This is my most recent blog post on my site, ThoughtsOnFinancedotcom, "The Working in Finance Series, Part 1: So you want to be an investment banker?". I've been on the sell-side and buy-side for a decade now and am reflecting on my time moving up the ladder. It's the full truth of how I spent my time in college at a non-target to get the job, and what the job actually ended up being. I'm thinking of writing a few other posts in the series walking through my time in IB and PE. Think it might be helpful to dispel certain myths we've been told, that I think most people realize after years and
12 Dec 2020
Hi guys, I'm currently an analyst at a BB in the US. I am still undecided about my long term career route and would like to learn more about the different roles / divisions in corporations, businesses etc. To be frank I got funneled into IB really young so I don't know much about corporate careers. I know there are operational roles, accounting / treasury roles, sales and marketing but I am trying to wrap my head around what the people in these different divisions do, and how the skills they acquire set them up for future roles (what roles get you to CEO, CFO, COO.) Also, if someone could
21 Nov 2020
First, thanks WallStreetOasis.com for this new anonymous feature, it's smooth. Now to the post. I have the opportunity to leave to Houlihan Lokey FAS on their portfolio valuations at the third year analyst level (promote to asssociate within a year). I am currently in ER, which is fine, but the industry is facing serious headwinds and I am looking to exit as a result. Please don't respond that the restructuring group/corp fin is better, that's not helpful. I searched the forum regarding HL FAS but the threads are pretty stale. Anyone have any idea as to the following for HL FAS? - Pay - Exit
13 Nov 2019
I understand that the majority of post-mba associates go into corporate development, but I am curious what other roles you have seen. Do you ever see associates exit to sales, corporate strategy, business development/partnerships, or an operating role? Is it possible to move into a corporate role with p/l responsibilities down the line? Would love to hear any exits that you have seen that are outside of the norm.
10 Feb 2021
Hey all. I'm currently a 2nd yr credit analyst at a large institutional asset manager and am looking to exit out of AM (i.e. public markets) into private credit/direct lending. Long story short I'm really regretting not starting out in banking, I just went straight for the buyside without thinking about exits. For the longest time I wanted to work at a HF, I genuinely liked following the markets and the research process. Maybe it's just my current firm, but I'm becoming jaded about the industry and I don't really feel like I'm learning anymore. Not to mention drawdowns/lack of job stability is
08 Jan 2021
Haven't found any posts on what exit opps are like from Silicon Valley. Not sure if there's a unique angle to it, but would appreciate any thoughts or advice from the WSO community.. I've been working in SV for 8 years now, in a subset of healthcare companies (software, med device; 100MM -> +10B market cap), doing a variety of roles (corporate development, commercial strategy, marketing, product, etc..), with previous experience in healthcare IB. Getting a little tired of the SV lifestyle: always on to the next idea, then drop it like a hot cake... high turnover with c-suite leaders (<2 years)
19 Dec 2020
Hi all, Anybody out there have some insight into the different groups for Citi Capital Markets Origination? I've read on this site and other about LevFin and DCM/ECM being better options in terms of breadth of knowledge and exit opps, but honestly can't find more detailed info than that. Someone I spoke to recently mentioned some groups are more modeling intensive than others - seems odd given that everything else I've heard indicates that CMO in general doesn't do much modeling, if any. Wondering if anyone has some more insight here - do any groups model in CMO? What are some high level
07 May 2019
Curious to hear where you guys went after your experience on the trading floor. This would be incredibly helpful for us younger folks in the industry! Undergrad Major: Years on Trading Floor: S&T Desk Role & Position: Where you are now: Salary/Comp: Any Advice?:
27 Nov 2020
I've frequently read people discussing on this site "exit opps" when considering which job to take... but how important is this factor? In other words, do some people take a job that is maybe less desirable, or that they're less excited about, simply because that job provides them with better exit opps on their way out the door? On the one hand, it seems strange to weigh this too heavily before you even start the job, but I realize you should consider this... but how much?
12 Jul 2018
I haven't seen much info about this so I decided to create a post about it. Does anyone know how strong A&M's Management Consulting group is relative to MBB, Big 4, and Tier 2/3 consulting? How are the exit ops in terms of MBA placements?
19 Oct 2020
I am a senior Fin/Acct major at a top 50 state undergrad business school. We are Big 4 target but not MBB/IB so I know where I stand. I have a 3.7 and decent involvement. I currently have an offer for BIg 4 Enterprise Risk Advisory after I graduate which I got from an internship. I enjoyed the people and the work was also enjoyable when it wasn't tech audit focused. However I am a little more interested in strategy compared to audit/risk management. I want to weigh the advantages of a Big 4 name vs a small no name strat/research firm that I think I have a chance at. I want to set myself up for
18 Sep 2020
How can one make the jump from IB to Growth Equity / VC coming from IB/M&A? Is it all a matter of headhunting? Which are the top firms in London/Europe? When would someone aim to make the move? After 1/2 years in the sell-side? How can one maximise exit opportunities? Do you have any tips? Thanks!
24 Aug 2020
Very interested to know what the exit opps look like for someone who did 1-2 years of post-MBA finance at a major tech firm (Amazon/Apple/Microsoft/Google/Facebook). Will he be stuck in corporate finance or can he transition into hedge funds, private equity, etc.?
19 Jun 2017
Hey guys, Northern European here finishing up my masters at a Target and lucky to go through recruiting with several big tech firms and consultancies (incl. MBB). I did a semester in the US at an MBA last semester (UT) and LOVED my time there. I would love to get a consulting offer and try and lateral to a southern US city (Dallas/Houston/Atlanta) because I loved the people and sports there so much. Additionally, salary and taxes are way better. Basically, I would way prefer to be in Dallas as a young guy (with an accent) than in Amsterdam/Stockholm/Berlin/London. However, one piece of advice
04 Apr 2017
Hi everyone, I was wondering what deal flow and exit opps look like in the non primary lev fin desks at larger banks? I'm not sure if "non primary" is the correct phrase, but I am referring to the Lev fin desks in LA or SF, awhile there exists a much larger desk in NYC. I've read the other posts about these groups, but I'm primarily asking about quality of experience, deal flow/deal size, and exit opportunities. Additionally, would the exit opp placement in these smaller locations be regionally specific to the location where you are currently working? I'd greatly appreciate anyone's insight on
03 Jul 2020
I am interested in a Capital Management Analyst role at a BB that is centered around risk weighting assets for the purpose of Basel III. Can anyone provide any insight on this role? From my understanding, it seems like they support the more glamorous forecasting / analysis roles within treasury. Is this pretty much all reporting or is there some modeling / analysis that you would be able to build and take elsewhere? * The candidate will join a dynamic environment that offers numerous opportunities to learn, grow, impact and drive changes for the Company. In particular, the candidate will: -
21 Jul 2017
I'm an MBA student at a top 20 school just finishing up my first year. I was initially recruiting for IB, but wasn't able to secure an offer. Then the market tanked and a lot of companies (across all industries) stopped interviewing for summer internships. I managed to get a last minute internship at a VC/PE firm that does MM deals. Does VC/PE provide good exit opps, especially when I'm recruiting for full-time offers in the fall?
06 May 2020
Wondering how Evercore fairs for PE placement in London compared to the bulge bracket banks? Stress this is for London, not US. Afaik their UK business is basically just the old Lexicon business, so wondering if the prestige/exit opps still hold.
06 Aug 2015
I know firms like Raine, LionTree, Allen & Co, Union Square Advisors, Financial Technology Partners, etc don't have a lot of precedence for exit opps, but do they still get looks from recruiters for PE? In general, how are the exit opps coming from each of these shops? Interested in starting off at one of the above firms for two years and moving to PE.
05 Dec 2015
Hi everyone, I have a SA offer at a BB (JPM/MS) and was just wondering what groups are best for PE exits. Is it the traditional LevFin/M&A, or perhaps there is no difference between them and the coverage groups. I know modeling isn't done much in some LevFin groups, so curious what your thoughts are on this. I know I definitely want to aim for MF for recruiting (assuming I get FT offer). Your comments/inputs are much appreciated!
03 Nov 2016
Hey guys, I need help deciding between internship offers at Goldman Sachs and J.P. Morgan.. They are both in the same division (Operations Division). I am aware of Goldman's "prestige" but I'm also taking both firm's culture into consideration. I don't have much familiarity about finance firms as this is the first time I will be working in this industry so I'm looking to those who have more experience. Thanks!
24 Sep 2014
Was wondering if anyone could give any information on Muzinich & Co. From what I can gather it looks like they're a corporate credit fund that focus on a variety of credit strategies (high yield, long/short, emerging markets, investment grade, private markets, etc.) (no distressed/special sits though). Also seems like they have a pretty strong global presence. Main questions are, would they be considered more of a AM or a HF? How is their reputation in the space? What would opportunities down the line look for someone who moved over to them post-banking stint as a research analyst/are they
13 Apr 2018
In an attempt to preserve anonymity, I was the coverage analyst for a mega cap deal that made headlines, etc. For some context, our M&A team was staffed to the brim, my coverage team was extremely thin. I effectively crushed it, and the MD, who is also our global head, knows that and knows how I work. He's also the kind of guy who deeply values loyalty, although he mentioned he knows what it's like for analysts and understands why analysts rarely want to stay in the industry. I have also dedicated all my time to the deal, and more or less stood by as recruiting went on, not to say that I'm a
18 Apr 2015
Does anyone know about the exit opps after working several years in a central bank in continental europe (e.g. Germany/France/Belgium/Netherlands/Luxembourg/Austria)? (My friend has worked in different roles which include risk and Asset Management & banking supervision & some monetary; and now wants to generate some cash :-)) Also: -Any opinions in general about pursuing a career in a central bank? -What about the exit opps? Would it eventually be worth it financially? -Smart choice for grads? -Are there any exit opps to london as well?
13 Jul 2016
Hey everyone, I'm intrigued by the possibility of someday leaving banking to work for a professional sports franchise. MLB is by far the most analytics heavy. Does anyone know of stories where people have successfully landed jobs working in front offices? For reference I am interning in banking this summer, will graduate this spring. Looking forward to hopefully some encouraging stories, though I know it's a really tough industry to find a job with decent pay
03 Jul 2015
so have recently started my search for a PE role and one question that always gets asked whenever I talk to headhunters is whether I have a preference for mid-cap or large-cap funds. So far I have always said mid-cap - given reason being that in some large-cap funds there is a risk of being siloed into one sector/sub-sector, and think that a mid-cap fund would offer more opportunity to gain a breadth of experience and more chance for responsibility...(also, concensus is that hours in large-caps are roughly similar to IB hours - no thanks, jeff). The thing I was wondering though is that if this
02 Jun 2015
I know the group has the best deal flow and revenue at WFS. The threads in the board refer to it as the strongest group within Wells; however, my understanding is that Sponsors owns the LBO modeling. I've been told they do high yield and term loan b (mostly refi). With this in mind, would it still be the best group within IB at WFS for an analyst? What would the exit opps be versus industry coverage (Industrials, HCG, E&P, or TMT)?
09 Oct 2014
Anyone wanna join him? [quote]Serge Chistov used to be a financial adviser, but he believes he has a knack for spotting an opportunity and, right now, he's turning his attention to the cannabis industry. Several U.S. states including California voted to legalise marijuana in this year's election and the expectation is that the industry is poised for explosive growth. Chistov has had a varied career. Initially, he studied to become a doctor, but changed his focus to wealth management. After working his way up the career ladder, Chistov turned to entrepreneurship – first as a vodka distributor
23 Nov 2016
Anyone have any insight on exit opportunities in Calgary mainly wondering about PE but also any info on hedge funds / AM gigs would be appreciated . Looking for details such as reputable shops, approx. salary, culture, hours, etc.
15 Nov 2016
Hey guys, IB group placement days are coming up for banks. I wanted to start a discussion about the different groups at various banks. Are there any groups that are sought after more?
07 Feb 2020
Hello, I am currently a college student looking for ideas on where to start my career. I am an accounting major at a good business school and have a great GPA. I have been doing a lot of searching of what would be a good career path for me. I have been noticing that many finance job exit options tend to be other careers that also work require a significant amount of work per week at the office(HF, PE, IB, etc.), unlike public accounting exit options which often seem to be 40hr a week jobs. To me equity research seems interesting and also doesn't seem to be that many more hrs per week compared to a big 4 audit or TS job. On top of that the compensation is higher which is a huge bonus.
22 Jun 2014
I am starting at a 200B+ AUM long only firm as a buy side equity research analyst out of undergrad. Should I be looking into a CFA or focusing more on recruiting? I'm thinking about possibly joining a L/S (due to background) or event driven fund. What are the names I should be looking into?
28 Aug 2015
What kind of exit opps with MM PE firms can I expect after spending several years in DCM (analyst program and associate if opportunity is there) with a MM in the mid Atlantic region (Philly)? Dealing mostly with investment grade debt but also some high-yield. Would I need to go the MBA route to move into PE? For the record, I'm not interested in mega funds.
04 Dec 2014
In general, who would work at the same company the longest: an investment banker or big 4 accountant? And for how many years? Also, out of curiosity, what do ex-Big 4 accountants end up as?
01 Jun 2013
After the IB -> PE -> -> B-School -> PE path, most post-MBA associates do not make it to the VP. So, where do the post-MBA PE associates end up eventually? Does anyone have the estimates in terms of the percentage breakdown?
08 Jan 2014
Hi guys, I am a first year analyst at a BB, and I have grown more interested in distressed securities hedge funds and distressed private equity. It looks like the work would involve both value investing style analysis and dealing with, at times, complicated problems. I was hoping to get some advice from those in that industry or second year IB analysts who have interviewed on whether I should focus solely on recruiting for distressed funds or tell the headhunters I am more than willing to start at any PE / HF. Also, which is more relevant for distressed investing: traditional LBO PE or L/S equity HF (if I couldn't find a job in distressed debt / distressed PE to begin with)??
09 Nov 2012
So you're from a non-target school and got an offer for a BB IBD NY internship. You secure the FT offer and move on to your prestigious career as an excel slave in investment banking. Year 2 rolls around and people are receiving offers to go bask in the supposed glory that is the buy side. Will you have already broken the curse of being from a non-target school by making it to IB and performing well or will you still be put lower on the totem pole than your target school colleagues? Would hedge funds care more than private equity firms? Here's to hoping it won't take till an
08 Feb 2013
I've done a search, yes, but there's not too much info around here about Rothschild in NYC. I know that their RX is top-notch. But what about M&A? Pay, culture, learning experience, exit opps? Strong/best verticals to cover? Could one work at Rothschild 2-3 yrs as an analyst and go into PE? Or will one have to lateral? How do they compare to other top MMs (HL, WB, Stifel, WF, RBC, HW)? I know that they poached some Barclays bankers a couple months back and I may express an interest in that group (consumer retail). Any thoughts? This is for FT. Thanks
17 Oct 2013
Hey All, I just wanted to see if anyone could give me some ideas about exit opps from top Natural Resources Groups? In this case think BB. I am curious if exit Opps are primarily in industry specific funds or if you still see recruitment for general buyout practices at Megafunds? Thanks.
20 Jun 2013
Hi, Current student here. I was hoping people could let me know more about bonuses at regional banks based in NYC like Piper Jaffray, FBR, Stifel Nicolaus or others. Additionally, I know these banks allow analysts to have more exposure to deals. Although deal flow can be lower and the deals will have lower profiles. As a result, how are exit opps? Thanks!
28 Aug 2014
Which SA position would you guys take in terms of deal flow and exit opps for PE / full-time banking? No need to consider the culture, as I like the people in both groups. Thanks!
08 Feb 2014
I can't seem to find any old threads that address the exit opps that come after working at Accenture and Deloitte. The only information that I've gotten from reading about these two firms is: Deloitte isn't good, and Accenture is the "kiss of death". I know these two firms don't compare to MBB but you can't put your eggs in one basket (or even 3). I also would like to know about the exit opps for The Monitor Group; I think they may be better than Accenture and Deloitte. careers after consulting: Accenture career path Our users shared that exit opps from firms like Deloitte and Accenture will
21 Sep 2011
Hi, currently looking at a job as an analyst at a multifamily lender/loan originator. I don't have a lot of knowledge in commercial real estate, but the job is basically an analyst role working between the loan originators and the underwriters. Can anyone shed some light on how much modelling skills involved in this job and what are the general comp looks like, and more importantly, WHAT are the exit opps available? Thanks in advance.
08 Aug 2012
Congratulations!!! You made it into investment banking. Of course early on you're excited and just want to spend 100+ hours in the office to impress everyone and get that top bucket bonus, but how do you really get the most mileage out of your 2 year stint in banking? For most, it's about exit ops and this is becoming more and more true as we see bonuses go down the shitter. Heck, a lot of my friends got paid less in their 2nd year than they did in their 1st year! Now if you're looking to stay for the long haul, this post might not be so helpful. In that case, there really is no secret trick
07 Dec 2012
So I've been lurking on this forum and searching quite a bit on info regarding Valuation, Big 4, and CFA. I've read some good info, but I had a few questions I was hoping to get answers for. Quick Background: Accounting Grad student Late 20's Will work for Big 4 audit after graduation Level II CFA candidate My questions are: 1.) With CFA and ASA exams passed, good performance, and CPA license, is it reasonable to expect to move from audit ---> valuation in a Big 4 firm? If so, would it be more difficult to be promoted in the same firm, or would I have to jump to a different Big 4?
28 Mar 2011