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Yes, it’s that time of year again: You need to make a decision about summer internships.
Since recruiting is now hyper-accelerated, the decision-making process is also hyper-accelerated.
If you’re fortunate enough to receive multiple offers from banks, you’re in a very good position.
But instead of enjoying the moment, you’ll be tempted to go down the rabbit hole of analysis paralysis, even though the decision is usually simple.
We have covered this topic before, but recruiting has changed over the years, so I wanted to revisit and update this article:
So, What’s New?
First off, summer recruiting starts and ends insanely early – sometimes over a year before your internship begins (and it keeps moving up each year!).
As I write this in September, there’s a good chance you might have already decided on your internship for next year.
The timing is not quite as crazy outside the U.S., but recruiting has been moving up earlier in other regions as well.
So, you need to think about your goals long in advance. The bank and group where you complete your internship will determine where you work full-time, and your full-time role will determine your next job in 2-3 years.
Also, the concept of “rankings” is now a bit blurry because it is not always clear how elite boutiques and bulge brackets stack up, and some BB banks (the U.S.-based ones) are stronger than others (the European ones).
You could even make the case that a top industry or M&A group at a middle market bank or In-Between-a-Bank is better than, say, a capital markets group at a weaker bulge bracket bank.
Rankings still matter – in most cases, anything beats a regional boutique bank, and in most cases, a BB or EB offer beats a MM offer.
But deciding on an offer also depends on the specific group and the location in addition to the bank’s reputation.
Finally, it seems like fewer students are deciding between offers in very different locations, such as Hong Kong vs. New York vs. London.
That’s probably because the process has become so accelerated that it’s difficult to win offers in multiple regions at the same time.
The Ground Rules: What Matters
In no particular order, you should think about these factors when making a decision:
- The People – Do you like everyone you met? Do you have a strong connection with someone senior there? Or does no one stand out?
- The Location – It’s almost always better to start in a major financial center (NY, London, or HK) because there are more jobs and networking opportunities.
- Bank Reputation – Is it at a bulge bracket, elite boutique, in-between-a-bank, middle market bank, or regional boutique? Within each group, is it upper or lower tier?
- Group Reputation and Deal Flow – You stand a better chance of winning private equity roles if you work on M&A deals. And it’s tough to recruit for PE roles at all if you’re in an ECM or DCM group (LevFin is a bit easier if you do actual modeling work). It’s also tough to recruit if you don’t get much deal experience in your first few months.
- Potential Exit Opportunities – How much of a generalist or specialist do you want to be? Certain groups, such as M&A and strong industry coverage groups, set you up for generalist buy-side roles, while others (capital markets) limit your choices or make you more specialized (FIG, Oil & Gas, Real Estate, Restructuring, etc.).
- Opportunities Outside of Finance – If you want to work at a Fortune 100 company or do anything outside of finance in the future, you’ll have a better shot with a brand-name bank on your resume. Bulge bracket banks – even the “weaker ones” – are better known in the world at large than elite boutiques and other banks.
You should pick your offer based on the bank/group with the best reputation, deal flow, and people that best positions you for your long-term goals.
And if you don’t know what you want to do, pick the offer that keeps the most options open.
What Doesn’t Matter and What You Can’t Measure
Do NOT make a decision based on small differences in compensation, such as $2-5K; that might seem like an enormous amount as a student, but over a few years, it is nothing.
Also, don’t decide based on slight differences in reputation. If you spend five days contemplating GS TMT vs. MS M&A, you’re wasting your time.
Finally, the full-time offer conversion rate should not be a huge factor because there’s so much bad information about this point online.
Yes, JonSnow666 claims that 45% of interns at Bank X receive full-time offers… but where does that number come from? Who is this person? Is it just a high-school or first-year university student?
The Cold, Harsh Truth About Your Decision
Picking the “right” summer offer only helps you so much because factors outside your immediate control also impact the outcome.
For example, the top MD in your group might leave and take half the team with him. Or deal flow might slow to a trickle in your sector. Or the firm might cut its full-time hiring, making the conversion rate far worse.
Also, your goals may change; you might start the internship being 99% certain you want to follow the IB-to-PE path, but then realize midway through that you hate the work.
So, you shouldn’t spend days obsessing over the decision if you’re lucky enough to receive multiple offers.
Here are some examples of how you might decide without overthinking it:
JPM Healthcare (NY) vs. Evercore M&A (NY)
Both banks/groups have similar reputations and exit opportunities, and both offers are in the same location, so this one comes down to the people and whether you prefer a smaller or larger bank.
For example, if you have a great connection with someone senior at the JPM, it could make sense to accept the JPM offer even if you’re not certain you want to do healthcare.
The JPM offer might also make more sense if you want to leave finance eventually.
On the other hand, Evercore might be better if you want to stay in IB for the long term.
MS Capital Markets (NY) vs. HLHZ M&A (NY)
Capital markets groups are not ideal for private equity exits, but the Morgan Stanley offer is still better because of its overall brand name vs. the brand name of any middle market bank.
To maximize your chances in PE recruiting, you would have to move into the Leveraged Finance team, M&A team, or a solid industry group.
But it’s often easier to switch teams at the same bank than to move from a smaller bank to a larger one.
Moelis Restructuring (NY) vs. BAML Industrials (NY)
Both groups are quite strong and have solid exit opportunities, so this one depends on whether or not you want to specialize in restructuring/distressed deals.
If you do, the Moelis offer is better.
If not, BAML is better since it keeps more options open for you.
UBS Capital Markets (NY) vs. Jefferies TMT (SF)
UBS is, technically, a “bulge bracket bank,” but it has moved away from investment banking over time, especially in the U.S. (it still ranks highly in Asia and Europe).
So, I would recommend Jefferies in this case, especially if you want a traditional PE exit.
While SF has fewer total opportunities than NY, there are tons of tech-focused funds and other tech opportunities there that match up perfectly with TMT experience.
I might change this recommendation if the UBS offer were in a non-capital-markets group.
Citi Oil & Gas (Houston) vs. Credit Suisse M&A (NY)
This one depends on how much you want to specialize because oil & gas is very specialized.
If you join an O&G group in Houston, it will be very difficult to win non-energy exit opportunities.
So, if you’re very certain you want to specialize in energy, go with Citi. If you want to keep your options open, go with CS.
Rothschild M&A (London) vs. PJT Partners Restructuring (London)
This one is close to a toss-up since the locations are the same and the banks’ reputations are similar, so you should decide based on your interest in Restructuring.
If you’re sure you want to go down that path, PJT is better; if not, Rothschild is better.
But if you have a great senior contact at PJT who can ensure that you get solid experience, PJT might win out even if you don’t want to work on restructuring/distressed deals long term.
Wells Fargo Industrials (Charlotte) vs. BMO Metals & Mining (NY)
People say that Wells Fargo’s strength lies in its Balance Sheet, and that’s true, but it also has solid industry coverage groups, including the Industrials team.
Metals & Mining is probably the best group at BMO, and the NY location is better than Charlotte, but it’s also a lot more specialized than Industrials.
So, I would give the edge to Wells Fargo unless you’re 100% set on natural resource-related roles in the future.
GS (No Group Specified) (London) vs. JPM (No Group Specified) (London)
This one is a toss-up if the locations are the same and you don’t know which group you’ll be in.
If there are no differences in the people, you might as well flip a coin.
RBC M&A (NY) vs. Credit Suisse Capital Markets (HK)
Who in their right mind would pick RBC over CS?!! This one’s easy!
Well… not so fast.
If these were the same groups in the same location, I would agree, but if you want to stay in the U.S. and aim for traditional exit opportunities there, I would argue that RBC is a better bet because of its location and deal focus.
If you want to stay in Asia or you do not care as much about PE exits, CS is better.
Deutsche Bank (NY) vs. Evercore (NY) vs. Guggenheim (NY) (No Group Specified)
My ranking here would be Evercore, DB, and Guggenheim based solely on the brand names and reputation.
If the offer were in one of the top groups at DB, I might rank it above Evercore, depending on how well it matches up with your long-term goals.
Rank the Banks?
I’m exhausted typing out all those decisions above, so I’ll stop here.
If you have questions about how to decide between multiple offers, leave your inquiries below.
And if you really can’t decide, flip a coin and be glad you have a summer internship offer at all.
About the Author
Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street. In his spare time, he enjoys lifting weights, running, traveling, obsessively watching TV shows, and defeating Sauron.
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Hey Brian what groups would you say have the best placements into traditional MF PE from JPM NYC. Additionally, is it worth recruiting for and choosing MS over JPM as MS has (on average) the better groups when it comes to MF placement.
I don’t have a view on the best groups at JPM, sorry, as this is not something we track closely. The bank is strong in most areas, though, so virtually anything should work if you perform well. Recruiting again just to choose MS over JPM makes no sense and is not at all worth the time/effort/risk.
Trying to decide between Guggenheim (NYC) or Solomon (NYC). Thoughts?
I don’t think there’s a huge difference there, so probably best to decide based on the team and cultural fit.
DB NYC Generalist Offer vs Rothschild Satellite Boston (Software Specific)
I would pick DB in this case because even after all its troubles, it still has a somewhat better reputation than Rothschild in the U.S. (Europe is a different story). And you generally want to start your career in a financial center in more of a generalist group.
GS FIG (NY) vs. BofA M&A (NY) vs. EVR (NY) — can get the vertical of my choice in FIG (FinTech)
I would still recommend BofA M&A in this situation, assuming you don’t have specific long-term career / exit opportunity preferences, because M&A will give you the broadest experience, and everyone knows the BofA name.
GS FIG is definitely a better option than pretty much every other FIG team because it won’t constrain you quite as much in terms of exits – however, headhunters are not that smart/motivated and some will still not take the time to understand that you worked on FinTech deals and not specialized bank/insurance ones.
I would recommend GS in this case only if you are very, very certain you want to specialize in FinTech or something else within their FIG team and are fine with exits skewed in that direction.
Hi Brian,
Deciding bw RBC SF tech, WB SF tech, and FT Partners SF. Would love your insight on the 3. Not entirely sure what I hope to do after banking
RBC is probably the “safest” option of these in that it has the broadest name recognition. FTP has a somewhat bad reputation, but I’m not sure if that’s still true today or if it’s just due to past issues around the culture and hours at the firm. If you’re not sure what you want to do, I would pick RBC. WB would probably be #2 because it’s still a solid firm, just smaller than RBC. FTP might be good if you really want to specialize in fintech, but not so great outside of that.
For Summer internship 2024
Choosing between
Rothschild RX and CITI m&a.
Both in nyc.
I don’t yet have a strong sense of what my l/t plans are.
Any help appreciated
I would go with Citi M&A because Rothschild RX is much more specialized, meaning it’s less ideal if you’re not sure what you want to do long-term.
PWP vs. LAZ vs. MOE?
These are all so similar that I can’t say much without geographic/industry information. Based on just these names, you’re best off going with the one where you had the best fit / liked the culture the most.
Hi, what do you think is better for investment banking in London: UBS (offer for a placement year) or Barclays (offer for summer)? Thanks in advance
Probably Barclays since it’s stronger overall, and your chances of getting a return offer are sometimes better from summer internships than from off-cycle / year-long programs (but varies heavily based on the bank).
MS SF Healthcare vs. EVR Menlo Life Science vs. PWP/LAZ NY generalist?
This one depends on how much you want to be on the West Coast vs. NY and your desired exit opportunities. I would lean toward PWP or LAZ NY generalist unless you’re super-interested in healthcare and exit opportunities like life sciences VC that come mostly from working in healthcare. But these are all great options, and healthcare/life sciences is not *that* specialized vs. other industry groups. Lazard has a better brand than PWP, technically, but I don’t think the difference is so big that you should pick it just based on that. So among those two, it depends on how much you liked the team at each one.
Thoughts on Guggenheim Menlo Park vs DB SF? Tech banking for both
Not sure there is a huge difference these days. DB seems to have somewhat more deal volume than Guggenheim, so if you’re not sure or can’t decide based on teams, DB is probably a better bet due to the size and reputation outside of finance.
Hi Brian,
Interested in M&A Advisory in London (I will choose a sector coverage team based on whichever team is the strongest in the bank that I receive an offer from).
As such, I’m wondering what would be your ranking for the top 10 investment banks in the EMEA region?
I can find lots of rankings for the US but very few with an informed opinion for the EMEA region (particularly from a London-office perspective).
I’m assuming it starts off something like: Goldman Sachs, Morgan Stanley, JP Morgan….
However, I’m uncertain how the EBs and remaining BBs fit into the hierarchy for EMEA.
I don’t have an official list, but we are going to publish an overview of IB in the UK soon that discusses some of these differences.
Hi Brian,
Summer intern among MS (MSIM/fixed income) vs DB (IB) vs JPM (CB), locations are MA, NY,IL respectively, which one is better? Who has higher return offer rate? Really appreciate your thoughts. Best regards,
Jeffrey
Those are completely different offers that will lead to different exit opportunities, so I can’t really answer this without knowing your goals. If your main goal is the typical IB exit opportunity (private equity, hedge funds, corporate development, etc.), the DB offer is best. Yes, it’s DB, but it’s still investment banking. It will be much harder to win those types of roles coming from CB or something like fixed income investment management. JPM and MS have stronger brand names, but in this case, the fact that the DB offer is directly in investment banking and is in NY make it better (most likely). The other offers would be better only if you’re interested in better work/life balance (for JPM/CB) or for asset management-related exits (for MS).
Many Thx!
Bank of America (Chi) vs. Greenhill (Chi)
I don’t think you can go wrong with either, but BofA is probably better due to the stronger brand name outside of finance (as an official bulge bracket) and a bigger team/office. But if you don’t care about that or specifically want a smaller/more hands-on team, maybe Greenhill wins.
Thx!
PWP Tech (SF) vs Barclays Generalist (NY) vs Jefferies Tech (SF)? Prefer tech
If you really want to do tech, PWP is better than Jefferies since it is technically an “elite boutique.” But I would still probably recommend Barclays Generalist in NY for most people due to the location (SF is not a great choice for anything but tech and healthcare and has major lifestyle/cost issues).
What would you choose between an intern in MC at a big 3 (McKinsey, BCG, Bain) or IB mid-market group at a tier 3 BB (UBS, DB) in Europe?
Depends on your goals / planned exit opportunities, but if you want the standard PE/HF exits, the tier 3 BB is still better. For non-finance exits, MBB is better.
Goldman Industrials or Blackstone Private Credit
GS if you want to maximize your options.
Blackstone if you’re 100% certain you want to do private credit or stay in a similar buy-side role for the long term.
Hi,
Options are BAML Palo Alto (tech) or William Blair SF (also tech).
Thank you!
BAML is the clear winner here based on name/brand. As an added bonus, you’re much less likely to get robbed or assaulted in Palo Alto than in SF.
Hi,
Do you know the conversion rate for DB from a spring to a summer?
Nope, sorry, we never track this. Beyond very high-level trends, I would take anyone who claims to have legitimate data on this with a grain of salt.
Hi Brian,
I’m debating between risk management at JP Morgan (in the corp/invest bank) and credit investing at Credit Suisse (asset management). What would you recommend? I have no idea what I want long term.
These are both summer internships for 2023 by the way
I would recommend credit investing because it’s more of a front office role. Risk management is still seen as more of a middle office function, so it will be more difficult to move around after.
Hi Brian, thank you for the helpful insights.
I’m currently choosing between GS S&T (London) and Citi S&T (London), both for Summer Analyst.
I understand that GS has a better brand name, but it has a relatively lower conversion rate, also the format of this internship is one rotation per week (need to do networking to decide on which desk to rotate on). The Citi one generally has a higher conversion rate, and it’s two predetermined rotations.
I’d really appreciate your insight on choosing between this two!
I would pick Citi in that case because you’ll have a higher chance of getting a full-time offer, which is what matters most in S&T. Brand name/reputation are somewhat less important because S&T exits require more of a track record than IB exits, so your performance factors in more substantially.
EVR Menlo vs MS Menlo vs GS NY (C/R or TMT) vs PJT M&A NY
I would pick GS NY if you’re not sure of your future plans and want to keep all options open (either group, but TMT is often seen as “the best”). If you know you want to stay in finance, then you could maybe make a case for PJT M&A NY, but I’m not sure I could really recommend it over GS.
With the Menlo offers, I would pick one of them only if you’re 100% certain you want to do tech/TMT in the future.
BAML Tech M&A in Palo Alto or MS Financial Sponsors/Tech in SF?
They’re both good choices, so it mostly comes down to location/people and how much the slightly “better” MS brand name matters. Personally, I hate SF as a location as it’s currently a borderline dystopia, so I would pick BAML just based on that (yes, Palo Alto is “boring” but at least you won’t get shot walking down the street).
Hi Brian!
How would you choose between DB IBD (generalist) and BlackRock Portfolio Analytics Group(tech heavy, but will be using their world-renowned Aladdin system)? Both are summer internships in London.
I noticed that you’ve mentioned DB is in decline or to avoid DB at all cost, but do you think they’ve recovered and is now growing? I’m more interested in IB btw.
Many many thanks!
If you’re more interested in IB, you should pick IB at DB any day of the week over a non-IB group at BlackRock. These are really completely different offers that set you up for very different career paths.
Yes, people online like to say that DB (and UBS, etc.) is “declining,” and while that is true to some extent, it doesn’t really matter for your first internship/job, where the goal is to gain relevant experience and position yourself for future internships/jobs.
Hi Brian,
I’m an incoming summer analyst at UBS going through the placement process. I’m leaning towards M&A or LevFin/FS, but also interested in GIG or TMT. Would really appreciate any thoughts you have.
I don’t really know enough about the current status of those groups specifically at UBS to say much. I think they’re all fine if your goal is the standard set of exit opportunities. Of the groups you mentioned, M&A is traditionally seen as “weaker” since UBS does more in ECM/DCM/LevFin (but take this with a grain of salt since league table rankings are not definitive). Industrials and TMT are both fairly good industry groups there. But I think you’re probably splitting hairs a bit since there isn’t necessarily a huge difference.
Hi Brian,
Currently in the placement process for JPM. Top choices are FIG, Media & Communications, and Consumer Retail. I ultimately have to rank something as number 1 and would appreciate any input
Your best bets are M&T or Consumer/Retail because, as always, FIG is very specialized and will limit your exit opportunities. I would pick the #1 group based on personal interest.
Post MBA Summer Associate Offer: extremely interested in the TMT space, want to go TMT growth equity in the long term
JPM NY Tech vs Evercore Tech vs Raine Group NY ( slightly prefer Raine due to the growth equity exposure as it’s generally very hard for MBA associate to exit to growth equity after banking, so I am thinking to get the exposure earlier would make the transition easier)
I would pick JPM NY Tech in this case. Raine Group might give you a small advantage for growth equity, but the JPM name matters more, especially if you decide to do something outside of finance. And yes, I realize you want to do TMT growth equity right now, but plans always change. Evercore or Raine might be better if you wanted to stay in IB for the long term.
MBA Summer Associate: choosing between Lazard SF Tech and BAML SF Tech
Also, invited for first round interviews with MS-NY and GS-NY in Jan.
This one depends on your long-term goals. If you want to stay in banking/potentially move to PE/VC, Lazard is better. If you want broader options outside of finance, BAML is better.
I’m not sure I would renege on either of them for a GS or MS offer at the MBA level. The difference between GS/MS and BAML matters more for Analysts recruiting for buy-side roles; there is still some difference above that, but I don’t know if it’s worth reneging unless you’re hyper-focused on doing the unusual and getting into a large PE firm from the Associate level at a bank. And even if you are, Lazard could work as well, and I’m not sure it’s worth reneging for the small advantage GS/MS might give.
RBC Public Finance (NY) vs TPH Generalist(Houston)
I would probably go with TPH because public finance is even more specialized than energy.
Macquarie TMT (NY), PJ Solomon (NY) or Edgemont Partners (NY)
Hmm… probably PJ Solomon, but I don’t know much about Edgemont Partners (reputation seems questionable?).
MS Country Coverage (in my home country: Germany) or BofA LND for FT?
I would probably pick BoA London because of the location and presumably better exit opportunities.
Hi Brian, what will be your thoughs on:
CS (Structured Finance) vs SocGen (Power & Utilities), both in London?
I would not do Structured Finance unless you want to stay in it for the long term because it’s quite specialized and doesn’t offer many exit opportunities. Power & Utilities is more general, even though SocGen “ranks” lower than CS.
Hi Brian,
What are your thoughts on Rothschild (M&A) vs. RBC (S&T) ? Both based in London.
This one is less about the bank differences and more about IB vs. S&T. These days, probably ~80% of students are better off picking IB unless they are interested in something very specific within S&T.
Rothschild (NY) vs. Lazard MM (NY) vs. Oppenheimer (NY)
I would pick Lazard due to the name. Yes, the MM group is different from the non-MM ones, but in the U.S., it’s still about the same as the other two banks here, and you could probably move to a non-MM group within Lazard after working there for a while.
Hi Brian,
I appreciate all the advice you’ve given in the comments. I have a platform offer at Wells Fargo in their IBD and was wondering if you had any advice on what group to push for. I have ties with CLT’s TMT and E&P office but I was thinking NY/SF would be better for my career. I was thinking of targeting NY’s industrials or TMT group as I was possibly interested in VC/PE. What do you think?
Any of those could work, but industrials at WF is always a good bet because WF is strong in capital markets, and industrial companies do a lot of debt deals. But I don’t think there’s a massive difference here, so pick the industry group you’re most interested in. CLT is better in a sense because it’s “the base” at WF, but NY/SF is better if you’re more focused on exits to those places.
Hi Brian,
How should I decide between JPM (NYC) and Centerview (NYC)?
JPM is better if you don’t know exactly what you want to do in the future, while Centerview is better if you want to stay in IB long term.
RBC LevFin (NYC) vs. Wells Fargo Generalist (?) vs. William Blair Generalist (Chicago) vs. Credit Suisse Generalist (NYC)
Probably CS because it still has the best name and brand within that group, at least for exit opportunities. RBC is rapidly rising, though.
Jefferies C&R (Charlotte) vs. Guggenheim Generalist (Chicago) vs. Barclays Unknown (NYC). I’m not that interested in the MF PE route so I’m approaching this from more of a career banker or UMM/MM PE route for the future.
Thanks!
I would pick Barclays because of the location and brand (and therefore the highest chances of getting into PE). Maybe you could argue for an elite boutique instead if you knew for sure that you wanted to stay in IB long-term, but it doesn’t sound like that.
Hi Brian,
Which offer would you accept – JPM (NY) or PWP (NY). I’m not sure if I want to go to corp dev or PE after banking. Thanks!
JPM if you’re not sure what you want to do.
Hi Brian, how would you rank the following:
CS/UBS NY vs Lazard Boston vs Guggenheim NY vs LionTree NY
Not sure there is a huge difference between those options, but I would say CS/UBS and Lazard are better than the others. Lazard is the best, brand-wise, but the Boston location is slightly worse than NY for recruiting purposes.
How would you rank the following if my long term goal is certainly VC and location-agnostic:
Lazard SF TMT vs Guggenheim NYC (with hopes of TMT group placement) vs LionTree NYC vs MS NY
Probably MS NY, Lazard SF TMT, and then Guggenheim / LionTree NYC about the same.
HI Brian,
Have 2 generalist offers from Jefferies NYC and Rothschild NYC for SA. Will likely have a Superday at GS/MS/JPM NYC and have a decent chance of converting. Whats your choice between Jeff and Roth and do you think its worth risking it for GS/MS/JPM?
In the US, I would probably pick Jefferies because Rothschild is not exactly an elite boutique there. Yes, I think it’s worth potentially losing the offer if you think you have a decent chance at GS/MS/JPM (if it doesn’t work out, presumably you can still recruit for other banks as well).
Hey Brian,
What should i choose for summer 2022 –
Nomura generalist (NYC) or DB generalist (NYC)
Hmm… about the same? Nomura might be a bit “safer,” though, so…
Got an IB internship at BMO in NY for Summer 2022. It is too early to decide as none of the other major IB’s had come to recruit on campus with majority recruiting in summer. What should I do?
Ask them if you can have more time, and if they ask why, say: “I really appreciate the offer. I received it very early, and it would not be responsible if I just accepted it without at least speaking to a few other banks. There’s no guarantee I will accept or even receive another offer, but I want to do a quick ‘market check’.”
Hi Brian,
If I want to do some form of software growth equity, can you rank the following?
Evercore (NY), Raine (NY) and MS (NY -generalist)
MS, Evercore, and then Raine. The bank name still matters more than anything else, so while Raine is a good firm, it’s just not as widely known as MS or even Evercore. And outside of finance, MS is better known than Evercore.
Evercore NY, Lazard NY, or CS NY FSG?
Probably Evercore or Lazard due to the names and greater versatility.
Hi Brian,
RBC NY (Generalist) vs Citi Houston (Energy) — internship?
For starters, I go to Stanford. I like Houston, because the city is a lot cheaper, and I like the perks of a smaller office.. At the same time, I don’t want to pigeonholed myself. I see myself more in tech/RE/healthcare/renewables PE. Also a pro is that Citi is a guarantee full time return offer.
** On a side note, is it common to say intern at Citi and then choose to reposition into NY/SF/etc…
Unless you want to focus on energy and stay in energy IB/PE, RBC is the better option. And it’s difficult to move out of Houston.
https://mergersandinquisitions.com/energy-investment-banking-houston/
They’ll make it hard to reposition because non-NY offices HATE when candidates do this
Hi Brian,
For a summer internship in London, would you recommend UBS S&T or Barclays S&T?
Thanks!
Barclays
Hi Brian, which group at Barcap NY: P&U, Industrials, or CRG? More generally, what are the exit opps for CRG? Thank you.
I don’t know enough about Barclays to say. Any of those could be good because they are not too specialized. I would just pick the industry you’re most interested in because deal activity will be similar in all of them.
Hey Brian,
Was curious to get your take on Guggenheim HC and if their rep/pedigree has risen a lot over the last couple years. That said, I’m weighing a FT offer from them but I was curious how you’d compare it to a potential offer I may get from CS M&T. Obviously one is in-hand so that may make the decision for me, but if I had both, would you go with CS? Also, do you consider Guggenheim to be an EB these days? Thanks!
I don’t know much about Guggenheim HC specifically, but if you do get both offers, CS is still probably the better bet. Guggenheim is borderline as an elite boutique (https://mergersandinquisitions.com/elite-boutique-investment-banks/) – because its reputation is sort of volatile.
For a summer associate position, would you pick GS TMT or JPM Tech? Both offers are in NY and I like both teams that I have met throughout the recruiting.
That is a tough one, but GS TMT is commonly viewed as one of the two “best” groups in the IB industry, so I think it beats out JPM by a hair.
Thanks for your informative article, Brian. I also had a quick question –
I have offers from Lazard ECM Advisory (London) and Citi TBD Sector Coverage Group (London). Could I please ask which you recommend? Thanks in advance for your time and advice
I would pick Citi because sector groups almost always beat ECM in terms of skills learned, deal exposure, and exit opportunities.
Hi Brian thanks for the article.
I’m deciding between Moelis (Generalist), Macquarie (Infrastructure Advisory), Gleacher Shacklock, Barclays (IBD). This is all for London.
Thanks
Moelis or Barclays are probably best unless you want to specialize in infrastructure.
Hi Brian,
CS IBD or UBS IBD both in Asia?
About the same in Asia, but CS is probably stronger overall and has a better reputation worldwide.
Credit Suisse IBD (Europe) or GS IB Financing (Asia)?
I would probably pick CS IB if it’s CS IB vs. GS ECM or DCM.
Credit Suisse IBD, Citi IBD or Morgan Stanley Global Capital Markets, all for Asia. Thanks!
Probably CS because it’s stronger than Citi for M&A in Asia. MS is obviously the best brand name, but you’re probably better off overall in a coverage or M&A team.
Rothschild summer internship (London) vs Barclays summer internship (London)
Neither have team confirmed.
I’d say Rothschild is definitely stronger than Barclays in London (not true in other regions), so that’s an easy one.
Hi Brian,
I’m trying to choose between BAML SA (IB) and PJT FT (generalist). Would be glad if you could help.
I think you have to take the FT offer in this case because of the extreme amount of uncertainty in the current environment.
Hi Brian, thank you for the great resources.
How would you choose between Top 3 Equity Research (NY) vs HLHZ TMT (non-NY)?
I’ve always wanted to do banking, due to its broader exit ops, but I’m wondering if the location and size (HLHZ being more of a MM shop) would make the ER offer more attractive, considering if I keep recruiting for lateral hire? I want to keep my options open for PE/HF later.
I would say they’re about the same, but HLHZ TMT may be a bit better because you’re at least working in investment banking in that case, and that at least gives you opportunities that you would not get via ER (assuming you do not end up transferring to a larger bank). NY vs. non-NY works against HLHZ a bit, but in the current environment, with everything remote, I’m not sure it matters as much.
BaML global markets (London) or CS Global Markets
Pretty similar, but BAML is probably ahead slightly if you consider all its groups in London.
I am trying to choose between Credit Suisse IB Generalist Summer Analyst Role or BlackRock Corporate Strategy & Devlopment. The BlackRock role means I work directly with senior leadership to analyze and execute growth opportunities for the whole of BlackRock from M&A to strategic partnerships.
I am not sure which route to take because seeing the teams at BlackRock most are ex-Goldman or ex-BofAm bankers and so I question if I am going to end up at a firm like BlackRock late down the road should I not just go there first instead.
However pay is lower at BlackRock and worried its not client facing (front-office) like IB is.
Please help!
I would definitely recommend the CS role here. An investment banking summer internship beats anything else, except maybe a PE/HF internship at a large fund if you want to start out in one of those.
Most people associate BlackRock with asset management, not IB, so it will be more difficult to end up in IB/PE/HF roles later on if you take that internship.
BlackRock might make more sense if you want to stay in corporate strategy/development and you’re not interested in IB/PE/HF roles, or you just want to stay at BlackRock the firm for the long term.
Is BlackRock FIG (in London) a good place to start out? I accepted it over an offer from JP Morgan in AM.
Well, what is your goal? Do you want to stay in AM or move to an AM-related role? If so, yes, BlackRock is good.
I think AM is my main interest, and I would be interested in HF down the line, potentially post MBA.
Then yes, the AM offer makes sense.
GS TMT vs. MS Generalist?
They’re both about the same. I guess GS TMT is slightly ahead because it’s one of the strongest groups there, while some MS groups are not quite as good. But it really depends on the industry you want to focus on, if any. If you don’t care about tech that much, then a Generalist role is better.
any tips for summer 2022 recruiting if you have a sophomore internship at a bb and a one week program at a pe firm? as in, what boutique and top bb firms should i look at? is pe right out of undergrad a good path for me
Just apply to all the top banks and network for roles there. We do not recommend PE straight out of undergrad for the reasons discussed here: https://mergersandinquisitions.com/investment-banking-vs-private-equity/
Hello Brian, I hope you are well.
How would you pick between London SA offers of JP Morgan and Lazard.
For a bit of background: I don’t know what team I’d be at for either and I wanna stay in finance but not investment banking: probs go into PE
They’re both about the same. JPM may be slightly better, but there’s almost no difference, so you should probably pick based on the people you know or have met at each firm.
Hi Brian, how would you rank between London SA offers at: PJT, Lazard, BAML.
All offers aren’t group specific and I wanna go into PE long term
Many thanks
I don’t know, they’re all about the same, but PJT and Lazard are probably slightly better than BAML in London. However, I think PJT is strongest in Restructuring and not as strong in general M&A, so the others may be better if you want generalist M&A deals.
How is Wells Fargo Charolote exit ops? What coverage groups at Well Fargo have the highest deal flow?
Anything debt-related or any group that does a lot of debt deals, such as industrials. Charlotte is fine, but not as good as NY for exits because of the location.
UBS M&A NYC vs JPM O&G Houston
I would probably go with UBS in this case just because you really don’t want to get stuck in Houston during a downturn/collapse in the energy market.
Hi Brian,
For SA, do you have input on best groups in terms of exit opportunities at Barclays (London)?
Cheers.
Sorry, don’t know enough about the group to say. I would base it on recent deal activity and anything that bankers have shared with you – it’s more reliable than searching online.
For SA: RBC NY vs. CS NY?
RBC seems to be seriously growing over the years whereas CS IB is declining in the US? Everyone I spoke with at RBC was great, good sense of culture, and I felt like I clicked with them a lot. Interactions at CS were just the same as other banks I interviewed with, but of course still a very global brand.
At this point, RBC might be the better bet, especially if you liked the team more.
Jefferies Charlotte TMT Group vs Greenhill NYC
I believe Greenhill is on the decline, so Jefferies is probably better in terms of deal flow currently. Charlotte isn’t an ideal location, but you should still be able to recruit for East Coast-based buy-side roles.
Citi Chicago Industrials IBD vs Goldman Sachs NYC structured finance IBD
I am a lateral analyst from mm bank
I would probably pick Citi because structured finance is very specialized and may not lead to traditional exit opportunities. But if you’re OK with that, GS and NY are better on a name and location basis.
Thanks, would I still be able to recruit for traditional UMM/MF PE or growth equity roles out of structured finance?
Unlikely because structured finance is very specialized. See some of the comments here: https://mergersandinquisitions.com/structured-finance-careers/
Credit Suisse LA (sponsors/levfin) vs. Evercore MP (tech) vs. BAML PA (tech)
Thanks for the help!
That is a tough one. I would say Evercore is slightly better than the others if your goal is to stay in finance.
BAML Chicago (Industrials) vs Goldman Sachs LA (West Region Advisory)- deals with clients outside of tmt (slightly mid-market focused)
I would pick BAML Chicago unless you really want to be on the west coast. Yes, GS has a better name, but Chicago is better for exit opportunities, especially into industrials-focused buy-side firms.
Citi (Industrials- Chicago)- Solid group with 5 SMDs, Evercore (M&A- Chicago)- 3 MDS, Finaco NYC Consumer, Soc Gen NYC or Point 72 (Hedge Fund)
I also wanted to add Raine Group (NYC)– very lucky to be in this position at this time but want to make sure I make the safest choice
Also wanted to add Ranie Group NYC. Understand that I am very lucky to be in this position right now but wanna make the correct choice
Those are all great options. I would say Evercore is probably the “best” in terms of brand name and because M&A is not specialized and works across industries, which means lower risk going into a recession.
But if your long-term goal is the hedge fund industry, Point 72 is probably the best option and the most direct way to get there.
You could make a case for Citi being the “safest” since they announced that all interns this summer will receive FT offers, but I doubt that will apply to internships next year. Also, industrials deal activity will still probably be quite low by then.
Thanks a lot Brian- I really appreciate it. I am somewhat interested in PE/GE as well rather than only HFs- would choosing between Citi and Evercore then be the best option here? Thanks.
Yes, Citi vs. Evercore is the relevant decision in that case. Evercore might be marginally better for PE, while Citi is better if you might want to do something outside of finance.
BAML Industrials NYC vs JPM Media NYC
JPM because some media companies may survive the virus crisis/depression, while most industrial companies are screwed.
Thanks– these are for internships so if I were to not consider the impact of the virus would you still go with JPM media?
Yes, as JPM is still somewhat better than BAML brand-wise. The only reason to go with industrials instead is if you want exit opportunities that are more credit-related or specifically focused on industrials rather than media. But these are both great options, and I don’t think there is a 100% clear winner.
How about DB Transaction Banking (full-time return offer) vs JPM Treasury summer internship (transaction banking equivalent) both in HK?
Would love to hear your thoughts Brian! Thanks for answering.
I would probably take the FT offer just to reduce uncertainty. Yes, JPM has a better “name,” but rankings in Asia are slightly different anyway, and you’re taking a risk if you turn down a FT offer for an internship that may or may not convert.
DB NYC (LevFin) or RBC M&A/LevFin — DB’s LevFin is still very strong but am worried about the future and prestige for exit opps/lateral.
I would still pick DB if your main concern is future opportunities. RBC might be better if your main concern is receiving a full-time offer since the DB situation is much less stable / and DB is declining while RBC is growing.
Hi Brian,
Thanks for making this. What’s your thoughts on UBS vs DB vs Jefferies. All in NYC.
If it’s one of the top groups at Jefferies, such as Healthcare, you’re probably better off there (same if it’s industry or M&A there vs. ECM/DCM at UBS or DB). But for a generalist assignment or cases where the group is about the same in terms of deal flow/exit opportunities, DB is still probably slightly better than UBS and Jefferies… even with the weakened state of European banks.
Thanks for the response, Brian. If I were to add Perella Weinberg into this mix, would you still recommend Jefferies?
In that case, I would probably accept PWP since most people consider them an “elite boutique,” and since most people would say that an EB beats lower-tier BBs as well as MM firms (https://mergersandinquisitions.com/elite-boutique-investment-banks/).
Hey Brian, post MBA IB: MS Generalist (London), Citi Healthcare (London), JPM Consumer (NY), Evercore M&A (NY). Intend to stay in finance/ transition to PE and care about prestige and learning.
Those are all great options, but I would say JPM Consumer (NY) is best because it’s a fairly broad group, NY currently beats London due to the Euro area slowdown and Brexit uncertainty, and JPM is better than Evercore if you ever change your mind and decide to leave finance.
Hi Brian – I had a question regarding these three offers. Centerview SF Generalist vs Centerview Palo Alto Tech vs MS Menlo Tech (Probably coverage maybe M&A). I like technology, and while the generalist program in SF gives some exposure to tech it might be a more rounded experience. PE/VC is probably the goal. Thanks a ton, you’re always a great help.
They’re both good, but MS has the stronger brand name outside of finance. So it depends on what you value more: optionality outside of finance careers, or the learning/deal experience and culture.
Either one would work well for exit opportunities, but you might have a slight advantage at MS because of the brand name.
Hi Brian,
Great post. I am an MBA student and have been fortunate to receive summer internship offers from MS (Generalist) vs. JPM (Technology) vs. Evercore (M&A). I know it is difficult to get into PE, but if I were to try, which do you think would provide the best opportunity?
At MS, I would try to place in M&A, Media & Communications, or Technology.
Thank you,
Eric
MS or JPM would both be good, not sure there’s a clear winner or way to decide there. Evercore would be good at the undergraduate level, but it’s usually tougher to move into PE from an elite boutique post-MBA role.
GS summer internship vs BNP Paribas full-time offer (both London)?
Is the prestige differential such that it would be worth dismissing the security of a full-time offer at BNP to try and secure a full-time at GS via the internship?
What would you do?
I would still pick GS in this case because if you do not win a full-time return offer there, you could always recruit for other banks that are below GS in terms of reputation.
But if you go to BNP, you’ll have to wait 6-12 months to network and start recruiting at other banks, assuming you want to move to GS/MS/JPM or similar. And it’s generally more difficult to recruit for lateral roles there than it is to convert a summer internship.
So… maybe not a clear-cut decision, but I would still lean toward the GS offer.
At what point (IE ranking/prestige of bank) would you give up the GS SA offer for a full time offer?
To give a few examples:
– Jefferies FT or GS Summer?
– HL FT or GS Summer?
– Would you take a GS Summer over any BB FT offers? (obviously not MS/JP but how about the others?)
Any BB or EB FT offer is worth accepting over a GS SA offer since they are roughly the same level (yes, OK, you can argue that GS/MS/JPM are ahead of the others, etc., but they’re still not that much different).
But if it’s an FT offer at a MM bank or regional boutique or something like that, then you should probably accept the GS SA offer, knowing that you could always go back and recruit for those other smaller banks if you don’t win a full-time return offer at GS.
BNP is obviously not a MM or regional boutique bank, but it’s also not in the EB/BB category, so by default, it’s still probably better to take the GS summer offer.
Hi Brian, I’m choosing between internship offers in London:
RBC vs Harris Williams vs DB.
Heard RBC have been doing well recently, obviously DB is not but it is still a BB. HW do a lot of work with sponsors and I’ve heard have decent analyst placement into MM PE firms, however not confident in their Europe prestige.
Main concern would be converting to FT (could be potential problem for DB), and maybe after the internship moving to a top BB/EB. And also full-time salary, prestige and exit ops to PE.
Tough one, but I would probably go with RBC if your main concern is winning a FT offer just because the DB situation is currently unstable/unclear what’s going to happen next. RBC is worse for PE recruiting, but unlike DB, it is growing its IB franchise. And you could easily move from there to a BB/EB after.
Thanks Brian, really helpful. And I guess there’s no contest between RBC and HW?
Can I also throw HL into the mix (M&A only, not Rx). How do they compare to RBC in London?
I think they’re both solid options, but RBC is stronger in Europe. For what it’s worth, DB has much more deal volume than RBC in Europe, but there is higher risk of not getting a FT offer there. HL appears to have more deal volume and more of a presence than RBC in London. So, even if it’s an M&A offer and not Rx, you might be better off with HL.
Hi Brian, have some tough choices. JPM Markets vs UBS Markets vs Santander DCM or Fixed Income Sales & Trading vs BNP FIC vs BNP Markets. All NYC opportunities. Future career direction in HF, AM, Startup and Corporates outside of Finance…I want to sign with JPM but have some concerns in regards to its low return rate and culture. Thanks.
Without knowing much about those (we don’t track S&T that closely here, just the occasional article), I would say JPM is your best bet. I don’t know, even if the return offer rate is lower than the others, I don’t think it’s a great idea to accept UBS, Santander, or BNP over JPM in the current environment. Maybe if it were something like JPM vs. Citi or CS, and you knew the return offer rate was much higher at Citi or C, sure.
Look at it this way: even if you don’t like it or don’t get a return offer from JPM, you can probably take the internship and recruit for roles at any of those other banks… but it would be difficult to do the reverse.
Hi Brian, really appreciate ur help. I talked to one senior in JPM and he mentioned the return rate was around 70-75%. Is it a good number?
Yes, that is a high return offer rate.
JP Morgan IB NY (generalist) vs. Evercore Life Sciences (Menlo Park) … have an interest in healthcare
I would still pick JPM in this case because healthcare is not that specialized (so no bonus points for working in a specialized group the same way it works for FIG or Energy), and you leave open more options by going to a generalist role in case you ever change your mind. If you join a life science-specific team in a smaller office, you’ll limit yourself more to healthcare opportunities in that area.
Hi Brian,
I was fortunate to receive offers from both MS and EVR in the SA 2020 recruiting cycle and had a difficult time making a decision. In the end, I signed with EVR as I felt a closer connection to networking contacts there and believed it to be a strong cultural fit for me. While I can’t go back and change my decision, I’ve begun to doubt picking EVR as I’ve received considerable pushback from people close to me (family – no finance background & love MS name, close friends also pursuing IB, fellow club members, etc.) How would you think about SA offers at EVR (M&A) vs. MS (assume C/R, Transpo, Industrials placement) on exits, prestige, culture, analyst camaraderie, etc.?
Thanks
Again, it’s a pretty simple decision: do you want to stay in IB or other finance roles for the long term? If so, then Evercore is the same or better than MS (probably better if you want to stay in IB long term).
If not, and you are interested in working at normal companies in the future, then MS is better because it’s a more widely known name outside of finance. I wouldn’t go by family with no finance background as they don’t know enough about the hiring market to say anything useful.
Hi Brian,
I have offers from Rothschild (FT, London) vs BAML (FT, London). Any advice on which one to pick?
Thanks
Tough one since Rothschild is effectively an elite boutique in Europe. So I think this one comes down to the normal rule – do you want to stay in IB/PE for the long term? If so, go with Rothschild. If you’re potentially interested in normal companies, startups, or anything outside of finance, BAML is probably better due to the brand name and reputation elsewhere.
harris williams food and bev (minneapolis), mizuho healthcare (NY), stephens consumer (ny), cantor fitzgerald (ny). not 100% sure but thinking PE long term as of now
That is a tough one. The NY-based opportunities are definitely better for PE, but I don’t know if there’s a huge difference reputation-wise between those 3. So I would probably decide based on the people in each team, as consumer and healthcare are both good if you want to move into PE.
I’m interested in PE for long term. In short term, I have offers from JPM (NY) no group specified yet or PJ Solomon (NY) in M&A.
I would go with JPM here since PJ Solomon, while a good firm, is not really in the same class as the BB and EB banks.
How hard is it to recruit traditional PE (east coast) from GS TMT SF?
It’s doable, but more difficult than if you were based in NY just because of timing and the need for live interviews. Most people who end up at the PE mega-funds in NY are working at banks in NY.
HI, brian
Was just wondering how to choose between the following: Rothschild M&A (Lon), CS (Lon) (no group specified, preferably M&A within IBCM) and BAML M&A (Lon) for SA positions?
Am unsure about based on conversion rate to FT Analyst in London/ exit prospects from each.understand that the BBS are prestigious but rothschild seems to be doing vry well iin the Europe m&a space.
Thanks
If you want to stay in finance long term, I would probably pick Rothschild because of its strength in Europe, where it’s essentially an elite boutique. If not, BAML and CS in London are pretty similar. But if BAML already said you’ll be in M&A for sure, that might be better than taking the risk of picking CS and not getting the group you want.
what do you mean by in finance – is this about remaining in ibd for the long term or also talking about other exit areas of finance e.g. PE (or are u suggesting the BBs are better for this)
IB/PE/HF
Greenhill or Guggenheim or Citi ?
Are they all in the same place and for the same group? If so, I would probably pick Citi if you’re not sure what you want to do long-term. If you want to stay in IB, one of the boutiques might be better. Greenhill has had issues recently, but overall it’s probably still a bit ahead of Guggenheim.
Moelis NY, MS Generalist, or Bank of America Lev Fin NY
I would probably go with MS Generalist because MS has the best brand name, especially outside of finance, and so you’ll have the most options for both finance and non-finance exits. But you can’t go wrong with any of these, so if your long-term goal is IB, maybe Moelis is better (assuming you can survive the culture/hours there…).
Guggenheim IB v. MS IB v. MS cap markets
I would definitely pick MS IB here because IB almost always beats capital markets (at least in terms of exit opportunities and assuming you don’t care about a better lifestyle), and MS has a better brand/name than Guggenheim.
Evercore M&A NY vs Guggenheim M&A NY
Also, very confused about why Guggenheim seems to have entirely conflicting information out there on how good it is for exit opps – they do extremely high profile deals and seem like they should be considered a lot better than they are. Is this because of huge (relative to EBs) analyst class size/generally less desirable analysts for whatever reason? And is Guggenheim considered an EB?
I would pick Evercore simply because there is so much conflicting information about Guggenheim. From what I can tell, they do provide solid exit opportunities but they seem to be more “random” than what you see at other banks. I would guess it has something to do with the large class size and the variable analyst quality. Debatable whether or not Guggenheim is an elite boutique, some would say yes, others no, but I don’t really think it’s in the same “tier” as Evercore/Lazard/Moelis (I hate ranking banks, but you get the idea).
Hi Brian,
How would you choose on DB (M&A) vs Rothschild (generalist) vs Evercore in Continental Europe (Germany)
These days, avoid DB at all costs, so Rothschild or Evercore would be better. I believe Rothschild might have the advantage in Europe but not 100% certain about Germany specifically.
PJ Solomon Generalist (NY) vs Financo Retail (NY)
I would probably go with PJ Solomon here because it’s bigger and better-known, and I’m not sure the retail focus of Financo is great at the moment with the state of the retail industry.
Ms London Fig (focus on fintech) Vs JPM Chicago (Industrials
I would go with JPM Chicago here because the industry group is broader and you won’t be pigeonholed as easily in terms of exit opportunities.
Hi Brian!
I am deciding between DB and Jefferies (Both in NYC). I am still unsure which group I would be in, but I have a strong connection with someone senior at DB which could help me land a better group.
Tough one, but I would probably lean toward Jefferies just because there’s a decent chance that DB breaks up, merges, or otherwise goes through big structural changes, which is never a good sign. It may not matter if you don’t want to stay there long term, but there seem to be rumors about this happening every day…
Centerview Palo Alto (Tech M&A) vs. BAML Palo Alto (Tech Coverage) vs. DB Sponsors (SF)
Could you take a look at this? I think it’s an interesting decision given the EB vs BB difference, and also given that BAML separates M&A and coverage in their PAL tech group, while the sponsors group arguably being good for exits.
I would probably pick Centerview in that case because it’s arguably just as strong as BAML for finance exit opportunities, and tech M&A is a bit better than tech coverage. I would be worried about DB’s solvency at this stage, and Sponsors is not necessarily the best group for all exits.
The only reason to pick BAML instead is if you are more interested in exit opportunities like corporate finance/development at normal companies.
MKlein & Co (NYC) vs William Blair (Chic)
I would go with William Blair. MKlein is in the “up-and-coming potential elite boutique” category but hasn’t been around long enough to prove itself yet…. despite some high-profile deals.
GS TMT SF vs Moelis NY vs BAML Sponsors NY
Tough one… but I would probably go with Moelis if you want to be a generalist and target a wide range of PE funds or other PE/HF exits, but GS TMT SF if you want to recruit for startups/VC/tech-focused PE (e.g., Silver Lake) or growth equity.
Hi, I’m a sophomore undergraduate in HK. I’m aiming at HF eventually.
Now considering several opportunities for this summer. How should I rank these offers?
I would like to maximise my chance to land an investment banking or equity research or even a HF intern directly next summer. I am not sure if going from S&T to HF is possible, if yes, then i’m more interested in S&T than IBD cuz I like secondary markets more.
1. Wells Fargo CIB FIG (should be doing traditional banking instead of investment banking coverage)
2. ING Bank DCM
3. Santander Trading
4. Invesco Multi Asset Research
Thanks so much
I don’t really know what to tell you because you’re asking about 3 different fields – IB, ER, and HFs are all different and the best offer depends on which one you want to pursue.
If you want to do S&T, take the Santander Trading offer. If you want to do IB, probably the ING Bank DCM offer. If you want to go into a hedge fund directly next summer, the Invesco offer.
JPM Chicago- Industrials vs MS- NYC- FIG
I feel like NYC gives more opportunities but FIG definitely pigeon holes you
I would definitely go with JPM Chicago unless you really want to be in FIG long term. Otherwise, it’s too easy to get pigeonholed, especially since most headhunters don’t understand that not everything in FIG has specialized accounting/valuation.
Barclays Generalist IB (NY) v. Perella Weinberg M&A (NY) v. Citi Tech (SF)? Looking for best exits (regardless of industry focus/location)
also…
Accepting an offer from one of the aforementioned banks or declining and waiting for Goldman Sachs, Morgan Stanley, JPM to start their processes?
I would say Citi Tech (SF) is probably your best bet, but Barclays might be better for non-tech or non-west-coast roles. If you have those 3 offers, I don’t think it’s a great idea to decline and then wait for GS/MS/JPM to begin their processes. Yes, they’re “better,” but the recruiting process is very random and 3 banks is not a large sample size.
BAML Healthcare (NY) vs Perella Weinberg Healthcare (NY) vs Perella Weinberg Healthcare (SF)
I would say BAML because it’s a bigger firm with more of a brand name outside finance… and NY tends to beat SF unless you want to focus on tech.
Moelis (NY) v. Lazard (NY) v. Guggenheim (NY)?
Tough one. Moelis and Lazard are about the same, so I would just based this on the people/team.
Hi Brian,
Have summer analysts offers at both Greenhill (Generalist, London) and Credit Suisse (FSG & LevFin or TMT, London).
Which one should I pick? I am confused
Thanks!
I would probably go with CS in the LevFin or TMT teams because they’re the most “general.” Greenhill might be better if your long-term goal is IB.
BAML SF TMT vs MS Chicago Industrials
Tough one. I think it comes down to where you want to be long term… if you want to be on the west coast, BAML SF, if you want to be on the east coast/NY, MS Chicago is a better option.
Uncertain between summer offers: GS S&T London (rotation in rates, FX, EM, and equity derivatives) vs JPM M&A London. Which should I choose given that I want to join a hedge fund and become a PM there? I know before 2008 S&T would have been the clear answer but now that it is mostly market making and that recruiting for HFs has shifted in favor of IB I really do not know which one I should
choose. Can you help?
I’d say it really depends on what you want to do at the hedge fund: execution trading or investment analysis? If you want to be a trader, go with the S&T offer. Yes, S&T has gotten worse over the years (see our recently updated articles on Equities and Fixed Income), but it’s still the best way to win trading roles at HFs. If you want to do fundamental or event-driven analysis, the IB offer is better. Plenty of traders still move into hedge funds even though the industries have declined.
Hey Brian! I am deciding between three full time offers in London. Which one would you pick between Moelis and Lazard (both mixture of restructuring and M&A) and JP Morgan M&A. I am very interested in distressed and restructuring but not 100% sure yet. Does JPM have a significant brand name advantage over Moelis and Lazard. How does Lazard stack up to Moelis in London. Which bank has the best exit opps among those three. I am 100% sure I want to stay in finance but outside of IB, just do not know if I want to join a HF or a PE firm. I am not interested in corporate development or any other type of exit opp.
To me the biggest unknown seems to be Moelis London, when speaking to fellow classmates it seems clear that JP>Lazard, however when mentioning Moelis some people claim it is the best among the three while others rank it as the worst. What is the truth? How are the exit opps there?
If you are certain you want to stay in finance, then JPM doesn’t really offer advantages over elite boutiques. I don’t know offhand how Lazard and Moelis compare in London, but I believe Lazard has always been strong in EMEA while Moelis is newer. Looking at the EMEA M&A league tables, Lazard is in the top 5, beating many BBs, while Moelis doesn’t appear in the top 20.
That’s not conclusive evidence, but it’s a pretty good sign that Lazard has more overall deal flow in Europe than Moelis, meaning the exit opportunities are likely better. But, overall, JPM still wins for exit opportunities because of the brand name outside finance, the networking, and the broad options from it.
Deciding between Citi, CS, and Barclays generalist IBD summer offers. Prioritizing exit ops into PE. Leaning CS but what are your thoughts?
That is a tough one, but if these offers are in NY, I would probably lean toward Citi because U.S.-based banks have performed better than European ones overall and still tend to give better access to exit opportunities.
William Blair Chicago vs Rotschild NY vs Guggenheim NY
I would probably pick Guggenheim NY due to the location and somewhat better access to recruiters/exit opportunities. Rothschild might be better if you were in London.
Any thoughts on Guggenheim NY vs BMO Chicago for summer associate? Really liked the people at BMO Chicago but not sure if I would be giving up a better opportunity at Guggenheim NY.
I would go with Guggenheim because it should give you better exit opportunities… maybe not a huge difference over BMO, but significant enough to notice.
Brian,
Been following your writings on M&I for a good while now – thank you for putting out quality content.
I’m considering two offers for summer associate roles (MBA): Wells fargo & RBC Capital markets
Wells Fargo is a platform offer, followed by a sell-day in charlotte. there is alot of ambiguity here because i may be placed in either charlotte or NYC, and can be any just about any product or coverage group.
RBC Capital markets is for a generalist role in NYC) however, i have a good relationship with an alumni banker here who’s got good tenure in M&A – and will pull me into this team post summer should a full time offer come through.
At this point, i’m not sure if I will be a lifetime banker, but i’m not ruling that out. I know PE recruiting post MBA is very tough, but I may try to pave a way there too eventually.
What would you advise? what do you think is the better offer?
I would probably go with RBC because certainty over being placed in M&A in NY beats possible placement in some other team in Charlotte. People claim the RBC exit opportunities are “bad,” but I’m skeptical of that claim (RBC has improved over the past few years, and you can still get into PE from there). I’m not sure there’s a huge difference vs. exit opportunities from Wells Fargo in Charlotte.
For MBA recruiting (summer associate): Morgan Stanley (NY-generalist) vs. Lazard (NY-TMT)?
I would probably pick MS because it gives you more options if you want to do something outside of finance in the future.
Guggenheim (generalist NY) vs Rothschild (generalist NY)?
Thank you
Close one, but I would probably go with Rothschild, at least if you’re interested in M&A or potentially Restructuring. But I don’t know that there’s a huge difference, and online reputations seem similar.
BAML London (M&A) vs Citi Houston (energy).
From a geographic perspective, I think the American opportunity is better but M&A is more interesting to me than energy- would appreciate any help
If you don’t want to specialize in energy, pick BAML London because energy is difficult to get out of once you’ve started down that path.
MS LatAm (NY) vs CS LatAm (NY) ?
LatAm rankings change every year, and brand name in the region is not that important. But, assuming: (i) this is an MBA internship and I will graduate from a top b-school; (ii) I want to stay in the US from the long-term (finance industry but not necessarily in IB); (iii) I like people at both teams; (iv) MS has a leaner team (more responsibilities and client exposure as an associate) and CS has a bigger team and more senior bankers to learn from; (v) MS does more cross-border and advises buyside (PE) whereas CS is more wealthy families-oriented (and I like the former better).
I would say MS is slightly better in this case due to name/reputation, smaller team, and more traditional IB work.
GS Chicago-Industrials IB chic vs CS IB TMT nyc
I am attracted towards GS name and group but feel like nyc is better for exits. What would you advise? Thanks
Tough one, but I would probably pick GS Chicago for the better name. It will still be feasible to interview for NY-based roles from Chicago (it’s easier than interviewing for NY roles when you’re on the west coast).
UBS Generalist (Frankfurt) or CS (London, no group specified yet)
Not sure regarding the influence of Brexit on conversion rate of Interns to FT Analysts in London.
I would pick CS London because it’s always better to start out in a financial center if you can. Yes, Brexit may change things long term, but not in the immediate future.
Should I renege on an accepted offer for Bank of America (Global Wealth & Investment Management) in Tampa, FL for a Prime, Futures, and Securities Analyst position at Citi in NYC?
So, the BoA offer is for Wealth Management in Florida, and the Citi offer is for Sales & Trading in NY? If so, yes, it probably makes sense to renege in that situation since S&T gives you better prospects and NY is much better if you want to stay along the IB/PE/S&T/HF track.
Thanks so much! Do you have any advice on how to renege without burning any bridges in case I later want to work there?
You are going to burn bridges no matter what you do. It’s like trying to “break up peacefully” – relationships just don’t end that way. Keep it short and sweet and do it via email, if at all possible.
William Blair Investment Banking- Chicago vs Baird Investment Banking-Chicago vs Goldman Sachs NY- Securities Division
I would almost certainly pick GS just because of the brand-name/reputation/location… even if your long-term goal is IB, it’s still better to start out at GS in NY. And if your goal is S&T or HFs or AM or something like that, S&T is a better option than IB.
Full time offers in BAML FIG versus MS Tech both in London. The culture seems to be much better in BAML, but the brand seems to be stronger with MS. Which one would you think is a more logical choice?
FIG is specialized and will make it difficult to move into other groups afterward, so unless you really want to specialize in FIG, the MS Tech offer is better.
Hi! I’m considering Wells Fargo Capital Finance (Charlotte) vs. Capital One Business Analyst – Product Management and Analytics for the summer. I don’t actually know what location Capital One would be at since I haven’t had my final round yet. However, I’ll find out the decision right before my WF offer expires, so I’d like to figure out which one I’d go for if I had both options ahead of time. Thanks!
Sorry, I blanked out while writing the comment. The WF position is in Minneapolis.
I would probably go with WF because it sounds closer to investment banking, assuming that is your long-term goal, and can be spun into sounding like a corporate banking role, which is fairly close. The location is a drawback, but it’s just an internship so may not matter much.
I got the offer from C1 for McLean, VA. I’m not sure that I want to go into investment banking and would like to keep my options open. Does that change your suggestion? Also, C1 pays significantly more than WF which isn’t that important for the summer, but could be if I got a return offer (very likely at C1, ~65% likely at WF).
I would still favor WF because “Business Analyst – Product Management and Analytics” sounds like more of a tech or middle-office role rather than a client-facing/investing role. Though I’m not sure exactly what it is from the name.
Hi Brian,
JP Morgan IB Generalist (London) vs Morgan Stanley IB Generalist (London). I am wondering which one is the best for PE exit ops.
Nearly the same, so that’s a tough one. However, JPM is ahead in terms of deal flow (even though, really, MS, GS, and JPM are all about the same), so I would lean toward that assuming you like the people in both.
Hi Brian,
PJT (Generalist – M&A and RX) vs. MS (Media & Com), both in London
Both seem about the same. MS is better if you want more options outside banking/finance, PJT is better if you want to stay in banking long-term.
Hi,
I received offers for graduate programmes at DB (London), Macquarie (Generalist – London) and Jefferies (London)
I was wondering which one has the best Consumer Retail and TMT teams and best exit ops for PE.
Thanks,
DB is the strongest for PE simply because it is a larger bank than the others that tends to work on bigger deals. It’s probably stronger for both those groups as well, though I haven’t seen much real data on industry-specific European rankings, so can’t say for sure.
Hi Brian,
UBS IB generalist vs. JPM S&T (both in NY)
Thanks.
It depends completely on whether you want to do public markets roles or deals roles. UBS if you’re interested in IB/PE/corp dev roles, and JPM if you’re more interested in S&T, portfolio management, global macro hedge funds, etc. UBS’ reputation has gotten worse, but I still don’t think that’s a reason to take JPM over UBS if you actually want to do banking or other deals-roles.
Thanks Brian. I would assume it’s nearly impossible to swtich from S&T to IB once you’re in the field?
I have generally been more interested in IB but when I weigh lifestyle and other things I’m not completely set in stone.
It’s not “nearly impossible,” but it is more difficult, and you have to do so quickly to have the best shot. It’s always easier to change your mind when interning than to do so in a full-time role.
PJT M&A (New York) vs J.P.Morgan (Houston-Energy)
PJT unless you really want to focus on energy. Otherwise, energy is too specialized and will limit your exits.
Hey Brian,
Wanted your opinion on Goldman Sachs (NY) Securities division vs Wells Fargo (Charlotte) Investment Banking
I think that one really depends on whether you want to do S&T or IB… they’re very different, and these days prospects are worse for S&T overall (though there are still some opportunities for more complex products, coding/tech, etc.). If you’re very interested in a specific product/strategy, S&T could be better, but if you’re not sure what you want to do long-term, IB, even in Charlotte at Wells Fargo, is a better bet since you’ll have more options.
Dear Brian,
I am a European who ultimately wants to transition to the APAC region.
(1) JP Morgan Singapore (South East Asia coverage generalist, mostly M&A/ECM) vs. BAML London (no group specified)
(2) CS Singapore (South East Asia coverage generalist, mostly M&A/ECM) vs. BAML London (no group specified)
I guess it makes sense to go to Singapore, because I do want to transition to the APAC region, but then again London is much more of a financial center compared to Singapore.
What do you think?
Thank you!!!
If you want to work in the APAC region eventually, yes, it probably makes more sense to just start out there. JPM is probably a better bet than CS based on global deal activity, though I don’t know about SE Asia specifically.
Citi RE (NY) vs Citi M&A (NY) vs Citi Industrials (NY)
I would go with Citi Industrials because you’ll be exposed to the most different types of deals there. RE is very specialized, and M&A could also be good, but you won’t be exposed to debt deals as much in case credit exit opportunities are of interest to you.
JPM Chicago (Industrials) vs GS NY (Natural Resources)
I would pick JPM because Natural Resources is quite specialized and may limit your exit options… and I’m not sure GS even has a better brand than JPM these days. NY is better than Chicago in terms of other finance opportunities, but the specialization offsets that advantage.
CS NY vs Vista Equity Partners Texas
If I want to be in tech VC or corporate development, which option do you think would help best going forward?
I would probably pick CS NY here because it will give you broader options in general. Vista might be better if you were 100% certain you wanted to stay in private equity.
Qatalyst SF Tech, BAML Chicago Industrials or GS NY (Financing- so placement into groups like structured finance, lev fin, ecm)
That is a tough one. I would lean toward GS for the name/reputation, but if there’s a low chance you’ll get into LevFin, it may not be worth it because the other capital markets groups don’t have great exit opportunities.
So if you don’t think there’s a good chance you’ll end up in LevFin, I would probably go with BAML Chicago Industrials for better experience and a wider range of exits.
Qatalyst SF Tech might be interesting if you want to focus on tech and go for related exits such as tech PE or VC. But if you’re not sure exactly what you want to do or what industry you want to focus on, BAML is better.
DB (FIG IB, NY) vs NOMURA (Tech IB, NY) vs GS (Ops, NY)?
Nomura, not even close. GS has the best name but it’s a back-office role, so it’s automatically worse than anything front-office. DB and Nomura are about the same reputation-wise, but FIG is highly specialized and will limit your exit opportunities.
Thanks for a great article Brian! Super informative as always.
Deciding between Barclays Tech (Menlo Park) vs Citi Healthcare (SF), which would you say would have the best PE exits?
About the same, but I might give the edge to Citi.
Thank you Brian! Would you mind briefly explaining your reasoning?
Citi and the other U.S.-based banks have performed better than the European ones and are in a stronger position overall. Both tech and healthcare are good for relatively diverse exits. I would rather live in SF than Menlo Park because there’s more to do, it’s easier to get around, etc. So, slight edge to Citi, but if you happen to like the team at Barclays more, that could win out.
MS (Chicago- Industrials) vs BAML (NY-not specified). For exits in general (not sure if finance only)/ B School
Sorry forgot to add Citi (Sf-Tech)
vs Citi SF Tech
That is a tough one and I think it really depends on which industry you’re most interested in, but I would say MS is your best bet overall if you just want generally solid experience + the best brand name of all of those.
If you really want to be in NY rather than Chicago or you don’t like industrials, then the BAML offer is best.
And if you want to focus on tech and tech-related roles like VC, the Citi offer is best.
Hi Brian- thank you so much for the prompt reply.
Overall, from a pure PE/HF exit standpoint (not necessarily tech focused), would MS have a edge over the two or BAML due to the location. Thanks!
I would say they’re about the same because MS is better in terms of brand, while NY is better in terms of available exit opportunities… but it’s not that hard to go there from Chicago (much harder from the west coast).
Oppenheimer M&A (NY) vs UBS generalist (NY)
for full time
I would still say UBS because despite its relative decline, it’s still much bigger than Oppenheimer and works on bigger deals.
Thank you!
BAML LevFin (CLT) vs. Wells Fargo (NYC, generalist)
vs. Rothschild (generalist, NYC)
I would probably go with Wells Fargo here.
Thanks! Would you mind explaining why?
Wells Fargo has a stronger brand than Rothschild in the US (opposite of Europe), and NYC is a better location for exit opportunities than Charlotte. Also, being a generalist puts you in a somewhat stronger position for exits than LevFin, which gears you toward credit-related opportunities (not a bad thing, but more options is usually better). You could make an argument for BAML anyway under the argument that it’s a bigger bank with a stronger brand name/reputation and is still officially a bulge bracket, but I think the Charlotte location knocks it down a bit. Of course, if you don’t care about the location or don’t mind focusing on credit-related exit opportunities or you want to stay in banking long-term, then BAML could be better.
Evercore M&A vs. Evercore Restructuring?
Really depends on what you want to do in the future. If you’re not sure and want to keep your options open, M&A. If you want to work at a credit/distressed fund or in turnaround/distressed PE, Restructuring.
Hey Brian,
Deciding between BAML, CS, and Barclays IBD for SA 2019. At the moment, probably leaning towards CS, what would you pick for PE ops? (All NYC)
On another note, I have upcoming final rounds with GS classic, MS, Lazard, and Citi. However, for the most part, these superdays are after my deadlines, is it worth waiting, or too risky?
I would say BAML is the best of those, but it depends slightly on the group as well. I would not risk reneging or try to postpone your decision just to interview with those other banks.
I saw that you had MS CM above HLHZ M&A. Does that mean you think of HLHZ as more of a MM firm than a lower elite boutique? Also, could you give your opinion on HLHZ Chicago compared to mid-BB NY in terms of PE/business school placement?
Yes, I would say HLHZ, at least in the U.S., is not an elite boutique. It’s more of a middle-market firm. If you’re assuming generalist groups for both, the mid-BB NY role should win in terms of PE exits. I don’t think there would be a huge difference in terms of business school.
Hi Brian! I have three offers on the table for 2019 SA NYC. What do you think between Guggenheim (generalist) vs. DB (generalist) vs. RBC (M&A)?
Close one… I would probably go with Guggenheim if you want to stay in banking, and DB if you want to follow the usual IB to PE path.
Hi, Brian! Thanks for another great article.
I was curious how you would compare DB NY (generalist until the group selection process) with Lazard Boston (primarily tech M&A). Let me know, thanks!
It’s the usual EB vs. BB decision tree, so the answer comes down to how certain you are that you want to stay in IB/finance in general. If you are relatively certain, Lazard is better (despite being a satellite office and tech-focused). Otherwise, DB is better because it’s still better-known outside the finance industry, despite all the recent troubles there.
Hey Brian,
I received an offer from Evercore and accepted, but want to learn more about possible post-IB opportunities and when to start studying for GMA/CFA/PE recruiting…What do you recommend?
https://mergersandinquisitions.com/investment-banking-exit-opportunities/
https://mergersandinquisitions.com/private-equity-recruitment/
https://mergersandinquisitions.com/how-to-get-into-private-equity/
PJT RX vs MS Industrials
I would go with MS Industrials unless you want to work in Distressed/Restructuring long-term (sell-side or buy-side).
Qatalyst (SF) vs Morgan Stanley Tech (Menlo Park) vs Raine (NY)
I would go with Morgan Stanley Tech for the brand-name recognition. The others could be better if you want to stay in banking for the long term.
Really what If you’re certain you want to be in tech finance. Assumed exit opps here should be fairly similar.
I don’t think the exit opportunities are necessarily that similar. MS is much better known outside of the finance industry than the others, so you have better access to opportunities like corporate finance or corporate development at technology companies (for example). So, again, if you want to do tech banking long-term, then Qatalyst or Raine (pick based on location), otherwise MS.
Moelis Boston (generalist) vs. UBS NY (specific group after selection process) … I don’t have a preference over location, more so providing myself with the most opportunities after my time there because I’m not sure if I want to stay in IB/PE/General Finance etc.
Jefferies NY (generalist) is also a possibility as well. Thanks!
I would still go with Moelis because Boston vs. NY doesn’t make a huge difference geographically, and Moelis will still give you better access to most exit opportunities. These days, I’m not even sure that UBS has broad name recognition in the U.S. in the same way GS/MS/JPM do.
Hey Brian – I currently have a Barclays S&T offer for Summer 2019, and I’m currently leaning that way as of now. But I also have a Rothschild superday coming up this weekend. Sadly, the Barclays offer will expire before I can make it to the superday this weekend (as accelerated as they could make it).
I know you focus more on banking-expertise, but what would be the smarter move here? I for one am still on the border of both a Markets job and an IBD job out of college, if that helps any bit.
I would just accept the Barclays S&T offer. It’s too risky to turn it down if you only have one upcoming IBD Superday. And if you get the Rothschild offer, you could consider reneging on the Barclays one.
Lazard NY or JPM NY? Both generalist offers
I would pick JPM unless you’re sure you want to be in banking for the long term.
Hi Brian,
I recently received an offer from GS IBD financing group and a generalist offer from Barclays for summer 2019. I have no idea what I want to do after my 2 years at these banks but PE is pretty interesting, but definitely not 100% set on it. I have 2 alumni that are VPs at GS and a lot of analyst that are in both IBD classics and 1 in ECM but not senior people from my university at Barclays, only 1 incoming full time analyst and a second year who is leaving soon. Any recommendations on what I should do?
I would pick GS in this case because you have more connections there, and it has a better name and reputation than Barclays.
So would for example ECM at GS offer good exit opps in comparison to a coverage group at Barclays
ECM generally does not have great exit opportunities anywhere, so if it’s ECM vs. an industry group at Barclays, I would go with Barclays.
Hey Brian,
Really appreciate your posts and insight on your website! I’m comparing two summer analyst offers right now, except that I need to get back to one firm really soon, so I was hoping I could speak to you for a short amount of time on the phone, I’m definitely willing to pay, and I’m willing to pay a lot, for that matter.
Thank you!
This is not a service we offer, nor is it something that you should ever pay for (for dozens of reasons, including the most important one: no one can predict the future).
Feel free to leave a brief description of your question here.
Hi Brian,
I had signed BAML Corp Banking SA offer (Coverage) in December and I recently got a SA offer from Lazard (M&A). The hiring manager of Lazard informed me that they do not give full time offers to their summer interns (it is one of Lazard’s regional offices). Both groups have very strong deal flow in the country. And I wanna stay in IB in long-term. Which one should I choose?
I would probably stick with BAML because it is notoriously difficult to move from one bank to another during/after your summer internship. At least if you take the BAML corporate banking offer, you have a reasonable chance of winning a return offer there, and then you can make a lateral move to IB more easily. If you take the Lazard offer, you’ll have to find an IB role at another bank… and sometimes there aren’t that many full-time roles available.
Hi, I was wondering if you could please help me decide between two internship offers.
I need to decide between Barclays (Trading and Structuring) and Goldman Sachs (Investment Management). Both are in the same location.
The GS internship is 10 weeks. The Barclays internship is either 10 weeks or 3-6 months (I am still waiting for them to tell me which internship I am on). However, I won’t hear from Barclays about the length of my internship until after my offer with GS has expired.
I also applied for roles in Investment Banking as I would like to do this in the long term. However, I didn’t receive any offers for this.
I have heard that GS is more cut throat so I’m thinking that it might be harder to secure a full-time role at GS than it would be at Barclays.
Thanks in advance!
I would probably pick GS in that case because investment management is a bit closer to IB, and GS has a better overall reputation. Yes, return offers are arguably harder to win there, but that probably applies more to IB than every division at the bank.
Hi Brian,
I have internship offers from two companies:
SocGen (Markets Analyst & Certification: middle office but interacts with FO a lot, handles P&L and risk analysis) vs. Procter & Gamble (Purchase Department – outsourcing, negotiations with subcontractors, more like sales department)
I know they have totally different career paths but do you think SocGen is worth turning down P&G’s offer?
Thanks for your insight in advance!
If you want to be in the finance industry for the long term, yes.
Hi Brian,
Thank you for all the great resources that have helped me tremendously throughout the process this year.
I have offers from Evercore NY and MS London, and GS NY if I will definitely take it on the spot.
How would you choose and think about the decision? Thanks so much!
If you want to stay in investment banking / private equity for the long-term, Evercore.
If you’re not sure if you want to stay in banking or the finance industry in general, but you want to be in the U.S. long term, GS NY.
And if you’re not sure if you want to stay in banking or the finance industry in general, but you want to be in Europe long term, MS London.
Thanks Brian! I did get the GS offer and it all makes sense. I suppose the key is to get the return offer at GS after the summer otherwise it would be a challenging position.
Evercore M&A (NY) vs. JPM M&A (NY)
JPM, especially if you’re not 100% certain you want to stay in finance.
Hi,
BAML (FIG) vs Citi (Tech NY) vs Citi (Tech SF) vs Guggenheim vs Perella
Hi Brian!
What do Banks mean when they look for “experienced analysts”? I received a full-time offer for Corporate Development at the firm I currently work as intern in Brazil. Our team does 100% M&A. I plan to apply for Investment Banking at some EBs in the US within two years. Would I qualify as “Experienced Analyst?”
Thanks!
Usually that means “1-2 years of full-time experience.” So if you have had only internships, no, you would not qualify.
Hi Brian,
Thank you for yet another amazing post.
I just signed an offer with DB (NY) generalist (summer internship) and I am taking the time to think about which groups I should reach out to. I read on this article that LevFin (if strong in technicals) is good for a future career in PE. What about Financial Sponsors?
Some Financial Sponsors groups are good for PE exits, but some are not, and it depends heavily on how much technical work they actually do (it varies widely). In the average case, LevFin is probably better. I’m not sure about the group at DB specifically, so you may want to reach out and ask people there.
Got offers from UBS and DB (no group specified) summer analyst in London. Aim to work in M&A then specialize in FIG. Any thoughts?
I would pick DB based on name/reputation and the fact that UBS is stronger in capital markets.
Should I pick RBC (NY) or Guggenheim (NY). Both are generalist offers
Tough call, but I would probably pick Guggenheim.
Hi Brian, I would would appreciate your help between a few offers as a current junior:
Citi Generalist (NY) vs. Evercore Restructuring (NY) vs. Dodge & Cox Research ($300bc mutual fund) (SF) vs. Misc. $30bn hedge fund (NY)
All offer more or less the same compensation structure as a SA. Would like to move to HF/PE eventually, but don’t know if I’ll block myself from PE now if I take a HF/Mutual Fund gig now. Thanks!
If you want to keep your options open, the Citi Generalist role is the best one. It will be harder to move into PE if you accept a mutual fund or HF offer now. Evercore is arguably better for PE exits than Citi, but if you’re in Restructuring, it will be tougher to win generalist exits.
I saw that you ranked Guggenheim last compared to Deutsche Bank and Evercore. I just signed an offer with Guggenheim in the past week for their IB division in New York. Did I make a mistake?
Well, what were your other options? If Guggenheim was your best option, no, you did not make a mistake.
But if you also had offers from Goldman Sachs or Lazard, then yes, one of those offers would have been better (most likely).
Well the issue was that they did an accelerated process that occurred before many of the other banks began their recruiting season. They gave me two weeks to decide, and during this time I continued recruiting. A concrete offer at Guggenheim is much better than a first-round at Citi, because in the former you are guaranteed a position. So I didn’t have any comparable offers, just other firms to go that I was in the process with.
But for comparison, my other opportunities were Citi (First-round), UBS (First-round), HL CorpFin (First-round), and Goldman Sachs Salt Lake City (First-round).
Did you email other banks to speed up the process?
So when I got the offer, I emailed all of the companies and only one was able to accelerate me – Blackstone PE. I made it to the superday but I was completely outclassed by the other 11 people there.
I have to say I have never felt so inadequate as when I sat around the table with all of these Ivey League kids (I go to non-Ivey target) as they were talking about their simply fantastic internships, yachting, or where they were going to backpack during spring break.
I’m going to try for full-time next year so we’ll see how it goes. I’ll have to see if I can stack up to the schmucks haha
Yes, the Guggenheim offer was the correct choice under those conditions. A concrete offer always beats potential offers.
Thanks for the reply, and I appreciate all that you have put on your website/emails. I’ve been reading them for about a year and a half now.
I suspect I’ll be doing full-time recruiting or a lateral switch in the future so I won’t stop reading anytime soon!
Thanks. Glad to hear it!
Thank you for another great article! Samwell Tarly surely needed something like this before his internship.
Joking aside, what’s your view on corporate banking (this one sits within IBD and work with the same clients) and leveraged finance (focused on mid-market LBO in more of a commercial banking setup). Let’s say both banks are comparable in reputation.
Thank you sir.
Leveraged Finance is definitely better if you want to get into PE eventually (or most other exits), but corporate banking can be a good steppingstone role if you want to get into IB or maybe some type of buy-side lending role.
MS does not have an Idustrials Team in Frankfurt.
Thanks, I removed that.
[Apologies for the repeat – might’ve posted on the wrong article]
Thanks again for sharing your insights. Love the content!
What are your thoughts on smaller, healthcare-focused firm such as Cowen, Leerink and Wedbush?
Thanks!
They’re potentially good options, but less good than BB, EB, and MM banks for the most part. They’re better if you want to stay in healthcare IB for the long term and not as good if you want to move into a traditional PE/HF exit opportunity.
Hello Brian and Nicole,
I’m a sophomore at a top 3 state school and I recently got an internship offer at BAML for the upcoming summer and I have my placement day next April. I was wondering which group in BAML has the best exit ops for PE and HF.
I would pick a strong coverage group there such as Industrials, Consumer/Retail, Healthcare, or maybe Tech. BAML is strong in other areas like Energy and Real Estate, but they are more specialized.
DB generalist (NY) vs. Citi FIG (NY) vs. UBS TMT (NY)
I would rank that one 1) DB Generalist 2) UBS TMT 3) Citi FIG unless you’re really certain you want to do FIG.