What is the logical next step ?
Hello everyone,
I hope you’re all doing well. I’m currently on my gap year between the first and second year of my master’s degree, during which I’m completing two six-month internships. I’m now in the first one, at a well-known French DFI (the European counterparts would be KfW, FMO, IFC, and EBRD). My previous experience was at the French Depository Fund (Caisse des Dépôts), another public institution.
I’ve really enjoyed working in the public sector and in FIG. I find the macroeconomic aspects of FIG investments particularly interesting, they make a lot of sense to me and feel tangible.
That said, I’m wondering: is it too late to land an M&A internship in FIG? Since I’ve been working on debt transactions, I was thinking it might make sense to aim for FIG DCM, FIG coverage, Private Credit, LevFin, Syndication... I’m feeling a bit lost at the moment, not sure what to focus on, and as a result, not really targeting anything.
If you were in my position, where would you put your focus?
Thanks
Based on the most helpful WSO content, here's how you can approach your next steps:
Leverage Your FIG Experience: Your background in the public sector and FIG investments is a strong foundation. FIG is a technical and niche area, and your exposure to macroeconomic aspects and debt transactions aligns well with roles in FIG DCM, FIG coverage, or even Private Credit. These areas value candidates with a deep understanding of financial institutions and their unique operating models.
Target FIG-Specific Roles: If you're interested in transitioning to M&A within FIG, it's not too late. FIG M&A teams often appreciate candidates with prior FIG experience, even if it's not directly in M&A. Highlight your understanding of FIG-specific valuation techniques, such as the dividend discount model, and your deal exposure to make your case.
Consider Complementary Areas: If M&A feels like a stretch, roles in LevFin, Syndication, or Private Credit could be logical next steps. These areas often overlap with FIG and debt transactions, allowing you to leverage your current skill set while expanding your expertise.
Focus Your Efforts: To avoid feeling lost, narrow your focus to a few specific roles or teams. FIG DCM and FIG coverage are natural extensions of your current experience. Research firms with strong FIG teams (e.g., BBs or boutiques with a FIG focus) and tailor your applications accordingly.
Networking and Skill Building: Use your gap year to network aggressively within the FIG space. Attend industry events, connect with professionals on LinkedIn, and seek informational interviews. Additionally, consider enhancing your technical skills through resources like the WSO Elite Modeling Package, which offers training in financial modeling, DCF, M&A, and more.
Timing and Persistence: While it may feel late, many firms recruit on a rolling basis, especially for off-cycle internships. Keep an eye on boutique firms or smaller teams that may have more flexible hiring timelines.
By focusing on FIG-related roles and leveraging your unique background, you can position yourself effectively for your next step.
Sources: Working in FIG (Financial Institutions Group) - An Overview., Working in FIG (Financial Institutions Group) - An Overview., Why Should I Work in FIG Investment Banking?, Why Should I Work in FIG Investment Banking?
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