Lateral due to lack of deal flow
Hi all,
I'm currently an associate finishing up my first year at a upper MM firm. While it's been a decent year so far, I'm somewhat frustrated by the lack of deal experience I've gotten, having had one major deal die and basically not having presented to IC at all or have any of my deals progress to detailed 2nd round diligence. I think I'm seriously unlucky as everyone else in my associate class has presented to IC multiple times and some have even gotten deals done.
I've given my managers this feedback and they've reassured me that it's definitely not due to performance or anything personal. That said, I feel like I've really been wasting my time for the last year and am seriously considering lateralling if it means a more robust deal experience.
Anyone been through this situation before? Any advice?
No advice just commiseration... agree... also UMM... have done a dozen CIM models but no models from scratch, haven't learned anything and was in a non-model banking group...
Original plan was 2 years + bschool but it's been such a waste of time I think I'm going to lateral and am in a position where I have to skip bschool...
Hi, in a non-modeling banking group and feel like I'm not learning anything at all, like 0. Might if I PM you?
It's unfortunate, because it really is luck as far as deals progressing - in situations where the live deal experience is lopsided, I've seen partners reallocate deals to associates that just need the reps, but this typically happens if there's a clear risk of finishing your tenure without a single closed deal.
How's the firm align with your goals otherwise (ie. b-school placement / partner track, strategy, cultural fit, WLB, etc.)? Lateralling won't guarantee tons of live deal experience and you could end up in a worse spot in regards to long-term goals if you don't choose carefully.
I'm not looking to go to B-school or staying to partner track at this firm, though both are options (firm open to promoting without b-school). Am likely to leave the country in 2 years so frankly am most focused on learning as much as possible and honing my skills... which is having so little deal experience, while great for WLB, is also really frustrating.
I've been told that I should value the spot I'm in, given that culture is pretty good and people at the firm are really smart, and the deal will come to me at some point. That said, I don't know how much longer I can wait and I keep getting headhunter emails about experienced associate opportunities at other PE firms... I've ignored them all for now but am now wondering if I start to engage and at least figure out what's available in the market now.
Honestly...being staffed on deals that close is truly luck of the draw. There are so many variables outside of your control that it's nearly impossible to ensure everyone gets similar experience. You did the right thing by voicing your concern to your superiors, so I'm sure they will do what they can to get you staffed on deals that have a high likelihood of closing. From my perspective, it doesn't sound like a poor deal flow issue, it sounds like bad luck. The good thing is you recognized it and are trying to push to Close. If you want to increase your chances, up your reps, take on more if possible and in time you will get some wins.
I don't know how deal flow feels light in this market, but FWIW, you're probably not being staffed on the highest probability deals because you are brand new and people don't feel they can trust you fully yet. Try to do great work for one of the MDs that has a good track record of closing deals and you'll be staffed better over time.
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