I've done many searches on energy/O&G/Houston banking and I see that many of the exit opportunities are limited to buy side roles in energy focused private equity shops or hedge funds
Can somebody shed some light on why the experience in energy IBD is different from other industry groups like tech or industrials? Different methods of modelling? or do generalist PE shops just not want to go down to HOU to recruit? Thanks.
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If you are already in energy I don't see how that is limiting. But yes there are differences in the models.
If you'd like a good run down of the IB/PE/legal scene surrounding energy in Houston, this is pretty comprehensive.
http://www.thedeal.com/magazine/ID/039156/2011/april-25-2011/the-energy…
The differences in the models and the close proximity make it more convenient for an energy banker to move to energy PE, but it is definitely not unheard of for analysts in energy banking to go work at a buy side shop that covers many areas including energy or a shop that doesn't cover energy at all. The largest challenge is the interview process. If you work in Houston it's difficult to get to Boston, New York, or even Dallas without raising some suspicions, especially with the lengthy time frame of buy side recruiting that can typically involve multiple events. That typically means interviewing in Houston, which is almost completely energy-focused.
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