Bulge bracket vs mid market pe london
Hi,
I am in doubt whether to accept an analyst position in pe mid market or go into bulge bracket. Any suggestions?
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Mid market PE unless you’re diversity
Why?
Because it’s a way more complex, challenging and interesting work, and you will be a better professional than someone pasting logo at Gs/Ms/BAML. Additionally, it’s not granted that you will get the same offer in 2 years time and if you want to move, you can do it easier. Obv I am assuming you’re offer is in a reputable and known fund
Why
I think this depends a lot on your goals and personal preferences. If your end-goal is a MF, and you can handle the tough work-life balance (and by the way, you should be able to if you want to end up at a MF), then I'd lean towards a BB bank (assuming you can get into one of the true top tier names, and you're in an M&A / LevFin / Industry group). You can get there too through MM PE, but in my view it's a little tougher.
This might not be your end goal of course!
MM PE - from my perspective, people in London underestimate how few per year there are seats in buyout MF PE irrespective of whether you come from a top or mid BB
Agree also with the comment above on the diversity point - there are funds these days that would run female only associate searches
Are there any funds that run Black-only searches?
In the current environment, MM PE is the no brainer. More job cuts across BB are coming.
Do you mean London or US? (the BB cuts)
What are the characteristics I have to take into account in a mm pe?
I would not want to enter now post-internship in a middle market PE to preclude me in the future if things go wrong in the PE (e.g. impossible to become principal and have to move without having IB full time behind me)
Depends on what type of work you want to do. However, I think that a lot of doors will remain open for you regardless. It is not uncommon to switch from a MM to UMM / MF in PE if you are at a somewhat reputable place. Personally, I really prefer the work in PE for many of the reasons that are typically mentioned on this forum. There will be a difference in brand name though. If you start at a BB, you will always be the guy who started his career at GS / MS / JPM or similar. This might help you if you want to switch to an industry outside of finance, where your MM PE firm will be completely unknown. Will say that MM PE can be a really good sweetspot. If you land at the right place, hours will be good, comp will be good, and you will be doing interesting work. Compare that to MF PE / BB in IB where you are guaranteed to get crushed and unlikely to be doing anything but slave work for your first years.
What do you think is an in-line salary for pe mm in london?
Not a lot on data when it comes to analyst salaries in London, but would guess 60-70k base.
About right. It will be lower than IB
I would say MM PE in this market.
Did not even know that MM PE hired analysts in London. What kind of firm are we talking about?
What about comp? I can’t say the PE here
Definitely not lol - carry can make up for it over time but cash comp spread is fairly big currently
About 30/40%?
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