There are many Q&A posts from various ex-IB analysts who have "made it" but I have had a pretty unique career path to get to where I am today. I've covered multi-billion dollar market cap stocks, worked on a number of M&A transactions and IPOs, and involved in sourcing, due diligence and working closely with several food-oriented portfolio companies. Wanted to provide some light for those non-target monkeys or someone looking to make a career change. I'm also happy to discuss the consumer space and/or being a female in the industry. Hoping to provide some new perspectives. AMA
- Bio
- Associate at MM PE Firm in NYC
- Only Female at firm
- Focused career in Consumer / Retail
- Have lived in NYC whole career
- Background
- Non-target undergrad in northeast (BS in Finance)
- BB ER internship and post-grad covering Retail Sector
- BB IB - Global Consumer / Retail (A2A)
- MM PE focused in Consumer
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Can you share how you transitioned from IB to PE? What's your salary range in IB vs PE? Thank you!
The transition from IB to PE was very similar to other analysts - however I was recruiting off-cycle because I was a lateral 2nd year analyst with less deal experience under my belt. I didn’t end up recruiting until I was promoted to associate (A2A) and had a full year of banking experience. I was targeting specifically firms with a strong consumer / retail strategy given my background from ER.
From a salary perspective, I went from a post-MBA role (“stub” associate in A2A) to a pre-MBA role as a PE associate. The pay is therefore less (I’d say ~$50-$75k less all in). That’s consistent with what you’ll see around WSO - you get paid less in PE than you do in BB IB up until you get carry / are more senior. I consider my very hands on PE experience as a part of my compensation and I am happy with my decision.
What was your networking strategy during internship?
During my internship in ER we attended a “morning call” meeting every day - we listened in as analysts presented on their latest research notes and sales asked questions. I would target speaking to senior analysts and even associates about their morning meeting call note, actually read their research and have a thoughtful conversation with them about their sector (or try my best to).
did you move from ER to IB internally at the same BB?
how many years did u do in ER before moving to IB?
The bank where I was in ER had a track record of allowing laterals switch over groups if they were top performers - the transition makes a lot of sense given depth of sector and company specific knowledge. However when I wanted to switch the bank had a hiring freeze and it was going to be a good amount of time before I was allowed to switch over. I then recruited at other BB banks for analyst positions and explained the situation with the freeze. I did really well in banking interviews as I was able to blow them away with my company specific knowledge, which was a huge differentiator.
so how many years did u spend in ER?
Did being from a non-target hurt you in PE recruiting?
I am from a non-target/semi-target school but in a top group (MS M&A/GS TMT/EVC M&A), will that hurt my chances?
Some of the mega funds do mainly recruit from target schools - the alum network at these schools are obviously very strong. However having strong gpa at your non-target is probably more important. I probably got passed over by some larger firms during recruiting due to my more unique / untraditional background including a non-target college and not the strongest gpa. MM firms are more flexible about your background and fit / culture is important. Frankly being able to talk about your deal experience is the most important during interview process.
How many hours per week did you work in each three roles and do you plan on staying in MM PE in consumer for the rest of your life
Good question. ER was steady ~60 hours per week with earnings season and investor conferences a bit heavier, but never worked a weekend. I also had very good visibility for when these were so could plan my life accordingly. I was honestly bored at the end but that's my personality. Banking was ~90 hours a week on average with peak of live deals running 100+ but had almost every Saturday pretty strictly protected. PE hours on peak of deals honestly worse than IB because I actually have to use my brain, but the deals ebb and flow much much more so average is definitely better than banking (~80 hours). I like PE the best even if hours aren't much better because (at least at my firm) I can dictate when I work and how I work - I don't have a VP breathing down my neck asking where stuff is and turning comments is usually meaningful and not for formatting / PowerPoint. I also can wake up at 6am and finish stuff instead of working until 3am - as long as it gets done everyone is happy. It also lets me plan my life a bit better.
I purposefully joined a firm that would allow for internal growth - I don't want to go to b school so a career path oriented firm was ideal during recruiting. I'm really enjoying my work in PE - my firm is very operationally focused and I have a ton of independence. That being said, I'm not sure what my end game is - regardless I'm learning a ton and could see myself going to a growth or vc oriented firm in the future.
Ty
Congrats on your journey. Wondering how you broke into BB ER as a non-target. That was impressive.
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