I'm interested in restructuring, so let's assume I'm placed into that group (more than likely). Most people spend far too much time ranking banks and not enough time thinking about where they have a realistic chance of working or what their long-term plans are. But M&A at a top EB and LevFin at GS/MS are about the same there. I understand BBs are better if Im looking to exit finance at some point, but which of these two options would be better? Youre always at a disadvantage next to people who worked at brand-name firms. Thanks for visiting! JT Marlin is about it for both, especially for BX. Im leaving the public sector (7 years in financial management and already hold a masters in public policy) to go private and get an MBA. Or would Do you still consider Wells Fargo as an IBAB or a BB? My question is if it would be better to after this summer try and lateral to a different group for full time (which would be tricky because of the politics) or try to recruit during the summer to another BB HC team or an EB M&A team. Ive been working during 3 years at MM boutique (Clearwater International) and now I have received 2 offers and I dont know which one to choose: i) one as senior analyst at BB (UBS) or ii) as M&A Director at a portco of a mid market PE fund, where the salary and bonus is below BB but theyd give me sweet equity, and being part of the board. Not everyone wants to do coverage work and work on hella balance sheet stuff at JPM while making $50k less than their counterpart at PWP that works on more M&A with a better culture, etc. My boutique firms deal flows are not strong at all so I am really worried I wont get great experience listed on my resume. But its easiest to start with the four criteria above. Sorry, dont know enough about it to say. I would pick Lazard just because the overall name is better, and youll be working on similar deals anyway. I am starting at a T10-T15 ranked MBA program in the fall. Hi Brian, and thank you for this article. If you want to move to a different group and cannot reasonably transfer at your firm, then yes, you should interview around and try to join another team via accelerated recruiting. But the MM IB in which I will soon intern at is looking for full time analysts. Placeat dolores et ut illo voluptas pariatur. A Masters in Finance at a top school with relevant experience before/during the program would help, but Im not sure if a second Masters degree is a great idea or even possible at this stage. I went to a target undergrad and a non-target masters with 1~2 years of gap in work exp in between. Do you have any advice on which to pick? Which will have better chances in me landing the MM PE job? Take a look at some of our coverage of other readers from military backgrounds who got in: https://mergersandinquisitions.com/military-to-investment-banking/ I think it will be tough because youre at a non-target school and already have 10 years of work experience. Especially with the likes of Houlihan Lokey, Jefferies, William Blair. And while its stupid to rank the banks, it is helpful to understand the trade-offs of working at firms in different categories. If you dont care, or youd be fine with middle-market or upper-middle-market funds, then a move is not worth it. Hi Brian and readers (anyone can answer). You should probably focus on middle-market firms with that profile, but you might have a shot at the EBs and BBs as well however, it would be risky to spend 100% of your time on them because youll be up against people at target schools with internships at larger firms. (correct me if I'm wrong in saying they are often considered the top 2). In terms of 1) getting promoted to MD and 2) marketability to other banks/corporate in the future? Never even heard of Corinthian. They are significant vs. actual MM firms like Blair/Baird/HL. Even at the BB banks, a relatively low percentage (< 50%) get in. Brian, do you think there is bamboo ceiling in the States? Brian would not a merchant bank role better prepare you for PE? Gulfport (which was brought along with the ex PJT partner), Valaris (largest OFS rx) EP Energy (UCC) and Foresight ( financial advisory to company) come to mind. See the detailed article for more on this topic. Although I would not say no to KKR and Carlyle ;). I very much agree with you that people often ask the wrong question. Also as an older FT MBA the idea of some level of job security with a BB going into the program would seem to offer me the opportunity to learn and network more- but perhaps Im naive and it will lock me into something Ill have a hard time getting out of. I have now 2 internship IB offers in continental Europe, both could potentially turn to full time offers. Meanwhile, since its almost Christmas time, I dont think the market is very active overall, and I dont want to get random assignments. One huge caveat should be group placement. Yes, I would recommend taking that role simply because it is a real investment banking role, even though its at a boutique firm. Any thoughts on Keybank IBD? The lenders that want a bigger say . It seems like theres very little information on Hines, which raises questions in my mind. I dont think either one gives you much of an advantage for PE, but FTP is far better for anything in tech/fintech. I know you wrote an article on working on cross-border M&A deals before and not suggest readers to ask more work from staffer. Hey Brian, Im going to my sophomore year in the fall and Im preparing for a summer IB analyst internship. Ive interned at a big 4 firm last summer if that helps..problem is that I dont know if Ill get an interview without any networking over there. My staff hasnt responded it yetdo you think I should walk into his office tomorrow and ask for more work? So Citi definitely doesn't just get credit based on "balance sheet." Please let me know what shots that I have in IB recruiting? Thanks so much for the reply! Its not like choosing between LA and NYC in the US where the distance is more of a barrier. It is a good bank, but Im not sure if it is really an elite boutique (maybe?). Lazard (Global M&A Advisory) Rothschild (Global M&A Advisory - Boutique) Evercore Partners (Global M&A Advisory - Boutique) Greenhill & Co. (Global M&A Advisory - Boutique) Blackstone (Global M&A Advisory) Houlihan Lokey (Global Investment Bank - Boutique) Jefferies & Co. (Global Investment Bank) Centerview Partners (Global M&A Advisory) At BNP specifically, the groups most related to IB are the best for your goals. for lateral hires. Can you lateral to a BB or MM as a VP after being a VP there? This may change as banks compete to juniors happy. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. I completely understand my GPA is very subpar and being from a non target doesnt help my case. Millstein started recently but are on very big deals, and Evercore while strong reputationally, are still establishing themselves. I would rather work for 24 hours than sitting at my desk and doing nothing. Large banks make lateral hires because people quit in the middle of the year or at random times quite frequently. Also considering the number of spots at boutiques, top groups at BBs are basically the same (since they are equally small if not actualyl smaller). Project Finance is OK, but actual industry groups or even capital markets teams would be closer. I think some navet on your part on how good some of those groups really are and how people actually perceive them on Wall Street. Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. Do you think its worth the lateral move from Wells to a top BB? 2005-2023 Wall Street Oasis. The examples here are representative, not comprehensive. Anyway, my question is: Is it better to take a full time offer from the MM IB, or does it make sense to do another internship at a BB/EB? Global Advisory - Rothschild & Co Does anyone know what exit ops are like at the top 2 debtor shops: Lazard and Blackstone? Also is it correct to assume they are a bit more selective than middle markets but less selective than EB? Is there a specific investment bank you would recommend to assist with the acquisition of a proprietary artificial intelligence platform that has various applications with the most obvious one in healthcare? Animi ad et sed ab nostrum. But because this internship decision should be made quickly or I might miss it , I emailed you for an insight). https://mergersandinquisitions.com/mba-investment-banking-recruiting-process/. I saw they were the lead advisor to Puerto Rico's debt RX back in 2017. Most people who will be interviewing for PE jobs in 2 years will understand this difference. It tends to be quite difficult to switch divisions or banks during/after summer internships because everyone else is trying to do the same thing, and banks dont necessarily know who will get or accept return offers yet. The thing is, MF PE recruiting now starts so early that deal experience is almost irrelevant and it all comes down to your bank, group, undergrad, GPA, etc. If you want to work in tech or something related to data science, sure, that approach is fine, but even there, you still need internships to have the best chance of winning roles. What can I do to prepare myself for work once I finished my undergraduate work? I did not keep track of Wells Fargo though, just for the sake of full disclosure, but HSBC, Nomura, RBC, etc. I really want to start looking for other positions and start networking, but my current company will sponsor my visa (the visa process will start next April and if you get the visa lottery, you cant move before October when the visa gets effective). Its good to know how the banks differ, but its even better to know what fits in best with your plans and what the opportunities from each bank look like. Hi Brian, in what category would you put Spanish Banks Santander and BBVA, In-Between-a-Banks (IBABs) or Middle-Market? Probably in the Industry-Specific Boutique category given its focus on financial services. How much is a Parner at Perella Weinberg bringing home? What is your view between working at a BB outside of London (more specifically in Paris) vs. working at an IBAB such as RBC in London? I had a consulting internship in 2019 and my client was Coach. However, I noticed that many of the BB/EBs have strict requirements for graduation dates between 2020 and 2021. I had a rough life between the ages of 18-23. Im attending Booth at University of Chicago doing an MBA by night and working in operations during the day. Just want to have some advice on approaching this opportunity. If you dont care, and you really just want to leave the firm, apply for roles at large banks in HK and move ASAP. I dont think so, at least not if youre working in Europe, because Rothschild has the better reputation and higher market share in M&A deals. We focus on careers and recruiting for students on this site, not comparing different banks in terms of industry or client focus. Debt Advisory and Restructuring Equity Advisory Our global scale The global independent adviser We help our clients to define and achieve their M&A, strategic and financing goals with the best possible results, whatever their objectives and wherever they are. And yes, you pretty much need a summer internship to win a full-time offer at most banks (some exceptions in smaller cities and less popular groups). Its strong in debt and ranks among the top banks there, but doesnt do as much M&A advisory business. So far, there isn't any extra pay on offer at either bank. Tempora non officia minus. We did an interview with someone in Sweden renewable energy a few years ago: https://mergersandinquisitions.com/nordic-renewable-investments/. No, we do not. I am a rising junior and will get investing experience via clubs. Or would my application get filtered out right off the bat? In fact their transaction value is better than BofA,CS, and 85 billion better than Barclays Can someone provide more color on the RX threads, specifically how the Millstein acquisition and the exodus at Rothschild will impact this rankings? I am also on level 3 of the CFA. Thank you for answering to everyone. The world's leading independent debt and restructuring adviser We help our clients to access financial markets and gain the best possible terms. plus better culture from my conversations). don't think they belong below jefferies which didn't really win any notable reps (outside of some UCCs) this past cycle. Hey Brian, thoughts on Centerview vs Evercore vs GS for Associate level? If its better than a middle-market bank, then it must be a bulge bracket or elite boutique if its one of those, then yes, a Structured Finance internship is probably better than an IB internship at a MM firm. In the city where I am now, getting an internship at Lazard, Jefferies, BAML, and DB would not be hard at all after having the IBAB and MM IB internships. And joining as an Associate makes it much harder to win traditional exit opportunities outside of corporate development. What separates out an Elite Boutique like Rothschild (NMR) from a US MM like Baird/Blair/HL? Maiores assumenda odit vitae cupiditate consequuntur. I am curious about the overall quality of his team; is it proportionate with his reputation? Sounds suspicious while I see the amount of turnover at the BBs & EBs. Thanks for that Bryan, If youre still thinking of options outside the banking/finance industry, then its better to stay at a bigger firm with a better-known brand name. Goldman Sachs' analysts complaints about 100 hour working weeks during the pandemic triggered an industry-wide rethink both of working hours and of pay for analysts and associates, which has risen repetitively in response.. Barclays has better groups in terms of advisory, however, and they do M&A in-house so they get the edge for me. If it has been months and you havent had good deal experience yet, yes, you should reach out to your staffer and say that you can help with other projects (but as you said, the market always slows down at the end of the year, so there may not be much out there). Simply being able to write Investment Banking Associate or Analyst on your CV will get you more interviews at other firms once you accept it and have been working there for a while. I was recently placed in a niche group (e.g. Interest rates are still incredibly low, but as inflation starts coming through and rates rise you might see financial distress from consumers trickling down to corporates in the next few years time. Quo dolor earum sint. What would you recommend for someone who is in there first year of school(data anylytics major)completely online (state school) since I have to work full time to keep the lights on and pay for tuition but will be finishing my entire four years worth of college in one year and a half. Currently an incoming summer analyst at Lazard. Thats really the maximum that can be done and theyre usually on different cycles. If you want to specialize in healthcare, yes. The pioneers in innovative advice on equity markets transactions and effective investor engagement Our Equity Advisory services assist clients in raising capital through equity markets with the best possible results and to make sound strategic decisions based on investor intelligence and shareholder engagement. We dont rank banks or go into details on individual banks, as that would be a full research project and outside the scope of what a free site can offer. I would not plan to stay there long. I have about 10 years experience as a financial advisor. So I think the biggest issue here is FT Partners reputation (Im sure you can Google them to find out more). Worse than most of the banks in this list. analyst program is generalist for moelis. Is that usually the case? Incidunt qui ipsa libero ut iusto. The other option is to aim for Off Cycle roles in better places but that can be a risky bet plus it will delay my FT experience even more. Leerink is well-regarded in its sector. Are they better than IBABs? I understand that traditional buyout PE will be hard coming from my spot, but do I have a shot at getting some decent Growth Equity looks? And the key question is whether you can get a summer internship that converts into a FT offer, as FT offers outside of summer internships are quite rare. Many of our deals are resolved in a court process you need to comfortable with that and able to have really hard line negotiations when theres a risk that everyone loses out. Do you think is reasonable to aim for 1/2 years max as an analyst there and then lateraling to a BB/EB/solid MM or the non-IB image and possibly weak dealflow will have a negative impact? How Lazard and Rothschild & Co. are limiting junior - eFinancialCareers I cant recommend one, sorry. They have been gaining ground in recent years. Take the full time IB MM and then try to lateral? I would probably pick RBC at this point due to DBs uncertain outlook. Moelis and Rothschild seems to be strong, and Jefferies Im not sure about How would you establish the tiers here? What would you do if you were in my shoes? P/S: There are the absolute numbers btw. Hey Brian, what about merchant banks? Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. Industrials. Thanks in advance. The Bottom Line: Even though elite boutiques do offer many advantages over bulge brackets, youre still better off going to a BB unless youre very, very certain of your long-term plans. And like a lot of boutiques, they tend to encourage internal promotions. If you're open to other possibilities, like corporate development, it probably doesn't make sense to switch. Youll have to do some networking at the bare minimum to have a shot the Big 4 internship will help a bit, but youll be up against people who have already had previous IB/PE internships. I cant say whether or not you should focus on the BB banks because I dont know your full profile (University? I am based in London in one of the big 4 M&A teams, however my team focuses on non-performing loan sales rather than pure M&A and we dont do the modelling for those so moving to the buy side is out of the question. (Note: Lazard & Blackstone are not options at this point and I'm more interested in debtor work so did not apply to HLHZ). Hi Brian, I really dont like my current team and deal flows in my team are very weak. I dont know enough about them to say much, but theyre definitely in the In-Between-a-Bank category. 3.6 GPA from a semi-target with good analytical internship experience but not investment banking. So if you want to work at one of those places, yes, you will need to move to an EB or BB. See you on the other side! How significant do you think the difference in exit opportunities are from a firm like Blair/Baird/HL vs UBS/DB/RBC (assuming you want to go into PE). Hey Brian, Being in NYC is better for exits/other opportunities, but youll probably have a better lifestyle at HL, or at least have a bit more free time to research other opportunities. Your information will not be shared. So RBCs reputation may change, but it may not be soon enough for you to take advantage of it. Also, some of these firms place a heavy emphasis on internal promotions and keeping bankers for life, which makes exit opportunities tougher. however, I did mentor some smart kids that ended up in those BBs and previously I might have agreed (I personally prefer boutiques much more and if I didn't go PE would have preferred a boutique IB) but after doing a lot more research and having been on PE side and being on the street think that it's pretty ridiculous to rank some of these newer boutiques over banks that have been around forever and have literally the best groupon the entire street or up there. When I asked HR about it, they said the industry average of $10k was only available to their returning interns, and since I was a full time hire, I was only eligible for half of that. Rothschild Restructuring | Wall Street Oasis I have an offer at Rothschild and was hoping to move to one of the other EBs. If you have a mix of both cultures, the best option is to work in some type of group or firm where you advise on cross-border deals so that you have an advantage over local candidates in both countries. at least I didn't try to claim they were undisputed whilstcommenting on my own post using alts and then then subsequently forgetting to anon myself, Sounds like you made a good faith effort at arriving at informed/objective opinion (as much as an opinion can be "objective."). See: https://mergersandinquisitions.com/investment-banking-masters-programs/. Would you say working in a restructuring group at a top MM bank (excluding HLHZ) places you in a better position at medium to larger sized funds? And as far as an EB is concerned, would it also be better to go there if I have an offer in Paris in Rothschild for example, instead of going to the IBAB in London?