An analysts rant on a weekend -
M&A is mind numbingly boring. From the blatant lies being put into CIMs, fake valuation, dealing with room temp IQ management and ridiculous sponsors. Not sure why anyone thinks this place is where you get technical and good training. M&A is just glorified process running; no actual value add.
| +131 | New Article: Dramatic Slide as UBS #22 (US) & New Leadership Desperately Needed | 25 | 11h |
| +113 | Americas M&A League Table Q2 Updated | 53 | 28m |
| +75 | Wealthy Parents / Jaded | 24 | 1d |
| +59 | How are hours rn for SA (interns) | 31 | 1d |
| +54 | A COMPLETE GUIDE TO SUMMER INTERNSHIP RECRUITING | 11 | 1d |
| +42 | Boutique firm wants access to my LinkedIn? | 36 | 2h |
| +33 | Investment Banking in Mexico | 9 | 1d |
| +30 | Investment Banking is Hard | 12 | 3h |
| +22 | Restructuring: Anti-climactic Experience | 3 | 1h |
| +21 | Excel macros for QOL formatting | 0 | 4d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
Ah, the classic M&A blues! It sounds like you've been through the wringer and back. Let's break down your rant with a sprinkle of insight from the highest ranked content on WSO, shall we?
The "Glamour" of M&A: You're not alone in feeling that M&A might not be the glitzy, intellectually stimulating playground it's often made out to be. Many enter the field with visions of high-stakes deal-making, only to find themselves bogged down in what can sometimes feel like endless due diligence and document review. The perception of M&A as the pinnacle of technical training in finance is widespread, but as you've pointed out, the reality can be quite different.
The Mundane Reality: Based on the WSO Dataset, it's clear that the day-to-day of M&A involves a lot of process management. From creating Confidential Information Memorandums (CIMs) that might not always paint the full picture, to navigating the sometimes less-than-stellar management teams and overzealous sponsors, it's a lot of moving parts and, yes, sometimes mind-numbing work.
The Learning Curve: While it might feel like you're just running a glorified process, there's value in the grind. The skills you're honing, from managing complex transactions to navigating interpersonal dynamics, are incredibly valuable. It's also worth noting that the type of modeling in M&A doesn't always allow for deep analytical thought, as you're often working with provided numbers without much room for assumption analysis. This can indeed feel limiting for those looking for a more intellectually challenging role.
The Silver Lining?: Despite the frustrations, there's a reason many see M&A as a valuable stepping stone. The exposure to different industries, the understanding of deal structures, and even the soft skills developed through managing client expectations can be invaluable. It's also a path that can open doors to a variety of roles in PE, VC, and beyond, where you might find the intellectual stimulation and value-add work you're seeking.
Remember, every role has its downsides, but it's the skills and experiences you accumulate along the way that pave your path forward. Maybe it's time to start looking at what's next for you, where you can apply what you've learned in a context that's more aligned with your interests and values. Keep swinging, champ!
Sources: Q&A: West Coast Tech IB Analyst, Q&A: Big Four Valuation Associate - Deciding Whether This Job Is Right For You, https://www.wallstreetoasis.com/forum/private-equity/then-and-now-compbanker?customgpt=1, Innovation in M&A, Is there any part of the financial industry that is growing?
Anyone who says M&A is interesting is typically a boring, insufferable person
Markets are a lot more interesting imo
Nothing more interesting than sinking your life into the public markets only to get outperformed by playboy models randomly picking stock!
Of course you think M&A is boring because you work with (likely shitty) sponsors on generic, high volume, low complexity and low TEV acquisitions. There is no 'M' in your "M&A" at a sell-side-only boiler room, no offence intended.
Have worked on >20 transactions and never seen a CIM, working on public-to-public M&A is a different job entirely and that distinction needs to be made clearer to prospects here, as nobody who is in a comparable seat thinks this is boring.
I work at an EB in an M&A /Rx group… working on large publics; M&A is just boring as hell process work.
Just trying to get a little more color.
Do you think it is boring because you overall thought it would be a different environment?
Do you find the whole office boring?
Do you generally just find work boring?
Of course you think M&A is awesome, you failed to go buyside and are stuck working 80 hours weeks as a service provider for large companies the rest of your life.
You’re saying at good firms you act mostly as buyside ADVISOR (emphasis on advisor) and aren’t churning out shitty CIMs running sell-side processes?
Tbh I can see how buy sides are more fun (have been on both).
Now that’s what I call COPE
Agree P2P is different ballgame, especially in UK. That being said, I haven't met anyone who says they're only doing public work. There's just not enough of this to go around for everyone.
Go to ECM then... and report back with your thoughts
Womp womp
The junior bitchwork you do is boring af, grinding out slides/models, populating datarooms, all the boring admin shit. I guess with all things banking, the real fun begins when you're on the people not Excel side.
Running a process is fun, as is any kind of public to public transaction. Dialogues with counterparties is a balance of negotiation and selling, maintaining deal tension is very strategic as is managing client boards / c-suite. Sometimes its smooth, sometimes its herding cats, but there's always a story.
There is a lot of value in process, it's not just admin and bitchwork (that's your job). If you want to understand how a good M&A banker adds value, check out this baller: https://economictimes.indiatimes.com/news/international/business/george…
Can see how banking would be more attractive at higher levels, but it’s awful at low levels.
I hear ya, it's really a grind and often tedious. I was lucky coming up in that senior guys would let me listen in on buyer calls, negotiations etc. and was pretty fascinating. Learnt a lot and kept me motivated. Even the internal strategy sessions on process and negotiations were super interesting, I never thought I'd see decision trees outside of a classroom.
No man Excel is Fun and Logo aligning is mental degradation
Repellendus repellat amet ducimus qui quaerat non placeat. Numquam distinctio hic velit adipisci. Voluptas iure tempora ab. Aliquid velit iste ut qui amet dolor cumque.
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...