Curious what people think when evaluating this kind of a scenario? Imagine a choice between a BB ECM group (no real modeling experience to speak of), and a much smaller player but focused on sponsors coverage (hopefully, lots of LBO reps and exposure to clients). If the goal is MM PE after a year or two, what's the move here?
Thanks!
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Wrong bank, right group. You may get more interviews based on having the "right bank" in your CV, but without the right experience, passing the interviews and getting the offer will be more difficult (comparatively).
I would say right group trumps everything. Why go to a group where you wont gain the experience you want and cover a sector/product you have no interest in just because of the bank name? I feel like more places would give you a chance b/c of the right experience than because of the bank name.. If im an employer and I see the right bank but completely different group I think "shit, i still have to train this guy", if its the right group I think " well, maybe it'll take less time to bring him up to speed".
YeP sponsors
Reminds me of the http://www.leveragedsellout.com/2008/10/remember-the-titans/</a">seminal Leveraged Sellout poll:
Which would you rather be? (A) An M&A MD at Jeffries (B) A PWM VP at Bear (C) A trade settlement analyst at Lehman (D) A HR intern at GS (E) A janitor at Citadel
... (Go with the right group)
Imagine Citadels secret supply closet.
Is Citadel really thaaaat sexy?
Guess I ought to stop poking fun at my cousin and cry at my own plight.
In your specific example, I would try to do as much due diligence as you can regarding what the Sponsors group does at that bank. At my old MM firm, they did 0 modeling and were essentially relationship conduits between the industry coverage guys and the product/execution guys. Tough to sell your experience there being helpful to a PE firm.
I would also try to find out about how easy a lateral opportunity would be at both banks. One firm may work with top performers to find a spot for them - i.e. do a year or two in ECM/Sponsors, get a spot in a group that has good dealflow/exposure to PE-related work.
My bank is the same way (regarding sponsors group). Are there banks where the sponsor groups do a lot of modeling? Genuinely curious.
Same at my MM. At my MM I would choose ECM over FSG.
Thanks guys - this has been very helpful. I guess the best policy is to be straight up with the Sponsors group and just say "so would you have me actually running the lbo models for our deals"?
Any thoughts around how this "story" would play for a B-School App? Obviously everyone has to craft their niche, but if the goal is to exit B-School to a PE gig, would trading from a BB to a smaller bank (but to a group providing the right experience) fit that general story line? Or would the whole application lose a little bit of luster since you're no longer at a top IB? Feels like it could kind of go either way...
Yeah, try to ask them and if you feel like you're getting the run-around try to ask someone who would know (colleague/friend/acquaintance who used to work there).
Obviously there's a little bit of prestige-seeking in b-school admissions, but for someone who wants to do PE, getting in a banking group regardless of where it is lines up more than trading does.
Good luck exiting B-School to PE without pre-MBA experience though...
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