IB Lateral for better exits..
Hello All,
Please bear with me as I am unfamiliar with this process. I am a current undergrad senior and will be starting in Stifel’s Tech group next summer as a first year analyst. Obviously the MM banks like mine do not have a brand name and hence I assume exit opps to MM/UMM PE are fairly limited despite the deal experience I will receive. With this said I am asking if it is worth it to lateral to a bigger bank. My main question is how this timeline plays out. If I lateral after a year with Stifel will this allow me enough time to recruit for PE at my new bank? Isn’t most PE recruiting done during the first year of IB or can I fully recruit as a second year as well. Any insight or suggestions appreciated!
This is super common.
Depending on when on-cycle recruiting kicks off for your class, you may need to do a 3rd year of banking in order to recruit on cycle (as you would be leaving stifel after on-cycle your first year). There are still plenty of off-cycle opportunities, but if you are targeting the most brand-name funds, you may need to do that extra year which will give you another year of deal experience.
Is doing another year of IB a bad thing? I get a lot of mixed responses from alumni and peers (in the context of PE recruiting).
Tech analyst in the bay, disregard title.
Could you lateral? Sure. After 8 months - year at Stifel, you could start networking with better banks and you'd have no problem getting a lateral spot.
Should you lateral? Depends. If your goal is having solid exit ops, Stifel Tech is honestly not that bad. Recently had analysts place into Marlin Equity and STP in the bay area. If you work your ass off and get top bucket, you will have a lot of optionality. You need to understand that a lot of what is said on WSO is either bs or inaccurate, and the Stifel name is not bad at all, especially in Tech.
Now, if you want large-cap MF buyout, then you should probably lateral after a year. However, Tech MF recruiting is an absolute crapshoot and by lateraling to say, JPM Tech you are only increasing your chances of getting it by a margin. Is it worth it to start over, develop new relationships with co-workers/senior bankers just for a slightly better chance at a MF? That's up to you. But I wouldn't be so set to lateral given that you haven't even hit the desk at Stifel yet. What if you love the people, the deals and the culture at Stifel? The grass is not always greener. Also your priorities may change once you start getting the shit kicked out of you in IB. A lot of people self-select out of UMM/MF recruiting because it literally is banking 2.0 if not worse.
would this hold true in NYC office as well ?
Yes. For reference, the analyst that placed at Marlin was in the NY office.
I really dont understand this mentality. Some MM banks are super chill, I wouldnt trade the culture at mine for marginal benefit at PE recruiting.
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