Best Banks for On-Cycle Rankings

Have seen a number of posts which are grossly misleading about on-cycle so would like to provide some color on the process and how firms choose who to interview. For most MFs/UMMs, their flagship funds essentially only hire from a select number of banks/groups. Whether you like it or not, traditional prestige matters a lot for these firms. Since on-cycle occurs so early, firms have very few data points to evaluate candidates on, which only heightens the importance of your bank, group, and even undergrad university. This is not to stay you have to be at a top BB/EB to make it, only that your chances to get interviews at MF/UMM is far less likely from the lower BBs (excluding certain strong groups) and MMs.

From seeing multiple recruiting cycles and now being on the other end of things during the process, here’s how I would evaluate firms if I were purely looking for MF/UMM exits:

Tier 1A: GS, MS, Evercore, Lazard, PJT

• These firms have the most consistent MF/UMM placements during on cycle. While I would argue that Evercore, Lazard, and PJT have the best PE exits per capita, I think it’s more based on self selection, as these are the analysts who were most prepared for recruiting in college and most likely were joining these firms because of their strong exits.
• GS and MS are pretty self explanatory. They have the greatest total representation at the top PE firms which is always helpful.
• Just want to note that I don’t think PJT M&A’s exits are on par with Evercore and Lazard, but PJT’s RSSG group performance is baffling. The only group on the street that seems to exclusively place into MF or distressed PE/HFs.

Tier 1B: JPM, Moelis, PWP, Centerview, Top Groups at Mid BBs

• In the last few years on this forum there have been a lot of hype around some of the newer boutiques like PWP and Centerview which has gone overboard IMO. Yes, these are amazing platforms and are some of the greatest places to be a banker. However, given how young they are, anecdotally and from speaking with friends at these firms they’re exits don’t seem to be on par with some of the other more institutional EBs. This is likely to change to over time though, and the differences are pretty marginal so I wouldn’t worry about it.
• JPM’s top groups exit as well as anyone else. Some of their other groups still do well but any lack of performance probably comes down to self selection rather than an inability to land interviews.
• Top groups like BAML FSG have fantastic outcomes as well, it’s just that many of the mid BBs have some groups who don’t perform that great during on-cycle.

Tier 2: BAML, Barclays, CS, Citi
- very consistent and strong placements, but need to be in some of the stronger groups to go MF/UMM

Tier 3: Jefferies, Guggenheim, Greenhill, DB, RBC
- it’s an uphill battle to get to a MF from here but I’ve seen it happen on rare occasion. UMM is definitely possible if you’re focused and strategically concentrate on firms where you have a solid chance at landing interviews.

At the end of the day, the most important thing is still your ability to perform during interviews. Given how few spots exist, I wouldn’t have the mindset of MF or bust, even if you’re the rockstar analyst at Goldman TMT. On cycle is often a total crapshoot but it’s a long career. Good luck during on-cycle to everyone.