Hey Everyone,
I could really use your help in understanding the realistic chances of me successfully transferring to a credit fund (preferably HY/distressed) or equity fund. I am willing to take a detour on the way (i.e. 1 year in ER or debt research is necessary).
Background: Graduated about five years ago, am a CFA and am in my late 20s. I am currently a third year year associate at a boutique investment bank (5-10 people). The group I am in is industry agnostic and we primarily deal with special situations. Prior to that, I worked in valuations at a top 5 accounting firm for 2-3 years.
Situation As I mentioned earlier, I would like to make a transition to the buy-side dealing with credits on the primary/secondary market. As I read the bios of team members at the shops I am applying to, I begin to realize that a lot of them have come from BB,MM and EBs. Given that I work at, essentially, a no name boutique, do I even have a chance of breaking in? Its not like I do not have deal experience. I have worked on some meaningful deals that are public, however, the firm just has no brand recognition.
Would it make more sense for me to try to get into a sell-side research role or IB associate position at a more recognizable bank then make the transition?
The only way I see around this is heavy networking and hoping a recruiter realizes my strengths, which I doubt. I am trying to avoid the mistake I did when landing this initial IB position, which is accepting the first offer given to me. I interviewed at this firm as an opportunistic move and received an offer without even applying to the MMs or BBs. I did not regret the position then and have not realized the implications it has had on my future career progression until now. I would preferably like to land at a decent sized fund ($1.0B+ of AUM). Feedback is appreciated.
Thanks, XSX
Try applying to more credit shops other than just the elite private funds and such. You can probably secure a spot doing vanilla IG and then try to transition to more sexy credit like high yield and distressed later on down the line. You’re not in a bad position tbh.
Thank SomePleb. I have been keeping my eyes open but the smaller shops seem to be the ones that do not exactly hire junior personnel and require someone with investment/research experience. The bigger shops do not seem to have as stringent as a requirement but I feel like I am going against people from more recognizable banks, which it makes it tough to break through.
I am going to start the whole networking grind the the next couple weeks. Hopefully that helps.
Recruiters are a waste of time.
I heard Citadel in Chicago are doing some heavy hiring.
Also, Dick Fuld's firm, Matrix Capital is expanding with two new offices https://matrixpcg.com/
Citadel has a couple positions. Thanks!
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