Why does LevFin feel like a silo for career option post banking
I’m really interested in LevFin as a product, really enjoy the analysis but the more I learn about the actual analyst experience the more I question it. Seems like only BOFA holds the pen to models, and the other BBs seem to not get modeling reps.
As someone starting fulltime, curious on everyone’s thoughts. Is it best to lateral internally, after a couple years, to maybe the sponsor group that holds the pen, a coverage group or Rx?
“Execution focused” means holding pen on the model lol
But to your point from levfin groups you can easily exit to PC if you like the credit analysis part of it. Levfin like sponsors teams would set you up better for PE exits though
Oh really? Everyone I’ve talked to about the group mentions they do not model, but focus on execution of every other part of the deal from origination to syndication.
Idk if that makes sense, maybe I misunderstood.
Welp, maybe ppl use that word differently but what drew analysts to levfin is usually the execution ie modeling for them to talk about in interviews. I dont really see how someone is executing (pushing through committees and making marketing mats for leads) without touching the model lol
But modeling is very overrated in levfin anyhow
If you aren't interested in credit exits I would make a Beeline to coverage asap
Credit/special sits really interest me, I guess my biggest concern is just having the optionality
buyout is overrated imo
also it's tough to get into ss without a RX or Rx-lite background.
Modeling levfin groups for good analyst experience to my knowledge - bofa, ubs, db, jeff, santander (ex cs lfo).
What would you say the experience is like at JPM, MS and Citi?
MS, GS and JPM LevFin does not hold pen on the model
Just to be clear; these are all credit modelling groups. Almost no LevFin group has PE exits rivaling that of the firms top coverage groups. For example, LevFin the past few cycles at UBS hasn't had a single UMM/MF PE exits where various groups have multiple every year. When doing group placement at UBS, the promise is that LevFin gets a lot of PE looks but people choose to go into PC. Although many do choose to go into PC, you also do not get a lot of UMM/MF PE interviews. Would think the other banks here are fairly similar.
This is right. Before PC was a thing, levfin exited to buyout shops but now most of the exits are to PC. If interested in buyout, go to coverage or m&a.
It’s typically the European Banks (DB, Barclays, UBS, BNP) which give you more exposure to modeling but keep in mind that it’s a fairly standard cash flow model you are running.
You mentioned loan to own and more special sits type of roles, seen those exits in the past but RX bankers are often better positioned. Even if you model in LevFin you would need to spend more time on your own preparing for those roles.
What are the exit opps from a LevFin group at a place like WF/RBC? Is PE possible?
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