Hey all, current sophomore at a target school (UChicago/Duke/Columbia). Recruiting for the SA '26 job and got a handful of first rounds at MM/Lower tier BBs but it's looking grim. Am I cooked? Is it worth it to start networking with some smaller MMs this late in the cycle? Just wondering what others would do in my position. Thanks.
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Get casing, or in the mean time, you can potentially network with solid growth equity or smaller PE firms that go later for recruiting. Corporate banking could be also a choice.
Yeah probably time to get casing. How doable is it to lateral an MBB/Big 4 junior summer gig into FT recruiting senior year for MM/BB IB?
I haven’t seen MBB BAs going to IB for FT. Should be more challenging coming from Big 4. Why not try to lateral full-time or exit to PE from MBB if you make it? I’m sure DB/UBS type BBs will give someone with MBB BA experience an interview but don’t think many will choose DB/UBS over MBB. Honestly, from career/prestige perspective, GS/MS/JPM are only BBs on par with MBBs, so why not go for MBB if you land a seat there unless you want a bit higher income.
i’ve seen mbb to ib before at my school
might just be the “lower” tier groups at a bank rather than GS TMT
On the note of MBB vs lower tier BB:
Try to figure out what job you want to do: finance or consulting may sound similar at this stage but fundamentally consulting is more qualitative and strategic in nature while finance is more quantitative and execution in nature. I think most people do have a preference and are going to be better or worse in one over another.
I would also note that MBB will have better exits into more corporate roles than any IB will, but conversely on average: IBD exits better for the broader buy-side even if a "lower" BB/EB is mostly due to overall more opportunities.
As someone who just recruited for buy-side out of DB and had friends recruit out off buy-side out of MBB from my target school: significantly more MBB kids strike out completely even after being prepped. There are just simply less PE firms looking to hire consultants. Also as of note: my MBB friends received fewer overall opportunities for PE than I did, but tbf more MF names for the MBB consultants, and more UMM names for IB analysts (as well as access to other PE strategies like solid Infra, Credit, Secondaries, etc.). Could just be personal experience, but think it's broadly true.
Going to respond to the comment on UBS/DB exiting worse than Geunity on here as well, since that thread is extremely long, and think it's perhaps helpful for people to see:
Commonly refers to something that has happened frequently, not necessarily something that is the most common exit (clearly to MM firms). That is just true for UMM firms, which are usually defined as funds with a firm size greater than $5Bn.
I am confused as to what kind of LinkedIn search you did because it's asinine to say DB compares to Geunity or worse for corporate PE... both in exits and league table standings.
As someone who has been recruited out of DB and is going to a UMM PE firm, I think I disprove your point. DB also has MF PC exits extremely commonly and most of the Levfin class ends up at UMM/MF PC shops for those that don't stay (can verify this through a LinkedIn search as well). That huge presence in PC also is probably why there are relatively fewer PE exits since the kids from the top teams are going to PC instead.
Just did a LinkedIn search for past company UBS investment banking analysts + PE Associates in the US and clicked on profiles to find those who are current associates who did UBS IBD (no laterals to other firms) before their PE stint since that one would still be new info for me and would also check out your info. and found associates at: HG, AKKR, CD&R, KPS, THL, MDP, Vista, TJC, Lone Star/Hudon Advisors, Clearlake, Veritas, and L Catterton. I feel like those are UMM/MF firms and better than those that will be expected for Blair/Genuity. Given the nature of the search, this excludes PC exits, which is stronger at least at DB and I would assume the same for UBS given their strength in the LevFin world.
Hey, is there any way I could PM you about this regarding PE recruiting from DB?
Please just ask here, I assume there are other incomings at DB brewing threads like these with similar or the same questions.
Second this. Friend of mine got a name-brand MM Feb of junior year, and was able to re-recruit and is going to an EB full-time.
I wouldn’t give up yet. A lot of firms are still recruiting and have second-wave recruiting in junior year like DB. Either way, if you’re set that IB/finance is something you want to pursue and keep working at it, I’m sure you’ll land something. Goodluck
Agreed
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