Take the offer or stay in IB 1 more year
I received an offer from a LMM PE fund (targets <$20mm EBITDA companies with an emphasis on roll up strategy) but the compensation is slightly below market. I don't have any other ongoing processes at the moment to hedge against given its off cycle.
I am wondering if it would make sense to take the offer and try to lateral after a year or so to another slightly larger LMM or MM fund (is that doable?), or just sit tight another year in banking. I'm up for a promotion this summer so would become an Assoc 1, which would be equivalent to I guess 3rd year analyst at other places but with substantially higher comp expectations and salary.
Just curious to get opinions if it makes more sense to take the offer and try to lateral or sit tight and try to find another fund directly from IB. I'm at a lower brand shop so the PE offers don't come as easily as at some other banks. Would it be easier to move from a 3rd year analyst IB role (with lower brand recognition but decent deal flow) or a smaller LMM to bigger LMM / MM fund?
What are typical exits from your firm? Do a lot of people get MM / have you been in MM processes and just missed out? Recruiting gets a lot harder with the associate title - at BBs, a lot of people staying on for recruiting intentionally ask for 3rd year analyst title to keep their recruiting options open.
LMM to larger LMM is for sure doable. At $20mm EBITDA I don't know that you can go right to a truly name brand MM but certainly doable over the medium term (3-5 years)
Unless you see yourself landing a better opportunity in the next few months (before promo) I would take it
Honestly, I don't see many exiting to MM at all across the bank. Many stay on for associate roles which I think is a combination of our team having a really great culture and WLB and just complacency.. I also am not set on the need to get to MM - I would definitely be happy with a slightly better LMM shop that has better brand and market pay. Just curious if my chances to get to one of those better LMM shops is better coming from another LMM PE fund or as a associate in IB. From what you are saying it sounds like the answer would be its easier to come from the LMM shop (even though its a smaller and less well known one).
Sounds like you want to stay in banking. I would stay a rather than rush an exit to a shop you aren’t excited about.
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