Buyside as an A2A Promote
I am currently a 3rd year analyst at a top BB (Consumer Retail Coverage), and I haven't been recruiting for buyside positions up until this point. My group has expressed interest in promoting me to an associate, but not sure if this is the path I would like to take in the long term. For a little context, I have received top reviews my last two years and have a fair amount of M&A deal experience. Given the current economic situation, I am grateful for my job, but was curious if anyone had experience or opinions on recruiting as a third year analyst or a recent A2A promote? I assume a lot of opportunities would still be available for a recent A2A promotes. Also, I have little interest in megafunds or anything of that nature, so would likely be targeting less "sexy" names / smaller shops.
Recruited as a 3rd year and left right after the A2A promote - it was a really easy story for me and I could back up that I barely recruited in years 1 and 2 so there wasn't the stigma that I "failed" recruiting previously. Like you, had top bucket reviews which made the transition pretty simple IMO, and I came from a MM, not a top BB like you. There's a decent amount of color in some of the old threads I started, but happy to answer any specific questions you have. I learned a lot in my 3rd year personally and definitely left banking feeling a lot more prepared than if I jumped right after year 2.
Just curious - would you mind expanding on the pros of doing a 3rd year as an analyst as opposed to jumping ship after the 2nd year? 3rd year seems like a good gig from what I understand (get the best projects, better work life balance, good comp), but curious your rationale / why you would or would not recommend it
I had a lot of personal reasons for staying a 3rd year, but if you do a 3rd year you'll have concrete reviews under your belt you can point to in interviews / discussions with headhunters that can set you apart - more certainty / proof you're actually good instead of going just off of pedigree. You can really sell yourself on having 50% more experience than somebody coming out after 2 years, that you've had more responsibility truly managing processes (including both managing up as more of a deal QB and also managing down as you have analysts below you).
Something pretty underrated IMO is that you can better articulate why you want to leave for a certain type of strategy - you're making a more informed decision on the types of deals you've worked on / shops you've interacted w/ and not just jumping "because everyone else is doing it" or "the grass is greener."
Thanks for the perspective. Agree 100%
This is super helpful, appreciate the response.
I agree with everything you said, including the more robust experience staying the third year. The hours aren't too bad generally, which is a bonus as well.
In terms of hit rates with recruiters, were you getting interviews with most funds you would submit to? I feel like my personal hit rate has not been stellar in the last month or so, but maybe just small sample size / virus concerns. Also, if you hadn't found a gig and continued recruiting as an A2A, do you think it would have held you back at all vs. leaving as a third year? From your post, it sounds like not, which is awesome!
This is super helpful, appreciate the response.
I agree with everything you said, including the more robust experience staying the third year. The hours aren't too bad generally, which is a bonus as well.
In terms of hit rates with recruiters, were you getting interviews with most funds you would submit to? I feel like my personal hit rate has not been stellar in the last month or so, but maybe just small sample size / virus concerns. Also, if you hadn't found a gig and continued recruiting as an A2A do you think it would have held you back at all vs. leaving as a third year? From your post, it sounds like not, which is awesome!
Old AMA I did (https://www.wallstreetoasis.com/forums/ama-non-target-3rd-year-analyst-…) and some of my old posts have more detail on this, but in short, I would say I felt I had a pretty good hit rate on getting phone screens at least (maybe like 50% for those I expressed interest in? Honestly not 100% sure anymore).
What I can tell you is I legit did not reach out to HHs until May of my 3rd year (just checked my emails and looks like I blasted outreach emails out on May 1 exactly) and had 2 superdays by early / mid-June, converted both into offers before the end of the month, and started my new role that same August.
I think if I didn't find a gig, I would've been ok as long as I left soonish after (definitely would've been fine 1 year as an associate, and guessing that the window would shrink a lot by the end of year 2). I actually left with an official A2A promote under my belt since I stayed on longer than my regular 3 years would've been up.
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