Switching from buyside straight out of UG to IB?
I was very fortunate to land an analyst role in a midsize infrastructure fund in London following a short stint as a technical advisor where I got experience working with banks and funds like the one I work with now. I am really proud of where I landed given my less-than-stellar academic background (shit UK uni but respectable course and Msc Finance at Durham).
While I enjoy the work and industry, I don't find the role of an investor that interesting, specifically when it comes to the overly analytical nature of things but it's being an asset manager that really bores me. As many funds in the sector, we struggle with fundraising so have only looked at 3-4 deals in my nearly 2 years at the firm. I fear that this lack of deal flow is hurting me as I'm not learning as much as I could nor am I getting that much model-building experience since we'll build our own once and then just tweak it for the next 5 months before the deal falls through.
Having worked with bankers quite a bit, I find that I see myself more in their shoes rather than the ones of my bosses. Perhaps it's being at a small company that is getting to me (we are 5 and I'm the youngest by 7 years) but I'm considering making a jump to the advisor side of things.
Is such a move even possible to go from a buy-side analyst to a senior analyst/associate in IB? Would this be a stupid move that I would regret further down the line?
I'm not necessarily worried about the WLB as I currently work around 65 hours a week but often well over. I appreciate that it will be more as an advisor but that could be worth it given how low my compensation is (low £60s + 25% bonus, no carry).
Any input is greatly appreciated!
I have a feeling I know exactly where you’re at. I previously worked in a similar role and had traction from a few places on the SS but it’s quite difficult in all honesty. Your best bet is to shift to a more active buyside shop or transfer internally to the infra debt team (if you have one) and then hop over to Project finance which should be much more doable. The thing is Infra advisory on the sellside is primarily going to be project finance not M&A or what you’re thinking of due to the nature of these assets. Most guys I’ve seen at top buyside shops come from O&G/Real Assets IB backgrounds or B4 Infra Advisory (have seen this quite a bit too given some of them are quite active in the space).
What’s your long term career goal are you looking to pivot back to the buyside eventually? If so then just recruit at another firm somewhere that’s more specialised it might not be Brookfield but a place with more dealflow than where you are now. If you’re looking to be a career banker then try project finance you might have some traction but would be ideal to get some infra debt experience before that. Also a lot of shops doing co-investments now and there you’re closing 10/11 deals a year so if you’re searching for that can name a few shops that do primarily co investments here in London.
thanks for your reply, I think your comments on switching firms is great advice. With regards to long-term career, I could see myself do both honestly but I think that staying on the buyside will ultimately be better in the long run. Happy to hear of any recommendation of firms in London, I realise that there are a lot of small players so always good to learn more.
How did you land the role out of Durham?
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