Exit Opps: BB FIG vs. MM Botique / LDN

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Hi everyone,

I just received two offers for an Analyst 2 spot: either in a BB (GS/JP/MS) FIG Cov. or in a MM Botique Industrials Cov. (Jefferies, HL, Blair, Baird) and I dont know how to evaluate these reg. future exit opps.

My mid-term career goal is a European (upper-)mid cap buyout fund (lets say EVs up to €1bn, I know the definitions of mid-vs. large-cap can be blurry).

Question is which ultimatley will bring me in the better position to interview with these funds.

What does headhunters / recruiters think about FIG in general?

I know FIG is an often discussed topic and I have done my research aswell, but maybe someone could shed some light on this based on personal exp. from either him/herself or friends and family.

Comments (4)

 
  • Incoming Analyst in IB - Gen
Jan 21, 2020 - 5:09am

Recently went through FIG recruiting at one of these firms so happy to touch on this. I also spoke to HHs about my choice and their view of FIG teams. I think I even know which shop your offer is for. Happy to chat more in PMs specifically for that, but I'll give general stuff on here.

The first thing to note is that some firms make you focus on a vertical (Banks, Insurance, AM, Fintech etc) while some others keep you as a generalist. I think that all 3 banks listed are generalist (to be confirmed though). Thus you will also touch EBITDA driven business through your FIG coverage which should be fine.

Headhunters usually view FIG as very technical and rightly so as they say that FIG analysts usually just nail the model alongside M&A/LevFin groups as they are groups that tend to do the most complex models.

When exiting you will have to be specific on whether you want FIG PE or vanilla PE. They place people on both sides but usually run seperate processes. I know people from (JPM/MS/GS) that have gone to MFs/UMM (Warburg Pincus/Bx/BC) in both FIG and non-FIG roles.

With the ambition of UMM/MF, going to an MM shop will be close to impossible.

 
  • Incoming Analyst in IB - Gen
Jan 21, 2020 - 6:05am
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