Why would you ever choose FIG?
After reading through 8 pages of "FIG" search results, the general consensus seems to be:
1.) FIG pigeonholes you (with GS FIG being the ONLY exception) and therefore limits your exit ops to regular PE firms. You will be labeled as the "FIG guy" whether you like it or not, even if you focused on AM and FinTech which use EBITDA multiples.
2.) Hours in FIG is one of the worst along with M&A and LevFin. (No substantiated facts but it seems to be the general rumor around).
3.) Other than GS FIG, it's best to steer away from FIG and try to aim other industry/product groups.
Now my question is: is there any banker out there that would pick FIG by CHOICE? If so could you explain what initially sparked your interest in FIG?
I don't understand, other than GS FIG, why would anyone ever choose to be assigned to FIG?
Exit opps/prestige mean everything, so you def don't want to do FIG, even if you feel yourself fit in with everyone and you really enjoy the work (except if it's GS, possibly acceptable then due to prestige factor).
As an FYI, I was being sarcastic. In all honesty, all else equal, FIG will pigeon-hole you, maybe even more than real estate.
I work in research for our credit desk and am recently being thrown more FIG work (despite the fact I was initially supposed to do corporates). Its actually been very enjoyable, and while it may not be a good group if you wanna do PE, I find it's complexity very challenging and I get to learn a ton of new stuff which isn't only relevant to the FIG industry, but the markets as a whole. Granted, I don't do IB level modeling, a lot of the stuff is (IMO) more technical and you have to be more critical of what you are looking at. Originally when I was told I'd be doing more FIG work, I was pretty irked but have since come to enjoy it and find it a very challenging sector.
I can definitely see how it would pigeon hole you though, especially when you are going for the nitty gritty of PE, but being I'd rather do HF somewhere down the road. I think that it is pretty beneficial and really helps round out my knowledge.
Also, wouldn't FIG have an advantage in "exitting out" to the corporate development divisions of other financial institutions? (ex. AmEx, Visa, MasterCard, Commercial Banks, Insurance companies etc.)
Commercial banks? Don't you mean banks? Few banks are purely commercial. Most of the BBs have internal corp dev groups, but community and even MM banks rely on FIG IBs to find and execute acquisitions from a financial standpoint.
FIG may be semi-transferable to the CC or Ins companies, but it depends what you do (i.e. how solid is your understanding related to static pools and credit)?
Traditional M&A is more easily transferable to similar companies.
I've seen plenty of people from non-GS FIG move to places like Apollo, GTCR, TA, KKR, etc...
It only pigeonholes you if you suck.
Sorry to be a FIG homer here, but the skill set you get in FIG is unmatched by any industry group. Once you run a bank merger model, you can model anything. Seriously, CRG and Industrials feel like child's play after banging through a 60-sheet bank or specilaty finance model.
This is not to mention that KKR and TPG absolutely love GS FIG guys, seriously do a quick linkedin search and you'll see how unreal the placement is out of GS FIG.
FIG ain't all that bad.
Just wondering to those in FIG, what made you interested in the area to begin with? Or were you just allocated there during the group selection process, then learned to like the field?
One notable advantage in FIG is that because financial institutions do business with many other industries, it also gives you exposure to those other industries (but not as in-depth).
Also categorizing FIG as one group might be over generalizing because it can be further broken down to banks, specialty finance, REITS, etc. And each subgroup have their own set of rules.
Not sure why/how, but I've seen a lot of FIG guys succeed in moving to hedge funds. Additionally, they were able to specialize in a sector not related to FIG once at the hedge fund. I know one guy for instance who went from FIG at a "second tier BB" (acc to WSO) to a large hedge fund specializing in energy (the heck?)
Given how hot Fintech is right now and the potential it has for the future, I am not sure why Fintech banking (part of FIG or TMT based on the bank) is not a good option. What could be the exit options for a Fintech banking guy? Thanks.
I dont think FIG pigenholes you that much. As mentioned above I have also seen quite a few FIG guys (Non GS) go to top buyside firms, especially distressed seems to value FIG guys.
Quite frankly at the end of the day whatever modelling you do if you are not an idiot you will be able to pick up other types of modelling fairly quickly. Also I dont think that FIG is more complex or difficult than other modelling, just different and so are a bunch of other things but you could learn them all fairly quickly if you have done modelling intensive banking and something else for a while.
Thanks.
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