1st Year MM Buy-Side Analyst - Ask me anything

Yeah of course, happy to help and give back..

Lifestyle during the day is different each day, but an example would be Monday 8:00 AM Get in to work, catch up on the WSJ 8:30 AM Review my notes and go through any new CIM's for new deals that were sent my way 11:00 AM Grab lunch with co-workers 12:00 PM Monday Morning meeting for new deals in the pipeline senior/mezz/equity, we have one investment team that reviews all opportunities 3:00 Management presentation that I am either dialed into (most frequent) or attending in person (less frequently), as an analyst trips to management presentations are not as common 6:00 Review and sign an NDA for a new deal presented to us 6:30 Start on the investment memo and model for the deal we are bringing to investment committee on Thursday 8:00 Leave work and head home

On average days are 8-8 with occasional weekend work, bringing hours to 60-65 a week, with the occasional 80 hour week and the occasional 50 hour week when deal flow is slower

Exit opps would be to a larger credit fund, a credit hedge fund, distressed debt fund, or possibly a LMM buyout shop.. The buyout shop would be a bit more difficult given the credit focus my fund has, however we do invest equity so I have some exposure as an equity investor

I had to cold email and call multiple firms, but luckily I found a firm not too far from my home and it ended up working out. Buyside-internships at a PE firm are excruciatingly difficult to find if you do not have any connections, however that should not deter you as if you are persistent you will be able to find a firm willing to take a sophomore. Compile a list of PE firms in your area and try to find a point of contact for each firm, and be concise and polite in your emails.. There are plenty of WSO examples of cold-emails to send

Comp is similar to a MM IB firm so same base as a MM/BB bank and a slightly lower bonus... All in is around $120-130k for a first year analyst, a bit of a paycut from banking but hours are significantly better and you start off on the buy-side and are given a lot of responsibility from the get-go

No it is not. Consider it a private investment firm that invests throughout the whole cap structure

For sure, I’d say the most difficult aspect of the job is getting to speed with many of the associates who have come from 2-3 years of IB from top banks, analysts at my firm are treated similarly to associates and are given many of the same responsibilities.. The learning curve on the buyside is definitely more difficult than IB as you are given little guidance and are expected to do everything a peer in IB is able to do, plus put on the investor hat and smell out any bullshit either from the sponsor, bank, or management team. Buyside programs are not as structured on average and analysts are expected to be able to perform immediately. Regardless the responsibility you get is substantial and I would rather being staying in the office till midnight working on a memo to present to the IC the next day than waiting for my associate to give me back comments on a slide I’ve redone 5 times at 2 AM

Most difficult part of the work itself would probably be the interaction with senior counterparts, as an analyst you are expected to lead diligence calls with associates, Vice Presidents, MD’s etc at the sponsors and investment bank we are working with, turning down opportunities while maintaining the relationship is also difficult as you don’t want to step on anyone’s toes, and you want them to show you deals in the future

Of course, this community has given me so much so I can’t thank you and the WSO community enough Andy

Would definitely recommend Training The Street whether you can get a self-study or have the firm cover it, it’s worth every penny and is used by all the BB/EB banks. BIWS and Wallstrert Prep are both worthwhile. For free resources look into Macabus and A Simple Model. In terms of books the Rosenbaum and Pearl book is a staple for all whether it be IB or PE