Got an offer from SMBC for their FIG group in NYC. I assume I will be placed either into their Specialty Finance (BDCs, etc.) or their Asset Manager sector, possibly Insurance. I have an offer at Barings for Special Sits and wanted to know the opinions on both opportunities. Unsure if I want to do sell side or buy side and whether or not I will exit to buy side later.
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Based on the most helpful WSO content, here's what you need to know:
SMBC FIG Group: FIG groups, especially in NYC, are known for their niche focus and strong deal flow in sectors like Specialty Finance, Asset Management, and Insurance. While FIG can be analytically intensive and provide solid technical skills, it is often considered a more specialized area. This specialization can sometimes make transitioning to broader buy-side roles more challenging unless you target FIG-focused firms (e.g., JC Flowers, insurance-focused PE, or asset management roles). However, FIG experience is highly regarded for its depth in financial modeling and understanding of complex financial institutions.
Barings Special Situations: A buy-side role in Special Situations at Barings offers a direct path into the buy-side world, which is often the ultimate goal for many in finance. Special Situations roles typically involve distressed investing, credit opportunities, and other unique investment strategies, which can provide a broader skill set and exposure to various asset classes. This role might offer more flexibility in terms of future exits to other buy-side opportunities, such as credit funds (e.g., GSO, Bain, Oaktree).
Sell-Side vs. Buy-Side: If you're unsure about your long-term preference, consider the following:
Exit Opportunities:
Ultimately, your decision should align with your career goals. If you're leaning towards a buy-side career and want earlier exposure, Barings might be the better choice. However, if you value a strong technical foundation and are open to exploring FIG-focused opportunities, SMBC FIG could be a solid starting point.
Sources: Buy-side vs sell-side path to credit funds, Best Groups at BBs, Best Banks for certain Groups Ranking, Why Should I Work in FIG Investment Banking?
Hey, I have my superday for SMBC FIG coming up, wondering if you might be able to share any advice or insights into how it went. Thank you!
Also have an offer for Cap Solutions — do you know how many of us there would be?
Congrats. I believe there is only two of us (one in Charlotte and one in NYC). I imagine you are in the Charlotte office?
SMBC FIG is a solid spot if you want broader exposure to financial institutions and a potential path toward buy-side later, especially if you land in Asset Management or Specialty Finance. Barings Special Sits is more niche, likely giving deeper, deal-heavy experience in distressed/credit, but may be narrower.
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