Moving laterally to another bank
I am an MBA associate and have been with the firm for a bit over a year. The deal flow on my platform is bad so I want to move. But every time the banks hear I haven’t closed any M&A deal, I get cut. This includes smaller banks with strong M&A deal flow. It’s not really within my control which of my pitches will turn live and when my live deals will close. And I am working on moving because I am not happy about the deal flow I am exposed to in my bank. I’ve also tried to network internally to get more deals but there’s only that much I can do. Do closed deals really mean everything? Is there a way to get around it, like emphasizing my deep involvement in live deals?
Closed deals are undeniably a significant factor in lateral hiring for M&A roles, as they serve as tangible proof of your ability to execute transactions. However, they are not the only factor, and there are ways to position yourself effectively despite the lack of closed deals.
Here's how you can navigate this situation:
Emphasize Your Role in Live Deals: Highlight your deep involvement in live deals, even if they haven’t closed. Focus on the skills you’ve developed, such as financial modeling, due diligence, client interaction, and strategic advisory. Be specific about your contributions and the complexity of the deals you’ve worked on.
Spin the Narrative: Frame your experience as a reflection of the platform’s limitations rather than your own. For example, you can explain that you’ve been proactive in seeking deal opportunities and have gained valuable experience in the process, but the lack of deal flow is a structural issue at your current firm.
Leverage Networking: Networking is critical, especially when you’re trying to overcome a perceived gap in your resume. Build relationships with bankers at your target firms and use those connections to explain your situation in a more personal setting. A strong referral can sometimes outweigh concerns about closed deals.
Target Banks with a Broader Focus: Smaller banks or boutiques with strong deal flow may be more willing to take a chance on someone without closed deals if you can demonstrate strong technical skills and a hunger to execute. Tailor your pitch to show how you can hit the ground running.
Highlight Other Achievements: If you’ve worked on pitches that turned into live deals or contributed to significant client wins, make sure to highlight those. Show that you’ve been instrumental in moving deals forward, even if they didn’t close under your watch.
Consider a Strategic Move: If moving laterally to another M&A role proves challenging, you might explore roles in Corporate Development or Strategy at a company with an active M&A pipeline. These roles can provide deal experience and position you for a return to banking later.
Ultimately, while closed deals are important, they are not the sole determinant of your value. By reframing your experience, networking strategically, and targeting the right opportunities, you can overcome this hurdle.
Sources: How to pick the right bank to run M&A sale process?, Corp Dev / Strategy Role - No Deal Flow?, PE Associate Not Closing a Deal, Breakdown of Post-IB Exit Opportunities, Cold feet and dread
This is a tough spot, but you're not stuck. First, reframe your resume: instead of listing 'closed deals,' highlight your 'live deal experience' and specific technical contributions—e.g., 'Built the operating model and drafted the CIM for a $500M+ consumer M&A process.' Recruiters care more about what you can do than whether the deal closed. Second, target banks where your consumer coverage aligns with their strategy; smaller boutiques may value your execution experience more than a completed transaction. Third, don't underestimate internal networking—ask to be staffed on a live deal at a higher capacity. If all else fails, consider a lateral move to a stronger platform after 18-24 months, even if it's a step down in title. Your MBA and technical skills are your leverage.
agree
I’d sell the live deal reps hard, no one controls whether a deal actually closes.
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You can focus on highlighting your specific responsibilities and skills on live deals, such as financial modeling, due diligence, and client interaction, while emphasizing your role in advancing the transactions. Stress that these experiences demonstrate your execution capabilities, so even if the deals haven’t closed, potential employers can see your value
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