Incoming IB analyst to a lower tier MMIB looking for advice
Hello all, I am an incoming IB analyst in a lower-tier MM bank that is never mentioned on this forum, and generally, most people have never heard about the firm, (has over 500 employees globally). With that being said, I want to make the move to LMM/MM PE, but I am afraid that my candidacy is not competitive due to the firm's lack of brand name and the lack of deal flow in advisory, with most deals closing being ECM/SPAC related. Am I totally fucked for recruiting for PE, and what should I do?
The lateral market for IB seems terrible so I’m not sure if it’s worth trying to lateral to a better IB firm or try and focus on PE recruiting instead.
Side note: Non-target, non-diverse, and I am the first student at my school who broke into IB on the west coast.
Ahoy there! First off, congrats on breaking into IB from a non-target school and being a trailblazer for your peers. That's no small feat, and it speaks volumes about your determination and capabilities. Now, let's tackle your concerns about moving into LMM/MM PE from a lower-tier MM bank.
Brand Name Isn't Everything: While it's true that a well-known firm name can open doors, it's not the only factor PE firms consider. Your individual performance, deal experience, and the skills you bring to the table can significantly outweigh the name on your business card. Focus on excelling in your current role, learning as much as possible, and building a strong track record.
ECM/SPAC Deals Experience: While your current deal flow might not be the traditional M&A experience that PE firms typically look for, ECM and SPAC-related deals still provide valuable experience. You can leverage this by focusing on the transferable skills you're gaining, such as financial modeling, market analysis, and understanding of capital markets. These are all relevant and valuable in the PE world.
Networking is Key: Given your firm's lower visibility in the market, proactive networking becomes even more crucial. Connect with alumni, attend industry events, and reach out to professionals working in LMM/MM PE firms. Express your interest, ask insightful questions, and seek advice. Building these relationships can lead to opportunities that bypass traditional recruiting channels.
Consider Lateral Moves Wisely: While the lateral market for IB might seem challenging, it's not impossible. If you believe moving to a more recognized firm could significantly improve your chances for PE, it's worth exploring. However, focus on making such a move for the right reasons, such as better deal exposure or learning opportunities, rather than just the brand name.
Prepare for PE Recruiting: Start preparing for PE interviews early. Brush up on your technical skills, study common PE case studies, and understand the LMM/MM PE landscape. Tailor your resume and interview responses to highlight your relevant experience and how it can be applied in a PE setting.
Alternative Paths: Remember, there are multiple paths into PE. Some professionals transition after an MBA, others move from operational roles or consulting. Keep an open mind about your career trajectory and be prepared to seize unconventional opportunities.
Remember, your unique journey into IB already demonstrates your ability to overcome odds. Use that same grit and determination to pave your way into PE. Keep learning, networking, and refining your skills. Your path might not be the most traditional, but it can still lead to success in the PE world.
Sources: PE recruiting from coverage group at mid tier BB, Please help me understand PE recruiting in the lower middle market., PE Lateral Recruiting Advice/Stories/Help?, Ask me anything - Non Traditional Background to MM PE to H/S/W, https://www.wallstreetoasis.com/forum/private-equity/thank-you-wso-community-qamy-story-target-state-school-non-mba-masters-mm-ib?customgpt=1
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If your firm is supportive of recruiting it's relatively simple to ask your MD for a few intros. Honestly lateraling is not terribly difficult either (even to BB/EB) if your're a decent interviewer and have good experience. I had the option to do both: had a 3rd year analyst offer at EVR/GS from a totally random LMM bank with 10 employees and an ASO offer at a UMM PE fund. Took the PE offer.
FYI the UMM PE fund for me didn't even come from my MD. I just proactively spoke to recruiters, crushed intro calls, crushed modeling tests/case studies, and did well in interviews.
Can I pm you?
Sure. Also feel free to ask your Qs here
A couple of questions I had were: How did you know your firm would be friendly towards you recruiting somewhere else? Also, what do you deem as "good experience"? Is it merely just M&A closed transactions or something else?
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