Eastdil has a great reputation for real estate (maybe the best RE-focused bank), so if you want stay in RE or move to RE-related exit opportunities, its a good choice. You dont do much modeling work, and transaction experience is better in other groups. Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex. If you want to do any kind of PE in LA specifically, though, BAML LA is probably the best option. Im in a bit of a conundrum that I was hoping you could help me with. If you want to improve your chances, work on a sales desk rather than a highly technical/specialized trading desk so you can say you have client/sales experience. So you can do it, but youll probably have to focus on boutiques or other, smaller firms. So far, there isn't any extra pay on offer at either bank. Finally, before you freak out and start wondering why I did not mention your bank, realize that it is impossible to mention every bank in the world. You would probably have to focus on smaller funds that opt out of the on-cycle recruiting frenzy. What are your thoughts on a place like Eastdil (real estate) vs RJ(IB)? (Assuming I have offers for two different BB, namely Citi and MS, but one in London (Citi) and the other in Paris (MS)). Thank you for answering to everyone. Deal size is $20m $200m and its generalist. Its a massive amount of work to maintain and update ~700 articles, and its not something I am interested in doing anymore. They were majority UCC (with one debtor advisory) but saw Jefferies in action on energy RX deals. We provide financial advice to companies in financial distress or to the creditors whove lent them money. EB in TMT M&A is far superior if you are interested in any buy-side roles. So you usually have a higher chance of doing this if you accept the FT offer, work for 6-12 months, and then transfer internally to IB. And how will your answer differ if I want to stay in Europe compared to if I want to move to the US, and/or Asia? I would probably pick RBC at this point due to DBs uncertain outlook. Deal sizes vary, but many of these firms work on deals worth less than $50 million USD, and sometimes ones worth less than $20-30 million. I know they have been trending up and expanding in recent years, but do you think this is a sign of larger deals ahead, or a one and done? Many Analysts from elite boutiques exit into the largest PE funds and hedge funds, and the success percentage tends to be high simply because there are fewer applicants. So, take the middle-market offer and lateral to a bigger bank if necessary. How would Rothschild's restructuring group compare to say Evercore restructuring? Take the full time IB MM and then try to lateral? It also depends a bit on your timing if youre early (i.e., this is your first year in university), you have a much better chance at the EBs/BBs. Can you lateral to a BB or MM as a VP after being a VP there? I have managed to however change my image and have been a model student for the past 2.5 years. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Thanks Brian. Specifically in Houston, I dont know about Houston specifically, but based on recent league tables, I would say No at least for M&A deals when measured by value rather than # of deals https://www.mergermarket.com/pdf/MergermarketFinancialLeagueTableReport.Q12017.pdf. Yes, the analyst class sizes and overall competitiveness are somewhere in between MM and EB firms. Rothschild's restructuring is known to be the strongest part of the US branch whereas Evercore has much more of an M&A history / pedigree. The European banks have also moved away from investment banking and toward wealth management and other businesses, which has hurt their prospects. Turnover is so high at most banks that staying there for the long term doesnt matter much. We dont rank banks or go into details on individual banks, as that would be a full research project and outside the scope of what a free site can offer. UAE - Dubai - Debt Advisory & Restructuring - Long-term Internship. What do you think about the ranks for Japanese banks Nomura, Mizuho, and SMBC? See the detailed article for more on this topic. I plan to boost my cumulative GPA to a 3.3 by end of this fall term, and my major GPA will be around a 3.9. It seems quite a few of the In Betweens from outside North America only hire for NYC eg HSBC and BNP. Also, within a certain category, being a top bank doesnt make much of a difference its not as if exit opportunities become a lot more widely available just because a banks reputation within its category has improved. Quick question . In France, this policy stipulates now work after 8pm on weekdays and no work at the weekends. There are also hybrid firms that do a combination of consulting and investment banking, especially in areas like Restructuring. Management consulting is marginally useful for private equity but not useful for AM/HF roles. Thanks so much for the reply! That is a kind of strange title, but it sounds like hes one of the most senior people in IB and also Group Head of FIG in the Americas. For the moment, there are other perks on offer: Lazard pays for IT equipment and remote meals for London juniors; Rothschild has given bankers 'homeworking kits.'. So we dont rank specific groups/firms for exit opportunities or the other factors because all of that can change very quickly (months, not years) based on senior banker headcount and turnover. Do you think well see the MMs surpass some elite boutiques like NMR as a result? Do I recruit for a full time position in IB? We focus on careers and recruiting for students on this site, not comparing different banks in terms of industry or client focus. Was wondering if you could give a bit of a description of RBCs position in London as it seems to be growing and it looks like a great upcoming investment bank? There are some exceptions to that rule, but mostly in specialized fields (e.g., turnaround consulting can lead to Restructuring roles at elite boutiques). Yes, you can talk about that deal experience in interviews with other banks. They have been gaining ground in recent years. Hi Brian, fantastic website you have here. I was just wondering how do you think about the rise of RBC in recent years? would bump evercore to tier 1, fair - for people solely RX focused an RX only group will be obviously better suited, but as far as deal flow and marquee transactions, Moelis is definitely in the top tier (i.e. Yes, there is, but more so for Asians who are not originally from the U.S. Do you think the recent Mobileye advisory deal Raymond James won solidifies their place among the top MM banks? Take a look at some of our coverage of other readers from military backgrounds who got in: https://mergersandinquisitions.com/military-to-investment-banking/ See the articles on compensation, the career path, etc. Its very tough to make that type of move without networking in the US, being on the ground there via a study abroad program, or something similar. So unless you have a very specific reason for wanting one of the others, such as a specific connection or group at one of them, DB seems like the clear winner here. What can I do to prepare myself for work once I finished my undergraduate work? Placeat dolores et ut illo voluptas pariatur. When I asked HR about it, they said the industry average of $10k was only available to their returning interns, and since I was a full time hire, I was only eligible for half of that. Would you view moving from a MM (in a region outside of the US/ UK) to DB London positively? That sounds about normal. In fact their transaction value is better than BofA,CS, and 85 billion better than Barclays Can someone provide more color on the RX threads, specifically how the Millstein acquisition and the exodus at Rothschild will impact this rankings? (Havent Made connections with recruiters yet) Greenhill, Moelis type) vs staying in a non-US BB (eg. My understanding was that they were considered an eb/ that their restructuring group is a top 3 player in the space. (Same location), Profile: Its just that you wont be able to do much outside of healthcare unless you go to a generalist firm/group first. No, I would not. I really have no idea, but it takes a lot more than one deal to change a firms reputation. Keep in mind, it would be the restructuring group, which unlike the M&A group, is fairly new and has traditionally hired out of state schools (i.e. Any thoughts on where Sandler O Neil would place? Do you think is reasonable to aim for 1/2 years max as an analyst there and then lateraling to a BB/EB/solid MM or the non-IB image and possibly weak dealflow will have a negative impact? Hi Brian, thank you so much for this post and continuing to answer everyones follow up questions! Thanks for the article and for all you do. Based on your experience, would you say my deal experience is normally or too limited. Would an analyst at top merchant banks get the same looks at Megafunds and Top VCs similar to analysts at a bulge bracket? Not sure if DB is still considered a good brand name (or a BB) ? Im currently in between Solomon Partners, Macquarie and Deutsche Bank for IB, all in NYC. When it comes to thetop investment banks, Im a huge fan ofranking everything imaginable. If M&A bankers are the builders above ground, restructuring bankers are all about the foundations. The standard answer is "any megafund you please. Officia nam voluptas magnam et vel et occaecati. I dont know about the scheduling issues offhand, but the usual answer in cases like this is to find a way to delay your graduation so that its around the time of full-time start dates at banks and there are no issues with finishing too late or too early. or Want to Sign up with your social account? Would love your input. Sorry, dont know enough about it to say. JT Marlin is about it for both, especially for BX. This site is such a wealth of information! There is no point in taking an EB/BB internship offer and delaying your full-time start date if the EB/BB internship will not lead to a full-time offer. If a BB hires hundreds of new Analysts each year, an EB might hire only a few dozen. Hi Brian, this article was super helpful for me. however, I did mentor some smart kids that ended up in those BBs and previously I might have agreed (I personally prefer boutiques much more and if I didn't go PE would have preferred a boutique IB) but after doing a lot more research and having been on PE side and being on the street think that it's pretty ridiculous to rank some of these newer boutiques over banks that have been around forever and have literally the best groupon the entire street or up there. Base salary is similar to my big 4 one but bonuses are substantial, Shall I take this role? I would still say a bank is better because its very tough to get into PE from consulting, even MBB, unless you target more specialized/operationally focused firms. Size is the most obvious difference, but thats not the best way to think about these categories: Many tiny firms end up working on mega-deals these days. I become very interested in Banking about two years ago and switched my major to Finance while minoring in Computer Science. Industrials. On the other hand, if the company has an operational issue if it owes money to the trade partners who supply it with raw materials, for example, then emergency funding might be required. Not that much of a difference, but the M&A boutique is probably better because the work will be more relevant. Just in case youre still reading these comments, Have you been able to see guys recruiting into the MMs like Pipersandler/Raymond james and then shift to any of the EBs or BBs?.. I dont think either one gives you much of an advantage for PE, but FTP is far better for anything in tech/fintech. So most people would tell you to pick Barclays in this case. Moelis and Evercore are both elite boutiques, not bulge brackets, so options outside finance are about the same. How would you compare Houlihan Lokey Tech M&A in SF vs FT Partners in NYC for A1? Some people even argue that firms like UBS shouldnt be on this list anymore, but Im not sure I would go that far. Theyre in the middle-market category, so exit opportunities would be about the same: Mostly smaller buy-side funds that opt out of the on-cycle recruiting process, other banks, and corporate finance/development roles at normal companies. Just kidding its a massive waste of time. ), 2023 eFinancialCareers - All rights reserved. Essentially, you are developing a very similar skill set to what PE desires, which would make your life, as the interviewee, easier. Worked at a lower middle market boutique advisory firm last summer. It tends to be quite difficult to switch divisions or banks during/after summer internships because everyone else is trying to do the same thing, and banks dont necessarily know who will get or accept return offers yet. Yeah I would say it has more "prestige" than the NY office but I wouldn't say it significantly outclasses it although it is definitely the best office in LA and will get you looks anywhere Ive heard, Yeah but a bit lower simply because WF is on an upward trajectory. I would eventually like to move to a BB and possibly leave ib for a mega private equity. Restructuring Restructuring Successful outcomes for even the most complex restructurings We are one of the most active independent restructuring advisers globally. Thanks so much Brian. A move to Lazard/Evercore/Moelis would make more sense, but Rothschild would probably give you a step up in exit opportunities, even if you still dont have access to the largest funds. These are the largest global banks that operate in all regions and offer all services M&A, equity, debt, and others to clients. An article tomorrow will detail the craziness of the process and why recruiters handle it so poorly. Also at a BB what does this title even mean /Vice Chairman, Head FIG Americas , Investment Banking/. If this is the best opportunity you have found, you should take it. How certain are you that you want to stay in the finance industry for the long term? Nice article! Corporate development or corporate finance at a normal company, has mostly worked on equity and M&A deals for less than $500 million USD, with a few larger M&A deals, small PE firms that might be open to off-cycle interns, Take the BB offer because it will give you more options outside of finance, https://mergersandinquisitions.com/analyst-to-associate/, https://mergersandinquisitions.com/military-to-investment-banking/, https://mergersandinquisitions.com/military-investment-banking/, https://mergersandinquisitions.com/how-to-get-into-investment-banking/#Step1, https://mergersandinquisitions.com/mba-investment-banking-recruiting-process/, https://mergersandinquisitions.com/investment-banking-masters-programs/, https://mergersandinquisitions.com/investment-banking-accelerated-interviews/, https://www.mergermarket.com/pdf/MergermarketFinancialLeagueTableReport.Q12017.pdf, http://dmi.thomsonreuters.com/Content/Files/1Q2016_MandA_MidMarket_FA_Review.pdf, http://dmi.thomsonreuters.com/Content/Files/2Q2015_MandA_MidMarket_FA_Review.pdf. Our job is to look at whats on offer and to decide whether its sufficient., Generally, I work on two or three deals at a time. Hence, if I stay with my current firm, I wont be able to change for another bank until October next yearIf I start looking for opportunities at other banks, I may join the firm right before the visa process and I am not even sure whether I will get the visa in April (its a lottery process). I ask because the merchant bank normally only takes associates and recruiting for them later down the line seems really difficult. If Bain is stronger than BNP, what role should I aim to do in Bain? Yes, I do (this article was written about a year ago, so not much has changed). And specifically, does your description of typical exit opportunities for mm banks apply to HL restructuring? Hmm. Your chances depend entirely on your deal experience and how much you network to make the move. I also have some portfolio management experience managing 200k for my school and am curious as to what the realistic tier of banks should be that I try to get a job offer from post-grad. Aut et totam corporis qui libero. However, Ive only started for 5 months and have limited deal experience. I understand BBs are better if Im looking to exit finance at some point, but which of these two options would be better? Its a c.20 man team with mostly ex BB and EB MDs. Already this year, it's added more than 20 analysts to help relieve the pressure on existing junior employees in Paris. And as far as an EB is concerned, would it also be better to go there if I have an offer in Paris in Rothschild for example, instead of going to the IBAB in London? Its also very interesting how you currently work at Harris Williams (from your email address, it was easy to find your LinkedIn profile). Reputation, exit opportunities etc. But Im not really sure what youre asking in the first part of the question. This website and our partners set cookies on your computer to improve our site and the ads you see. Wall Street Oasis. How would you choose between generalist programme at Barclays HK VS ECM at BofA HK? Klein seems the real deal and his contacts/ reputation have gotten them on several high profile deals. Which will have better chances in me landing the MM PE job? And like a lot of boutiques, they tend to encourage internal promotions. Or would plus better culture from my conversations). Brian would not a merchant bank role better prepare you for PE? You can win the traditional exit opportunities coming from these banks, but its safe to say that fewer Analysts get into the largest buy-side funds, and more tend to move to other banks, smaller funds, or normal companies. I was wondering if I should land a Finance Job and try again after earning an MBA (Top 20 college) to move directly into an Associate level. First, this article is less of aranking and more of aclassification of the top investment banks. I have an offer with Rothschild and was wondering if anyone had further information on the group (sentiment, exits, reputation etc.). Allen & Co (TMT, more of a career move), 5. If your other option is going for more off-cycle roles, I would accept the OpCo role because in EMEA they love to give people never-ending off-cycle internships that do not lead to full-time offers you immediately put yourself in a stronger position by accepting that FT offer. can you see my profile tag, no. I have heard that FIG can pigeonhole you, but GS FIG seems to buck that trend.