Hey guys - I’m waiting to hear back about an offer for an analyst position on a MM PubFin IB team. I currently work in transaction advisory (FDD) at a top 10 accounting firm. IB is the goal, ideally in a different M&A focused coverage group. Should I stick with my TAS role where I’ve been for a little over a year or jump ship to the IB w/ hopes of being able to lateral internally? Would love to hear your thoughts. Thanks guys.
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Based on the WSO threads and discussions, here's a breakdown of your situation and some advice:
Current Role in TAS (FDD): Transaction Advisory Services, especially Financial Due Diligence, provide a solid foundation in understanding financials and quality of earnings, which are crucial skills in investment banking. Your experience here is valuable, but it's also more accounting-focused compared to the deal-making focus of IB.
Opportunity in PubFin IB: Public Finance Investment Banking is quite niche. It involves dealing with municipal securities and public entities, which is different from mainstream corporate M&A. However, it's still a foot in the door of the IB world, which aligns with your long-term goal.
Lateral Movement within IB: Once you're within the IB, even in a niche like PubFin, it might be easier to transition to a more M&A-focused group compared to moving from TAS. Internal mobility can be facilitated by networking within the firm, showcasing your skills, and aligning with internal teams that focus on areas you're interested in.
Career Trajectory and Goals: If IB is your ultimate goal and you're aiming for more traditional M&A roles, moving to the PubFin IB might provide a closer path to where you want to be. While it's a niche area, the experience in IB could be more strategically aligned with your goals than staying in TAS.
Consider the Work Environment and Culture: Make sure to consider other factors such as the work environment, team dynamics, and culture in the PubFin IB team. These can significantly affect your job satisfaction and professional growth.
In conclusion, if breaking into IB and eventually moving to a more M&A-focused role is your priority, accepting the PubFin IB position could be a strategic move. It offers a platform to prove your capabilities in the IB space and potentially facilitates a lateral move to other groups within the bank.
Sources: Q&A: From Big4 Audit -> Big4 Advisory -> MBA -> AM Portfolio Manager, https://www.wallstreetoasis.com/forum/investment-banking/public-finance-into-investment-banking?customgpt=1, Lateral Internally From S&T FT to IBD FT (BB): Tips, Story, and Advice, Q&A: Non-target -> TAS -> MM IB, Advice - 10+ Years FP&A into MM Banking
The start of your third sentence is “IB is the goal” and public finance is an IB coverage group. I would accept that and do well. After that, when the market clears up and if you’re not enjoying your experience in PF, then you can explore a lateral. Depending on the specific deals you’re staffed on, you could tailor that as your coverage sector of choice. Maybe you’re more focused on the P&U side or HC etc. Public Finance is known to pay smaller bonuses due to the nature of its clients but also better WLB due to once again its clients nature. With TAS, you may have to take a step back with your position when joining IB, but it seems that’d be a lower chance of doing that backwards step when switching coverage groups
Thanks for the reply. I’ve read about getting “pigeon holed” in PubFin which is why I’m hesitant. This TAS role is my first out of school so I’m still young and I don’t think any sort of lateral from this job would be a step backwards. I’m trying to determine what’s a better path to working on an industrials/tech/etc. coverage team, jumping ship now to PubFin or staying in TAS until I’m able to land something else.
Makes sense, yes I’d still stand by my previous comment. I feel like you could do a 2 year analyst stint in PF. Then, move into an IB associate role in industrials / TMT. A2As are respected since they have the junior reps and didn’t move to the buy-side. I’d say wanting to move to a different coverage group after a couple of years as an analyst is a pretty vanilla move. That being side, if your heart is in the buy-side, then yes it’ll be a tougher sell to try and get to a tech PE fund after a PF analyst stint but that doesn’t seem to be the case. Even if it was, a PF IB analyst would still have more headhunter hits / buy-side recruiting traction. Good luck!
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