Seeking advice - how to best position myself to transition from LMM IB -> BB/EB
Hi guys,
I’m a FT Analyst 1 at an M&A boutique in London, currently 4 months in the job. In short, I love the job but envisage myself working on larger deals long-term.
The shop is your classic no-name but deal flow is very strong. I think the best analogy would be a HL type churn shop with smaller companies (largest deal ive worked on was £70m EV, but most are £10-50m).
3 months in, I’ve had involvement in 4 deals that have now closed and expect to have closed maybe 6-10 more by end of my first year.
My primary goal is to lateral my way up eventually to BB/EB. I also understand that the first step is to move into classic MM. Could anyone provide any guidance on what a typical roadmap would look like for achieving this and which MM firms to target first (maybe those that have a track record of hiring from LMM).
Thanks guys!
To transition from LMM IB to BB/EB, here's a roadmap based on the most helpful WSO content:
Leverage Your Deal Experience: Highlight your strong deal flow and closed transactions. Even if the deal sizes are smaller, the volume and your involvement in multiple aspects of the deals (e.g., financial modeling, CIM drafting, due diligence) will be attractive to MM firms. Create detailed deal memos for each transaction, showcasing your role, valuation methods, and key takeaways.
Target MM Firms with a Track Record of Hiring from LMM: Firms like Stifel, Lincoln International, Houlihan Lokey, and Raymond James are known for hiring analysts from LMM backgrounds. These firms often value candidates with strong execution experience and can serve as a stepping stone to BB/EB.
Network Strategically: Start building relationships with professionals at MM firms. Use LinkedIn, alumni networks, and cold emails to connect with bankers who have made similar moves. Tailor your outreach to highlight your deal experience and interest in their firm.
Engage with Headhunters: Headhunters play a significant role in lateral hiring. Reach out to those specializing in IB placements, as they often have insights into openings at MM and BB/EB firms.
Position Yourself for BB/EB: Once at an MM firm, focus on gaining exposure to larger deals and honing strategic thinking skills. BB/EB firms value analysts with strong execution experience and the ability to think critically about deals.
Timing is Key: Lateral hiring depends on openings, so be patient and persistent. Keep your resume updated and be ready to move when opportunities arise.
Consider Regional Opportunities: If you're open to relocating, some regional offices of BB/EB firms may have less competitive lateral hiring processes compared to London.
By following this roadmap, you can position yourself effectively for a transition from LMM to MM, and eventually to BB/EB. Good luck!
Sources: Analyst Lateral from MM to BB/EB, https://www.wallstreetoasis.com/forum/investment-banking/eb-vs-bb-long-term-and-exits?customgpt=1, Some Observations from an MD, My Path - MBA Banking Associate to PE, Q&A - From Non-Target to VP at EB
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