Buyside as an A2A Promote
I am currently a 3rd year analyst at a top BB (Consumer Retail Coverage), and I haven't been recruiting for buyside positions up until this point. My group has expressed interest in promoting me to an associate, but not sure if this is the path I would like to take in the long term. For a little context, I have received top reviews my last two years and have a fair amount of M&A deal experience. Given the current economic situation, I am grateful for my job, but was curious if anyone had experience or opinions on recruiting as a third year analyst or a recent A2A promote? I assume a lot of opportunities would still be available for a recent A2A promotes. Also, I have little interest in megafunds or anything of that nature, so would likely be targeting less "sexy" names / smaller shops.
Recruited as a 3rd year and left right after the A2A promote - it was a really easy story for me and I could back up that I barely recruited in years 1 and 2 so there wasn't the stigma that I "failed" recruiting previously. Like you, had top bucket reviews which made the transition pretty simple IMO, and I came from a MM, not a top BB like you. There's a decent amount of color in some of the old threads I started, but happy to answer any specific questions you have. I learned a lot in my 3rd year personally and definitely left banking feeling a lot more prepared than if I jumped right after year 2.
Just curious - would you mind expanding on the pros of doing a 3rd year as an analyst as opposed to jumping ship after the 2nd year? 3rd year seems like a good gig from what I understand (get the best projects, better work life balance, good comp), but curious your rationale / why you would or would not recommend it
I had a lot of personal reasons for staying a 3rd year, but if you do a 3rd year you'll have concrete reviews under your belt you can point to in interviews / discussions with headhunters that can set you apart - more certainty / proof you're actually good instead of going just off of pedigree. You can really sell yourself on having 50% more experience than somebody coming out after 2 years, that you've had more responsibility truly managing processes (including both managing up as more of a deal QB and also managing down as you have analysts below you).
Something pretty underrated IMO is that you can better articulate why you want to leave for a certain type of strategy - you're making a more informed decision on the types of deals you've worked on / shops you've interacted w/ and not just jumping "because everyone else is doing it" or "the grass is greener."