Private Equity BD 2nd year Associate to IB FSG
Currently work at a boutique LA based PE shop focused on corporate carve outs/ divestures within a BD team. Is it possible to land a job in IB FSG?
Keep in mind I'm in business development so have very little modeling skills. Focused on research, banker coverage and deal origination.
Thoughts?
Out of curiosity, why would you want to make that move? Higher comp in the short term at the expense of wlb, or do you just not like BD?
I actually enjoy the origination/ networking side of the job but sometimes I do feel like a sourcing bot. I also feel like being on the execution/ investment team is an overall better role for growth/pay/etc... The path just seems more clear being in an execution role and a lot more valuable. What are your thoughts?
Ah, got it. If you’re dead set on execution eventually then it makes sense. I have seen a few BD to execution moves but it’s very rare and either at really junior or really senior levels (two examples I’m thinking of, one was at the analyst level in the lmm, one at the partner level in the mm).
I’m biased because I’m on the BD side and love it. I’m comped well and maybe work 40-50hrs/wk. My homies in sponsors VP roles probably make a bit more but they also work way more. E.g., still have to change plans at the last minute if a pitch comes up, more tied to the boom/bust fee driven deal cycle (easy layoff targets in downturns like this), and they travel more than me. You can make a killing there for sure and have good exits but end of the day it still comes with the downsides of banking.
Can you share some insight on what your day to day looks like? What are the long term prospects like?
As an anecdote, Ive seen bankers in sponsors group move from the banking world to these type of roles. Given your in that space I would imagine it shouldn’t be too difficult but obviously you’ll have to have a good reason on wanting to be a FSG coverage banker.
Absolutely. There are two aspects to the role- banker coverage and corporate reach out / research. Banker coverage consists of taking catch up calls, CIM/ diligence calls, etc...Corporate side consists of analyzing potential acquisition targets.
I would say about 60 percent of my day is researching potential targets and the remainder is taking calls with bankers FSG or coverage groups.
As far as long term prospects Id like to go into banking with the hopes of exiting into an execution role. It seems to be very tough to switch within a firm from BD to the execution side. Also wondering if I do go to an IB do I need to start as an analyst or can I move into an associate level role?
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