I understand that leveraged finance is a strong group for analysts to begin their careers if they are targeting private equity exits. However, I am interested in whether the same holds true for post-MBA grads who enter into leveraged finance at the associate level. Are there some common exit options at this level after spending 1-2 years in the group with good deal experience?
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I'd be interested to know as well.
Do distressed credit funds hire leveraged finance Associates from places like BAML/JPM?
do ibd associates have exit opps? i thought you either exit as an analyst or at the md level, not the mid-level titles.
There are virtually never any absolutes in finance...so 'no'...there can be exit opportunities at the IB associate level, but the general thought is there aren't. More accurately there aren't many, but it has been, and can be, done.
Regards
There must be plenty of smaller shops ($2bn AUM total) who would much prefer an experienced associate who can handle himself well to an analyst. I think you just need to be proactive.
There are very few firms that would prefer Associates to Analysts. Totally different job functions / competencies. There's a reason why very few Associates exit banking and almost all Analysts do. Investment Banking is a sell-side, client relationship business; working at a mezz shop is about prospecting investments, analyzing capital structures, etc., which fits far better with the experience of an Analyst to that of an Associate.
That's not to say it's impossible - it does happen. But generally, the sell-side and buy-side career paths diverge as time goes on. A VP at an investment bank has very little to offer a credit HF.
Oh, I'm glad you're clarifying what investment banking and private equity are; I had no clue and thought they were the same thing.
Associates who also spent 2-3 years as an analyst can still do analyst-type work but also have the maturity/polish/experience to handle a lot more responsibility. I wouldn't want some clueless 2nd-year analyst drafting letters to boards of directors and opposing bidders.
Again, I am talking about smaller shops where the line between associate/analyst is blurred (or non-existent).
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