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When I read your description, three words come to mind:
third year analyst
I agree. Although in my experience alot of the third years were really good and just couldn't decide if they wanted banking as a career or not (which people on this board may think is stupid because PE is "sooo awesome," but smart people do stay in banking sometimes). I've seen second years in groups like ECM transfer to better groups as 3rd years and do well and manage to land at some very respectable places, too.
But yes, the majority end at smaller mid-market buyout shops or HF (if buyside is even what they want).
Hard to imagine a quality buyside firm taking a mediocre analyst from a mediocre bank in a mediocre group. The most likely option would be a low quality buyside shop given the high demand to get into the industry. Even the mediocre buyside shops can have their pick of good BB analysts.
what does it take to be "good"
what happens to the 35-75% analysts from decent industry groups
Do top funds recruit 3rd year analysts? If so, it is harder to land a job as a 3rd year relative to a 2nd year?
Exit Opps for Analysts at mediocre BB industry groups? (Originally Posted: 02/10/2014)
I'm an incoming analyst at a BB regional industry group that can best be described as "meh" within the industry. The BB itself is one of the more prominent and prestigious names out there but the group is just average, without spectacular dealflow. There hasn't really been any consistency to exit opps for previous analyst classes, with some going to corporate development, others to small and MM PE and maybe one person every couple of years going to a Megafund. It seems like the analysts get decent headhunter attention but can't make it past the interview stages.
My question is, coming out of this kind of group, how do I best position myself for PE exits (both generalist and industry-focus)? I'm not too keen on going to a Megafund but going to a MM shop (ideally in a non NYC market). How should I make the most of limited live deal experience before I begin recruiting?
I think typically, if you get the interview, it comes down more to the individual than their respective resumes.
Mediocre BB Analyst - What next? (Originally Posted: 05/09/2008)
What happens to the Mid=bucket analysts that don't get promoted to associate?
Do they have a decent shot at landing at a hf or mm pe shop?
or is it back to business school?
I would imagine most go back to business school, but I'm sure it depends on how the market is. If lots of places are hiring, I would imagine they just move on to another place.
Same as the top bucket guys. All you need are good interview skills, including modeling, and three good references from your current job to land a PE gig. I'm sure a mid-bucket analyst can get three good references, or they would be bottom bucket. Plus recruiting for first years starts before any real ranking happens anyway, so it's not a big deal. If you're a second year, again not a big deal as long as you can drum up some references.
don't think there is a material difference between top, mid, or bottom-bucket exit ops because you get rankings after recruiting happens. even if you're the worst analyst in the group, if you can do well through the interview process and spin your experience well you can still end up at a megafund or top-tier hf
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