Struck out on SA 27 recruiting with the BBs - am I cooked

Based on the most helpful WSO content, here’s a roadmap for navigating your situation:

1. Targeting MM/UMM Banks:

   • Middle Market (MM) and Upper Middle Market (UMM) banks can offer excellent career trajectories, especially if you focus on firms with strong reputations in NYC. Examples of solid MM shops include William Blair, Jefferies, Baird, and Macquarie (noted for their strong presence in specific sectors like PUI). These firms often provide significant exposure to senior bankers and clients, which can be a great advantage for skill-building.

2. Career Trajectory at MM/UMM Banks:

   • Analysts at MM banks often gain broader transaction experience, such as leading the drafting of CIMs, building financial models, and running due diligence. This hands-on exposure can set you up well for lateral moves to BBs or strong exit opportunities into UMM/MF PE firms or M7 MBA programs.
   • While MM analysts may not always participate in on-cycle recruiting for UMM/MF PE, there are still opportunities, particularly with non-NYC-based UMM firms or off-cycle processes.

3. LMM Banks as a Backup:

   • If MM/UMM options don’t pan out, consider LMM banks. While pay and prestige may be lower, LMM firms often offer better work-life balance and the potential for long-term growth, including carry opportunities. These firms can also provide a path to M7 MBA programs, which can act as a career reset.

4. Networking and Recruiting Strategy:

   • Start networking aggressively with alumni and professionals at MM/UMM banks. Informational interviews can help you understand their recruiting timelines and processes.
   • Focus on firms with informal or off-cycle recruiting processes, as these can be more accessible if you missed the traditional BB recruiting cycle.

5. Long-Term Perspective:

   • Remember that career success isn’t solely defined by starting at a BB. Many professionals build fulfilling and lucrative careers in MM/LMM banking or PE. Additionally, priorities often shift over time, with lifestyle and job satisfaction becoming more important than prestige.

By targeting the right MM/UMM firms and leveraging networking, you can still position yourself for a strong career trajectory. Keep pushing forward!

Sources: Middle Market Banking Exit Ops, what do they look like?, Some Observations from an MD, Anyone regret LMM/MM?, https://www.wallstreetoasis.com/forum/private-equity/then-and-now-compbanker?customgpt=1, THEN and NOW: @CompBanker