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It really depend on your group as well as the general economic climate and M&A / equity markets so it's had to give a hard number. I was an analysis in a coverage group during and after the crisis and only closed 2 deals my first year when markets were dead and nothing was happening, but probably around 8-10 the second year. Obviously around 50% of those were equity deals and we could argue all day when it is appropriate do count equity deals (ie. IPO vs. secondary, top left vs. lead vs. co, etc). People in product groups (LevFin, M&A, ECM) will usually have been involved in many more deals, but then they are generally providing support on execution so they don't lead the project / are involved from start to finish (obviously internal structures varies from bank to bank so involvement / leadership can vary quite a bit).

Anyway, I think when it comes to transaction experience, quality >>>>> quantity.

 

Do you mean deals where you contribute throughout the process and had an impact, or where you helped find one comparable transaction but technically "worked" on the deal

during my SA stint I worked on about 10 "live deals" if by live you mean i helped do 10 minutes of research for a deal and never worked on it again, but only semi contributed throughout the process for 1 deal

 

Depends entirely on bank/group/product.

As someone above said, M&A is usually more variable due to its nature vs. ECM/DCM sort of stuff.

Speaking about M&A, I know people who have closed 3 deals in their first year (pretty big ones too) and people who have closed 0 in two years.

 

Really depends on a lot of factors. The market (deal flow) being the most meaningful, but company / team / product dynamics all come into play.

I would expect a MM M&A analyst to have two closed deals over their two years. This could vary anywhere between 0 and 5+. Firms such as Baird, Blair, Lincoln, Blackarch, BB&T, and Harris Williams fall into this bucket.

My final count as an analyst from '07 - '09 was five closed deals (2 start-to-finish, 2 inherited from outgoing analyst, 1 supporting another analyst) as well as a deal that died at LOI stage and a couple of others that were pulled upon entering the market. Most of my peers in this time frame had 2-4.

Deal dynamics at BBs are quite different so this volume isn't really comparable.

CompBanker’s Career Guidance Services: https://www.rossettiadvisors.com/
 

Hard to generalize but underwriting > M&A in terms of sheer numbers. The timelines are shorter than M&A and they are usually easier to complete.

So far looks like the average where I work is about 5 M&A deals and ~6 financings (as lead, if you're just in the syndicate, this would probably be 20+). Note that my industry has been pretty tame over the last 2 years relative to others.

 

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