Quit my job and headed to the buyside AMA

How big is the fund?

Again, thanks for taking the time.

Is LBOs really the full extent of the technical knowledge you needed?

I have been applying for PE. I was thinking of going for some debt funds, but was worried I would need knowledge specific to debt teams.

1) is it true you move up to a 2nd year analyst after 6months?

2) how did you maintain relationships outside of work e.g family and friends

3) did seniors talk down on you?

4) how tough was the training program/exams?

5) did you often go out with colleagues?

6) any misconceptions of entering the job?

7) how much of your time on the job did you actually spend interacting with clients?

Apologies, assumed you were talking about modelling - for which cash flow modelling / LBOs are all you'll be tested on. On the job you can expect to do model more complex structures (OpCo / HoldCo, liquidity lines etc) but you'll only be tested on an LBO most likely.

In terms of technical knowledge more broadly it is useful to know some knowledge of documentation / commercially relevant legal structures. e.g. various types of covenants, prepayment structures and also the differences between the various products.

Also in depth market knowledge is useful - pricing, OID, flex, leverage, equity cushions etc. You can get both of these by subscribing to LCDComps and reading their HY Bond and Leveraged Loan Primers.

What factors, do you think, made you standout a great candidate?
What novel things did you do to make yourself better at your role/during applications?
What advice would you give to yourself when you was at my stage (A2 going to University)?
What is you desk like?
Are there any factors of life in IBD that makes you second guess your decision?
From your mates in IBD that joined at the same time, what have their destinations been like?
What is your opinion on "target uni"?

Thanks

Absolutely fantastic response! Thank you so much for all of the insight - especially into the buyside recruitment process.

Touching back on your time at Warwick. What would your advice be to someone starting this October? (a.k.a myself). What are some of the must-dos whilst at Warwick (both personally and to set oneself up professionally)?

It was 2 years ago, but does feel like yesterday.

Needed a change, you can actually get pretty comfortable at the analyst 2/3 level and it's a year before things change and you become associate. Problem is banks are too hierarchal to be meritocratic and so there's probably 6-18 months of coasting at each level - which some people actually like, you can get paid really well, for not doing an awful lot.

No regrets. As I said above, I wouldn't do it again, but I certainly don't regret doing it.

hmm. wrt degrees, anyone you know with less than a 2.1 still given a ft contract or does noone care enough to talk about that stuff anymore?
you sound like you were able to manage life inside/outside ibd well, but would you say you have to become slightly more emotionally detached from family/friends in order to be able to fully concentrate at work, or is that something that naturally happened anyway with the hours? and is that worth the money if so?
what do you think of consulting as a grad scheme instead of ibd? would you have been interested in that?
do you plan on coming back to cov for one day for some banter?

1) You need a 2.1, don't know anyone in banking without one. I also wouldn't ask because the assumption is everyone got a 2.1

2) I think I've always been emotionally detached to family / friends a little bit. I wouldn't say my relationship with them has changed. I get a little annoyed if I have to miss a friends thing, but I always make time for the important stuff. You'll get used to not being able to go to every house party or dinner, but it makes you appreciate the times you are able to make events. I would say you lose the opportunity to make new friends, so if you move to London and don't have friends also in London then I can imagine weekends will be lonely. Weekdays are fine because you can hang out with other analysts, but people like to do their own thing on the weekend and it's difficult to meet people if you're only going to see them for a few hours a month. This is why a girlfriend is pretty much impossible (unless she's a banker).

3) As much money as we get paid, I don't know anyone who's actually happy about the pay. The job certainly isn't worth it for the base, and when bonuses come around everyone is unhappy. You either think you deserve top rank, or if you're top ranked you wonder why the other guy next to you is top ranked when he left at 7 every day.

4) I don't know what consultants do apart from producing DD reports. Whilst those things are interesting to read, I'm not envious of anyone putting them together. Banking is essentially the sales role, whereas consultancy is set up more to support that from what I've experienced. I didn't know this as a graduate and was probably ignorant about consultancy purely because it's so difficult to get into a top shop (working at a big 4 never appealed).

5) overdue a Smack tuesday.

You said Year 13 was too early to decide what career you want to go into, but don't you have to apply to Spring Weeks virtually as soon as you arrive at uni?

Did you get lots of advice and guidance at uni for applying to Spring Weeks and internships? I'm heading to LSE this year and I honestly don't know much about IB, will I have the opportunity to learn a lot when I arrive?

Also, do you prefer Colly Mondays or Smack Tuesdays?

1) You need a 2.1, don't know anyone in banking without one. I also wouldn't ask because the assumption is everyone got a 2.1

2) I think I've always been emotionally detached to family / friends a little bit. I wouldn't say my relationship with them has changed. I get a little annoyed if I have to miss a friends thing, but I always make time for the important stuff. You'll get used to not being able to go to every house party or dinner, but it makes you appreciate the times you are able to make events. I would say you lose the opportunity to make new friends, so if you move to London and don't have friends also in London then I can imagine weekends will be lonely. Weekdays are fine because you can hang out with other analysts, but people like to do their own thing on the weekend and it's difficult to meet people if you're only going to see them for a few hours a month. This is why a girlfriend is pretty much impossible (unless she's a banker).

3) As much money as we get paid, I don't know anyone who's actually happy about the pay. The job certainly isn't worth it for the base, and when bonuses come around everyone is unhappy. You either think you deserve top rank, or if you're top ranked you wonder why the other guy next to you is top ranked when he left at 7 every day.

4) I don't know what consultants do apart from producing DD reports. Whilst those things are interesting to read, I'm not envious of anyone putting them together. Banking is essentially the sales role, whereas consultancy is set up more to support that from what I've experienced. I didn't know this as a graduate and was probably ignorant about consultancy purely because it's so difficult to get into a top shop (working at a big 4 never appealed).

5) overdue a Smack tuesday.

When you think how many societies there are, it's pretty easy to be exec on one of them. It's a good talking point at interviews.

3) As much money as we get paid, I don't know anyone who's actually happy about the pay. The job certainly isn't worth it for the base, and when bonuses come around everyone is unhappy. You either think you deserve top rank, or if you're top ranked you wonder why the other guy next to you is top ranked when he left at 7 every day..

1) You need a 2.1, don't know anyone in banking without one. I also wouldn't ask because the assumption is everyone got a 2.1

lol yh like the Cheese & Chocolate Society at Warwick.

This 110%. In my case, he left at 8pm every day :/