BNP Paribas Rep - S&T --> IB/Private Credit
Anyone have insights and thoughts on the BNP Paribas 2-year analyst program? Landed a role at BNP as a Global Markets Analyst - Sales.
Role is Will be in a non-NYC office, though I will have NYC exposure. I will have the unique opportunity to be on multiple desks, and planning to focus on credit and ABS (business lines include Global Credit, Global Equities, Global Macro, Rates, Prime Solutions and Financing).
Graduating from Duke-equivalent, completed top-tier Internships in VC, growth equity (Billionaire firm, think Soros Capital/Moore Capital) and private credit (Kings Street/Magnetar/Vanguard). Hoping to move to private credit, and am having preliminary convos. Started IB recruitment very late (focus on EB) and struck out, though have some potential shots for next cycle full-time.
Was told that BNP internal transfers are supported and more likely than BB. Comp is great.
I also am lucky to have insane network and connections
What’s BNPs US rep? Anyone have insights on their program? Possibility of moving to IB/PC/PE? General thoughts?
Thanks
Based on the WSO Dataset, BNP Paribas has a structured approach to career progression and internal mobility, which is reflected in their 2-year analyst program. The program is designed to provide a comprehensive understanding of various financial markets and instruments, making it a solid foundation for those looking to advance their careers within the bank or move into different areas of finance.
Given your background and the role you've landed at BNP Paribas as a Global Markets Analyst with a focus on credit and ABS, you're positioned well to leverage this opportunity. Your experience in VC, growth equity, and private credit, coupled with your education from a Duke-equivalent institution, sets a strong precedent for your capabilities and ambition.
BNP Paribas is known for its supportive culture regarding internal transfers, which aligns with what you've been told. This culture can significantly benefit your career trajectory, especially considering your interest in moving into private credit, investment banking (IB), or private equity (PE). Your extensive network and connections will undoubtedly be an asset in navigating these transitions.
As for BNP's reputation in the US, it's important to note that while BNP Paribas might not have the same brand recognition as some Bulge Bracket banks in certain areas, it holds a strong position in global markets and has a significant presence in Europe. The bank's reputation in the US is solid, especially in areas like fixed income, where it has made substantial inroads.
The possibility of moving to IB, PC, or PE from your current role is realistic, especially given BNP's supportive stance on internal mobility. However, success in such a transition will depend on your performance, networking within the firm, and how well you leverage your existing connections. It's also beneficial to express your career aspirations early on to your mentors and managers, ensuring they are aware of your goals and can support you in achieving them.
In summary, your role at BNP Paribas offers a promising pathway to your desired career in private credit or potentially IB/PE. Focus on excelling in your current role, building strong internal relationships, and continuously seeking opportunities to align your work with your long-term career goals.
Sources: What banker careers really look like: real private data, BNP Paribas in 2020, What banker careers really look like: real private data, BNP PARIBAS 2019 SA, BNP Paribas SA 2020
I didn't hear great things about their global mkts (S&T) comp when i was recruiting (2 years ago). Don't think its on par with most equivalent BB roles. Or is my data outdated?
Comp is now same as BB for S&T, however unsure about bonus
BNP has a pretty solid S&T arm especially in structured products (ABS/CLOs) they are top 10 in the league tables in both I'm pretty sure. I'm told they also have a pretty good distribution function on the private side as it related to syndicating out related asset backed financings they do on the private side. I can't speak to their effort in other products (MBS, CMBS, IG/HY credit, rates) but I think its decent.
I have no idea how their grad program is, but I would imagine starting a grad program not in NYC off the main trading floor will be tough. You won't have the same access to traders/research and with the office being smaller there will just be less resources around you to help you learn the business. Getting back to the main floor and getting face time with the various trading desks you are going to be working with is going to be important. If you want to stick in S&T beyond the program getting your name out there is important
In terms of moving into something else, I don't know a ton about that but I would suggest that you come in with an open mind and really try to learn S&T and how it works. You will get a lot of exposure to things working in sales so you will be able to talk to a lot of people and get a feel for what you like. Private credit means so many different things and there are a lot of people who spent time on sales or trading desks floating around in various roles in the private credit ecosystem.
Thanks, I appreciate your thorough response. I have a few follow up questions:
1) I agree it's difficult to not be in NYC - I really liked the energy when visiting the trading floor, and this office has a very different culture with very few people and no associates, though it is growing. I’ll be in New York for a month for training but hoping to go to NYC once a month or so after I hit the desk. Have you seen regional analysts spending some days in NYC? As there are very very few analysts in this office, do you see this as a possibility? I’m thinking of having a conversation about switching to NYC, but probably not the smartest idea.
2) I appreciate your comment of keeping an open mind. At this moment I don’t think I want to stick with S&T as I really loved my internships in the private sector, and I was not really recruiting for S&T roles, but I’m going to put my all into it.
3) If a year in I decide S&T isn’t for me, I’ll be in a weird spot for IB recruiting. With a focus on ABS, to the best of your knowledge will I/should I still go through the IB route or can I get to an investment role through the sales role if I focus on ABS/Credit? Though I assume there isn’t any modeling exposure in this role.
Thanks again.
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