PE Recruiting from a Regional Office
I'm going to start my first year analyst soon at a top BB/EB at a non-NY office (LA/CHI/BOS/CHAR). Ultimately, I want to end up in NY preferably or SF for PE after my 2-year stint is over.
What is recruiting for NY PE like from a regional IB office? Coming from a target or having good grades or GMAT, is it possible? I'd be interested in hearing other people's stories.
FWIW, my office sources its own deals, not picking up the scraps from the NY office.
Thanks!
Hi throwmeaway12345, whoops, looks like nobody chimed in here.... maybe one of these discussions below is relevant:
If those topics were completely useless, don't blame me, blame my programmers...
Bump! Any input would be greatly appreciated.
"What is recruiting for NY PE like from a regional IB office? Coming from a target or having good grades or GMAT, is it possible? I'd be interested in hearing other people's stories."
Quick caveat that 1) I dont work in PE anymore and 2) it was a while ago that I did recruiting and 3) this is all anecdotal anyway:
You probably don't want to hear this but it's very tough. NYC has tons of junior bankers horny af for PE jobs and there's a perception (right or not) that IB analysts in NYC are better than the equivalent in any other city ('if you can make it in NY, you can make it anywhere'). So there's not really a need to look outside of the city for most PE firms.
During my PE recruiting process (which was admittedly a long time ago), it was exceedingly tough for me and my IB buddies to even get interviews from NYC firms. I think I had like 1 (out of 15-20ish total) in NYC. I think I only knew 1 guy who directly went from regional office to NY PE. One other went from satellite office to NY REPE, but he had RE experience and was from NYC to begin with. There was also another that lateraled into NYC PE from a different PE firm.
The good news for you is that most other cities (i remember Boston and SF in particular) are pretty open to analysts from regional offices.
Agree 100% with this. I went from a SF/Houston/Chi level city in a specified industry that was particular to that location. It was brutal even getting interviews due to the fact that I had to fly up for them and the people I was going against had to go 2 blocks down Park Ave.
There is a big risk to move someone across the country so you need to have a buttoned up story on why you want to move. (I'm from the East Coast and want to be closer to home)
It is doable but you have to work a lot harder and be a lot better than the people you're competing against.
Most of the people I know that made this geographical jump did so after going to b school closer to their target geography. A large part of it is your ability to network face to face. I only know of one person who did it without bschool and he is an absolute killer. Definitely the exception not the rule. But don't let that stop you. By all standards of this forum and finance in general I should be some dipshit commercial banker in podunk nowhere, not running a ~$500MM book.
I disagree with this. It's not too hard to move to New York if you're a good candidate. If you want to do on-cycle you just have to get yourself to New York ASAP and be tactfully aggressive about asking HHs for interviews.
This is the second time I've heard the "just get there and you'll make it" argument this week. It's a complete lie and if you don't have the background / connections to stand out you'll get swallowed up in the sea of extremely good candidates.
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