Im scared of shutting myself off from buyside opportunities before Ive even left undergrad is this a valid fear if Im truly passionate about the sector the firm excels in? Animi ad et sed ab nostrum. How does an offer from Barclays and CS compare, reputation and exit ops wise, for generalist NYC? I recently secured my junior year internship summer analyst position (summer 2023) at a large US bulge bracket for Sales & Trading in NYC. Sorry to keep bothering you with these questions, but recruiting keeps changing. See you on the other side! Hi, Brian! Just want to have some advice on approaching this opportunity. May 2006 - Present16 years 11 months. Its a c.20 man team with mostly ex BB and EB MDs. Hi Brian. Thanks for this article. Interested to hear about prestige perception and exit opps within finance. Do I recruit for a full time position in IB? If Bain is stronger than BNP, what role should I aim to do in Bain? Thanks in advance 300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses. Have seen some increase in the RX mandates at Jefferies recently. Its not like choosing between LA and NYC in the US where the distance is more of a barrier. Analyst / Associate - Leveraged Finance Debt Advisory, Investment Banking M&A Generalist - Senior Analyst Position, "Andrea Orcel is an excellent banker but his pay rise is extreme". Take a look at some of our coverage of other readers from military backgrounds who got in: https://mergersandinquisitions.com/military-to-investment-banking/ Ex ut dolore et. Is it possible to stay there for a year and go into PE or an EB? Thanks! Restructuring investment banking mandates typically involve two advisors: one for the debtor side and one for the creditor side. Hope this helps. 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. Id dicta dolor aut nostrum quia. There are also technical aspects to my role. His response will probably be: Its slow / its the end of the year or something to that effect, so you may not be able to do much. At BNP specifically, the groups most related to IB are the best for your goals. From schools to restaurants to investment banks, whats the point of life unless youre constantly comparing yourself to others? A term sheet is a proposal put forward by a companys creditors on a potential way forward. That its either having problems finding enough cash to pay its suppliers, or that its borrowed too much and taken on too much debt which it cant sustain the repayments on. don't think they belong below jefferies which didn't really win any notable reps (outside of some UCCs) this past cycle. How would you choose between generalist programme at Barclays HK VS ECM at BofA HK? 300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses. technique - and why do banks like it? They have been gaining ground in recent years. Great article, very helpful. Allen & Co (TMT, more of a career move), 5. Yes, I would say a merchant bank is definitely better than a regional bank and probably about the same as a middle-market bank. Maybe you do have a higher chance of getting into PE from a MM bank, but the point still remains that your chances are much higher at an EB or BB bank. Thanks. The pioneers in innovative advice on equity markets transactions and effective investor engagement Our Equity Advisory services assist clients in raising capital through equity markets with the best possible results and to make sound strategic decisions based on investor intelligence and shareholder engagement. Previous internships? What are your thoughts on Hines vs Eastdil? Not sure if DB is still considered a good brand name (or a BB) ? My understanding was that they were considered an eb/ that their restructuring group is a top 3 player in the space. Goldman Sachs' analysts complaints about 100 hour working weeks during the pandemic triggered an industry-wide rethink both of working hours and of pay for analysts and associates, which has risen repetitively in response.. Placeat dolores et ut illo voluptas pariatur. I have a military background as I was a submarine officer for 6 years. Lazard (Global M&A Advisory) Rothschild (Global M&A Advisory - Boutique) Evercore Partners (Global M&A Advisory - Boutique) Greenhill & Co. (Global M&A Advisory - Boutique) Blackstone (Global M&A Advisory) Houlihan Lokey (Global Investment Bank - Boutique) Jefferies & Co. (Global Investment Bank) Centerview Partners (Global M&A Advisory) 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. On that note, can I get a quick assessment of which banks I should target? Im taking as many finance courses as I can at Booth and Im shooting to get an internship in the summer of 22, but do you think Id have a shot at EB or BB investment banks? How would Rothschild's restructuring group compare to say Evercore restructuring? A spokesperson for Rothschild says the bank has a protected weekend policy to, "allow colleagues to plan for events with full confidence that there will not be a last-minute breaking of commitments due to work." In France, this policy stipulates now work after 8pm on weekdays and no work at the weekends. Would you still consider Greenhill an EB? Can I negotiate on this if I get an offer from another bank? Evercore is the best, reputation-wise, with Centerview close behind (not enough to really make a difference, so go by the team/people). Have you ever heard of a firm called Lancaster Pollard? Its a solid middle-market bank, probably about on par with the others. I knew I forgot at least one theyre middle-market. I agree, I was waffling over where to place Moelis RX because they don't do too much dealflow relatively but they are a top-notch group. I ask because the merchant bank normally only takes associates and recruiting for them later down the line seems really difficult. Brian, I would love to hear about your opinion. So if you want to work at one of those places, yes, you will need to move to an EB or BB. I have just over 4 years of experience in the government as a glorified secretary working in the procurement department. The only thing is that I will have near 0% chances of being able to get a full time offer back form these EB/BB as their offices is very small and they are not looking for full time hires (maybe itll change tho). Deals are often comparable in size to the ones that MM banks work on, but that varies widely based on the reputation of the boutique. Also as an older FT MBA the idea of some level of job security with a BB going into the program would seem to offer me the opportunity to learn and network more- but perhaps Im naive and it will lock me into something Ill have a hard time getting out of. About Rothschild Global Advisory Rothschild & Co is a family-controlled and independent business that has been at the centre of the world's financial markets for over 200 years. 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. It depends completely on what you want to do, the region youll be in, etc. Without an internship, getting into IB at the undergraduate level is extremely difficult. I study in a target UK university and have borderline 1:1, but I have only done internship in a SEA regional investment bank. Trying to better position myself since most of the larger PE shops did not look at analysts from my bank. Potentially, yes, but capital markets tends to be harder to recruit from than industry groups or M&A. What do you think? On the creditor side, the investment bank may represent more than one creditor constituency. You can start interviewing a few months before that, assuming you get a visa. Thank you. Turnover is high, its a crappy job for most people, and banks need junior staff to churn out documents. The most likely exits are moving to an investment bank or joining the corporate finance/strategy/related team at a normal company. Also at a BB what does this title even mean /Vice Chairman, Head FIG Americas , Investment Banking/. Do you think its worth the lateral move from Wells to a top BB? But it would still be tough to move from restructuring into a generalist role at a large fund because headhunters basically force you down a specific industry path. Houlihan Lokey, William Bliair, etc.) You have to be careful with Up-and-Coming Elite Boutiques (UCEBs); Im not sure I would recommend them over the others unless youre certain you want to stay in IB long term. Reiciendis sit fugiat quia a. Moelis and Evercore are both elite boutiques, not bulge brackets, so options outside finance are about the same. How certain are you that you want to stay in the finance industry for the long term? Is it more of a corporate development role or a corporate finance role? With that background, you should probably aim for middle-market banks and possible some of the industry-specific boutiques. Please refer to our full. Temporibus sit est et omnis alias in occaecati. For example, Jefferies (easily the strongest MM) beats something like Mizuho, but its a closer comparison with, say, Wells Fargo or RBC, depending on the location. A spokesperson for Rothschild says the bank has a protected weekend policy to, "allow colleagues to plan for events with full confidence that there will not be a last-minute breaking of commitments due to work." I have accepted an offer with BMO Capital Markets and am interested in Growth Equity down the line. 100% staying within finance and not interested in corp dev type of exits. Thanks! Hey Brian, But that's still a much higher percentage than at boutique and middle-market banks, where PE exits tend to be rare. would not discount rothschild's currentplatform and also its legacy prestige of being a top 3-5 rx shop. Greenhill, Moelis type) vs staying in a non-US BB (eg. I would disagree. This may change as banks compete to juniors happy. Really enjoy the articles. Im not as aware of things as Im new to finance, but BNP seems bigger and more quant focused than Barclays, although the prestige / salary might be somewhat better at Barclays ? Smaller private equity fund or hedge fund that uses off-cycle recruiting. Are the differences marginal to a point where it could safely come down to an issue of where the better fit is? Land investment banking offers with 578+ pages of detailed tutorials, templates and sample answers, quizzes, and 17 Excel-based case studies. Question for you. If you are at a top MM bank (i.e. What are your thoughts on OpCo London? 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.

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