FIG, or I wanted Apple but this is what I ended up with...
Long story short, I'm currently about to start in FIG at a large bank. I had no desire to do fig - really it was more along the lines of "wow I hope I get anything... as long as it's not fig!"
My entire life has been hilariously shitty, so getting shafted for group selection is but another bump on the bumpy road. I tried hard and did everything right, except I was naive enough to trust some people in the firm who told me that I was going to be ok (w.r.t. to group placement). After probing around, it seems that transferring to another group is unrealistic, so I won't waste time on that, but it does mess up my plans of going into the buy-side a bit.
I am aware that there are PE shops that specialize in and take FIG analysts, but since I don't work at a top bank, my chances are not exactly stellar even if I end up being the top analyst (and I'm not too keen on doing FIG PE anyway). I know the dumbest thing I can do is just lie to myself and pretend that it'll work out somehow, so I figured I might as well start taking actions now.
My eventual goal is PE or HF (non-quant roles), a decent place that didn't lose all their investors/money during the crisis would be nice. I didn't go to the ~right school~ so I have no real useful alumni to draw on (at least not on this continent). I hope to network however I can, and obviously I'll show up with a big Positive Attitude everyday (with the help of a few happy pills). But if anyone has any experience going from FIG -> PE/HF that has no truck with FIG stuff, I would much appreciate it. Also, I'd love any advice regarding the possibilities of laterally from fig to another bank (non-fig).
Thanks!
"My entire life has been hilariously shitty, so getting shafted for group selection is but another bump on the bumpy road."
Seriously? You need to step outside and look at the world around you (outside the country club)
love it...+1
+1
You got an IB job at a large bank in a shitty economy. Many people here would love to take that job from you. Quit bitching about your poor life
you could always lateral to another bank
1) be thankful that you are fortunate enough to be employed within high finance... 2) if you are a FIG analyst at my bank... which there's a decent chance you are, i would tell you to wake up and smell the roses. there are MANY great candidates out there with impressive resumes and friends/alumni in top groups. You are not the only 'good' candidate. in fact, incoming FIG analysts at my bank are pretty random and not impressive at all compared with the top groups.. maybe you're one of them?
whats "not top bank" - do you mean random boutique or do you mean non GS/MS bulge bracket?
GFY. Seriously.
"My entire life has been hilariously shitty"
successful troll is successful?
I'm pretty confused exactly what Financial Institutions Group does.... it seems like they cover raising capital, M&A, http://www2.stifel.com/site/content.aspx?id=204
https://www.rbccm.com/financialinstitutions/cid-204383.html
https://www.credit-suisse.com/careers/campus_recruiting/americas/en/bus…
or is it "helping financial institutions better manage assets, risks and operations" as PNC claims
https://www.pnc.com/webapp/sec/ProductsAndService.do?siteArea=/pnccorp/PNC/Home/Corporate+and+Institutional/Financial+Institution+Services/Manage+Your+Balance+Sheet/Financial+Institutions+Group
and if it is M&A and debt and equity, what is the difference between FIG and investment banking M&A and the different product and industry groups... or is it one and the same?
FIG is a coverage group that deals with insurance companies, banks, asset managers,and other financial institutions / service providers.
The experiences you'll be getting in FIG are extremely industry-specific. Not as applicable as something like industrials or consumer or even a group like energy/infrastructure. That's why people in the biz lament the "exit opps."
It might box you in a little early in your career but the experience is great. Chill out. Rock your 2 years. Then if you hate it then just leave. FIG won't stop you from going to a PE or a hedge fund. In fact one of my good friends just finished his 2-year stint in decent FIG group on the Street and has an offer from a very well-respected middle market fund.
"My entire life has been hilariously shitty"? You sound like a whiny little bitch. You dug yourself this hole. Keep your head up and keep working.
Good luck.
Jesus people read waaaay too much into hyperboles. I wasn't trying to whine. I thought the word "hilarious" would indicate that it's tongue-in-cheek. Although if it helps, my childhood was spent in a rural third-world country where drinking river water without dying was considered as an important Darwinian survival trait. If Lamarck were actually right, I should be able to produce disease-immune children at this point!
I am not unhappy by any means. Bummed out? yeah, but I have no desire to hurl myself off the Empire State Building. My life is great, not having to choose between starbucks and dinner definitely helps!
I just want to be realistic. All the information I've found on FIG exit opps are tangential, second/third-handed experience, or rather detached from my circumstances. e.g. "My friend's friend met this bloke from a bar who worked in FIG and got into a good fund." or "I work in FIG and have interviews at megafund... which bank you ask? Well it's this little place called Goldman Sachs, I'm sure you've heard of it. haha." (Nothing against GS, it's a joke people)
It would be nice to hear someone who went through the process. I'm sure people have done something or another that went beyond just normal networking and working hard. (since pretty much everyone who's remotely intelligent and motivated would do those anyway...)
Please reconsider.
sure. want to be realistic? you are going to get crushed in interviews when paired up against M&A/sponsors/lev fin/media telecom/industrials... and if you really want to get into it, you can place a number of other groups ahead of you. happy? awesome. you're welcome.
Your best bet is to try your hardest to focus on the FinTech and Market Structure sub-sectors within FIG. That way you'll at least have exposure to EBITDA based business models that are applicable at "Generalist" PE/HF shops.
I worked in a Financial Institutions Group for a few years before moving to a PE fund, so PM me if you want to discuss anything in greater detail.
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