Leveraged Finance to M&A
Is it possible to move from Leveraged Finance to M&A? How about the other way around? I'm curious to know if starting a career in Lev Fin will limit M&A opportunities in the future? Thanks for your insight.
Very easy transition to make, particularly early in your career.
Thanks for the insight. Could you elaborate a little more? Is the transition easy because the Lev Fin skill set is very transferable? What else makes the transition easy?
You're a generalist. You'll work on M&A deals pretty frequently. You'll have a very transferrable skillset.
Thanks!
the lev fin group at my bank works closely with M&A to build lbo models. the skillset is definitely relevant/transferable to M&A. sometimes the exit opps are better than M&A, depending on the group and bank. hope this helps.
Lev Fin to M&A (Originally Posted: 04/12/2013)
Do Associates ever lateral from Lev Fin to M&A after a few years? How transferable is the Lev Fin skill set to other IBD groups, especially M&A?
Yes and they are probably the most similar groups IMO. You may need to learn accretion/dilution, but it's easy compared to LBOs.
Thanks. Why do you believe the groups to be the most similar?
B/c the majority of deals you work on in LevFin are M&A transactions. There is a need for junior capital outside of transactions, but for the most part, most gets used to support transactions and/or sponsors (PE portfolio companies looking to recap).
The modeling is stronger in those groups and most similar, compared to say DCM or ECM. There are plenty of people that move back and forth between LevFin and M&A. Generally its easier IMO to go from M&A to LevFin, but you can certainly go LevFin to M&A.
Thanks for your insight!
Thoughts from anyone else in the community?
Any other thoughts from the community about this?
this really depends on what bank you're at, some lev fin groups don't really do much modeling at all
Agreed. While a lot of Lev Fin activity is driven by M&A, not many Lev Fin groups on the street give their analysts an opportunity to develop as modelers. Despite the lack of modeling, I think a Lev Fin Analyst could easily become familiar with the M&A process and leverage that experience to make a move.
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