Lateral to BB or stay for MM PE
I'm 6 mo. into my 1st year at a boutique IB in NYC (known/has presence, but not really a "top" boutique). I just spoke to a headhunter about PE opportunities and he was strongly encouraging lateraling to a BB or else PE opportunities might be very limited. I was aware of this when I first started, but I figured I'd stick it out because I thought IB experience was IB experience, and if I performed well in interviews it wouldn't make too much of a difference. But business has been slow and 6 mo. into the job I can't say all too much for transaction experience, and I feel like I'm more at a disadvantage to my peers at this stage than I had initially thought I'd be.
Is what the headhunter said more or less true? I'm aware that BB's and top boutiques are naturally preferred to less familiar firms, but I'm curious as to how much of a disadvantage I am and how realistic or helpful it would be to lateral to a larger investment bank at this point would be. Thanks for any input.
Remember, the HH gets paid by facilitating a move so of course he is going to encourage you to lateral. Doesn't mean his advice isn't sound though.
second the above poster's suggestion.
that being said, what that HH said was true in that you pretty much need to be at one of the well known banks to even get a spot in a PE shop. You resume won't even be selected for HHs who screened for those PE guys if it's coming from a boutique bank with no connections
If you go through the puppy mill (i.e. HH recruiting) it would be tough. HH's (from what I gather) get the lists from BB training classes and put together resume books via that. My PE resume is in the mix wit 2-3 HH's and each one has north of 200-250 kids from BB's, "elite boutiques", etc.
Two thoughts: 1) The lateral climate is beyond shitty right now (have been looking as well, and there's almost nothing open and I'm trying to lateral from a BB), so I wouldn't bank on that for the near future. 2) If you're a good analyst, know your shit inside and out, and have some solid deals under your belt, you can get to PE with some extra networking on your end. It probably won't be megafunds, but that's challenging for anyone.
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