Analyst Bonus Watch 2023, PE Recruiting Update - Weekly IB Recruiting Brief
Meridith Dennes
Talent Acquisition (Lateral Hires) | Executive Search | Investment Banking | Private Equity | Corporate Development | Training & Development
Just be the ball, be the ball, be the ball. You're not being the ball Danny. - Ty Webb, Caddyshack
Good Morning,
- Historically, summer has seen a significant slowdown in investment banking recruitment, with activity nearly halting in August. This trend continues this year. If you're currently between jobs or seeking a new opportunity, it's an ideal time to get things in order: create a list of target firms, refine your resume, streamline your personal narrative, and prepare for upcoming interviews. If that fails, go work on your golf game, there is always September.
- Headhunters are noticing private equity analysts and associates leaving mega-funds for middle-market funds. Early-career professionals in particular are saying there is more ownership and responsibility at smaller firms. Indeed, our?Q2 2023 Private Equity Buyouts Report?showed that there is a lot of high-volume, small buyouts getting done while the blockbuster buyout deals are fewer and far between in today’s market. (Reuters)
- Private equity fundraising fell to its lowest level since 2018. Buyout firms raised $106.7 billion in Q2 2023, down -35% YoY, according to Preqin. Higher interest rates have tightened lending conditions, making fundraising particularly difficult on newer firms with little reputation to stand on. (Wall Street Journal)
- Buyout firms are recruiting more junior-level employees from state universities and smaller colleges, rather than the handful of elite schools they usually focus on, say people who work with fund managers on hiring issues. Firms are also seeking out candidates with technical and scientific backgrounds or hands-on experience running businesses, they say.?(Wall Street Journal)?
- Goldman Sachs has room for all its interns. "The honest truth is, we've got capacity for everybody," he said. "We don't come in and say, okay there's 24 of you, there's room for 15, and draw a hard line. People don't think it's true, but it is true." (Business Insider)?
Analyst Bonus Watch 2023
As of this morning, 78 analysts have completed our 2023 investment banking compensation survey.?If you are an investment banking analyst, who has received their bonus numbers, please consider participating in our survey by clicking CLICK HERE. A more detailed analysis by title, group, location will be available to participants.?
Bonus figures are turning out to be notably higher than what online forums had predicted. The total compensation for analysts in 2023 is only marginally less than in 2022. Bonuses differ greatly based on the team, category, position, and location. Currently, A1s have reported an average bonus and total compensation of $52,646 and $157,051, respectively. For A2s, these numbers are $65,467 and $175,143, on average.
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A Non-Target Student’s Guide to Landing an Investment Banking Offer
While Wall Street’s top-tier investment banks have historically recruited from a small pool of ‘target’ universities, ambitious students from non-target institutions are proving this is far from a hard and fast rule. Despite the formidable nature of the journey, the pathway to the?investment banking?industry is navigable with the right strategies in place.
Hot Jobs 8/7
Please PM me on linkedin or shoot me an email if you want to learn more about a specific role. Must have at least 1-year prior IB M&A experience. Visas (H1Bs, Stem, L1s, TNs) are tough in this market. No Recent Grads. Lateral hires only.
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