What are your thoughts? (Assuming I have offers for two different BB, namely Citi and MS, but one in London (Citi) and the other in Paris (MS)). The overwhelming majority (85%+) of Harris Williams analysts place into PE, primarily because of the deep rooted relationships the firm has with PE clients (represent 75%+ of client base). The examples here are representative, not comprehensive. We deleted it. (Please note that after majoring both economics and finance I know I have an interest in this industry but I do not know specifically what I would like to do there. Hi Brian, thank you so much for this post and continuing to answer everyones follow up questions! Most people change around the 1-year mark, but you can move whenever you want if you want to move, start now. What can I do to prepare myself for work once I finished my undergraduate work? Thanks. It might make sense it just depends on how certain you are that you want to do PE. Don't know much abt the group. Can you lateral to a BB or MM as a VP after being a VP there? Cant find any info about brokerage companies? 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). (Also coming from a tech major so I dont know what I want to do exactly in the finance field yet). I really dont like my current team and deal flows in my team are very weak. Lets just say its not for everyone. Restructuring transactions usually last around 12 months and move through different phases of negotiation and implementation., For me, its the fact that while corporate finance is usually about value maximizing, in restructuring its about loss minimization. You can start interviewing a few months before that, assuming you get a visa. My understanding was that they were considered an eb/ that their restructuring group is a top 3 player in the space. A debt restructuring proposal designed to prevent the collapse of construction giant Saudi Binladin Group may face more scrutiny from creditors. Would love your input. What would you do if you were in my shoes? As youll see, many of the groups rank at about the same level. hey restbanker, i worked in nyc in rothschild restructuring from 2002-2004 so things might have changed and I might be a bit biased but here are my views: Again, I would take all of these with a grain of salt since it has been 5 years since I left. Thanks! If a BB hires hundreds of new Analysts each year, an EB might hire only a few dozen. So unless you really want to be in NY, Guggenheim may be better. Would an analyst at top merchant banks get the same looks at Megafunds and Top VCs similar to analysts at a bulge bracket? Thanks. First, this article is less of aranking and more of aclassification of the top investment banks. I was wondering if you had insight into the best groups at Barclays, NY to join in terms of PE exits after two years. Many Analysts from elite boutiques exit into the largest PE funds and hedge funds, and the success percentage tends to be high simply because there are fewer applicants. If you were to rank ECM, infrastructure&utility, healthcare, and TMT at DB LDN, what would it be? I was wondering if I should land a Finance Job and try again after earning an MBA (Top 20 college) to move directly into an Associate level. I have never heard of that. send less people into PE than MM firms, not sure because of self-selection during recruitment or other factors. Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. Id love to hear your perspective on which offer would come with the most robust array of exits. The days of HSBC owning the largest balance sheet and running the levfin space are over but it's roughly in the broader Nomura/Mizuho/MUFG grouping, Liontree def tier 2 they've been killing it, Yeah man I saw them in that AT&T Discovery deal. For example, Jefferies (easily the strongest MM) beats something like Mizuho, but its a closer comparison with, say, Wells Fargo or RBC, depending on the location. What does a restructuring banker do exactly? Last year, it added 15 bankers in Paris (bringing the total to 150) and 10 in London, bringing the total to 175. Our job is to look at whats on offer and to decide whether its sufficient., Generally, I work on two or three deals at a time. I did not keep track of Wells Fargo though, just for the sake of full disclosure, but HSBC, Nomura, RBC, etc. If you want to keep your options open, Moelis Boston is better because its not as narrowly focused on one industry as pretty much all groups in Houston are. I am curious as to what groups at Lazard are typically the best bet in regard to exit opportunities at these firms. Not entirely sure what I want to do, but hoping to stay in banking or exit to UMM PE in LA. Corporate development or corporate finance at a normal company, has mostly worked on equity and M&A deals for less than $500 million USD, with a few larger M&A deals, small PE firms that might be open to off-cycle interns, Take the BB offer because it will give you more options outside of finance, https://mergersandinquisitions.com/analyst-to-associate/, https://mergersandinquisitions.com/military-to-investment-banking/, https://mergersandinquisitions.com/military-investment-banking/, https://mergersandinquisitions.com/how-to-get-into-investment-banking/#Step1, https://mergersandinquisitions.com/mba-investment-banking-recruiting-process/, https://mergersandinquisitions.com/investment-banking-masters-programs/, https://mergersandinquisitions.com/investment-banking-accelerated-interviews/, https://www.mergermarket.com/pdf/MergermarketFinancialLeagueTableReport.Q12017.pdf, http://dmi.thomsonreuters.com/Content/Files/1Q2016_MandA_MidMarket_FA_Review.pdf, http://dmi.thomsonreuters.com/Content/Files/2Q2015_MandA_MidMarket_FA_Review.pdf. Where does Union Square Advisors (tech) fall under the category? Can I negotiate on this if I get an offer from another bank? Ah yes -- the great ranking thread returns again, closely watchedacross the street. This is not to say Rothschild is bad and tbh I think Rothschild should be on the same tier. If you want to improve your chances, work on a sales desk rather than a highly technical/specialized trading desk so you can say you have client/sales experience. 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. How difficult do you think it would be to transition into investment banking full time after completing the CADP program? On the other hand, if the company has an operational issue if it owes money to the trade partners who supply it with raw materials, for example, then emergency funding might be required. So, Which Top Investment Bank Should You Work At? "We provide financial advice to companies in financial distress or to the creditors who've lent them money. Prior to joining Greenhill, Neil spent 17 years at Rothschild where he most recently served as Executive Vice Chairman and Co-Head of North American Debt Advisory and Restructuring. 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 managed to get more interviews there for some reason. But even without one, you have a decent shot. You are over-thinking this, but yes, in most cases. These firms, with a few exceptions, focus on M&A Advisory and Restructuring rather than debt and equity, and they often work on the same deals that the bulge brackets advise on. I want to recruit for top tier PE firms such as Apollo, KKR, Blackstone, Carlyle, etc. Honestly no clue what I want to do after IB; I kind of just stumbled into my SA at the IBAB. technique - and why do banks like it? Would really appreciate any advice!! Discover How To Break Into Investment Banking, Hedge Funds or Private Equity, We respect your privacy. A GPA in that range at a non-target school will make it very difficult to win IB roles. The most likely exits are moving to an investment bank or joining the corporate finance/strategy/related team at a normal company. (correct me if I'm wrong in saying they are often considered the top 2). Another option might be a Masters in Finance degree from a top school after ~1 year of work experience. Hope this helps. I have applied to a range of Advisory firms and have had a BB interview and a few MMs but despite positive feedback have been passed for more traditional candidates. 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. Ever worth lateraling a second time or just try to recruit based on where I am now? Would it be worth the effort to apply to these roles and complete their online assessments? Never even heard of Corinthian. Animi ad et sed ab nostrum. https://mergersandinquisitions.com/mba-investment-banking-recruiting-process/. I dont know what I want to do long term, and I have no preference with regards to tech vs. energy and Boston vs. Houston. How certain are you that you want to stay in the finance industry for the long term? Restructuring Restructuring Successful outcomes for even the most complex restructurings We are one of the most active independent restructuring advisers globally. And specifically, does your description of typical exit opportunities for mm banks apply to HL restructuring? Yes, I would recommend taking that role simply because it is a real investment banking role, even though its at a boutique firm. Well, what do you want to do in the long term? Thanks. Hi Brian, I was wondering where you would place Santanders corporate and investment bank on your list? Keep in mind, it would be the restructuring group, which unlike the M&A group, is fairly new and has traditionally hired out of state schools (i.e. That is a kind of strange title, but it sounds like hes one of the most senior people in IB and also Group Head of FIG in the Americas. Sorry, you need to login or sign up in order to vote. I understand BBs are better if Im looking to exit finance at some point, but which of these two options would be better? What do you think about Macquaries ECM (namely Equity Capital Solutions team)? I am thinking of spending about 6 months so I really want to make a right choice. You would probably have to focus on smaller funds that opt out of the on-cycle recruiting frenzy. Potentially, yes, but there are serious concerns about DBs solvency at the moment. The idea that EB and BB banks only recruit top college grads is completely ridiculous because what happens if someone, or several people, quit in the middle of the year, and new grads are not available to join? Avoid FIG, real estate, and energy. Impossible to say without knowing your grades, exact work experience, access to alumni/network, etc. Im not as aware of things as Im new to finance, but BNP seems bigger and more quant focused than Barclays, although the prestige / salary might be somewhat better at Barclays ? Nothing against the firm, as its a fine place to work, but the claims above are a stretch. Its tougher to win traditional exit opportunities from these banks, as they tend to favor internal promotions and keeping Analysts and Associates around for the long term. Sorry, dont know enough about it to say. I would love to hear about your opinion. These firms are often strong in one specific product, such as debt, but dont do as much business in other areas. I have heard that FIG can pigeonhole you, but GS FIG seems to buck that trend. Great article. Tech, healthcare, industrials, consumer/retail, etc. Hi Brian, thank you so much for your post. Probably middle market to bulge bracket banks. LevFin at GS/MS (If I remember correctly both have more of a capital markets LevFin desk) or M&A at an EB (Evercore/PJT/Centerview). Theres some disagreement over the exact firms in this list, so Ive added question marks or notes after ones with uncertainty. Your GPA is fine, but being a transfer student and attending a non-target UC make it tough, especially with hyper-accelerated recruiting these days. Raine is well-known among merchant banks and has advised on some pretty large/high-profile deals. See the articles on compensation, the career path, etc. Wells Fargo is the classic example of the In-Between-a-Bank: Technically, its not a bulge bracket, but its also not a boutique or middle market firm. 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. I would say IBABs since theyre strong in certain regions/products and tend to work on larger deals there. I have also heard positive things about Evercores culture and compensation at the analyst level when compared to GS, do you have any insight there? I become very interested in Banking about two years ago and switched my major to Finance while minoring in Computer Science. I heard there is less competition at firms like Lazard compared to something like JPMorgan. All Rights Reserved. Are the differences marginal to a point where it could safely come down to an issue of where the better fit is? They also have sales & trading, research, wealth management, and all the other financial services you could imagine. Quae recusandae veritatis placeat rerum in. http://dmi.thomsonreuters.com/Content/Files/2Q2015_MandA_MidMarket_FA_Review.pdf. Bain Capital is probably a better bet for an internship, at least if youre considering jobs worldwide. I am considering a post-summer lateral move to either an elite boutique or one of the big 3, but Im not sure if its worth it, especially since full-time recruiting is so much harder than internship recruiting. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Its a solid middle-market bank, probably about on par with the others. What are your thoughts on a place like Eastdil (real estate) vs RJ(IB)? At BNP specifically, the groups most related to IB are the best for your goals. Like Goldman Sachs, Lazard has also been ensuring that juniors have extended weekends like Easter off in theirentirety. I very much agree with you that people often ask the wrong question. Or take the EB/BB internship right after the IB MM internship and see where it goes from there? Which part (e.g. Wall Street Oasis. Any advice would be appreciated. Hi Brian. I would rather work for 24 hours than sitting at my desk and doing nothing. I want to add that the In-between banks do not send more people to PE than MM firms.