I’m just going off what I’ve seen at my shop and a few others I know at UMMs. REGL makes sense, disagree on M&A they have a ton of weak juniors.

Way too many associates with average deal experience, and look at how few on-cycle offers the new class got… JPM/MS M&A is far stronger.

 

Sponsors and M&A are historically known for the firm's strongest exits for general PE. The next most competitive groups for general PE are LevFin/TMT/HC. REGL is a strong group, but only exits well into REPE, and you are better off being at one of the other groups for general PE exits.

 
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The bank/groups are so big… every group has a handful of people who get great exits while others strike out.

My own personal observations-

- The good M&A juniors get fantastic exit opps, but there are also a ton of weak juniors in the group. Pretty sweaty
- Sponsors is great bang for your buck. Perhaps the best exit opps from top to bottom, and the lifestyle is pretty good. Hard to get into
- HC is solid but deal flow hasn’t been great and there are some weak juniors. If you’re good, you will do well though. On the sweatier side
- C&R juniors don’t work. Best on the street in 2021 due to its capital markets strength but has fallen off lately. Only time I see my C&R peers is when they’re picking up their dinner at 7pm and Ubering home for the night
- TMT is a massive group, deal flow has been slow in NYC the past couple of years. A few people get good exit opps but you might get unlucky and not work on any deals while you’re there
- Industrials is sweaty but has a relatively good culture. Has been carrying the coverage teams in terms of revenue the past few years. Not as “reputable” as some of the other groups above, but you’ll at least get deal experience. Exit opps have been mixed.
- EGRC is a mystery to me. Pretty sure the juniors work 9-5 and I have no idea what they do or are supposed to be doing. Very few deals

If you’re good, you can get solid buyside exit opps regardless of which group you join. BofA is a reputable enough bank on the street that you’ll get looks, then it’s up to you.

All of the groups provide a completely different experience, however. Depends on what you’re looking for.

 

Could you expand on LA? What do exits typically look like for analysts?

 

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