Hey Everyone,
I could really use your help in understanding the realistic chances of me successfully transferring to a credit fund (preferably HY/distressed) or equity fund. I am willing to take a detour on the way (i.e. 1 year in ER or debt research is necessary).
Background:
Graduated about five years ago, am a CFA and am in my late 20s. I am currently a third year year associate at a boutique investment bank (5-10 people). The group I am in is industry agnostic and we primarily deal with special situations. Prior to that, I worked in valuations at a top 5 accounting firm for 2-3 years.
Situation
As I mentioned earlier, I would like to make a transition to the buy-side dealing with credits on the primary/secondary market. As I read the bios of team members at the shops I am applying to, I begin to realize that a lot of them have come from BB,MM and EBs. Given that I work at, essentially, a no name boutique, do I even have a chance of breaking in? Its not like I do not have deal experience. I have worked on some meaningful deals that are public, however, the firm just has no brand recognition.
Would it make more sense for me to try to get into a sell-side research role or IB associate position at a more recognizable bank then make the transition?
The only way I see around this is heavy networking and hoping a recruiter realizes my strengths, which I doubt. I am trying to avoid the mistake I did when landing this initial IB position, which is accepting the first offer given to me. I interviewed at this firm as an opportunistic move and received an offer without even applying to the MMs or BBs. I did not regret the position then and have not realized the implications it has had on my future career progression until now. I would preferably like to land at a decent sized fund ($1.0B+ of AUM). Feedback is appreciated.
Thanks,
XSX
Try applying to more credit shops other than just the elite private funds and such. You can probably secure a spot doing vanilla IG and then try to transition to more sexy credit like high yield and distressed later on down the line. You’re not in a bad position tbh.
Thank SomePleb. I have been keeping my eyes open but the smaller shops seem to be the ones that do not exactly hire junior personnel and require someone with investment/research experience. The bigger shops do not seem to have as stringent as a requirement but I feel like I am going against people from more recognizable banks, which it makes it tough to break through.
I am going to start the whole networking grind the the next couple weeks. Hopefully that helps.
Recruiters are a waste of time.
I heard Citadel in Chicago are doing some heavy hiring.
Also, Dick Fuld's firm, Matrix Capital is expanding with two new offices https://matrixpcg.com/
Citadel has a couple positions. Thanks!
Enim sit cupiditate laborum aut adipisci illum est. Nisi doloribus aut non est. Autem dignissimos debitis saepe temporibus sed.
Tempore corrupti inventore ipsam nulla blanditiis expedita. Minus in adipisci consequuntur autem praesentium consequatur.
Aut beatae et dignissimos sunt voluptas earum officiis. Eos veniam illum quod asperiores.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...