Buyside Recruiting Advice
Hello friends - I'm looking for some recruiting advice. I used to work as an M&A Analyst at a top BB abroad. I'll be interning at another BB in NY this summer as an Aso. Does anyone know what FT buy-side job (PE/HF etc.) recruiting looks like (timeline, process, etc)? Is it through headhunters? If so, do you have any recommendations?
Any insights are greatly appreciated!
You'll need to provide more specific information to get helpful guidance. For example, if you will be an intern this summer, does that mean you are in b-school? If so, you should have an on-campus recruiting process for buyside firms. If one doesn't exist, it likely means your school is not a target for those types of opportunities. Do you have any pre-MBA buyside experience? Sounds like no, which will make getting a buyside job difficult (but definitely possible).
Pretty much all buyside funds (PE + HF) hire via headhunters. There are ~5 top headhunters for PE and 3-5 for HFs. You can search this forum for who those headhunters are and which firms each covers.
Thanks a lot for the input! I'm in law school actually (one more year to go) - so there is no structured campus recruiting program, and I got my BB Summer Aso through networking. Would you suggest that I go and reach out to recruiters now, for FT jobs after graduation? or I could wait until after the summer? Any insights on the timeline would helpful.
Pm me - ex lawyer here
lol why even go to law school???
Assuming you're going in as an associate (please let us know is it an industry group or product such as M&A or LevFin), I'd reach out as soon as you are able to start full-time. Most buyside opportunities are reserved for analysts but as a fresh associate, reaching out to guys at Oxbridge/CPI/Henkel/Amity/SG etc early on can position you for opportunities which may be open to associate candidates. A lot of banking associate candidates tend to be at a disadvantage for buyside recruiting given the bias for buyside to recruit at the analyst level and grad-school associates getting into the buyside recruiting cycle later on due to switch in interest halfway thru the gig. So, that being said if you can get ahead of the curve with recruiters earlier on then charge on
Is recruiting different coming from coverage vs M&A/Levfin? Just curious why you want to make that distinction.
It depends where you're coming from but generally yes. Unless you're recruiting for a generalist large-cap PE fund which is mostly sector-agnostic then if you're in coverage, you'll likely be considered for roles which are in line with what you work in (ie a TMT analyst will get more Tech PE opptys in general) unless you specify to HHs that you want to pivot out of your current coverage universe. If you're in a product group, there is a little more flexibility in terms of recruiting mandates given you're working on transactions which span a variety of industries and can spin your experience accordingly. Obviously it is more case-by-case but at a high level this is what I've seen.
Quick question based on your last comments, do funds have a less favorable view of A2A associates in their first year as well? I originally did not want to do PE, but am considering a move down the road but don't want to pursue just yet, and I may be promoted sooner than I think. My target would be LMM (or MM if I'm lucky) healthcare PE, if that changes anything. I'm currently at an MM with a good rep in the space.
There definitely appears to be a preference for analysts when it comes to hiring people for PE but have definitely seen A2A associates move in their first year to prominent PE funds (i.e., GS/JPM guys going to top notch MM/UMM funds). I don't see why a top performing first year A2A at a Blair / Baird / Houlihan wouldn't get looks from shops like Vistria, Water Street, Roundtable, Cressey, etc. Might be a slight uphill battle but will be an easier conversation if you didn't recruit for PE in 1-2 prior on-cycle waves before and strike out. Couldn't hurt to go through the bios of the current and recently departed associates at funds of interest to see if they've hired any A2As. At least that might signal whether the fund might have some receptivity.
Thanks very much for this! I'll definitely reach out asap. Since I'll graduate next year in 2022, I plan to do on-cycle recruiting with current analysts/incoming analysts this year in 2021 (for pre-MBA associate roles that start in 2023), if they allow me, and some off-cycle recruiting for roles that start in 2022.
I was an M&A analyst before but will be joining an industry group this summer. Do you think I could remain flexible or pivot into other sectors?
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