Is FIG a death sentence?

Analyst 1 in HF - EquityHedge

Offer from US BB FIG FT(bleh). Didn't get my top group but understand that beggars can't be choosers given the economy. I understand that it's super technical which does appeal to me but I'm a little worried that it's nicheness would make exiting or moving to other coverage groups quite challenging.

Could anyone share their experiences in FIG IB? Potentially some of the more interesting transactions you've worked on, maybe what FIG PE / HFs like J.C. Flowers etc are like?

Comments (27)

  • Intern in IB-M&A
Aug 1, 2020

Following

  • Analyst 1 in IB - Gen
Aug 1, 2020

This is a small world, should be easy to know who you are so be careful if you dont want to burn bridges from the beggining...

There are some tactic ops exits, solid PE opportunities and corp dev exits each year. HHs will call you for the same opportunities, so its up to you. The team is very well regarded, top fee earner for the bank and top 2-3 during last years in most verticals/main geographies

  • Intern in IB - Gen
Aug 1, 2020

following

Most Helpful
Aug 1, 2020

FIG in and of itself is not a death sentence, but the factors that led to you not getting any of your top choices definitely are.
Think about it - the other groups didn't want you previously when everyone was on equal footing. Why are they likely to want you in a year or two when your experience is arguably less relevant?
Similarly, FIG PE shops aren't huge and do not have a ton of spots. J.C. Flowers (if they even have a spot available) is going to want the person who was all in on FIG from day one, not the person who got stuck in FIG because they were at the bottom of their class.

In short, you a right to worry, but you are worrying for the wrong reasons.

You're just starting out your career. Focus on doing your best and improving yourself. Your objective should be to improve from bottom of your class to top of your class - then worry about exits.

Array

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    • 2
Aug 2, 2020

Ridiculous post, there are so many factors that go into group placement, the attitude of "other groups didn't want you," just shows a low of understanding of the process. At most of the larger banks the group classes are filled by specific schools or connections of the senior people. While I wouldn't go as far to say there is 0 to do with OP as a candidate, I wouldn't read into this much at all. Some of the best analysts (both professionally and personally) that I know ended up in lousy groups, and the MS M&A and GS TMTs of the world have some of the most miserable analysts in them that you'll meet anywhere (from a personality standpoint). This is not speculation, I've met many of them. I worked in a strong group at GS/MS and can tell you for a fact that every analyst in our group has a senior connection -- ie someone at a VP level or above who was involved in their school recruiting and helped them place in. Getting in without that would have been near impossible.

FIG modeling is different from generalist industries such as healthcare, consumer, industrials, and probably more difficult as well. If you're in a good FIG group, you'll have great options in FIG and generalist available to you. That being said, WSO overhypes just how niche FIG is and exactly what that entails. Every MF has a FIG team or does FIG investments, and it's an incredibly active sector across the various sub sectors. Sure, if you're in an average FIG group at Citi primarily focused on insurance, you're probably not going to get hired by Silverlake, but that doesn't mean there aren't plenty of other great opportunities that will be available to you.

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Aug 2, 2020

You must not have seen his original post, pre edit.
Anyone posting info to identify themselves, while simultaneously complaining about their group placement and stating that they want to leave is clearly lacking in judgement.

Array

  • Intern in IB - Ind
Aug 1, 2020

If you don't like FIG, you're going to hate FIG

  • Intern in IB-M&A
Aug 1, 2020

how are HF exits from FIG

    • 1
Aug 1, 2020

Would advise editing your post for your banks name (make it generic or make sure it's not your actual bank)... small world and people talk.

That being said you'd probably still get looks at non fig pe shops from that bank / group but you'd predominantly be targeting fig pe

Aug 1, 2020

It partially depends on the subverticals you specialise in within FIG - if you end up working mainly on Fintech transactions then it's a fairly natural move across into something like TMT. If you're specialising in banks/insurers on the other hand then not so transferrable

  • Prospect in IB-M&A
Aug 1, 2020

Know a few people who left BB Fig groups and went to some sort of coverage groups at decent boutiques. So I guess there is always a way out depending on what you're willing to compromise on (taking a step down from being at BB or something along that line). From there you could go into PE not related to FIG

  • Summer Associate in IB - Ind
Aug 1, 2020

I've never understood this. If anything FIG modeling is more complex. The idea that you wouldn't be capable of valuing a traditional ebitda based company seems ridiculous.

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  • Intern in IB - Ind
Aug 1, 2020

Because this forum is an echo-chamber

    • 6
Aug 1, 2020

It's not that niche. Yes there are things about it that are unique, but you could argue that for almost any coverage group. Outside of consumer and industrial who isn't niche? I doubt there's any evidence on exits, etc that would suggest FIG is anything close to a death sentence.

    • 2
Aug 1, 2020

What about REGAL BB groups, is that a death sentence for normal PE?

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  • Analyst 1 in IB-M&A
Aug 1, 2020

yup

Funniest
Aug 1, 2020

Fig bankers are the biggest nerds out of all groups in any BB. Prove me wrong.

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    • 2
Aug 1, 2020

Hahaha, I don't think anyone's disagreeing with you on this particular point

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  • Analyst 1 in IB - Ind
Aug 1, 2020

Banks have already started tor recruit for FT 2021? Seems odd....

    • 1
  • Analyst 1 in IB-M&A
Aug 1, 2020
Analyst 1 in HF - EquityHedge:

Offer from US BB FIG FT(bleh). Didn't get my top group but understand that beggars can't be choosers given the economy. I understand that it's super technical which does appeal to me but I'm a little worried that it's nicheness would make exiting or moving to other coverage groups quite challenging.

Could anyone share their experiences in FIG IB? Potentially some of the more interesting transactions you've worked on, maybe what FIG PE / HFs like J.C. Flowers etc are like?

What kind of HF do you currently work at, and why the transition?

  • Analyst 1 in IB-M&A
Aug 2, 2020

The comment above that got 9 bananas is comical. You're fine dude. Just perform well, build relationships with your seniors, and you'll be able to transition to a great PE gig afterwards.

You're at a BB bank, and you're really going to let some dude on WSO tell you what you can or can not do? Jesus christ...

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  • Analyst 2 in IB-M&A
Aug 2, 2020

Not a death sentence at all. Usually FIG works on bigger and more complex deals. They're more technical and can easily transition to any other group - gaining a feel/ some knowledge of other industries will be the only hurdle. The FIG guys at my bank get hit up by the same recruiters for buyside exits, in addition to a lot of MF FIG specific stuff.

    • 1
Aug 2, 2020

I know someone who went from FIG to real estate

  • Analyst 3+ in PE - Other
Aug 2, 2020
Comment
    • 1
  • Analyst 3+ in IB - Ind
Aug 2, 2020