Starting in LMM - does that mean you can’t ever do on cycle recruiting?
Is starting in the LMM a bad idea if you ever want to do PE? Thoughts? If i lateral to a different bank in a year am I able to participate in this with a different class?
Can you give some more info? Are we talking something like Stifel? BGL? Or really boutique like fifth third or something?
LMM boutique, around 10 deals per year. Would lateral up to a Stifel like in a year. Just not sure if I should just try for LMM PE if that’s the case
Def would lateral up.
Quite a few LMM bankers end up in LMM PE, but processes most likely wouldn't be on-cycle and would materialize in the second year. You could dual process and try to lateral up year 1 and, if unsuccessful, recruit for LMM PE in year 2.
So I would lateral from LMM IB to MM 6-8 months, then on cycle for LMM/MM PE when I get there?
yeah, that is probably the best idea. What sized deals are you working with at your boutique?
What industry IB you working in?
Even if you lateral up to a Stifel or similar you won't really get much for oncycle, those small banks don't participate as much - the smaller PE firms they typically send to have no reason or motivation to recruit people at 3am on Saturday in July like Apollo & friends choose to do.
You should still lateral up in a year, but LMM/smaller MM PE will go via offcycle and I would plan for that. Oncycle is not a great place to really compare offers, find out about culture etc, so unless you are gunning for a top MF you should be just fine lateraling to a MM IB with no oncycle presence and recruiting from there.
Just warning you in advance so you don't start at your brand new bank and be disappointed with lack of outreach about oncycle. But your plan is correct overall.
Got it what about a better UMM IB?
Oncycle is overwhelmingly focused on BB/EBs, even mid/low groups at the lower BBs start to really drop off on oncycle outreach. Fewer and fewer MMs go oncycle every year, they are not in the same talent pool as Apollo so why would they spend their Saturday recruiting people who haven't even started yet when they will be able to fill a class in 6 months once people know which way is up in this job.
I know oncycle is cool on here but I really wouldn't prioritize it. It's not a likely outcome from a LMM seat (you just can't climb to a top BB that fast, ex-2021) and it's a terrible way of recruiting. you will have plenty of opportunities from a solid MM/UMM IB if you can lateral up, but it's just likely going to be offcycle stuff
What if I started out as an Analyst at Stifel, then was offered by one of these PE shops you referenced. For long term success, would you recommend just staying at a firm like Stifel and working your way up as a banker? Or switching over to a PE, even if it's at a mid shop?
Can't answer that for you - there are pros and cons to IB versus PE and they are both good careers. It's a different skillset to succeed in each.
That said, I lean towards PE is a great experience and will only make you a better banker, and it's very easy to do 2 years and then hop back to IB if you decide you prefer that. It gets hard to move to PE if you stay in IB for a while, so recommend giving it a try while you can. If you like your group, leave on good terms and you can even go back to them.
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