Looking for Some Guidance on Next Move
All,
I’m at a bit of a cross-roads and I think even more so than advice I’d like to gain some perspective from people who are in either similar or dissimilar positions. As a very brief summation of my background, I’m in a dual corporate finance/corporate strategy role at a F100 company and have been for the past year. Prior to that, I was an advisor at a wirehouse (UBS/GS/MS) where I started after graduating from a top 40 USNWR (be it a non-target one) studying finance. I have 3 yoe total.
For several reasons I’m not very satisfied with my current role and I’m finding myself wanting to get back into the capital markets. For context, I find the work to be pretty mundane, bureaucratic, and I miss the fast-paced nature of dealing with clients (although be it in a retail capacity as opposed to institutional). While I recognize this is likely firm specific, I would not want the job of my boss’s boss and thus don’t see a long term place for me here. I feel given my current outlook on the job market and my own trajectory/sense of perceived feasibility that I’d like to pursue a PE investment associate role. I specified investment associate purposefully as I’ve gotten looks for strategy roles at both the fund and PortCo level. It seems to me the only reasonable way to pursue this would be to make the transition to a boutique/LMM investment bank and to grind out an analyst stint with the hope of recruiting. I’m rubbing this up against the idea of trooping it out here for another year and going to business school, where I believe I’d have a very decent shot at some solid T15 programs and could subsequently recruit for a post-MBA IB associate role.
I guess my ultimate question here is with maximizing for opportunity cost, time, effort, and experience, which of these seems more reasonable? If I decide it’s the b school route I’ll likely need to start studying for the GMAT pretty quickly here to apply round one fall of 2020. Is the idea of doing an analyst stint with 3 years of work experience even remotely reasonable? I should caveat this question by saying I feel like given my skill set and personality that there’s a decent chance I’d enjoy banking as a long term position. Like I said I’m basically just looking for any kind of advice or reality check that I can get.
Thanks,
Anon
While I am sure you could do an analyst stint at a LMM firm that takes on less traditional candidates, it is hard to see if that gets you to where you want to be. Your opportunities are going to be far fewer in numbers and lesser in quality than BB/EB/MM analysts that are recruiting on-cycle and you will likely be taking a pay cut to work a lot more hours. Your universe of options is much smaller and then, if it doesn't work out, you are in a tough spot as well. You would likely need to do bschool to recruit for BB/EB associate roles and end up in a similar position, but 3+ years later.
I appreciate the thoughts and agree with your note of concern on the potential of limiting my optionality at a LMM. If I can reasonably suspect that I’ll have the ability to recruit given historical group placements (and have decided I don’t see myself there long term) would that alter your view in any way? Obviously if the group has weak deal flow and their analysts are washing out to either other LMM’s or out of industry this is a huge red flag to me.
I would make sure you are looking at the totality of placements. You will find exceptions to every single group and scenario, so I wouldn't make such a large career choice on being able to find a couple people that successfully landed exits that you see as desirable.
I would also be curious when you are getting into the analyst program. If you aren't on-cycle, you will have a different experience both in working and in recruiting afterwards. The final question would be whether or not LMM is where you want to be for both your banking experience and in PE. The ability to trade up vs trade down is not the same and there is a wide range even in "LMM." Firms like Harris Williams are typically more LMM and have outstanding placement. There are a lot of other firms in LMM that have horrible placement and are doing meaningless deals from an analyst learning perspective.
Thanks for the additional considerations, definitely going to weigh these in any decision. Enjoy my limited SBs that I can offer :)
Bump as I’m bored at my desk
The hardest part here is getting the analyst role. If you can secure a MM banking job, great. It’s a much better idea than spending $80 - $250k on an MBA especially in this job market and you’ll have real experience that’s, meh, decently helpful on the buyside. Some places suck while you are there no doubt about it. But it’s usually not what this forum makes it out to be and you might just like it and wanna stay.
If I were in your shoes, I’d make a spreadsheet of 30 - 50 banks, reach out to decision makers for calls to discuss their day to day after perfecting the rezzie and applying to any online openings. I’d focus on what transactions their team is working on to get a feel for whether it’s a legit shop or not. After that there are literally thousands of LMM to MM PE shops - your banking placement will ultimately determine which subset you qualify to interview for.
Good luck!
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