Blackstone M&A exit opps? - Rising junior

Hi everyone,

I'm a rising junior that is very interested in BX M&A for a summer internship. I just wanted to gauge your thoughts on the group in terms of exit opps, business school opportunities, deal flow, etc. and how it stacks up against other banks/groups on the street. Thanks!

 

Exit Opps - amazing. 100% placement to excellent funds every year. Senior people vouch for analysts like nobody's business. Deal flow - less than stellar. they get some good deals but not many. you'll definitely get a better deal experience at Lazard, Evercore, etc. (and if youre into larger banks, MS+GS) B. School Opps. - very good, just as good as any other top shop. every business school knows how difficult it is to get a position at BX so it's well regarded

Much of the prestige here is just carried over from that of the private equity arm. people join BX M&A knowing that they're more or less guaranteed top exit opps. Not a total sweatshop like some others like LAZ, EVR, etc. (not uncommon for people to leave at 9-10 regularly). BUT you DON'T come here looking for a ridiculous amount of deal experience.

that said, BX Restructuring is fierce and gets you all of the above plus good transaction experience since they are one of the only elite rest. shops out there so not competing with the likes of the BBs.

 

Applyingtobschool hit the nail on the head for the most part. Exit opps are fantastic, but that has nothing to do with "senior people vouching for you." That's totally overplayed. MDs will often make calls on behalf of their analysts, but the same is true at other big banks. Instead of an MD, however, it's usually a VP or associate. Funds understand that difference, so it's not like you're at any advantage because your MD makes a phone call. That said, if they're really adamant, maybe it will help, but they are not really adamant about every analyst. Again, if you have a strong relationship with a VP/MD at a bigger bank, they can also vouch for you very adamantly.

The only advantage BX offers--which appears to be changing in the near future--is that you can recruit whenever you want to without fear of being fired. GS & MS have both stated that analysts can't recruit until their second year.

Deal flow at BX is shit. Let's be real about it. If you actually want to learn, go to a bigger bank or a boutique with stronger deal flow. Those guys don't know jack relative to their peers at other top groups, and it's beginning to show now that the recruiting process is being pushed back. As a result, the group's exit opps aren't as elite as they used to be, though they're still great.

I would take MS M&A, GS TMT, GS FIG, and BX R&R over BX M&A. That said, that puts BX M&A #5 on the list of top groups, and that's pretty damn good.

If you'd really like all the benefits of BX culture coupled with deal flow, as applyingtobschool said, gun for R&R. Now THAT is a truly elite group. If I could pick any group, I would take BX R&R. All the guys there impressed the shit out of me.

 
FernandoTorres9:
Applyingtobschool hit the nail on the head for the most part. Exit opps are fantastic, but that has nothing to do with "senior people vouching for you." That's totally overplayed. MDs will often make calls on behalf of their analysts, but the same is true at other big banks. Instead of an MD, however, it's usually a VP or associate. Funds understand that difference, so it's not like you're at any advantage because your MD makes a phone call. That said, if they're really adamant, maybe it will help, but they are not really adamant about every analyst. Again, if you have a strong relationship with a VP/MD at a bigger bank, they can also vouch for you very adamantly.

The only advantage BX offers--which appears to be changing in the near future--is that you can recruit whenever you want to without fear of being fired. GS & MS have both stated that analysts can't recruit until their second year.

Deal flow at BX is shit. Let's be real about it. If you actually want to learn, go to a bigger bank or a boutique with stronger deal flow. Those guys don't know jack relative to their peers at other top groups, and it's beginning to show now that the recruiting process is being pushed back. As a result, the group's exit opps aren't as elite as they used to be, though they're still great.

I would take MS M&A, GS TMT, GS FIG, and BX R&R over BX M&A. That said, that puts BX M&A #5 on the list of top groups, and that's pretty damn good.

If you'd really like all the benefits of BX culture coupled with deal flow, as applyingtobschool said, gun for R&R. Now THAT is a truly elite group. If I could pick any group, I would take BX R&R. All the guys there impressed the shit out of me.

Reiterate this. Shit dealflow, amazing exit opps. Helps that the analysts themselves have solid backgrounds and are smart to begin with. I wouldn't stress about the shit dealflow though, even with recruiting getting pushed back. Prestige will carry you much further than you'd expect, and you'd be fine at interviews.

Also agree on BX R&R. It'd be my top choice hands down were I to have to be a junior/senior again. Easy lifestyle, great dealflow, limited pitching, and ridic exit opps.

 

As an addendum, Re: target, if you want solid chances, you need to be at Harvard or Wharton. There's usually some random Michigan kid in every class too, but otherwise your chances look pretty shitty. Dartmouth also pulls a lot of interns in for what it's worth, but for whatever reason they don't tend to stay. Most have gone FT somewhere else.

 
FernandoTorres9:
As an addendum, Re: target, if you want solid chances, you need to be at Harvard or Wharton. There's usually some random Michigan kid in every class too, but otherwise your chances look pretty shitty. Dartmouth also pulls a lot of interns in for what it's worth, but for whatever reason they don't tend to stay. Most have gone FT somewhere else.

There's been 1 Michigan kid there, ever. They like Wharton, Harvard, and UVA. Restructuring is pretty much all Wharton.

 
soccrkid8:
Wow, so it sounds like BX M&A is one of the best places to work out of undergrad. Is the pay in-line with the other bulges as well? Also, does anyone know where recent analysts from the group have placed?

Pays better. No tiering either, so everyone gets the same. Think it's something like 90-100 for 2nd years/60-70 for 1st years.

Specific examples for placement don't matter... really depends on you. If you go there and are a good analyst & interviewer, you can end up anywhere. Great PE and HF placement across the board.

 

Wouldn't it be more logical to receive an offer from these elite boutiques / firms, then talk about prestige, exit opps, deal flow? I really do not get these threads unless OP had already received offers from multiple places - which i presume will be extremely hard this year.

Dont know how this ended up on the main page

 

Former BX RR analyst here. I think the information above is pretty accurate. Amazing exit opps and good bonus, very solid deal flow at RR and less so at M&A but still enough. In my analyst class, there was not a single HF/PE firm that we applied to and didn't get an interview from.

 
monki1:
Former BX RR analyst here. I think the information above is pretty accurate. Amazing exit opps and good bonus, very solid deal flow at RR and less so at M&A but still enough. In my analyst class, there was not a single HF/PE firm that we applied to and didn't get an interview from.

Good to have you on here, but just FYI, you're pretty easy to find on linkedin. May just want to curtail some of your profile info for privacy etc..

"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper
 
Oreos:
monki1:
Former BX RR analyst here. I think the information above is pretty accurate. Amazing exit opps and good bonus, very solid deal flow at RR and less so at M&A but still enough. In my analyst class, there was not a single HF/PE firm that we applied to and didn't get an interview from.

Good to have you on here, but just FYI, you're pretty easy to find on linkedin. May just want to curtail some of your profile info for privacy etc..

Wouldn't it have made more sense for you to PM him this type of information?

 

Someone entering their Junior year is not called a rising junior. Either someone is a Sophomore becoming a Junior, and thererfor not a Junior anything, or they are a Junior already. What makes a Junior "rising"?

That's cute rooster.

 
ajg1137:
Someone entering their Junior year is not called a rising junior. Either someone is a Sophomore becoming a Junior, and thererfor not a Junior anything, or they are a Junior already. What makes a Junior "rising"?

That's cute rooster.

Proving my point.

This may come as a shock to you, but there is a period between your sophomore and junior years where you have completed your sophomore year but have not quite started your junior year yet. In America, we call this period summer and you are commonly known as a rising junior. This is because you are not a sophomore, but not yet a junior. However, since you will be a junior shortly, you are known as a rising junior. Please note, this does not mean you are rising as in levitation, but rising as in soon to be.

 

Well throw JPM and Lehman out. Blackstone, Greenhill, and MS are the best three choices. As for the ordering of those choices..I think you will have great opportunities no matter which of those groups you come out of. I'm not sure how much better one is than the other from a PE/HF perspective. From a b-school perspective, working at an elite place like Blackstone or Greenhill should give you an advantage as you'll be a unique applicant (Bstone and GHL take a few exceptional M&A analysts per year, MS has a huge ibanking analyst class). I think Bstone is more prestigious than GHL, though.

 
curiousG:
I'm somewhat surprised to hear that Blackstone M&A is so highly regarded. I read many threads stating otherwise that Blackstone M&A is pretty much along for the ride of its PE brand name. Perhaps someone more knowledgable would come in and explain? Thanks in advance.

I've heard the same thing. Apparently last year BX advisory didn't do much, especially compared to other boutiques such as Greenhill and Evercore (there was a wsj article comparing the 3). I would much rather take Greenhill or MS over BX

 

blackstone m&a is trash --> if BX m&a is trash than pretty much every job in finance is poop

@sum41 they are done will full-time, sorry

 

pretty low, I saw a WSJ article earlier in the year that said they were ranked in the 60s among M&A advisors a friend of mine there leaves quite often around 8pm

 

Had two phone interviews with BX M&A in Boston and was dinged right after that, tough process, heavily biased towards technicals. Their intern class is 2 SAs per year, and they currently have representation from schools such as MIT (2, I believe), UVA (1), and BC(1). 4 Analysts in total, and only about 10 bankers in the office. The office is focused solely on tech deals, and they will likely ask a bit about your knowledge in that space. The Menlo office also does tech deals, and I'm not sure how they split the mandates. Being from Boston / going to school there doesn't seem to be an absolute must for their process. My own experience: just applied on their website and got interviews for all of the divisions I applied to (BX M&A NYC, BX M&A Boston, BX PE NYC), also did a resume-drop (though they don't come to my school to interview) with my school's OCR site. As with all of the BX processes, you are contacted via e-mail for an interview with an analyst.

Good luck, hope this helps.

 
thezone:

Had two phone interviews with BX M&A in Boston and was dinged right after that, tough process, heavily biased towards technicals. Their intern class is 2 SAs per year, and they currently have representation from schools such as MIT (2, I believe), UVA (1), and BC(1). 4 Analysts in total, and only about 10 bankers in the office. The office is focused solely on tech deals, and they will likely ask a bit about your knowledge in that space. The Menlo office also does tech deals, and I'm not sure how they split the mandates. Being from Boston / going to school there doesn't seem to be an absolute must for their process. My own experience: just applied on their website and got interviews for all of the divisions I applied to (BX M&A NYC, BX M&A Boston, BX PE NYC), also did a resume-drop (though they don't come to my school to interview) with my school's OCR site. As with all of the BX processes, you are contacted via e-mail for an interview with an analyst.

Good luck, hope this helps.

Very helpful, thanks. Would throw you a SB if I had credit left. Any idea of culture/exit-ops of Boston/Menlo compared to NYC? Heard NYC has amazing culture/hours but haven't heard much about the other offices

 

Menlo and Boston both have abnormally good exits. Maybe not as good as BX NY, but I do know that Boston frequently sends some to Baupost. When you're at a place such as BX, no matter what office youre in, your ops are amazing. It becomes what you make of them. Can you capitalize on your interviews? Did you reach out to a VP at KKR..etc.

That being said, Boston tech M&A is a sweatshop. I had a number of interviews with them and I focused all my questions on culture and fit since I cared way more about that at the time. The analysts made it clear that they are in the upper tier of sweatshops.

"Look, you're my best friend, so don't take this the wrong way. In twenty years, if you're still livin' here, comin' over to my house to watch the Patriots games, still workin' construction, I'll fuckin' kill you. That's not a threat, that's a fact.
 
Best Response

Exits are pretty great, though to be honest the office has only been around for a handful of years and only has 1-2 analyst hires/year, so the sample size is tiny. As with most all BX M&A, the deals they work on are tiny and not particularly impressive, and this is pushed to the extreme in the Boston office (dip down into 20mm types), which would be a turn off for me if I wanted to work in tech. I got an offer from the office last year (after accepting somewhere else, also didn't even get an interview with NYC, fuckers), and aside from having committed myself already to another firm, I would have turned it down because of the abysmal culture there. For one it is a tiny office (maybe 12 people total), and you need to really really like the people you work with. The analysts there work hard- there are very few places where I would say 100 hour weeks happen regularly or are the norm, and BX Boston is one of them- the culture in NY is great, not the case with the Boston office. Also the expectations there and responsibilities as a 1st year are very high- can see this as a good thing or a bad thing. Overall, if you want a 'prestigious name with great exits' then it is the place for you. But you aren't going to have much fun, and I didn't get the sense that the people there (at the junior level) really enjoyed what they were doing (obviously can be said for most banks, but this was to an even greater extent).

 

One of my friends summered at BX NY - don't know much detail, but from what I gathered, they were really good about hours. Weekend work was not the norm, and not too many repeated 3 am nights.

dollas
 

Interview is heavy on advanced corp fin technicals, brainteasers, and mental math. The WSO guide will not prepare you well for it - I would definitely go with the M&I guide for an interview with this group.

 

Total all-in comp is market at bare minimum.

Exit opps to the buyside or b-school are great. (TPG, Carlyle, Blackstone PE, Eton Park, HBS, etc.)

Offices in Boston and San Francisco (both of which are tech M&A) are better than the one in Atlanta, which does more MM-type deals, as can be expected of the location. The Boston office had a leading role in the recent $6.4 bn acquisition of ACS by Xerox. You should also check out London or HK if that's something that interests you.

 
skype:
Do exit opps differ depending on which office you work in?

Anyone have more details on comp (i.e. what is bare minimum?)

Thanks!

Base is 70k. Bonus will be at least as great as if not greater than the next-highest paying banking on the street.

 

You will get a great experience in Boston, at least as far as deal flow goes. Unfortunately, it's known as a sweatshop and none of their summers over the past few years have opted to go back. Comp will be the same. Exit opportunities will also be great. You just have to live and work like a dog for two years, making other bankers look like 9-5ers in the process.

This comes from a very reliable source.

 
DontMakeMeShortYou:
Exit opportunities will also be great. You just have to live and work like a dog for two years, making other bankers look like 9-5ers in the process.

This comes from a very reliable source.

Is it harder to interview with NYC PE shops if your not in BX NYC?

 
ejc317:
Blackstone hires into 2 groups. Their restructuring business and M&A business ... the M&A business is decent in NY ... the restructuring is the bomb

Nah, you're wrong about that. BX also hires into private equity and BAAM at the undergraduate level. I think they may also hire into GSO nowadays.

All the groups are great. Restructuring is naturally strong because of the environment. M&A is closing some great deals--Xerox and AIG anyone? PE is PE. Not as familiar with BAAM and GSO, but from all I've heard, each is tops for their category.

 
Dude he asked about Blackstone M&A ... i know they do PE, etc ... jesus i know plenty of senior ppl in Blackstone M&A to know the structure

And yes blackstone is mandated globally to restrucutre AIG and sell off assets ....

You sound like such a douche. If he asked about BX M&A, why did you mention both M&A and restructuring, genius? If you're going to mention the restructuring business, then you have to mention the other parts of the business that hires undergrads (PE, BAAM, GSO).

 

Restructuring sits under their advisory business ... its headed up by the same seniors ... sorry I thought he meant the advisory business - so my bad

As for calling me a douche - I'm sorry but umm ... I'd be careful of who you call names on the internet without knowing who they are ... you can call me whatever you want but you never know who you're talking to

 
pokersliar:
As for calling me a douche - I'm sorry but umm ... I'd be careful of who you call names on the internet without knowing who they are ... you can call me whatever you want but you never know who you're talking to

it gives me great pleasure to point out the obvious: you (probably) don't know who he/she is either.. so from his/her perspective, there is little incentive to censor his/her opinion.

Only two things are infinite, the universe and human stupidity, and I'm not sure about the former.

Only two things are infinite, the universe and human stupidity, and I'm not sure about the former.
 
pokersliar:
Actually from his profile it seems that he's a 2009 who is just starting at an IB ... and indeed I don't know who he/she is and I haven't said anything offensive.

So I think my advice stands valid

From your profile I see you are a first year associate. So I really don't think you are in any position to be talking shit. You do seem like a douche btw

 

Maybe my comment came off as douchey - i know plenty of people who've said stupid things in person / online and later regretted it - i just meant he should be careful what he says ... maybe I came off the wrong way.

Anyway, just trying to be helpful. And yes I'm an associate so I too have made some mistakes in my days ... (i.e have had people overhear me talking smack or said the wrong thing to the wrong someone) ...

 
pokersliar:
^^ Agree with above however with the current mandate from AIG, you'll get a once in a lifetime experience if you do restrucutirng. PM me if you want more information. I've worked closely with those guys

Just to clarify, the AIG mandate is an M&A mandate, not a restructuring one, although of course the two teams are working closely in tandem with each other. Out of the 5 partners officially retained on this deal, 4 are M&A. And the 5th, Art Newman from restructuring, was only tapped after the initial mandate.

Read more about it here: http://www.thedeal.com/newsweekly/dealmakers/aig-links-arms-with-blacks…

Also scroll down to the bottom of this page: http://www.thedeal.com/newsweekly/dealmakers/moelis-preps-for-takeoff-o…. Those 4 partners are all M&A.

Either way, though, you can't really go wrong.

 

The mandate is an M&A mandate but its inherently restructuring. Many of AIG's businsesses need to have at least the corporate structures redone in order for businesses to be sold.

My friend just left to join them in Hong Kong and all they're doing is M&A but first they have to restructure parts of AIA, etc to be sold

 

If it's an M&A mandate, that would mean that M&A bankers (i.e. analysts) are working on the advisory and restructuring work. Naturally, they would tap into the restructuring pool, but the deal team is mostly M&A.

 

BX restructuring does some pretty big deals... Ford and Delphi that I remember off the top of my head. M&A--not so much.

Both their M&A and restructuring groups feed straight into PE. For M&A, you see you your standard fare... ex GS/MS interns, but also a good showing from other bulge brackets. The person who interviewed me used to work for the Treasury. Oddly enough, in the deals where I've worked with Blackstone, they've always hired an independent M&A advisor (though I fail to see the conflict of interest).

 

I'd take GS personally unless you favoured a boutique environment. Actually, to be honest - when interviewing there they said most don't go to Blackstone PEG because of hte partnership structure. There's no incentive to take cross hires vs. better analysts out of top groups on the street. However, ther was one analyst who made the transition this past year.

BS M&A has good exits but you won't work on many blockbuster deals from a leadership position. Lots of their groups are like sell side, private company, mm etc.

The Blackstone name would be the primary reason for chosing it, not the experience.

 

Quia consequatur exercitationem ducimus a rem. Distinctio quod labore voluptate qui et sed consectetur. Repudiandae nobis rem odio debitis. Reprehenderit dignissimos occaecati ut cumque qui quo. Nisi distinctio nihil ex quidem quidem sequi.

Est et qui eaque perspiciatis velit totam molestiae. Sunt asperiores quaerat placeat ut tempore libero. Aspernatur non voluptatem accusantium voluptatem. In culpa consectetur voluptas quod incidunt asperiores animi. Maxime quidem esse blanditiis numquam enim qui.

 

Officia sed excepturi similique excepturi aliquam est et. Quasi pariatur veritatis consequuntur voluptas esse officia consequuntur dicta. Cupiditate cum aut et dolor ea non non.

Et sint eligendi qui beatae. Officiis quisquam non ipsam cumque dolor velit iure. Delectus veritatis eveniet aliquid magnam veniam.

 

Ut nemo accusamus hic nam. Repellat aut unde explicabo ad et voluptatem. Vitae nam occaecati ut et eos neque. Minima eligendi ratione fuga aliquam quia.

Possimus laborum atque et omnis eos enim. Aliquam esse et atque culpa qui sed esse. Culpa cumque magnam explicabo autem.

Eaque quia eligendi non ducimus minus voluptas nam. Nihil eaque qui corporis quas tempore qui delectus. Dolorum quidem vel dolore eaque placeat. Debitis non commodi quia suscipit corporis illum itaque.

Quis vel ipsa rem perspiciatis dolor dolor et. Sapiente rerum non qui accusantium. Dolor magni aperiam asperiores et.

 

Voluptatum perferendis cum autem. Repellendus perferendis est cupiditate.

Iste nobis fuga non doloribus qui distinctio. Culpa omnis ex voluptas est ut sint. Deserunt quae dolore magni officia est possimus.

Rerum ut impedit consequatur quo. Voluptatem rerum ut est repellat. Suscipit magni tempore omnis quo blanditiis rerum corporis. Qui voluptate error rerum ea exercitationem ipsa minus. Ea rerum inventore illum voluptas inventore unde rerum.

Ea quaerat ab dignissimos ad vero. Accusantium aut natus ut. Iusto voluptas id labore. Cum dolorem consequuntur mollitia labore. Eveniet qui consequatur quia et eos. Repellat et deleniti aperiam tempore distinctio quae facilis.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
dosk17's picture
dosk17
98.9
6
DrApeman's picture
DrApeman
98.9
7
kanon's picture
kanon
98.9
8
CompBanker's picture
CompBanker
98.9
9
GameTheory's picture
GameTheory
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”