Incoming intern here hearing different stuff. I know lots of coverage groups end up pitching for months on end with no mandate and so they have brutal hours, but what about product groups like M&A and LevFin?
I am looking into LevFin and only had two calls so far but both of them mentioned 2-4 AM nights for weeks on end until the deal is announced
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LF is very very sweaty. 2-3 am is accurate. Best deal experience and exits available at the bank though so worth it relative to other UBS groups.
M&A is awful hours with lower deal flow and toxic seniors. Avoid like the plague.
What about sponsors? Heard LevFin is more technical but how are sponsors hours considering they work hand in hand with LevFin and used to be FSLF when CS was still up
Sponsors is decent hours and good deal exposure. Juniors there are technically weaker because they do less work. But group is small and they have laid off juniors recently.
Has the placement process officially started?
You will still have a lot of pitching but instead of discussion materials coverage groups create like comps, industry themes, thoughts on valuations you’ll get to work on hypothetical M&A merger models with accretion dilution analysis, on two companies who’s CEOs have never even met, aren’t interested in combining and then at least 10 permutations of cash, debt and stock options for the acquisition.
It’s pitching but with a lot more math
This sounds like my experience at MS
Congrats on UBS!
Am an analyst at UBS, do not know anyone at RELL so going to leave that off. Will caveat everything by saying that experiences even within groups will vary wildly based on the people you work with. Think past 2 AM nights happen everywhere when considering live deals, but think it's a helpful metric.
Expect every day live deal or not: LevFin, Industrials, M&T, and M&A.
Depends on people you work with: FIG, HC
Only live deals: CR
Very rarely: Sponsors (the group basically does nothing), Tech, ECM, and DCM.
Strongest group PC exit is LevFin, strongest for PE is Industrials. Deal flow wise, CR is also decent. Worst exits from last years class was M&A with most exits being LMM PE. Best PE exits was industrials with a gap and then tech. Best PC exits was LevFin. LevFin has good UMM/MF PC placement PE placements recently have all been MM PE.
Did they axe the merger of M&A and sponsors that was in the news last year?
Still a thing officially but the junior roles haven't changed. It was a thing to give the M&A team more credentials. M&A is a shit culture, exits, and WLB. No reason to join the group unless you hate your life. Sponsors is great culture, WLB, but no technical exposure and hard to determine exits since a lot of people stay (due to aforementioned great culture / WLB).
so you're saying these groups average ~90 hrs?
Does anyone have any color on the RELL group? I saw they were hiring a lateral analyst.
Heard negative deal flow and all it is is just putting together decks for pitches 24/7
Did close a 3.4bn deal a bit ago
9am to 3 am most nights
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