This summer, I'll finish my first year as an associate in private capital advisory (less placement agent and more advisory focused). I'm considering lateraling to IB. Doing so would require me to jump backwards to 2nd or 3rd year analyst. Would there be enough long-term benefits to justify making the jump? I'm leaning heavily towards b-school in a couple of years anyways. Would it be foolish to take this pay / title cut just to be in IB, especially when I could earn more for a couple years in PCA, go to b-school, and come out as an IB associate if that's what I still wanted to do? Thanks!
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would you be moving to IB internally? and isn't PCA part of IB anyways at EBs?
What do you do in your role?
It's pretty similar to IB. We run an M&A-style process for deals. One deal could be very macro, looking at a large portfolio of LP interests. The next could be a continuation fund for a single star asset.
Gotcha. Pardon my ignorance, but do you work with primarily PE firms looking to raise capital or is this an ECM seat for private corporate issuers?
Seems like secondaries are booming... any particular reason for the switch?
Yes, it is considered IB normally, though it doesn't seem to have the same exit opps as normal banking which is one of the big motivators for the switch. From what I can tell, there's a decent opportunity to move to a secondaries PE firm, but it's a niche role. Moving to a more traditional IB seat might open up some additional options. That said, if the benefit to moving is marginal (and if I may go to grad school anyways), seems like it would be brutal to bounce around analyst roles for 4 years when I could already be chugging along as a 2nd year associate.
What does the comp look like for a 1st year analyst in capital advisory?
If you're talking Lazard/Evercore/PJT it should be in the same ballpark as their m&a counterparts. PFG at a BB might be less, and then the specialized places are generally lower as well.
Thanks for the info! Is the interview process for these positions typically the same as traditional M&A or is it different in terms of technicals?
Currently exploring options to make the opposite move (i.e IB to PCA) for better WLB mainly
How would you compare the 2 in terms of hours and compensations ?
Also, is exiting to a Secondaries funds that feasible? Seems like most of the recruitment is still made out of "classic" IB people
What did you decide?
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