Q&A: Director @ Kroll (ex Duff & Phelps) – Mid-Market M&A, Modeling That Actually Gets Used, and What IB Looks Like Outside GS/MS
Alright, I’m hosting a Q&A.
Who I am (brief, no inspirational nonsense):
I’m a Director in Investment Banking at Kroll (yes, the Duff & Phelps you’ve heard of, now rebranded). ~10+ years across M&A, capital raises, valuations, and cross-border deal execution. I sit squarely in the mid-market—where deals close, models matter, and nobody pretends a football field wins mandates.
Background includes:
- Running sell-side and buy-side M&A and growth capital transactions ($20–40m+ range)
- Leading and fixing models (DCF, comps, LBOs, PPAs, things that break at 2am)
- Managing teams from “smart but dangerous” analysts to “please don’t touch the model” associates
- Working with founders, PE, strategics, and the occasional client who thinks EBITDA is optional
CFA charterholder. Ex-engineer. Former Excel/VBA addict. Now paid to review models and say “this won’t fly.”
Why I’m doing this:
WSO has enough “How do I break into IB from a Tier-3 college with no internships?” threads. I can’t change the odds, but I can at least explain how the game actually works once you’re in—and how not to get filtered out before that.
What I can help with (and what I won’t):
- Recruiting for IB / valuation / transaction roles
- Resume reviews (what actually gets interviews vs. what looks cute)
- Technical interviews: modeling, valuation, deal discussion
- Career progression: Analyst → Associate → VP → Director (and where most people stall)
- Mid-market vs BB vs boutique reality checks
I won’t:
- Pretend passion matters more than competence
- Tell you there’s a “guaranteed” path
- Sugarcoat bad profiles
Format:
Ask whatever you want in the thread. I’ll answer as long as the questions are:
- Specific
- Not easily solved by Google
- Not “rate my chances” with zero context
Anonymous or not — your call. Mine’s not.
Fire away.
Based on the most helpful WSO content, here are some key takeaways and insights from a Director at Kroll (formerly Duff & Phelps) who specializes in mid-market M&A:
Key Areas of Expertise:
Mid-Market M&A Focus:
Technical Skills:
Career Progression Insights:
Recruiting and Resume Tips:
Mid-Market vs. Bulge Bracket (BB) vs. Boutique:
Soft Skills and Leadership:
What This AMA Offers:
If you have specific questions about mid-market M&A, technical skills, or career progression, feel free to ask!
Sources: Q&A : Principal in Middle Market PE, https://www.wallstreetoasis.com/forum/investment-banking/qa-md-in-ma-and-capital-markets-with-bulge-bracket-and-boutique-experience?customgpt=1, Please Help Me Understand Corp. Finance / M&A at the Big 4, Hardo Hot Take: Middle-Market Investment Banking is Not Prestigious or "High-Finance", What Field Are You And in What Broad Region?
Would it be acceptable to list last semester/last 60 credits gpa separately with cumulative gpa on my resume? Mainly to show improvement
Yes, only if it meaningfully improves how your profile screens. Understand that GPA in IB hiring is used as a filter, not a growth story. If the improved GPA clears the cutoff, show it.
If your cumulative GPA is average but your final year shows a clear jump (think 3.0–3.3 cumulative vs 3.6+ in the last 60 credits), you can list both cleanly on the resume with no explanation, e.g., “GPA: 3.2/4.0 (Last 60 credits: 3.7).” This mainly makes sense for students or very early-career candidates. Also, be ready to explain what caused the jump. My suggestion would be to keep it factual (better time management, prioritization, etc.). No blaming professors, no 'finding your passion' or any sort of comeback story.
However, If the difference is marginal, or you’re already a few years into the workforce, it starts to look like you’re trying to manufacture a story out of numbers.
Thank you for your response Siddarth! In that sense, should I employ a more networking intensive strategy to securing internships/experience since many roles are automatically filtered by cumulative gpa?
What do you think makes a good analyst now we are 6 months into the job? How to really stand out and become a top bucket analyst? Also any tips on how you would approach getting more of the good staffings as a first-year?
Six months in, a good analyst is someone I don’t have to think about. The work is clean, the numbers tie, and issues are raised early, not after the fact. Technical skills are a definite requirement; consistency and judgment are what matter.
If there is one thing I would single out, that would be ownership. Understand what you’re building, sanity-check your own work, and make life easier for the associate without needing credit. That’s what gets noticed.
On staffing, there’s no hack. Do good work on whatever you’re given, stay reliable when things get ugly, and don’t complain. Once people trust you, the better deals come naturally.
Brave man to host a Q&A on this forum and not be from Goldman or McKinsey.
Different lane, same traffic. I sit in mid-market where deals are smaller, teams are leaner, but execution matters. Ask away.
Hey Siddharth, see you’re based in Mumbai. I’m an incoming analyst at a top BB (GS/MS/JPM) in the US originally from India. Have been wondering how prospects look like after doing the two year analyst program? Do you sort of hold the same pedigree as someone who pursues a top MBA in India? Thanks for your time!
Yes, A US BB analyst role signifies elite execution and training. A top Indian MBA signals leadership, breadth, and long-term management potential.
Early in a finance career, the BB analyst background often carries more weight. Later on, the MBA helps more with seniority and role flexibility.
How has your role changed going from VP to Director? Details re: day to day would be great.
Thanks for the question — appreciate it
The VP to Director shift is mainly about what you’re measured on. As a VP, my days were execution-heavy: running deals, managing teams, and staying deep in the work. As a Director, a lot more time goes into origination — client calls, coffees, pitches, and building pipeline.
I’m still involved in deals, but more as a problem-solver than the person driving every workstream. KRAs move from quality of execution to revenue and conversions, and you start owning bigger teams, more complex situations, and client relationships end to end.
Hey Siddharth, thanks for AMA and taking the time out.
From an India context, can you share how the PWM/AIF space is looking right now and in the years ahead ? any opinion would be appreciated.
Thanks Asdaf for the question.
I personally believe that both PWM and AIF are in a good place and will keep growing, but they’re maturing more steeply than initially expected
In PWM, there’s a steady rise in HNIs and affluent families in India and people are more open to proper advice instead of just FDs and real estate. The opportunity is real, but it’s getting competitive — pure product sellers will struggle, relationship- and advice-led players will win
AIFs have strong tailwinds. Investors are actively looking beyond public markets into PE, private credit, and structured strategies. Going forward, you’ll see more specialized funds and tighter integration with wealth platforms.
Net-net: money is growing, alternatives are here to stay, and quality will matter in the long term
Thank you.
Not to be nit picky but Kroll is hardly “squarely in the middle market”, it’s lower lower middle market at best. Accurate characterization makes a difference. The buyers, sponsors, processes, diligence focus areas, model nuances, etc are a lot different for a $20m business than a $500m business. Also your post makes no mention of location; if it’s India then there’s no comparison to US MM IB or even US LMM IB. Again not trying to be nit picky clear representation of your credentials matter.
I think we’re largely aligned, but you’re compressing a very wide platform into a single bucket. Roles and deal sizes genuinely span from lower MM to core MM depending on product, client base, and geography, so calling it “LLM at best” is an oversimplification. On geography — agreed, it matters. My work is cross-border, primarily on US assets with US sponsors and strategics, even though I’m based in India. That’s obviously not the same as sitting in a US office, but it also gives materially more exposure to US processes, buyers, diligence and market dynamics than someone working purely on domestic India deals.
Also, the point of my post was never to claim equivalence to a US MM sell-side role. It was to describe hands-on execution exposure — outreach, process management, diligence and modeling — which is what I’ve actually done. I’ve represented my background accurately; if someone reads more into it than what’s written, that’s a misinterpretation, not a credential issue.
Any insight into how comp progresses from analyst to director in the Indian context?
In the Indian IB context, comp ramps up fairly quickly as you move up the ladder, but the mix changes a lot. At the analyst level you’re usually looking at roughly ₹10–25L all-in. Associates tend to be in the ₹20–60L range depending on firm and deal flow. VPs can land anywhere from ~₹40L to ₹1.5–2cr in a good year. By Director / ED level, fixed pay matters less — bases are typically ~₹60L to ₹1.5cr, but total comp is very bonus-driven and can easily run ₹1.5–4cr+ if you’re executing and contributing to revenue. At senior levels, year-to-year outcomes vary a lot based on deals and the bonus pool, which is where most of the upside (and volatility) sits
Went to a traditional non target in the US. Currently working in corp dev (6 transactions between 20 and 100M) in a niche industry. I’ll be looking to move back, largely due to the the Visa complications.
What should I expect as I transition back to India. Would like to stay in sell side preferably.
Got it, thanks. It will feel more like a reset in perception than in skills. Where you went to school won’t matter much now—what matters is whether you can clearly explain what you did on those six deals and what you owned end-to-end. Corp dev experience is valued if you position it around execution, valuation, diligence, and working with buyers, not strategy work.
In India, expect things to move faster with smaller teams, especially on the sell side. You may come in slightly sideways on title, but good execution gets noticed quickly. Visa-driven moves are common and not a red flag. Focus on solid mid-market platforms, tell a straightforward deal story, and the move is very doable.
How does mid-level recruitment work in India? Wondering if they’re headhunters that you need to go though or just cold email to get into processes?
At the mid level in India, most hiring happens through headhunters, especially for IB, PE, VC, and senior corp dev roles. Once you’re VP-ish and above, cold applications rarely go anywhere.
That said, direct outreach still works if done smartly — emailing a Partner/Director with a clear story, or leveraging mutual connections. Cold emails to HR usually don’t help, but warm intros and targeted reach-outs do.
Best approach is a mix: stay close to a few good headhunters and build relationships directly. Relying on just one channel is risky.
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