Figuring Things Out vs PE Timeline?
Hi WSO
I'm a recent grad heading to join a MM and I'm really looking forward to experiencing investment banking. Most of my friends who are also heading to IB are already talking about PE recruiting and I'm a bit confused as to how the process works for those who aren't necessarily set on jumping ship to buy side.
I was hoping to experience banking and see if I can see myself having a future in it before setting my mind on trying anything else.
Can someone give me insight/recommendation on how I should approach the next few months? Do I completely miss my shot if I decide not to recruit for PE? How do others know that jumping ship is right for them after only working in IB for a few months?
No - you can wait to recruit until your second year (thereby doing 3 years as an analyst or looking for immediate start opportunities).
Firms realize that they're disserviced by the the early recruiting (they have less track record to actually appraise you with), but it's classic prisoners dilemma. They'll like that you're more experienced and approaching recruiting from a more thoughtful standpoint (I took some time to think about it and I want to do PE because...)
On the other hand, some firms may questions why you didn't interview immediately.
On the whole though, doubt it impacts recruiting much either way. All depends how you show up and interview.
This is some great insight. Thank you very much BillyAckman
People who jump ship early are the ones who really only went into IB for the PE exit opps rather than being more up in the air.
No issue at all to wait a year. Especially at an MM where you won't be flooded with all the early MF interviews, you'll probably find yourself getting more opportunities off-cycle anyways. Just make sure you're prepared when you do decide to jump in.
Not an issue if you want to wait a year -- just be prepared to answer why you didn't recruit your first year. I would suggest going big or going home; don't recruit just to test the waters because headhunters won't take you seriously.
I hope you don't mind me asking but what MM are you going to be joining?
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