IB to PE in 1 year?
I just finished my first year as an IB analyst at a MM firm. I don’t intend to stay the full 2 years.
Is it possible to lateral to LMM PE as an associate right now or after the 1.5 year mark? Or would I have to take a PE analyst job (keep in mind I’m specifically recruiting for LMM and MM PE)
Based on the most helpful WSO content, lateraling to LMM PE as an associate after just one year in IB is possible, but it depends on your deal experience, networking efforts, and the specific firm's requirements. Many LMM and MM PE firms are more flexible with hiring timelines compared to larger funds, so they may consider candidates with less than two years of IB experience, especially if you have strong deal exposure and can demonstrate relevant skills.
However, if you find it challenging to secure an associate role immediately, taking a PE analyst position could be a viable option. This would allow you to gain buy-side experience and position yourself for an associate role later. Keep in mind that networking and leveraging headhunters will be critical in this process.
Sources: Pre-MBA Private Equity Associate, From Private Equity Associate to VP in Private Equity, PE Lateral Recruiting Advice/Stories/Help?, Private Equity Associate Regretting Decision, My Path - MBA Banking Associate to PE
Bump
Technically, you probably could find something if timing happens to work out (firm happens to need an immediate start for an off-cycle A1) though seats will be pretty limited.
I'd challenge though that, while anecdotal, I've had associates flame out who didn't complete a full banking program and generally lacked experience/training (which continues into your 2nd year as an analyst). Why do you plan/want to leave early?
To be honest, it’s the WLB and the fact I don’t feel like I fit with my team. I used to intern for a different bank (much smaller) and I was considered well above average, but I feel avg to below avg at my current bank. I figure I might be the best fit for LMM PE.
Gotcha. Would you consider lateraling to another group or bank first to bulk up your IB experience? I just worry that PE WLB is going to be similar, and you may not be happier, especially if you're coming in with less IB experience, so the ramp may be steeper.
Contrary to what you might be targeting, I would personally recommend taking on a senior analyst role at a LMM/MM fund to get some extra reps in, build trust, and outperform. People tend to over-index on the first 6 months of performance to form an impression and the bar will be lower to outperform as a senior analyst, while the bar will be higher to outperform as an associate because you’ll be up against colleagues with 2-3+ years of experience. You’re also early in your career and you won’t be behind peers of your age group if you decide to take a senior analyst role (you might even be ahead).
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