BB/EB 2nd year analyst exits
2nd year analyst about to leave my BB/EB firm. How did PE recruiting go for your analyst class?
Great to hear about the one-off person going to BX / KKR / TPG / APO, but more interested in knowing what the overall distribution of outcomes was for your bank or group.
How many going to MF PE, MM PE, staying A2A, going to corporate, etc
Would be good to get data points at places other than the GS TMT / PJT RX groups, as we know the placements are top there anyways.
Can you give some color on your class?
I’m sure the class does not discriminate based on color.
GS 2nd year leaving. Counting down the days until I can leave. Happy with my outcome but paid for it in blown up weekends and stress.
TLDR is the analysts with HYPW, 3.9+ GPA, school investment club backgrounds usually placed into MF / UMM if they really wanted it, but most others ended up in MM with a few going UMM / Growth / VC.
GS TMT:
Thoma Bravo, H&F, TPG, Vista, CD&R, Silver Lake, Apax, Franciso Partners, Permira
Corporate exits to strategic finance roles at public SaaS companies, CXO roles at tech startups, nepo babies leaving finance altogether
Basically no one A2A for a reason. Combination of lifestyle and the exits available
GS FIG:
H&F, Carlyle, Apollo FIG, CD&R, WP
Rest is mostly UMM / MM FIG PE, some HFs, Corp Dev
GS Industrials
CD&R, Apollo, WP, KPS, Bain
A couple A2A, some who quit before their 2 years were up, most leaving to UMM / MM PE
GS Healthcare:
A ton of MF / UMM, albeit only in healthcare to my knowledge. Otherwise some growth / VC, almost no one going A2A
GS Consumer:
Weakest exits of the GS Classics. Maybe 1 or 2 MF, rest going UMM / MM, and scattered A2A or corp dev
Is this tmt across both sf and nyc?
Can you come off anon? Had a couple of questions over DM
Missing a few from GS FIG - Apollo PE Permira, General Atlantic
Were the tech start up CXOs founders / friends of founders? Otherwise, not usually a viable option for legit start ups unless I've been living under a rock. Curious to hear more for sure...might change my career plans
CXO almost exclusively means chief of staff in this context
How big are these classes for reference ?
Feels bad man as a 3.9 Ivy guy who went to a LMM from consulting lol
MS
M&A / Menlo had the best exits
Followed by M&C / Industrials
Then HC / P&U
What are the exits at M&A and Menlo for the outgoing 2nd Years?
MS M&A: 2 CDR, 2 H&F, 1 Blackstone PE, 1 TPG, 1 GTCR, 1 Berkshire, 1 (left early) KKR Media,
Have any details on MS M&C / Industrials / FSG exits? Much appreciated
How are MS exits to WP, CD&R and other Funds with operational focus?
Really good.
JPM
BX, CD&R (2), GA, Advent, Berkshire, AmSec, AEA, THL, MDP, Audax
Sprinkled MM PE across groups with a few cool Startup / Corp Dev roles
MF exits most concentrated within M&A, HC, and FIG (all FIG specific roles)
actually more like 4 CDRs across the groups you mentioned. also heard of a couple TPGs and KKR as well (not sure which groups)
CD&R HC seems to love JPM HC ANs
How are the exits specifically for m&a and HC?
following
Intel on DI?
Info on JPM Tech?
PJT M&A exits were lackluster this year. Whether it’s analyst quality or HH willingness to give you MF opps idk but not up to par with what I’ve seen at other EBs
Analyst quality was abysmal.
Foul
is the pjt M&A franchise similarly not that good?
Citi
Wharton / Ivy analysts in the best groups with connections to alumni at MF PE firms were the only ones going to $10bn+ firms for the most part.
Rest was MM PE with some UMM scattered across groups.
Expected but M&A / Industrials had strongest exits across the board
where did M&A/Industrials place?
Bump for M&A
Bump. Guess this really shows that even at the top groups, the median / 75th percentile exit is not a megafund
Are we reading the same thread? Seems like the median exit at the best groups mentioned on this thread (MS M&A, GS TMT / FIG, JPM HC) was UMM / MF. Agree that the median exit at any firm isn't MF, but in top groups at top firms, it looks that way.
Moelis
Carlyle, Sixth Street, Genstar, Apax, Amsec, Centerbridge, Oaktree, LGP
Are these for current 2nd years? And what office?
Believe KKR, CD&R, NMC in nyc
what groups were these placements in?
bump
Bumping
what groups were these placements in?
Bump
Evercore
KKR, TPG, Warburg, Advent, Veritas, Silver Lake, CD&R, Providence, Distressed HFs
Best exits across Tech / Industrials
Average analyst going to MM PE
Average target school, in a good group, who put the required hours in landed UMM / MF
Semi / Non-target analysts had a much worse go at recruiting, even though analyst quality is roughly equal across the firm regardless of undergrad
Curious - know it’s a debated topic but which schools do u consider target and which ones semi/non target
Any color on RX placements and how they compared to the rest of Evercore? Guessing the distressed funds were mostly RX, but historically Apollo has taken from RX
According to a friend, below are 1AN exits so far. Not familiar with the departing class, but I’d assume exits are comparable.
2 APO PE, KKR PE, H&F PE, Bain Cap PE, 2 Centerbridge
bump. any other exits known for evercore?
Best exits from my low tier boutique’s analyst class were laterals to EB/BB and then MF/UMM. The rest went to MM PE or MM IB. Of 20-30 probably 3 at MF, 10 in MM PE, 10 at other banks, and a handful A2A.
what is a "low tier boutique"
Probably like a Gugg or Jeff?
Surprised to see so few HF exits
Bump
Anything on BofA? Besides the fact that M&A/Regal have the best exits.
What about tech?
Seems like everybody wants to get in here and pat themselves on the back about how hard it is to get a seat at a good fund nowadays. News flash: the amount of MF associate jobs has probably 4x'd in the last decade (double the amount of funds hiring double the amount of associates). If you expand it out to amount of quality MM or better associate seats (stable, real PE funds with latest fund of 1bn+) I would guess its more than 10x'd over the last decade.
It's easier than ever to get a PE seat. If you're at an EB / BB and can't get a quality MM+ offer, it's almost certainly your fault. If you're at a top group at an EB / BB and and can't get a UMM+ offer, it's also almost certainly your fault. Everyone that's actually been an analyst post-covid at a top group can tell you that everyone in their class that was competent and really wanted a good PE seat got one.
Ok big guy!
Not what you want to hear, but what you need to hear
This is facts, quality of mf asos has dropped across the board in line with how the industry has commoditized.
Probably will get some MS for this but I don’t think this take is completely accurate.
I work at a top bank and will be exiting to a desirable UMM firm in the coming months.
From my anecdotal experience recruiting, I do think there was an over indexing towards identity-based hiring.
For example, woman in my group and I were recruiting at the same time, same background, but were given wildly different interviews from recruiters. She would consistently flop in interviews at top MFs and talk about it openly, only for the HH we were both working with to give her an additional interviews not offered to me.
She landed one of those jobs (after openly talking about performing poorly in the interview) and will be joining a top fund this summer. But as it sits currently, she is actively not staffed due to incompetence and would not be given an offer to stay on / get promoted at our firm.
I’m not saying this looking for pity, if you work hard, you can land a great offer and I’m pumped about mine. Additionally, this is one individual. I work with and know plenty of women and people who would qualify as “diversity candidates” that I have the utmost respect for and they deserve every opportunity that comes their way. I’m just saying the playing field has been skewed in recent years, and it’s a bit rich to say that more seats = easier than ever to get a job.
GS RE - no one got MF lol……one exited to vc / growth, one is staying on A2A but different group, and the rest are doing GS PE
Bump
Sorry for for the dumb question but can someone clarify what they would typically see as a megafund? Given the larger fund sizes what is actually considered a megafund exit?
15bn+ flagship fund
so would bain not be considered a MF? https://www.baincapital.com/news/bain-capital-raises-118-billion-new-fl…
anyone have exits for lazard?
Any DB datapoints?
Anyone know PWP?
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