Advice needed: How to position ABL experience to lateral for IB?

Background: 1.5 yrs in ABL at a BB covering a variety of industries: manufacturing, distribution, materials, consumer products, etc. mainly with sub-investment grade/distressed companies. Non-target; sub 3.7 GPA.

Any advice on how to position this experience to lateral into a 1st year IB analyst role? Is another BB/EB possible or is MM more likely?

My current responsibilities include:

  • Underwriting various transactions (proposed M&A's, restructures, divestitures, etc.) by evaluating different credit metrics (leverage, FCCR, debt capacity). Modeling is not terribly advanced (mainly cash-flow modeling w/ no need to build out 3-statement models for the most part).

  • Supporting managers with deal execution/documentation (due diligence, ad-hoc analyses, running requisite internal/regulatory-required processes), as well as executing amendments (i.e. credit facility increases/decreases, etc.)

  • Portfolio monitoring (a.k.a. interim write-ups/reviews, reviewing financials as they come in, addressing tripped covenants & hopping on the phone/scheduling F2F meetings with clients to address liquidity issues/existing & anticipated problems)

It's been a broad experience and great learning experience so far, but am not sure I want to commit/pidgeonhole myself to this field. My feeling is that my modeling skills aren't probably up to par yet, though I do know how to build things quickly/work my way around excel efficiently.

All advice/comments are welcome. Thanks.

WSO Elite Modeling Package

  • 6 courses to mastery: Excel, Financial Statement, LBO, M&A, Valuation and DCF
  • Elite instructors from top BB investment banks and private equity megafunds
  • Includes Company DB + Video Library Access (1 year)

Comments (8)

Best Response
Mar 5, 2018 - 2:38pm

Have definitely thought about it for sure since we do handle our own workouts here in this group (financing DIP loans, dealing with different creditors/legal), but wouldn't it be harder to break into one of those groups as an abl/commercial banking analyst than an IB analyst?

Not if you have some workout experience and a solid understanding of the following:

  • Asset Value
  • Capital Structure / Stack
  • Creditor Rights / Liens
  • Risk Management

To me, that experience resonates far more with Rx than traditional IB, where you'd have to switch your mindset and focus on enterprise value concepts.

Learn More

300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses.

Learn more
Mar 6, 2018 - 2:04pm

Rem hic qui alias a aperiam in. Sint accusamus tenetur qui nihil. Aliquid eaque soluta unde molestias. Omnis accusamus dolores quae ut. Doloremque praesentium modi ut illo nemo in nobis. Aperiam doloribus qui est voluptatem eum aut. Quia nulla quam provident.

Autem quo mollitia ipsum recusandae ea. Quia consectetur sapiente delectus sapiente hic vel. Quam explicabo eum iusto accusamus modi sequi aperiam. Culpa culpa distinctio rerum aliquam. Repellat et maxime voluptatem dignissimos magnam expedita.

Ipsa laborum dicta est ducimus. Delectus unde velit sed est nihil. Debitis aut dolore temporibus eaque vel est.

Omnis temporibus omnis recusandae molestiae laudantium. Qui reiciendis quas facere sint.

Start Discussion

Total Avg Compensation

September 2021 Investment Banking

  • Director/MD (10) $853
  • Vice President (38) $367
  • Associates (217) $232
  • 2nd Year Analyst (130) $153
  • 3rd+ Year Analyst (30) $147
  • Intern/Summer Associate (102) $144
  • 1st Year Analyst (478) $135
  • Intern/Summer Analyst (375) $82