Straight to buy-side ?
Why is going to straight into the buy-side out of undergraduate a bad idea from what I hear ? Or is it the best thing ?
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Unable to speak on it to the full extent as I don’t know anyone who went straight from undergrad but would guess:
- Much steeper learning curve & more stress (with IB you’re expected to not know shit for first couple of months, unsure if this is the case for PE)
- Worse technical skills / unfamiliarity with processes due to lack of reps and experience
- Less career mobility if you quickly realize you don’t want to do PE for life or get fired
Those are my guesses, could be wrong though
I wouldn’t hyperbolize #3…. you won’t have to pivot to trade school if you burn out of PE
One thing I’d say is that banks have very structured training programs for new analysts, given how many come in and out every few years. There are a lot of systems in place that help you develop your skills. While I’m sure some buy side shops have stuff like this, it’s likely far less structured, and there will probably be less focus on your development
I think you have to differentiate between buyside firms with structured training programs vs MM firms where you’re doing bitch work with no direction. If you have an offer from a MF with a real training program (BX/Vista/WP/Bain/KKR come to mind) I think it would be pretty stupid to go to even a top banking group since most people do on cycle for PE anyway.
This question has been answered a million times on this forum, and there at least is a somewhat "universal" answer at this point:
Top IB vs MM PE - take the top IB. At said Top IB, you are guaranteed to have good training and reps for two years, and being at any top IB sets you up will for PE recruiting.
Top IB vs Top PE - take the top PE. The only reason people wouldn't take the PE firm offer like the example above is that you have no idea what you're stepping into with a MM PE platform as an analyst. You could have a great experience, or a horrible one that could set you back in your career relative to your peers that just went the IB route. With the Top PE analyst programs (me personally, I would limit this to Blackstone, KKR, Vista, Bain, Warburg, and Ares), you are guaranteed BOTH the top training and a seat at a highly coveted buyside spot, which all these banking analysts hope to get an eventual associate role at, which you already have to an extent.
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