Where do candidates from average banks end up during on-cycle?
How do candidates in top groups vs average/bad groups at banks such as RBC, Wells, etc fare during on-cycle PE recruiting? Do most analysts receive headhunter outreach and if so, which PE firms have you seen analysts from banks like these get interview traction at? I'd appreciate any insight
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The average exit from all of these firms are LMM/MM firms. The top groups may have the rare kids exit into a UMM firm or a large MM firm. I want to note some exceptions like RBC PU&I exist where you can get some infra MF looks, but by and large the "top" groups at these firms exist mostly to MM firms(just better ones). There are very rare UMM exits, but again VERY rare.
Thanks for the insight. Would you say RBC M&A also falls into the same bucket as PU&I or is PU&I a clear step above exit-wise?
Please re-read my comment... but to not be snarky: PU&I gets INFRA MF PE looks because that's the sector it specializes in and is has a good record in the infra space. M&A and PU&I for generalists should be similar, but I would still guess PU&I is better because frankly, RBC PU&I is an actual good PU&I group across the street, M&A simply isn't. M&A is good relative to the firm, but not across the firm. Idt the delta is too huge, but it exists. I would for example rather pick a DB top group over RBC M&A any day of the week if my goal was to maximize exits but I most likely would not do the same for RBC PU&I(prob would for anything better than DB amongst the other BB's and EB top groups, but that in itself says a lot about how good PU&I is relative to others)
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