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Are you getting looks (interviews) or resume is just falling into a pile? Would be helpful to know where you’re falling down to help advise.
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How far you getting? First round? Second? Dinged at model?
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There’s something wrong with how you’re interviewing. If you’re getting looks but not converting it means you’re framing your deal experience wrong and your “why PE” and “why x firm” answers wrong. If you feel comfortable sharing how you answer those two questions and how you talk about 1 (anonymized) deal, we can give you feedback.
Are you hitting 100% on technicals and model tests?
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I typed up the below in another post and it may be helpful for you.
Your deal walkthrough is too heavily focused on the mechanics of the process and you’re not spending any time talking about the business itself and what makes it good / bad. Deals questions aren’t about asking about how to make a CIM, they’re about understanding if you can think like an investor. Go buy Howard marks’ “the most important thing” and read it cover to cover as a starting point. Also see my notes below on how to talk about deals.
here’s what to do:
Sorry to break it to you but buy-side deals mean nothing lol. You literally spread some comps and do a few calls while the buyer drives everything, and ESPECIALLY if u didn’t close, u didn’t do shit.
Sell side deals are way more valuable and you really learn the mechanics of a process along with the deep fundamentals of a business.
You mention that your group is focusing on IPOs and SPACs which have hardly any relevance for LMM PE. I‘d focus on lateraling to a BB/EB and then try to make the PE move as ASO2. Obviously continue applying to PE positions as well because you never know. Good luck - you seem like you have your stuff together and will eventually end up in PE
This forum makes it seem like rising in high finance or corporate America in general is easy. But the truth is the majority of people on this site are under 30 and barely know what’s going on. Sure, a few do well but most are just talking nonsense.
The truth is that it’s a competitive field, like any high paying sector, and it can be hard to get your next role.
It sounds like you’re at a second tier type place, so it’s always going to be an uphill battle to make that leap to PE.
If you’re getting interviews, that’s a good sign. And sounds like the feedback has been the other kids just are coming from better banks.
I would advise you to try to lateral to brand name bank that people know. I’ve found that really helps. And if a few years go by and you still can’t break in, go to a top MBA program and try to break in that way.
Cause based on what you said about your current bank and the work you do, it’s gonna take persistence and a good break to get you to a great buy side seat.
Good advice until the end. MBA to break into PE is a waste of time and money unless you're already in PE. And even then, only HBS/GSB and maybe Wharton are worth it. People don't realize how bad the market actually is. Many HBS/GSB MBAs from top BB/EB going to MF PE can't land jobs or have to settle for sub-$500M funds. As an FYI, it is also getting harder for that profile to get into HBS/GSB unless you have another kind of hook due to how big the class sizes of MF PE is these days, know of ton of PE associates at MF's who's best MBA offer was Wharton (not shitting on Wharton, but very clear difference in post-MBA PE outcomes between Wharton and HBS/GSB).
Better path: lateral internally to coverage or M&A, or to another firm. Do a year, build experience, then go for PE. If you're targeting LMM/MM PE, you have real options. Tons of firms exist and one will take a chance on you if you're prepared and sharp.
I’m currently an industry analyst and we don’t have a dedicated M&A team, so when we do M&A, the industry group covers the transaction. The issue is that M&A is relatively rare across the firm, so the majority of our work is SPACs and capital markets. The biggest challenge I’ve faced when recruiting for IB roles is that I haven’t been getting many interviews.
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Networking always helps - don’t stop doing with with both lateral IB folks and buyside folks. Aim to speak with at least 5-10 people per bank you’re interested in. They should be hiring at the analyst level now based on people departing their programs early or they’ll be hiring in March post bonuses. Either way you need to stay on people’s radars to get a look.
It's unclear what the issue is when the question is so generic and there's not much specificity in your actual job hunting journey. A few general thoughts on this matter:
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It's not about the performance of your previous job nor the competitions you won that, with all due respect, are never really like the real job.
It sounds like your CV unfortunately lacks any impressive brand and the right deal experience so you will be the underdog and it is much harder to get into PE from there. I'd suggest the lateral route, only to a good bulge bracket or boutique with the right track record of exits which match what you want.
I think the other thing is whether you can spin your deal experience more positively (e.g. if you're asked whether you did any sell-sides or closed any deals, you can say "I haven't actually, nearly got a couple but wasn't meant to be and unfortunately was already slammed with XX many deals so haven't gotten the opportunity just yet. Happy to talk you through any of the others of course") - assuming you're doing that already though. Generally being sharper / more prepared and rehearsed is the only way to smash the interviews.
The last thing I can say is whether you are potentially aiming too high, if you want to break into PE from your background maybe you can go through a more journeyman career. Try to benchmark where others from your shop / similar rep. shops ended up going and seeing whether that's an issue. You can either start more downmarket and move up, or you can go to a better IB shop and move from there
Sounds like a Cantor-type work fact pattern given the de-Spac stuff. If i’m close / on the right track, yeah need to lateral. Get networking again and see if any of your friends at other banks are hiring / can connect you with their staffer.
Also are you cold applying on Linkedin / career pages? I found that lateral apps on Linkedin were actually decently successful when I went through it.
Yeah I’ve seen job postings on LinkedIn and applied through the company website. I’ve also spoken with recruiters when they’ve reached out to me directly on LinkedIn and I’ve gotten into processes that way, but even then my hit rate has been pretty inconsistent.
Most of the people I previously networked with have since moved to the buy side and I honestly don’t have many personal friends in IB. I’m kind of an anomaly in my friend group in that way.
Echoing above comments. Best bet is to lateral to a bank or group where you will work with PE firms directly. Generally that is the M&A group, sponsor, Levfin or any coverage group at a PE-focused bank like Moelis or what have you. Once you can get into one of those jobs on the sell-side, it’s very similar to what working in PE is (or as close as you can get while a banker), and then your network and skillset should naturally (if you are good) carve out a path if you still really want to jump over to the sponsor / buyside.
Echoing what everyone has already said, you're unfortunately probably going to have to lateral to get that actual M&A exp on your resume.
There’s so many investment / PE firms in the U.S
Absolutely no need to go through the IB gauntlet again.
Keep recruiting something will land
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