your previous firm and ask how you can leverage that experience in your new role. This demonstrates not only your due diligence but also your commitment to being an active participant in the firm's success. However, ensure your question is respectful and conveys that your primary interest is in how you can add value to the team.
Following Up with MM Banks: For the MM banks that have been slow in their process, it's perfectly reasonable to follow up with them. A polite and concise email expressing your continued interest and asking for an update on your application status can be effective. Mention that you are in the process of interviewing with other firms but are particularly interested in their opportunities. This shows your professionalism and can prompt a quicker response without appearing desperate or pushy.
Remember, the key in both scenarios is to communicate your value proposition and genuine interest in the role and the firm. Your background in a boutique with a strong deal flow positions you as a candidate with hands-on experience, which is attractive to both no-name boutiques and MM banks alike.
Sources: Ask an ex-IB MD anything........., How to pick the right bank to run M&A sale process?, Superday Advice From a Tired Interviewer, What's happening during live deals?, GS 2018 Superday
Listen, in this market, it could be a touchy question depending on their ego. If they’ve had horrible deal flow this year, nobody wants to talk about it more than they have to.
In my experience, most people don’t really mind to answer the question and have a conversation around it.
Lately I’ve found success in starting it off with a conversation about their perspectives on the market currently. Then rolling it into a question about their deal flow for the coming year, if they didn’t already answer it.
Should never be seen as a sign of disrespect, especially at the boutique level. This is your career and your future. Deal flow is extremely important to your growth and resume. They should understand that.
Cheers and good luck!
Thank you! Super helpful
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