I actually am interviewing with the big four for their SF transactions in originations for CLOs but also am interviewing with a large bank in their Corp Treasury as an internal consultant. From a Credit Analyst to a Equity Analyst | Street Of Walls Can private credit analysts exit to PE and HF? Cards usage may peak earlier if consumers accelerate adoption of alternative payments. A financial advisor with a strong private capital markets franchise will market private debt and equity solutions to their buy-side counter-parties. In the first category are firms like Ares, Goldman Sachs Merchant Banking, Apollo, Bain Capital, KKR, Blackstone (GSO), Cerberus, Fortress, and Centerbridge. Ive just accepted an offer for S&P credit rating analyst. And can you tell me more about how the big four is involved in the origination process for SF? Your information will not be shared. As such, corporate banking has limited overlap with private banking. Report. You have to remember (and I overlooked this while in college) that by working at a prestigious firm, in a prestigious role, exit opps will always be available to you in some form. Maxime minus est sapiente qui. A: One difference is that terms such as forbearance and deferred payments are much more common with student loans, so any cash flow model has to include those and properly reflect the payment priority to different investor groups. It could be part of the consumer portfolio that a Structured Finance team works on, but it has to be tiny next to traditional credit cards, auto loans, etc. You would not be a good fit if you want to analyze the equity side of deals, work directly with portfolio companies operations, or make the most amount of money possible. The rule of thumb is Take IB/PE base salaries and assume lower bonuses.. You need to show more evidence of financial modeling and investing skills to move into direct lending. The fit / behavioral questions and your story are the same anywhere, so were not going to repeat all of that information here. Also, if youre not sure you want to be in credit for the long term, stay away because most people in direct lending do end up staying for the long term. The $1 Junior Tranche is the first to absorb losses, so if Loan A or Loan B defaults, this Junior Tranche pays $0. The high cost of cards in the US, for instance, should propel growth in alternative payments, causing card growth to slow. To learn more about, please click here to get my FREE 57-page investment banking recruiting guide - plus, get weekly updates so that you can break into investment banking, Arkansas Student Loan Asset-Backed Notes Memo, Nelnet Student Loan Asset-Backed Notes Memo, Fannie Mae Connecticut Avenue Securities Mortgage-Backed Securities Memo, recruiting is similar to the standard IB process, Structured Finance and Collateralized Debt Obligations: New Developments in Cash and Synthetic Securitization, Understanding Credit Derivatives and Related Instruments, You can also get into Structured Finance from a, And if you want a long-term career in the group, the skill set, deal experience, and client relationships are so.