Not getting good staffings - 1st year analyst looking for advice
Hey guys,
Recently started as a first year analyst a lower tier BB in nyc and concerned about my staffings. Not really getting live deals (only meetings, etc,.). Dont think I have fucked up really (try to do solid work) and had good reputation with the group last summer (interned w the group). The other analysts in my class are getting way more live deals - not sure if this is random or not.
Havent talked to my staffer about this, but I've updated that I have a lot of capacity through the staffing tracker platform we use. How should I navigate this? Obviously dont wanna come of as entitled to the staffer / anyone else asking for live deals.
Was trying to get top bucket, but seems like I am headed for bucket. Know its pretty early but getting kinda worried lol. Any advice would be greatly appreciated. Thx
Sounds like you might be UBS Tech and pretty common there. If you are not in the “in” group, you are viewed as an outsider.
It is too late you will be bottom bucket and then eventually get pushed back. Start recruiting immediately.
Based on the most helpful WSO content, here are some actionable steps you can take to improve your staffing situation:
Communicate Effectively:
Proactively Seek Feedback:
Network Internally:
Showcase Your Capacity:
Be Assertive but Respectful:
Leverage Resources:
Stay Positive and Patient:
By following these steps, you can better navigate your staffing situation and increase your chances of getting involved in live deals.
Sources: Navigating The Floor: A S&T Analyst's Guide, Navigating The Floor: A S&T Analyst's Guide, What I Wish Every First Year Analyst Knew, Vent Some Wisdom to Incoming Analysts/Interns, How to manage bad 1st years?
Been staffer at two different banks in IB (one in coverage, one in M&A) so feel I have reasonably good perspective in this.
My first point, seldomly are staffings allocated at the A1 level based on capability. Nobody knows what anyone can do so early on. You might not like hearing this, but A1s are largely just viewed as additional bodies. So don't think this is a reflection of your capability.
Point two is that it's largely just luck of the draw on these things. E.g. there's 4 A1s, 3 live deals, someone isn't getting one. It's nothing personal. Who knows, maybe one of your meetings will turn into a live execution. You know that's why these 'meetings' happen, right?
Thirdly, there's an illusion that live deal experience is everything... Sure, kinda... As an A1 you're doing what on a live execution? Formatting an IM, pulling raw data for pages deep in the appendix which will not be looked at, ticking numbers in a prospectus, changing file names in a VDR? I'd argue there's more thinking and learning doing these 'meetings'. Now the reality is, doing both is probably the best.
Lastly, bonus bucket seldomly tie to whether an A1 did a live deal or not. A1s don't source deals, they flounder around in the background doing menial tasks which may not be visible at all to the key people. I'd argue you have a lot more visibility to decision makers on these meetings. Do good work on them, allow people to build a positive impression of you, and you'll get a higher bucket. I can assure you the group head won't be looking at the revenue line for an A1.
TLDR: Don't sweat it, do good work, good attitude, you'll be fine
Fully agree with this view — juniors underestimate the value of developing commercial thinking early on. Some of our analysts had to do tons of marketing work — 30+ books in a year — and had exactly this perspective. Another 6-12 months have passed and these are the guys with top staffing — some from all this pitching, some other stuff when people heard they were solid. After 15-18 months, I already see the difference and see a huge value in their perspective vs the “drone-type” analyst who had tons of sell-side exposure but can’t write an IM section without full draft and tons of input. Sure, also very important but the mix is key. I see some guys & gals with 10 years of experience, who will massively struggle when starting their own marketing activity cause they were always the cruncher on some 5-6 people sell-side setup…. Being commercially aware is also one of the few skills which travels very well (outside of IB)…
Not directly related to OP's question but is this description of A1 tasks at BBs largely accurate? I'm certainly familiar with the idea that analysts specifically at BB coverage groups end up doing a lot of menial / non-interesting work; but at my RX group provided an A1 has their head on straight we'll let them run most of the modeling / deck within a few months. Obviously subject to significant scrutiny but they get the first go and aren't simply updating hardcodes and reformatting all day
Being the most junior person on a team means you do whatever needs to be done. The tasks themselves can vary widely as a result / I just gave a few examples. The difficulty of the work given will depend on the individual's capability. If the team thinks someone can model, they'll probably let them model. That said, it still means the more boring tasks will need to be done by someone... Which ends up being that same person (i.e. more work for being good, but who else is going to do it). Whilst it may seem unfair, the unfair bit is that the people taking on more scope / harder tasks actually learn something / develop quicker than those who get relegated to the logo department for two years (not a real department btw). Went off on a tangent a bit, hopefully helpful.
Very much in the same boat right now, just sucks since it feels like it's due to something that's not in my control
What staffing platform are you using outside of excel?
Spent time as analyst in banking with the same frustration, my advice when I look at it retroactively, even thought I absolutely hate to say this:
You can express interest in more live deal staffings, but don’t voice things as complaints. There’s two reasons for this. One, it really truly doesn’t matter this early on. The accounts with bigger names or the teams working on something live doesn’t always mean better and more interesting work. Focus on doing well on what you’ve been given. Two, the most annoying part, staffers are humans and tend to have unconscious biases against people who complain. You can be 100% competent, but if you vocalize complaints too much in your staffers head you might become the naggy analyst who’s always begging for staffings people don’t want him on (even if it’s not true).
Trust me, I get it, and the instinct is to advocate for yourself (and you should where it’s constructive) but just giving fair warning that it often is not.
Tough breaking perceptions. Don't be the guy that moans and does average work.
Raise that you want to be on deals when the next one comes in. In the mean time anything your are given needs to be perfect.
Golden rule - don't moan.
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