Unfortunately turning comments on a pitch deck today so I have some time in between turns to do an AMA. Thought I'd give back to the community here now that I'm wrapping up my 3rd year at a MM. Definitely wouldn't be here today if it wasn't for WSO.
Quick background (Non-Target -> 3rd Year Analyst MM IB)
- Econ major, 3.8 GPA at non-target (highly regarded LAC known for its academic reputation, just not a place where banks recruit at all)
- College athlete (DIII though)
- Freshman year internship bus dev at a startup, sophomore year internship at a PWM firm, junior year internship SA at my current firm
- Top bucket ranking every year in an industry coverage group
- My team wanted me to stay on as a full Associate and I had an offer to join a PE firm focused on the same industry I'm in now ($2B+ AUM, raising $1B+ on next fund), but headed to a multi-family office w/ $10B+ assets this summer
Happy to answer any questions people have. Was pretty involved with interviewing / recruiting at my firm, so can comment on my perspectives from the other side of the table as well.
Feb 2019 Update (3rd Year Analyst MM IB -> $10B+ Family Office)
Thought I'd revive this thread after 6 months at my new gig. Honestly, I didn't realize how much less happy I was when I was in banking. Wouldn't say I was unhappy, but definitely not even close to how much better things are now. My girlfriend and friends all say they can tell I'm a lot less stressed than I used to be.
In general, would say I expect my hours to be 8:30-8:30 - pretty much in line with what I expected going into the job. Sometimes I still have nights past midnight, but it's more common that I leave at like 6 or 7. But the biggest change is even if I have a late night, it's pretty much always ok to step out for a sit down dinner or meet up with friends for drinks or something and then go back to the office. There's no pressure to be at my desk as long as my team knows I will get my shit done still and that it will be high quality. Lots of flexibility to work from home - definitely don't need to go into the office on weekends. Hours are also far more consistent - I have high visibility into each day and week and it is very rare to be blown up at like 5pm or on a Friday, therefore ruining my entire weekend.
I was able to join a rec soccer league, I adopted a dog (and I live by myself) - both would've been impossible had I stayed in banking. A group of college buddies and I go on a New Years trip every year. For the first time ever, I did not have to do any work. I didn't even open my laptop.
Overall I work less, get paid more, do more interesting work, and work with nicer people. Only drawback is I like SF less than expected, but whatever.
As far as resources used during recruiting, free resources I used were Street of Walls and 10xEBITDA. Asking older analysts for either practice or real case studies they have is great as well. For paid resources, there's no reason you should be spending more than a couple hundred dollars max. I had an older version of the WSO PE Interview guide which I think is great - only used the interview questions and LBO case study sections, but definitely very helpful. Overall I think my philosophy w/ PE recruiting is very similar to IB recruiting - there is absolutely no need to shell out like a thousand bucks on a dedicated class or something given the vast amount of resources out there.
Feel free to post any other questions people have, whether about banking, recruiting, my current gig, or something else.