How to Enter into M&A?
Hey all, So I've seen loads of forums on how to enter into IB, PWM, S&T, etc. I have yet to come across anything that specifically talks about how to market yourself and search for jobs in Mergers & Acquisitions. As a rising junior student at a non-target (CC transferred to Pace's Lubin School of Business), how do I go about searching for specifically M&A jobs? And what networking opportunities should I be targeting to make the most of them? Personal context: 24 y.o. with a 3.6 GPA and a resume with a couple years of business mgmt experience and just under a decade of hospitality, but no finance experience, living 45 min away from NYC (Greenwich/Stamford/Norwalk area of CT),
What do you mean by M&A jobs? IB is probably the most common entry level M&A role. Do you mean buy-side? Advisory?
Advisory, sorry I forgot to include that
I think you start off as a low-level button guy for Murders & Executions
Just to clarify (as asked by LeonTree), I'm personally talking about Advisory. Greentech Capital Advisory in NYC is an example, though not necessarily that sector. I'm looking more for Health and Pharmaceuticals, but all advice is welcome!
My man, I think you don't quite understand investment banking. Pulled up Greentech's annual report and the first sentence is "We are a different kind of investment bank. We are a global tribe of 50 people in Zurich, New York and San Francisco who have helped our clients close over 100 transactions. "
If the name is "Greentech Capital Advisory" or "PwC Corporate Finance" or "Insert Generic Name Partners", if their business model is taking a cut of an M&A transaction then you should be reading the forums on how to enter IB.
Sorry, I'm still learning so I guess I missed the trick on something. What other model is there for a company providing advisory services on M&A to make money? Is it simply the difference between taking a cut from a successful transaction, vs taking a fee regardless of the success of a deal? And how would I find which category a firm falls into? Is it generally on the company website? I used GCA as an example because a friend of mine works there, and his description of his job/day-to-day work is what I'm looking to do.
I have known some people at Cowen who have focused on M&A Healthcare (past tense as they left - one went to McKinsey other JPM). I would say you'd have a very difficult time getting in there though, unless you knew someone.
So focus on getting 4.0s these next four semesters.
Most small Investment banks do almost solely sell-side M&A where they help a firm sell themselves to the top buyer. Some banks do buy-side M&A where they pitch companies for the larger corporation to acquire and help negotiate the large corporation through that process. That's what banking is. So to answer your question, to enter M&A go work at an investment bank...
Lol. Point taken, thank you Sketch. Is it safe to say that the banks who do both would primarily be BB banks?
As an entry level candidate, I would really keep my options open. I would rather say I am interested in consumer (insert whatever) sector and advising companies on raising funds.
That could possibly open doors for 1) all consumer sector focused work - i.e. advisory, business development, corporate strategy, equity research, coverage group, M&A, ECM, or 2) not within the sector but same function group.
What would you do if a friend can refer you to Goldman Sachs but doing ECM. Would you turn it down just because you are focused on M&A? What would you do Google calls you and ask you to be a part of their Corporate Strategy team?
I wouldn't pigeon-hole myself early in my career search. The joke that I used to hear was a kid calling a major big bank and said, "Sir, I would like to join Cross-border M&A with China". There was no such desk at that time for that bank.
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