MM PE vs BB IB out of Undergrad
Would being an MM PE analyst or a BB Ib analyst after undergrad give you a better chance of getting into MF PE? It sounds like MM PE would be a much more enjoyable role. From what I heard, it might even be best in terms of comp and progression to even just stay at mm PE and not lateral to a megafund, is this true?
I had to decide between MM PE and EB IB, and ended up choosing EB IB. For me, comp was similar, hours were supposedly similar, but the exits from EB IB would be much better. I was told it's difficult to lateral to a MF from MM PE
at MMPE, and it’s not impossible to go to a MF but it’s not easy because you’re not their target audience. also going to a MF after two years of banking isn’t that great tbh because a lot of them boot you out.
in the long run if you’re ok getting your MBA then it’s closer between the two options but if your long term goal is to be in PE you may as well choose MMPE. don’t be afraid to ask about comp; progression, FOMO previous analysts have had, etc. especially from alumni.
also the associates that are hired from banking at MMPE spots aren’t always high caliber people in my opinion but they’re all smart people and you can learn a lot
Yeah, would echo what the others are saying too. For me personally I had no idea what I wanted to do, just decided on finance earlier as a sophomore. EB IB seemed like the path that would allow me to explore different interests, whereas the MM PE I had an offer from would limit me more
I chose a MM PE analyst role over a top BB IB group, for a few reasons:
1) Industry focus. The PE firm I'm going to is in the industry I'm really interested in (and want to be in long-term), but the IB group I got an offer from wasn't something I cared much about. In both jobs, you'll be looking at companies and developing connections in a certain industry, so I'd rather do that in an industry I actually care about. (of course, this won't apply to generalist roles, just my experience)
2) I know I wanted to do PE long-term. I totally understand the value of being at a top-name bank, but I have no interest in making pitch decks all day. Low-level positions at banks focus on content generation, whereas these same positions at PE firms focus on idea generation. I'd rather spend 2 years evaluating investment opportunities vs. aligning logos, even if it means I won't be at a MF.
3) Sure, I understand that there is more optionality coming from a BB/EB, I was fine to forgo that optionality to do something I'm actually interested in for 2 years. Even then, I think being a MM PE analyst still gives a decent amount of optionality, even though I probably won't get the direct looks from the top MF headhunters. I'm confident that if I do decide to move over to a MF, I can network enough and my hands-on investing experience will be enough to push me through.
At the end of the day, we're all 21/22, and whatever we do in the next 2-6 years of our life will be just a footnote in our long-term careers. My thought process is - do what excites you and gets you out of bed in the morning. If that's PE, great. If not, then banking might be a great way of figuring out what that is and then pursuing it.
Currently going through this dilemma. Any idea on compensation and work/life balance in MM/UMM PE in comparison to BB IB?
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