Depends on what you mean by “difficult.” Possible? Yes. Time-consuming and a lot of networking required? Yes.

Is it going to be difficult to move from a regional lower middle market bank to a BB? Thanks

Jimmy

If you want the best chance at winning a PE role, yes, you should lateral to a BB or EB.

You have some chance of making it into a smaller-to-mid-sized fund without working at a large bank, but it’s not a great chance because of the issues described in this article.

I’m interested in middle-market buyout funds that place some emphasis on financial engineering—what are my chances? Assume that my team will consider me a top analyst and happily recommend me to PE shops (though a stretch).

I also have a few contacts at BBs/EBs who I’ve been keeping in touch with for lateral opportunities—would you recommend recruiting as a 2nd-year after lateralling?

I cannot think of anyone who has done that. I’m sure it has happened before if you comb through LinkedIn profiles, but it’s definitely not common. Most Analysts at BB/EB banks don’t even make it into the mega-funds. It would be much easier to move to a bigger bank first and then recruit for mega-funds if you want to do that. More experience helps in this case, but it will hurt you if you have to go through two recruiting cycles (for example) because then you won’t have a great answer for why you had to try again.

It’s extremely difficult. Maybe a bit easier than moving from a small/boutique IB to a larger PE firm, but still extremely difficult, and I can’t think of anyone offhand who has made that move.

It’s not something we track or have ever tracked because that information changes so quickly that it’s impossible to keep up-to-date (and has 0 commercial value – no one would pay anything for it).

My advice is to reach out to a few alumni (or others) at those banks and get their quick takes on which groups are doing well. That gives you the benefit of networking, plus then you can ignore what crazy/stupid/anonymous people on the Internet are saying and focus on the facts.

Sorry for the off-topic comment. Incoming summer analyst at BB in NY. Other than league tables, I’m having a hard time finding a resource which gives each banks niche or traditional strength by group i.e. GS FIG, MS Media/Comm, BAML Industrials.

I know these are fluid bc of MD poaching which makes reading between the lines harder, but trying to get a feel for what other banks are traditionally respected for.

Is there something like that on M&I that I missed which addressed this?

Thanks!