BAML exit opps PE
I got an offer for BAML IB in NYC in a top group for 2025, but didn't get GS / JPM / EV. Are the exit opps for BAML that different than GS or MS or JPM? Im from a top 5 school and will be at a top group in Bofa. What do my exits to PE look like?
Have you ever heard of a lovely website called LinkedIn?
elaborate
Search your group name, filter past company = BAML, and current company = PE firms you’d like to target / firms you are curious to see if your group has exited to
BAML has placement in Sep/Oct going into your SA. How did you get your placement early? This is for NYC^. Historically, REGL churns REPE; M&A and FSG also have had very strong exits. On the debt side, LF has had some top tier exits as well. Definitely the top BAML groups and compete with the best of the best
Im doing sophomore so I already know my group!
Analyst at BAML here. Hugely dependent on your group, but overall exits are worse than EBs/GS/JPM/MS. Like the poster above mentioned, REGL should have the best exits if you're interested in real estate. M&A and FSG both should have strong exits, but M&A has a tough culture while FSG is a lot chiller. On the coverage side, exits are worse (because M&A holds the model for all except Energy) and very idiosyncratic (depending on your background, gender, ethnicity, preparedness, and luck). Headhunters and PE firms probably all know that coverage groups at BAML are not technical enough, so sometimes they even skip a couple of groups during on-cycle. Industrials should have slightly better exits than other coverage groups because there're so many MF/UMM/MM funds out there doing industrial deals. TMT doesn't have good deal flow - haven't seen many tech deals where BAML is on. C&R is considered a top group, but is financing heavy (i.e. does a lot of equity and debt deals) and is not good in M&A although the group has a good culture. Because of the lack of M&A mandates in TMT and C&R, exits from there are a bit worse. There are so many better tech groups out there from which Tech buyout PEs can hire, and C&R is too simple of any industry to justify hiring someone with worse technical skills than someone from an M&A team or other more technical coverage teams. Healthcare and FIG have tough culture but not really better exits.
With above said, you as a candidate are still the single most important factor. However, if you're just a sophomore, it is wise to maximize your chances by improving other factors such as your group. If you're in the coverage groups and the only thing you care is your chance for PE recruiting, I would suggest you try your best to lateral to EBs/top BBs for junior summer or transfer to M&A at BAML. If all these fail, prepare early for recruiting, reach out early to HHs (maybe in even during you senior spring given how early on-cycle is) and do very well in the initial HH interview to ask for participation in on-cycle.
So if I'm at M&A in BofA (and stay there for full time) do I still have a good shot for the MFs? or just top private equity companies
From M&A of BofA, you have a good shot at landing an interview with MF. Whether or not you have a good at MF depends on other factors.
Just want to chime into this discussion since I was at BofA a few years ago and thought the same thing because of WSO lol. You’re at BofA. You can end up at almost any fund you want from any group. A bunch of my peers from the “lesser” groups mentioned above ended up at top funds including myself. I also think the modeling aspect is very overrated on the sell side. There is much more to PE than modeling. No one is doing a deal just because the model spits out a 4x return. I think the biggest skills you learn from banking are the basics: excel, PPT, accounting, how to be a professional. Just choose a group you like and be prepped for on cycle and you’ll land a good gig
Also there is a huge self selection bias that happens across groups. People who are in Sponsors want to do PE, people who are in TMT want to do tech investing or F500 tech, people in REGL want to do REPE, etc. As a result, you’ll see people end up at certain shops accordingly. Don’t let that worry you because when my peers and I did on cycle we got interview invitations across a wide range of industries and I believe the class a few years below me didn’t even recruit because they thought it was too early and didn’t know if banking was the right fit for them or not so you’ll see bad placement across there year. If you know you want PE and you’re prepped from PE on-cycle, you’ll be fine
If you're in REGL, is it possible to get regular corporate PE and not REPE? If so, what types of funds?
Worried that I'm screwed as I realized I don't wanna do REPE
Permits, Carlyle, TPG, Thoma Bravo (current analyst 2’s and class that just left). Probably 2-4 MF exits per 25 person class
How big is every IB class at BofA?
Is it possible to exit to "top tier" MF (i.e. Apollo, BX, KKR, etc.) from the group, or is that more candidate dependent?
Appreciate the insight.
I don't know of any in recent years... might be self selection. It's not for lack of interview opportunities though.
If you are good you can go in any PE fund from
BAML and you won’t have less opportunities than GS / MS, just because you are at BAML. As long as you get the interviews the rest is on you.
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