Anyone here who does Asset Based Lending? Is this a good field to get into now? Do any HF and PE shops look for people with this skillset. How does ABL at a bank stack up to LevFin in terms of exit opps and skillset?
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bump
bump, very interested as well
bump, nothing??
Well shit, bump. All the ABL threads seem to die out. Any insight or speculation is welcome. Looking for a general direction to consider after ABL. So assume 3 years experience as an account officer (i.e, daily A/R reconciliation, quarterly credit memos...etc) at a small private firm. Where might those skills be applicable outside middle market credit? Would a non-target, yet semi prestigious mba (UNC, Duke, Wake Forrest) help/ is it worth the opportunity cost? MS in Statistics or Econ?
I'd like to wind up in consulting or equity restructuring, although it seems far fetched. I like to remedy inefficiency and can't stand looking the other way, as many bankers are forced to. What should I reach for?
I'm only a year out of undergrad and landed what I consider a great job, taking into account my qualifications. Most monkeys aim higher, but I'm a dip shit from no where. I've surpassed the trajectory I planned. Just want to understand where I am as far as long term potential for growth and where I could go, given a little effort.
MS in Stats or econ is useless for ABL. I think ABL roles are overlooked at this website. Can make a solid living in low COL areas and there's flexibility - all banks do ABL lending. So you could theoretically move to different areas and find work. Or move every few years and negotiate salary bumps. Exit opps would be limited in all likelihood. So probably need to make sure you're in it for a while
What are common exits?
Always wondered this too, even though I am not in ABL
Bump
I know a few people who recently left ABL into middle market IBD. Depends on what ABL shop your at you could have high exposure to PE deals as ABL is a favorite product of PE because of its low cost compared to how high leverage typically is. I know a few people who transitioned from VP level in ABL to equal or 1 year worse spots within MM PE firms and credit funds.
interesting... was thinking about getting into ABL at my bank.
Honestly, you'd be surprised. At my Large MM bank, a lot of our IB's MDs were former relationship managers etc in commercial banking. I'd assume its because they're good at building relationships, and then rely on VP/Directors to run the deal process.
Just goes to show that just because you don't go the "traditional" path doesn't mean you can't eventually come on as a VP in PE or MD in IB down the road doing related work - seems to happen when you're on the "sales side".
Work in ABL at a BB. Some of my peers in ABL exited to solid MM IBD shops. Others of my peers still within the commercial banking/IB-credit realm have exited to MM credit funds, IBD, and F500 corp fin doing your typical FP&A.
Definitely curious to hear from responses on this and people's view of ABL and its associated skillsets overall.
Was it typically the juniors exiting to credit funds or the seniors?
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