Typical exits from FIG (Insurance/Banks)?
Curious to hear of some exits you all have seen from FIG groups at the analyst/junior Aso level, specifically covering the supposedly most "pigeon-holey" verticals like insurance or banks.
Based on the most helpful WSO content, typical exit opportunities for analysts or junior associates in FIG groups (specifically covering insurance companies or banks) include:
Private Equity (PE) or Hedge Funds (HF):
Corporate Development or Strategy Roles:
Internal Promotions:
Broader Industry Roles:
Non-FIG Opportunities:
MBA Programs:
Entrepreneurship:
While FIG can sometimes be seen as niche, its technical nature and strong deal flow can make analysts highly attractive to buyside firms and other opportunities.
Sources: Why Should I Work in FIG Investment Banking?, Working in FIG (Financial Institutions Group) - An Overview., Working in FIG (Financial Institutions Group) - An Overview., Why Should I Work in FIG Investment Banking?, Breakdown of Post-IB Exit Opportunities
It's just going to be other insurance / banks stuff or anything balance sheet focused, most likely. Did FIG for 3 years and I regret it.
Why do you regret it?
bump
Honestly at my (BB) bank the exits are not that different from other groups. The typical mix of PE / HF / Corp Dev.
For MF PE exits people are mostly going into FIG / business services teams but I have seen some complete changes like REPE or tech for example. I have also seen lots of exits to MM funds in sector generalist roles. For corp dev this is usually fintech or payments companies but have also seen some internal moves to the bank's in-house corp dev team.
The point around being pigeonholed is massively overblown in my opinion. If you're a solid analyst in FIG there's absolutely no reason why you can't ace the standard LBO modelling tests/technicals. In fact I would wager that the average FIG analyst is better at these types of technicals than less technical groups like RE or consumer (more so due to the types of personalities FIG attracts).
Couldn’t one make a similar argument about O&G bankers? They arguably have the hardest modeling out of any coverage group and seem to be pigeonholed to energy PE opportunities—unless it’s self selection (i.e ppl who are in O&G IB are interested in energy so naturally gravitate towards energy PE roles). Seen mixed opinions on this
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