I am looking to get a position as an analyst at an IB.
I have an econ degree from a top 15 university and a year's worth of experience as an analyst for a solar development firm.
I am way behind the ball in my search and I know I have missed most if not all of the opportunities to get in with a first year analyst class. So I want to known what you all think my chances are of getting picked up as a lateral hire and if you have any suggestions about banks that would give me "credit" for my solar experience.
PMd you. The long and short is that almost all banks these days have some presence in the clean tech space and that would probably be your best bet. You'll obviously have to network fairly extensively to find out where there's capacity, best of luck!
Yeah no problem, I PMd you back.
I have had a great experience with solar and I am happy to share what I know with any one who is interested.
first of all i have no idea why you would transition from solar to IBD... most people i know are trying to go the other way. if you are working at a legit development firm (i.e. First Solar/Nextlight, Recurrent Energy) that is downstream and winning relative large 2MW+ projects I think your situation is absolutely fantastic. If you're evaluating PPAs and looking at closing transactions and building pipelines, all that stuff is super interesting and typically is what an ex-banker who has experience closing deals tries to do.
But yes, a lot of banks have renewable energy departments and/or are trying to get in the space. Depending on how you present yourself and your role in the solar company (i.e. you are a developer or in project finance as opposed to acquisitions and permitting) then it should be relatively easy to switch.
also you could consider going into tax-equity financing as the FITC cash grant is expiring and there will be a rise in demand. anyway pm me with more specific questions, but i have the feeling you will regret the decision afterwards.
I agree with everything above, but chasing solar deals all day gets boring after a while, especially PV deals, and thermal deals are 1 in a Million these days. Depending on how large your shop is, you probably have more responsiblity there, and not too much of the BS stuff IB analyst deal with.
Other options to consider
your solar background is a moderate plus on your resume, but your lack of finance and lack of interest in banking during undergrad will be viewed as a huge negative. you have a seriously steep climb to land a position. as others have said, your best bet would be to try to plug yourself into various groups at big banks that are covering the clean energy space and move from there.
i would strongly recommend a) understanding exactly what an analyst does on a day to day basis. lots of guys like you hear stories about the salary and want to make the jump without having an idea of what the job entails. those people don't get hired. b) try to buff up your finance credentials. know how to do a dcf. know the capital asset pricing model. know the wacc. know how to use excel. c) network your butt off, and that means trips to nyc to meet with bankers. find the cleantech guys and meet them for coffee in nyc.
gamenumbers,
Thanks for the advice. I have a) and b) covered, but still need to do some work on c).
Regarding the first part of your comment, my school didn't have a finance major or even focus within the econ department, but I did take finance classes. I was also pretty dead set on law school and my interests have only shifted over the last year and a half.
Do you think that helps to explain my situation and thus strengthen my resume?
mrbellaiche, A couple of points.
To a certain extent I agree with what you said. I am also long on the solar industry but I am looking to move for other reasons. I am fighting with myself about whether or not moving into an IB role is even necessary if I want to work in energy when I exit.
Just to be clear, I work for a big developer, not a financing shop.
I am somewhat interested in moving to a project finance shop but I also think that I might get more general exposure to the finance world, which I value, as an IB analyst.
I think if I were you, skip the IB role and stick it out at a development firm. The hours are great and it's only bad when submitting a RFP to an utility/ or negotiating a PPA. Most cleantech IB kids after their 2 yr stint go on and work for various development firms or infrastructure PE funds. True, having a IB on your resume will open many exit opps in the future but nevertheless, you're doing great with the skillsets you have. In fact, I'm in a similar dilemma with you. To either enter into IB or work at a solar development firm. Good luck!
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