More Experience while Pitching vs Deal
Hi everyone,
Joined a BB in London few months ago and was wondering if you don't learn more (or as much) while pitching vs. executing a live transaction. I feel pitching involves modeling, understanding KIH, etc. while execution can be a lot of bullshit process stuff (VDR, Q&A management etc.) I get you don't gain any creds while doing so but is it that bad?
I'm in a high-dealflow team with harsh hours and wondering if I should make the move to a lower-dealflow team with more pitching involved. I'll still have the brand name of my BB but better hours and good modeling/market experience.
Based on the most helpful WSO content, here's the breakdown:
Pitching and deal execution both offer unique learning opportunities, but they cater to different skill sets and career goals. Here's how they compare:
Pitching:
Deal Execution:
High-Dealflow vs. Low-Dealflow Teams:
Key Considerations:
Ultimately, it depends on your long-term career goals and what you value most in your current role. If you're leaning toward a move, consider networking within your firm to understand the dynamics of other teams before making a decision.
Sources: IB duties for Intern - more modeling or pitchbooks?, Q&A: Barclays IB to MM Private Equity, Q&A: HK IBD, This is what a group with poor deal-flow is like, How difficult is it to break in from a low-tier BB?
It’s a bit of a mix to be honest.
Pitching does give you a good basis (especially as an AN1) for churning decks and getting some modelling experience, especially without any kind of real pressure or crazy time constraints given that you usually have more oversight on the time available and no clients calling you up at 3am going nuts about something in the model.
However, deal experience (on both the buy and sell side) is just very different. For instance, the model on a buy side execution will have a lot more scrutiny on the drivers/assumptions and running sensitivities than a pitch, as you can’t just whack in 2% rev growth or 1% YoY margin growth like you might do for a pitch - because now, these small assumption points actually move the needle for a client. You also get a lot more exposure to client interaction, process management (which is a lot of the work needed for both IB/PE), dealing with the VDR etc, which are just things you don’t have to do when pitching.
In summary, both are necessary and will help build up the skills you need, but ultimately your CV will look better with more transaction experience than just pitching.
No real time pressure when pitching. Lol
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