I joined a European LevFin team and I would say 25% of the job is spent on stupid administrative, back office tasks which are needed to get internal approvals (i.e. kyc, compliance checklist, esg checklist etc.)
This is honestly ridiculous, I feel like I am only learning something when reading DDs
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Based on the most helpful WSO content, the experience in LevFin can vary significantly depending on the bank and region. For example, in some European LevFin teams, a notable portion of the job (like the 25% you mentioned) can indeed involve administrative tasks such as KYC, compliance checklists, and ESG checklists. This is often necessary to secure internal approvals for deals.
However, this isn't universal. In other setups, particularly at banks like BAML, the analyst experience can be more client-facing and focused on syndication strategy, pricing, structuring, and documentation. Conversely, at banks like Mizuho, the role might be more limited to preparing internal credit applications with less direct client interaction.
The learning curve also depends on the tasks you're assigned. While administrative work can feel tedious, reading due diligence (DD) and working on grids or covenant comps discussions are areas where analysts often gain valuable skills. It’s worth noting that the balance between administrative tasks and technical deal work can differ across teams and banks, so your experience might not reflect the broader LevFin landscape.
Sources: Leveraged Finance – 2017 Update, LevFin in London, What Field Are You And in What Broad Region?, BB Leveraged Finance, Joining LevFin and FSG at this point in the cycle
Seems like you joined quite a bad shop - Im BB LevFin and we have a dedicated team for all that middle office stuff. Try lateral out asap
I think most if not all reputable levfin groups have support functions for those, so junior’s experience will be mostly around pushing through committees (memos, DD, models, etc.) / marketing materials if lead
Same experience for me as a 1st year in LevFin at a BB.
What I do is mostly admin and project management. Doesn't even feel like I work in finance. The amount of time I spend scheduling internal calls and making sure that the right people can attend is insane.
It is a highly regulated business, which makes the work of juniors very adminy, at least at my bank. Maybe we are colleagues ahaha.
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