Options as a First Year Associate
I am currently a third year analyst at a bulge bracket (think GS, JPM etc).
I don't really enjoy the job and want to get out, but I didnt start really recruiting until recently due to some personal issues.
If I were to get and accept an associate offer, is it hard to get interviews and job offers as a first year associate? Or should I not take an offer and just interview for the rest of my third year? Looking to ideally go to a hedge fund, not too interested in PE.
What do you guys think?
Keep in mind I'm just a first year analyst (just my 2 cents) I think you should be able to lock down at least a smaller shop fairly quickly from one of those banks, immediately I mean. Get some experience and start shopping that package next spring, or whenever HF's do their recruiting. A smaller shop will probably not be as intense as a megafund, so possibly a good time to wind down a little while looking for another job.
Being an associate does limit options, especially with the better HFs. When I was interviewing for after the second year, all the HFs said that they prefer not even to hire people who had finished a third year. This stemming from the fact that they want smart, hard working people, who haven't been tainted too much by banking roles.
On the PE side, they also prefer 2nd and 3rd year analyst for their interviews. Many firms are still interviewing for Summer 2010 start jobs. They want 2nd and 3rd years and are very reticent to interview associates, because the analysts are at the end of their jobs and associates are not.
However, these only hold true for the normal recruiting process. Once you get the associate role, you can get jobs at PE shops through networking and ad hoc roles. This means you can move to the buy side, but it tends to be through deals that you complete and through jobs that come on a rolling basis. It is just harder then getting a post third year offer, because there are far more firms that recruit during the standard process and for end of summer.
My advice to you is to do two things, one is to contact all the HHs you know and work it. The second is to discuss an internal transfer. If you really are intelligent then most firms will be open to this. I know a number of people who have moved from IB coverage groups to ER, prop trading desks and other interesting roles within their BBs.
Yeah I have been meeting with a bunch of HHs.
I guess the real question if I am confident I can get a job in the next 8 months. I am, but only worry is I dont have that many really great deals on my resume. Do HFs care a lot about deal experience?
Being unemployed would suck...
You have 8 months to get a job offer internally, externally, or just as an associate in your group. Pursue them all, an associate offer at your bank is an excellent fall back, and really has no downside.
Well the downside to accepting the offer is being able to interview.
Don't you think it will be tough to get out of the office to get to interviews etc....
Come on, everyone is able to get out of the office for interviews. If all your fellow analysts can find the time to sneak out for interviews, I think you should be able to as well.
There are a bunch of posts about ways to sneak out. Doctor, dentist, long lunches, early interviews, Allergist, looking at a new apartment, be creative.
Libero amet eos vel rerum cumque. Cumque dolor id eum nihil officiis. Ut modi veritatis autem ut fugit doloremque.
Assumenda et dolorem esse sunt. Sit veniam eaque eum sunt beatae. Voluptatibus ipsam corrupti quidem ex eos quia voluptates corporis. Necessitatibus qui libero vel ipsam quidem. Sequi incidunt quos quis in officia odit. A dignissimos qui similique est. Cum enim laboriosam aperiam.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...