No deal experience after 3 years
So basically I work at a second tier bank (RBC/WF/Nomura/Deutsche/HSBC) in one of the most weak groups and offices . To give some context, my team has closed 4 transactions since 2018, one of the associates in my team has only 1 deal toy despite being in the job for 5 years and a half.
90% of my time is spent on pitching and admin stuff, and I’ve only been staffed on 4 live deals (all of them buy side engagements, and all of them fell apart, actually only one of the projects made it to the second round and to the data room). Don’t think I don’t get live projects because I am an underperformer, the other analysts in my group are in the same situation.
I should’ve left this group long time ago, but the money was so good and the work life balance was amazing (around 60-65 hours and 80% of my weekend free) besides I really get along with the people in my group.
However, I realize that my skill set is so underdeveloped compared to my peers at top banks due to the lack of opportunities and deal exposure. I am about to become associate in a few months and I am lacking so many things and experiences. Most first year analysts at places like GS or MS are more experienced than me.
I’ve decided to start looking for a lateral option, my goal would be to land something at GS/MS/JPM/BoFA, but I am afraid that maybe it’s too late, they would have to hire me as ASO but I have no deal experience whatsoever. I’ve approached a few recruiters, but they ask me for a deal sheet, which I have to leave empty, and it is so embarrassing. I feel like because my complacency, I’ve missed the train.
This is Nomura 100% percent. A VP told me he hasn’t closed a deal since he’s been there (5 years)
I think you just make a deal sheet with some deals that you’re working on currently or ones that have fell through. Lateral market is shit rn as you probably know
Have you ever gotten close? When I moved banks I also had 0 deals closed, but I would just tell people about the couple deals that pretty much made it to the finish line and then fell apart. That way they could understand that I knew the process / work.
So wtf do you do all day
Dude you are in a dream spot. You get banking money for IT hours. And the stamp of a large bank on your resume.
You’re only concern is being fired or let go and then having to recruit while not knowing much.
But these types of banks rarely fire you, they just give you crappy bonuses. And you could likely move to credit or something even if you start to underperform.
Don’t ever look a gift horse in the mouth.
It's not a dream spot at all, it's a terrible start for a career. As a banker (pre MD) all that matters is your transaction experience. You just lost 3 years and now you are not competitive anymore vs other bankers your age for ASSO positions and you re too old for AN1 positions.
You were complacent and it's good you are starting to acknowledge it
good luck
when I was an intern, some ASSO1 were in the same spot (years of pitching). Typical exit opp if you are lucky is corp dev in a corporate which doesnt do much. Brand name of your bank will help
Name checks out.
The fucking determinism of this forum drives me insane.
“Oh yeah you’re here, so you can never get THERE. Your whole career is immediately decided from start to finish because you weren’t in the best of the best group so might as well die.”
I don't see how this is a bad thing...like at all. Seems like a cushy spot that people would dream about. Sure, you might not get that buy-side gig but why would you want to take a paycut (yes buyside pays less outside of the senior levels at this point) for more hours? All the other exits that people talk about on this site outside of those buy-side roles are just as open as if you were at any bank. If you don't like it still, then by all means just leave and let one of us take that cushy spot rather than get raked over the coals at some sweaty EB for the same pay.
Never been in this situation, but here’s my thoughts:
This is gonna be unpopular, but the people saying this is a dream spot are too focused on the short term. You’ve been in your career 2, 3 years? You’ve got at least 25 years left, and you need a skill set to back up your future moves. The money juniors make is pittance compared to potential earnings later on down the line, and no one stays at the same company for their entire life anymore.
I think you’re smart for considering a move, and understand the position you’re in. A few things:
Idk. Tough spot to be in. Not sure what I would do, honestly. I’m sure you’ll decide what the right move is though.
+1 this is the right advice, especially #3
The gravity of your situation is highly dependent upon where you want to end up. For anything that isn't buyside you could probably brush up on technical skills for 10-20 hours and be fine. If you're still set on buyside, then you're behind the 8-ball and will need to put in some serious time and effort (spinning your experience well and catching up on technicals).
You ARE lucky that you're in a spot where WLB is disproportionately good compared to comp. Many of your exit options may be similar WLB with less comp. You need to do the soul searching to figure out if that tradeoff will be worth it. Though I think most senior folks across industries would tell you not to stay in ANY soul-sucking job.
I'd rather work 80hrs a week at a job I find interesting than scrub toilets for 40hrs a week with the same comp.
I’d be fine scrubbing toilets if they paid me half a mil forever