Lateral IB analysts & PE Recruiting?

Background:

Semi-target UG and Grad (think MSF or Macc) with some certification (think CFA LIII or CPA)

Spent 1 year in TAS (Valuation & QoE) before IB.

Currently an IB An2 in industrials at a MM bank (BMO, BGL, Stifel, RJ)

Should I lateral again in a year to another industrials group at a better MM like HL/Baird or even a BB to get the best chance of buyside recruiting?

End goal is MM or LMM PE without a 2 and out.

I interview very well with a high interview to offer conversion rate, but having issues with resume screens due to GPA.

Comments (5)

 
  • Analyst 1 in IB - Gen
Feb 19, 2021 - 6:00pm

Emphasizing the interviewing well point - I went through 3 PE processes for LMM PE analyst roles during lateral recruiting. Converted all 3 into offers, but each one was a 2 and out... Declined every offer. Did beyond well with the modeling tests - may as well call me Gisele Bündchen.

My problem was resume screens. Not sure my current bank will help that.

 
Feb 19, 2021 - 6:26pm

I honestly think you're too young/early in your career to be worrying about whether a PE firm has a 2 and out policy. The majority of people won't ever be in a position where that's even really relevant for them (i.e., they wouldn't have that option anyways), and you're so early in your career that planning for a long-term career with a specific firm at this point doesn't make sense. How do you know you'll even like the job? That you'll be good at it? That your skillset and disposition will scale to a senior role? That you'll fit in or be happy at your first PE firm? You have a somewhat non-traditional background anyways so turning down opportunities to get into the industry seems foolish to me. Much easier to parlay that first job in PE into a better job in PE, provided you perform. And who's to say that these firms wouldn't make an exception if you were really good?

 
  • Analyst 1 in IB - Gen
Feb 19, 2021 - 7:15pm

This is a fair point with regards to age; a bit naive on my end. However, some of the points are with merit. One counterpoint - I rarely see upstream movement by fund size in my network, as well on this site. Starting as a LMM analyst might not be the best option to moving to MM associate due to the recruiting timeline with banks/MBB.

Why shouldn't I take what funds say at face value? They could just lie/be ambiguous and say "associate promotes will be based on performance at the end of year 2" thereby incentivizing you to go after the carrot on a stick for 2 years, but they don't. Besides, these funds that offered analyst roles are top heavy, which doesn't help the case.

Maybe I am naive, but I did my diligence.

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