Exit opps from BB and EB
How do exit opps from BB and EB compare generally? Especially interested in:
PJT/Moelis/Centerview M&A/restructuring, top BBs top groups (MS M&A, GS TMT, etc.), top BBs other groups, non-top BBs top groups, non-top BBs non-top groups
Or does exit opps depend heavily on the individuals (e.g., non-top groups at non-top BBs frequently place better than EB M&A/restructuring and top groups at top BBs? Currently not sure where I'll land and trying to get a more comprehensive sense of the lay of the land.
How are exit opps from Lazard/Evercore M&A/restructuring and HL restructuring?
Let me try to rephrase your question:
"How are exits from any group at any bank?"
You're probably not going to be accepted to every group at every bank. I would cast a wide net, hope for an offer or two, and then if you're lucky enough to get multiple offers just compare those.
If someone told you MS M&A recruited better than GS TMT would you honestly not apply to GS?
Thanks. I would be lateraling. I wouldn't be applying to all banks at the same time. Knowing the general strength of the groups would help me determine which ones to reach out to first. If Moelis restructuring would generally place better than GS FIG, then I would try my luck with Moelis first before reaching out to GS FIG MDs/VPs.
Fair enough. I would still try to narrow down the list a bit. I'm not sure who would reliably have details on all of those groups. "Top BB's top groups... top BB's other groups" is pretty broad. You're basically asking for the exit opps out of each and every group at BB's.
I'm not going to even take a shot at that, but I do have a good friend who went to a group at a second-tier BB that traditionally doesn't recruit as well as M&A or Sponsors and landed Apollo generalist. I'm sure others would agree that the EB's have great exit opps that are, all other things equal, superior to the group my friend was in. Just depends.
Another data point is that I've heard repeatedly from the more frank contacts I have is that banking analysts at any BB/EB firm are viewed as largely interchangeable by the job market (niche groups like FIG, ECM/DCM, etc. excepted of course). They have the same skills, similar undergraduate records, have worked the same number of hours, and almost always have a deal resume that consists of similar kinds of work.
I find that thinking about only group when considering exit ops is a bit limiting. There are some places where MDs will actively assist in the recruitment process (Moelis comes to mind) but most of the time it's on the analyst to recruit successfully. Obviously, name brand of your firm plays a huge role in getting initial headhunter meetings. That being said, there's a ton of other factors that come into play when kids are getting looks.
Quite frankly a kid at GS TMT / MS M&A who went to Baruch is likely going to have a harder time scheduling meetings than the kid from Harvard in a worse group- that's not to say the Baruch kid is not going to get looks but it will be on him to put in the effort. Another thing to consider is that despite what you may hear not everyone is interested in the PE route. There are a considerable number of analysts who do non-PE roles, which recruit very differently by industry (Corp dev, hedge funds, and staying on for a third year / ASO promote come to mind but I'm sure there are others).
Another big point is that a certain type of kid will probably get into one of the groups seen as having good exits and work hard to get a good spot in PE. Comparably lifestyle groups or groups not typically seen as exit-friendly will typically be filled with kids who aren't as interested in PE or aren't putting the work in. If the CS Sponsors kid was in BAML TMT or some other group not thought to be as strong, he would still probably bust his ass to get a good offer on the buy-side.
Basically if your school pedigree is good and you are interested in PE enough to put in the effort now, the marginal difference between a top tier and a second tier group at a strong BB is pretty small- it's mostly on the candidate, not the group, to actually secure the offer.
It's also probably good to figure out where the analysts from the last few years went since that's usually a pretty good benchmark for where you can get opportunities. I wouldn't be surprised if there was at least a few MF guys in every single group at a good bank.
+1 to this.
Excluding the pedigree issue, I think where other analysts have gone within the group is the best indicator.
HL RX exits are really good. The past 2-3 years include Apollo (PE & DD) & KKR (PE & SSG), TPG SSG, BX GSO, Carlyle, Ares, Highbridge, Oaktree, HIG, Wayzata, Chesapeake, Brookfield, Monarch, Ice Canyon, Catalyst, Aurora, Two Sigma, Onex, Sun Capital etc.
Moelis has some killer exits too as usual: MDP, SLP, KKR, Angelo Gordon, Vestar, Centerbridge, Onex, etc.
Centerview: analysts don't exit frequently but when they do it tends to be MFs
Laz RX has great exits: Anchorage, SVP, BX PE, DW Partners, Centerbridge
Can't speak for the rest
Exit Opps from Average Group at mid- tier BB (Originally Posted: 09/02/2016)
What are the PE exit opps for analysts in average groups at Citi/Barclays/BAML? Are people in these groups excluded from MFs and limited only to MM funds? How can an analyst from a group like this stick out during the buyside recruiting process?
It's obviously going to be harder to break into a MF if you're at a mid-tier BB and are competing against analysts at top BBs and EBs. That being said, I personally know several analysts from mid-tier BBs who broke into MFs. Being well-prepared for headhunter calls and then for the interviews with the MFs goes a long way.
Recent Exits from EBs (Originally Posted: 06/19/2016)
Anyone know how placements have been for the past couple recruiting cycles? Interested in how Moelis (NY and LA), Lazard, Evercore, Greenhill, PJT (M&A and RX) and HLHZ RX have been doing.
Thanks!
Seriously??
A) HL RX isn't an EB... They are a middle market shop with a very strong Rx group
B) PJT just had its 1st class recruit so while there are BX placements prior to... no one is giving PJT that credit.
C) If you are looking at trying to go to a specific fund go on linkedin and find that fund's associates and figure out where they came from. Willing to bet you find out that ~80% come from GS/MS/JPM and probably at least 1-2 from each of the above**
**Oaktree LA likes HL kids, Apollo likes Moelis kids, Everyone liked BX kids
If Not At A Top BB--Exit Opps? (Originally Posted: 03/28/2013)
Out of curiosity-- If you're not in a top group at a top BB, do you still have decent PE/HF exit opps? If not, what happens to those analysts if they're not asked back for a third year? Do they fade into Bolivian?
PE: smaller PE funds HF: everyone has told me this is a lot harder. better start networking with HF's. The more institutionalized/larger funds will use headhunters and mostly recruit out of top banking programs. However, many of the alumni I've talked to have told me that hiring is a lot more informal at smaller funds/is more a function of who you know/who vouches for you.
Bolivian? Are you kidding?
Your exit ops would fade in to oblivion.
Edit: I simply corrected your sentence. I did not answer your question.
BS.. there was a guy from Nomura who moved to BX PE
And a guy who got fired from JPM at TPG.
I LOLED so hard at "Bolivian"!!
It's pronounced "Bolivia" you idiot.
HA, thanks for understanding at least.
The question sort of stems from what I've come to understand about some PE recruiting: Mega-fund PE firms look to recruit top BB talent, but MM PE funds want to recruit top MM IB talent because the scope of the deals is similar. That's why I wasn't sure if there was really still a place in a MM PE fund for a BB guy from a mediocre group.
All that being said, would you say that BB-->PE recruiting is as intense--or even more intense--than BB SA/FT recruiting? Is it more common for a non-target to get into a BB or for a mediocre BB IBer to get into BX PE? Any stories would be helpful as well.
I guess none of these kids get the Tyson reference
Just give up, we're both fucked and should just move into industry/family business.
It sucks, but you have to network your ass off. No headhunters are going to come running after you, but if you're proactive you'll definitely find your hard work paying off. Keep at it !
You don't need a shitty headhunter. If you know from your peers KKR is hiring just send the senior MD your resume and you will interview provided you are at a decent name. Why use useless headhunters?
Exit ops (locations) for bb analysts (Originally Posted: 11/27/2007)
Hi guys,
I'm currently in a 2 year program at a large BB in NYC. Frankly, I don't like living in New York, and don't want to stay here longer than I need to. I have little knowledge about exit ops for BB S & T analysts, except to jump banks or go to a hedge fund...and I only vaguely know what these are. It seems like all of the big banks and most HFs are based in NY. Can anyone speak to options for S & T analysts outside of NYC?
Thanks, Luke
bump?
bumpity
I'd also be interested in the answer to this one...
yeah me too...
there are def hedge funds and asset managers in california (LA), boston..im sure a bunch of other cities but i know those for sure
I do know BofA and Wachovia have plenty of trading spots in Charlotte, NC. Both have at least one (if not 2) full trading floors in their Charlotte headquarters.
Stamford, CT is well known to be hedge fund land and is a great suburban location that still offers easy access to NYC. Also, UBS has one of the largest (if not THE largest) trading floors located in Stamford. Outside of the cities already mentioned (i.e. Boston, Charlotte, LA) Chicago is home to a number of large financial insitutions/asset managers/hedge funds.
BB summer exit opps (Originally Posted: 06/22/2011)
So guys, for the longest time I thought I wanted to do banking, went to a target school, got an offer at a BB, took it. Now that I am several weeks into my summer internship, I realize that I absolutely hate it, and I do not want to work in banking ever again.
This is primarily because I really realized how awful the lifestyle is, and I just want more of a work life balance in my early 20s. Now, I still do love finance and markets, and I would love to work in a finance related job out of college, just one that involves less work (and obviously less pay). I was thinking something like PWM, a small Asset Management firm, something along those lines. Will not receiving an offer from the BB kill me for getting a job like this?
Thanks
No it will not kill you. Just sell your experience to the job you want and have a rock solid (but honest) explanation if they ask whether or not you have an offer.
BTW, there are jobs out there with less work and the same pay...
Care to share what those jobs are?
work your ass off this summer, do whatever you have to do to get the offer, then try to go into S&T, consulting, AM, etc. It will look very bad if you do not receive an offer
For instance, S&T should have almost the same salary but less hours.
Yea but that's a different risk profile. I'm talking same comp, same risk-reward tradeoff. I just don't think you'll find many jobs the check those criteria.
Some of the, if not the highest paid employees of BBs are from S&T. If you are a good trader, you can make more than any I-banker and most PE professionals, easily. Job security is less at the junior level - more risk, but higher pay is definitely a greater reward.
OP, chill out. It's only been a few weeks. You probably haven't lost your offer. It's only one summer, so stop over-stressing. Not having an offer will hurt you because, as a summer, you really aren't saving the world or running too many models, so its either attitude or sloppy work that prevents most offers. Do well, and get your offer at the end of the summer so you can leverage it into another part of the bank or whatever job you want to pursue. Relax!
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