Buyside Recruiting prospects from top group at Mid-Tier BB

Hi, I'm a longtime reader on these forums but never posted. Just want to preface my question with a bit of background and justification -- I'm going to be a summer at CS/BAML/Citi/Barclays in a top group (think CS/BAML sponsors, BAML/Citi M&A, Barclays Natres). While I know it's very early on, I want to figure out I should keep my options open and think about re-recruiting for an EB or GS/MS full-time if my eventual goal is buyout PE (megafund hopefully).

From what I've read and heard, the group I'm going to has a lot of analysts go to MM PE, though I believe interviews are possible at a few MFs. I did my past summer in MM PE and the associates I worked with were from a wide mix of banks. I've also consistently heard that buyside recruiting is extremely competitive and group prestige matters a lot. As I haven't actually been on the other side of the recruiting process, it would be quite helpful to hear from someone who's done it recently and can speak to the strength of the groups I mentioned.

I know, I shouldn't be concerned about this stuff before I've even worked a day at a bank. I'll probably have zero time to think about this shit once I'm actually working... so I figure I should sort out my thoughts now.

 
Best Response

First off, all the groups you listed are quite different from each other, so it's hard to say whether you need to transfer or not. Barclays NatRes or CS Sponsors will do you a lot better than Citi or BAML M&A.

As a person also trying to break into MF after 2 years, I think that you will get looks from HHs if you have the right background (good GPA, good SAT, target school, other prestigious shit) at one of the former groups and it will be up to you to do well in the MF interviews. If you are in one of the latter groups, I think it's a lot harder to make good allies among more senior people in your group and second years (who are typically the ones telling HHs you exist). I think at one of the former groups, you should be trying to transfer actively this summer.

 

In to dispel some of this statement: Barclays NatRes does well, as does power, but I know some older CS Sponsors kid who did not report recent placement equal to the reputation the group has on these forums. Funnily, both the groups mentioned as "inferior" (Citi M&A/BAML M&A) have done very well, with Citi TMT and BAML Sponsors not far behind (if at all).

General advice, ask (gently) about placement in recent years when you're summering and cross-reference with how you like the work/culture. If both are positive, consider staying FT; there's no guarantee a huge group like GS Industrials/ConsHealth will get you any better placement. No harm in a little flirtation and interviews during August, of course, but make sure you're jumping ship for an actually better experience and exits rather than just improving brand name.

 

Citi M&A and BAML M&A are both very large groups. So yes, there is kids who place at top MM places (CD&R, Warburg, H&F) but there is also a large number that strike out just by virtue of numbers. Groups like Barclays NatRes/Power or CS Sponsors (or M&A, for that matter), while still pretty large, will more consistently place at both good MM PE firms and good HFs. I agree with you regarding the supposed strength of CS Sponsors, but think it's still a better bet than M&A at a balance sheet BB. Don't know anything about BAML Sponsors or Citi TMT.

The rest of the post I agree with completely.

 

Thanks for the perspective, looks like the groups I mentioned all seem to be a good starting point. For full-time recruiting, does it make sense to look at places like Evercore and Lazard, or should I be looking towards openings at GS/MS/JPM?

Also, how important a role does deal experience and likability play in PE recruiting? I've heard some people say that they trump all else once you get to the interview, but others have stressed the importance of group strength and general pedigree. From what I've seen on LinkedIn and some PE websites, it looks like the vast majority (80%) of analysts at MFs come from GS/MS, which is pretty insane even given a definite selection bias for smarter people there. I just find it hard to believe that: 1. the analysts at GS/MS are significantly smarter/more motivated people 2. they learn a great deal more or have much more supportive seniors

There must be some sort of bias here right? Similar to how alums recruit from their schools?

 

Thanks for pointing out the differences in the groups I listed -- really I just tried to list the top groups of the "mid-tier" BBs. Did not realize some were ahead of others. How do these groups compare to a middle-of-the-pack coverage group at GS/MS/JPM? Past posts here seem to suggest they're similar, but maybe that's changed in recent years.

I was also unaware that GPA/SAT/School mattered much during buyside recruiting. I'm average in all those categories, so seems like keeping an eye open for full-time recruiting is the way to go.

I'm curious, when is it appropriate to get in touch with other places for full-time opportunities? It seems like somewhat of an awkward conversation as I don't have much to talk about to the contacts I've made at other banks. Is it best to be upfront about my interest?

Really appreciate the advice!

 

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