Best Houston Investment Banks (overall deal flow, not just within specific verticals)

Anyone have any intel on what banks are doing the best in Houston? I'm currently a MBA student looking to do IB in Houston. Can't seem to find a good place online to follow deals within the space. Thanks.

 
Best Response

Most banks pay street except for Evercore and TPH, who pay above street.

These might not all be right, but this is the feel I've gotten in terms of hours:

Generally good hours - Barclays, Simmons, JPM Generally bad hours - Jefferies, Lazard, Evercore, CS (although Saturdays off). Don't know as much about Citi, BAML, GS, and MS but seems like they work a lot. Don't know about UBS, DB, TPH.

There are usually a couple who end up at MFs, but it's more common to see analysts at top banks at PE firms like Limerock, EnCap, First Reserve, Quantum, etc.

 
MMBanker14:

Most banks pay street except for Evercore and TPH, who pay above street.

These might not all be right, but this is the feel I've gotten in terms of hours:

Generally good hours - Barclays, Simmons, JPM
Generally bad hours - Jefferies, Lazard, Evercore, CS (although Saturdays off). Don't know as much about Citi, BAML, GS, and MS but seems like they work a lot.
Don't know about UBS, DB, TPH.

There are usually a couple who end up at MFs, but it's more common to see analysts at top banks at PE firms like Limerock, EnCap, First Reserve, Quantum, etc.

Agree with MM banker about hours; will add that TPH works its analysts pretty hard. May have just been the process we were on with them, but have heard multiple datapoints. Having less hours isn't necessarily a good thing. You seem to be looking for PE placement, and to get that one needs deal experience. Having said that, Barclays still will give you great experience and placement. It's one of the best (if not the best) banks to work at in Houston. Still some uncertainty regarding their seniors though.

Regarding Megafund placement: The process for Megafunds started in the winter this year, while the larger oil and gas funds process started in the spring/early summer. Although you'll get headhunter action for the MFs (if you're at a good group), most of your peers will likely be focused on O/G funds, so you'll be prepping early for the NYC process. Believe analysts leaving for the MFs across Houston is less group driven than say, O/G fund recruiting (where there are definitely better groups).

At the analyst level, comp is 70k+10k Signing + Middle Bucket Bonus of around 40-50k, which is the same as NYC. This was last year, and bonus numbers for 2013-2014 should be coming out in the next few weeks.

Evercore, TPH, and (in the past) Jefferies have paid significantly above that (think 65-80k for bonuses), but overall that should not be a deciding factor in your analyst placement decision.

 

The energy group primarily does natural gas. I believe they do their own execution and dealflow is pretty good (though in energy definitely exogenous). I think there is a real estate group and maybe one or two others out of the office. I'm pretty sure they hired very little going into this year and are now a little understaffed.

Culture seems to be decent with analysts having good interactions with seniors often getting crushed.

I've heard interviews are very fit based but brainteasers are sometimes asked.

 

I cannot speak for Texas, but where I interviewed it was mostly behavioral. I didn't get the job. However, when I found out what the pay was during a conversation with a recruiter after a second application, I turned down further interview opportunities. Later a professor told me that the pay at DB is't very good.

 

OP, good troll post.

"It's very easy to have too many goals and be overwhelmed by them... The trick is to find the one thing you can focus on that represents every other single thing you want in life." -- @"Edmundo Braverman"
 

I'm in Houston. Texas culture is much better than NYC culture. People in NYC tend to be pretty rude. Also the lifestyle is much different in Texas. Compared to NYC it's much more laid back. Not sure if this is a troll post. If it's not, then I wouldn't base your entire view on what one guy said about an entire city

Array
 

I don't know if this is applicable everywhere. I have never worked in NY but I would not call the culture in Houston 'laid back'. People in general may be nicer than NY and there may be less dicks around, but I think bankers in Houston can be just as intense, just as rude, and just as demanding. A lot of the senior guys from my group have come down from NY/London/etc. too

The the OP: I hope you don't actually think these things. It is important to like energy yes, but no one will expect you to stay there forever. It's just as '2 years and out' as any other banking group. There are some groups in Dallas, and maybe some energy boutiques, whose culture is different. But at the bbs (and especially the top bbs in Hou), everyone leaves as soon as they can and they mostly go into pe or hedge funds.

 

Everyone I know who jumped from supermajor petro eng to energy banking at GS/BofA/CS/Barc after B-school stint fucking bailed in 2 years and went back to E&Ps. Yes, in Houston. I heard GS and CS are particularly horrible and I bet the rest are as well.

You already don't sound like you really are into energy or know what the oil business is like. It's a very different type of industry so you may want to take this top energy group guys advice and think hard.

 

So much information on here is just straight wrong. I don't know anyone that went to industry after 2 years of banking in houston. Almost everyone i l know (especially at 'top groups') go into pe. People at CS/GS definitely work hard but I would not call either of those places the worst sweatshops in houston.

And whoever from a 'top group' have you that advice sounds like a complete idiot. Wtf is a cowboy..this isn't the dirty south. It's houston, one of the largest and therefore DIVERSE cities in the nations. Sure it's not NY, but it's very much still banking.

 
arguewithatree:

So much information on here is just straight wrong. I don't know anyone that went to industry after 2 years of banking in houston. Almost everyone i l know (especially at 'top groups') go into pe. People at CS/GS definitely work hard but I would not call either of those places the worst sweatshops in houston.

And whoever from a 'top group' have you that advice sounds like a complete idiot. Wtf is a cowboy..this isn't the dirty south. It's houston, one of the largest and therefore DIVERSE cities in the nations. Sure it's not NY, but it's very much still banking.

read again, many previous petro engrs (already had experience) went to banking only to bounce back out cuz it sucked ass. I can count 5 right off the top of my head. Your information is what is suspect. There are def some good 'ol texas boys in the business who have ranches outside the city.

 

Exit ops depend on where you are at. Most of the bbs will get you at least random mm energy pe. Barc/CS will just give you a much better chance at better/bigger energy pe or energy group at a megafund. Barc places really well at NGP and Encap, CS places really well at riverstone/first reserve. The reason why these two shops are where you see most pe classes filled is because they have a bunch of ex-CS/ex-Barclays people already. It's like target school vs non target school in the world of houston energy banking.

It's not impossible from anywhere else, you'll just be thought a slightly lower tier. A lot of it is also probably dealflow, Barclays has incredible dealflow and so does CS. Although the same can be said for GS, Evercore, and Citi - all who do not place as well.

I would focus on talking to people at all of the above mentioned banks, and see who you like the best. The cultures are completely different, even between barclays/Credit Suisse/citi. Finding a place you like will help you perform best and will as a result set you up better for pe recruiting

 

Barcap/CS/Citi/GS are at the top. Evercore/TPH/Jeff/Simmons are good boutiques in Houston. MS has been kinda stagnant, and BAML is on the downturn. Wells is doing pretty well.

Exit ops are going to be mostly energy focused funds, with each of the top BBs sending a number of analysts to the larger Energy funds this placement cycle. No idea on the boutique placement.

 
Houston_OG:

Barcap/CS/Citi/GS are at the top. Evercore/TPH/Jeff/Simmons are good boutiques in Houston. MS has been kinda stagnant, and BAML is on the downturn. Wells is doing pretty well.

Exit ops are going to be mostly energy focused funds, with each of the top BBs sending a number of analysts to the larger Energy funds this placement cycle. No idea on the boutique placement.

If you are at a Houston BB but not at Barcap/CS/Citi/GS, what can you do to place at a bigger energy PE shop?

Also, what's going on with BAML? Just last year, people on here were saying that it was a solid BB in Houston.

 

BAML is not at all a bad shop. You will probably just get a different type of experience that is not as appealing to pe. You do more capital markets and you do more midstream. They rank decently high on league tables because of all the fees cap markets brings in.

Barclays has great hours from what I have heard, so if you can stand the culture that's a good place to be. CS I honestly think has better placement than Barclays, just because they are a 'feeder' at more top places. They also place great outside of Texas. But yeah, you will get worked hard. I have heard that they're trying to make working there more tolerable as of late. Less weekend work, etc. Citi I'm not really sure, they have great dealflow since the UBS transition, but I don't know if their placement is anywhere in the leagues of Barclays/CS. You will also get worked at Citi

 

where can I read about the deals that the specific banks/groups in Houston are working on? I'm having a hard time finding news about which banks are doing what instead of general industry news--fuelfix and OGJ have not been much help.

 

I am in a similar position as you by working for a major O&G company, but project side. I have applied to many different companies trying to get finance experience, but without a business degree I never heard anything back.

Depending on your years of experience, I would say that an MBA would be your best option. I feel your pain about leaving your current job (money), but if IB is definately what you want to do, you have to take that chance.

If only have 1-2 years of experience, you might be able to network into an Analyst position. But more experience than that, I believe you would be looking at Associate positions, which would require an MBA.

If an MBA is definately not an option, network your ass off.

 

couple of things you can do...first obviously networking, try to do an internship (paid/un-paid) within the proximity of i-banking industry. if you have to opt for a Rice MBA...try to get in touch with their Career Services Department first and try to find out about their placement success in I-Banking industry. hope it helps. g'luck.

 

I have an old analyst buddy that works in that office. What are you looking to find out?

- Capt K - "Prestige is like a powerful magnet that warps even your beliefs about what you enjoy. If you want to make ambitious people waste their time on errands, bait the hook with prestige." - Paul Graham
 

I know for a fact that BMO Capital Markets has their energy group out there, but I'm sure plenty of firms that specialize in the energy markets are also out there. I would recommend 1) networking and 2) learn about the energy market, especially oil sands since that seems to be the next hottest thing (don't quote me on it though).

--Death, lighter than a feather; duty, heavier than a mountain
 

Every single BB, MM, and boutique bank has an energy or natural resources group in Houston. Some execute in Houston, while some execute in NY. They pull the majority of the Houston analysts from UT, Rice, SMU, or A&M. Your best bet would be to network heavily with some UT alumni and try to hit full time recruiting in the Fall with full force.

Source: UT Austin alumni, multiple friends from graduating class working in Houston

 

Don't reach out in 3 weeks. It'll be over by then.

Reach out to the MD on the IB side and the same VP in two weeks (when he told you to). Usually people won't lie to you and tell you there's a possibility for you if there isnt. We won't give you honest feedback, because it's hard to tell someone "well you were both qualified and did well, but we just liked the other guy more than you". However, if he told you they were still hiring, they probably still are, and it's best to just stay in touch.

 

Is there a strong local alumni cronyism thing going on, or do east coast ivy names carry a lot of weight? I'm an unusual case, so I'm not sure exactly when I'll try to break in. I'm at a top ivy law school, spending this summer at Vinson & Elkins, and studying for the CFA, because I recently decided I'm better suited for the business side. So I plan to interview next fall for associate positions in IB, and if nothing turns up get a couple of years experience in Energy M&A then try to make the jump. I know that route can work out in NYC, I'm just wondering if it would be harder or easier in Houston since there aren't hundreds of associate spots to fill like there are on the Street. Or are there?

 

There is not a very large Ivy contingent, as you can imagine, in Houston. Most are from the big Texas schools or went to Top Ivies for Undergrad. W/ a V&E background, you should be able to leverage your experience and build some contacts in the industry.

One of the MD's @ Lazard was actually a partner @ V&E - Bruce Bilger. He's a great guy and working @ VE would probably look favorably for you upon him.

 

Hmm ... come to think of it ... it does, in fact, seem like a possibility! Seems doable! I don't think anybody can shed light on this idea of yours, though. You'd probably be the first to try it!

 

That's basically it. The banks in Houston recruit primarily out of UT, with a sizeable amount from Rice and A&M, and a couple from TCU and SMU, along with a smattering of kids from places like Harvard and Wharton. Pay is the same (and in some cases better) than in NYC, while rent is low (a good one-bedroom in midtown goes for ~$1200) and there are no state or city taxes. Hours are the same as in NYC, but the culture seems to be a lot more laid back in general and facetime generally isn't an issue. The groups in Houston are pretty small though (4-8 analysts per class) and recruiting is definitely very competitive, especially at UT.

 

IBD in houston is great, and at the right places the opportunities are just as good at NY (albeit, mainly in energy). It's hot, but you aren't outside much so that isn't a huge deal. UT places pretty well, they have a bunch of programs set up to help people get banking jobs. They also have a large alumni base in Houston, but even more so in energy pe.

The hours in houston are just as bad, and since the groups are small it's probably even more important to find a cultural fit.

 

The UT banking route is well established, but also may be a bit more difficult to be the top of the class there vs SMU / TCU / Rice. Keep in mind too, after a few years of working in oil & gas, you may find it tougher to break in to another industry, but that is any field. My point is you need to have some passion for energy, don't just let the $ arbitrage drive your decision.

 

I interned at one of those BBs during the summer. My office was fairly big, but typically they range from 10-30 people. As for hours, I averaged about 85 per week as an intern. The full time analysts varied from 70-100 per week, depending on if they had deals going on. However, I would say my firm had less hours on average per week compared to New York. Some other firms in Houston, however, had their interns working 100+ hours on a normal basis, so it does vary.

Bonuses were comparable to NY. One of the FTers said he was one below max (no numbers, sorry). Exit ops are also good. We had a couple of guys leave for top energy PE shops (First Reserve, Lime Rock, etc), however a lot of guys do decide to stay for third years. From what I saw the best exit ops came from the following banks in this order (Barclays, UBS, CS, GS, ML, Simmons, Citi). However, a lot have changed in the past year, so I would not take these as rankings.

If you have any other questions about Houston IBD let me know.

 

but in Houston energy, Lehman does most deals (M&A, whatever) period.

This is coming from a friend who is a 2nd year analyst at GS. You also need to realize that it's not easy to transfer to NYC after the summer. He tried to leverage it and was unsucessful. This was in fall of 2004 so the recruitng scene wasn't as hot as it is right now.

 

Lehman, CS, and UBS. GS/MS have the name recognition, but in Houston, they aren't in the top three. I have very close friends in many of the Houston offices, and each one says the same thing. Just the way it is!

As for MS, their whole oil and gas team followed Steve Trauber from MS to UBS a few years back. With Trauber, the global head of energy for UBS, in Houston, you can be sure that deals aren't sourced to New York. Can this be said for GS? If could have worked anywhere in Houston, it would be:

Lehman/UBS CS

DROP

GS, for name alone, and then everyone else

 
Elysium:
Are you going for Scotia W?

I am going for MBA this fall and have been accepted to Rice and a couple of higher ranked east coast schools, aka Gtown and Emory. I love Houston and want to break into energy IB. I know no school can guarantee me an IB spot, and it comes down to my personal effort.. but I just don't want to regret not going to the higher ranked schools. Specially Gtown because of it's reputation on Wall St.

PS: I have not seen Scotia W on any of these schools' recruiting companies list. Do they only go to the top 10 schools?

 

from what I hear, the energy sector is going to be picking up considerably in the near future, and energy IB is going to be one of the hot groups. you are probably better off going to rice or texas if you want to work in houston; not b/c of the difference in academic quality/repuation, but b/c of the proximity.

 
Pedo_Bear:
from what I hear, the energy sector is going to be picking up considerably in the near future, and energy IB is going to be one of the hot groups. you are probably better off going to rice or texas if you want to work in houston; not b/c of the difference in academic quality/repuation, but b/c of the proximity.

Definitely agree, Rice is a great school and companies in Texas (especially Houston) love Rice students. If you do the honors program at McCombs, that is also a great alternative.

And I do know that academically, Rice is pretty much on par with the Ivies (although it lacks the reputation). But as far as quality of life and value for tuition goes, Rice is miles ahead of most top schools.

Wall Street leaders now understand that they made a mistake, one born of their innocent and trusting nature. They trusted ordinary Americans to behave more responsibly than they themselves ever would, and these ordinary Americans betrayed their trust.
 

I think salaries are pretty much the same, but not entirely sure (bonuses might differ). I remember a friend of mine who worked at Lehman in NY (this was in 2007) and he was complaining about how his friends in the Houston group were making more than him since Texas has no income tax, so all you pay are the federal taxes. And the cost of living is ridiculously lower in Houston (I live here and have lived in NYC), but you WILL need a car in Houston. It's possible to live here without a car for a few months (or if you are a college student), but only if you a) live close to the one metro line and don't mind walking everywhere, or b) don't mind an hour-long bus ride to get anywhere.

Wall Street leaders now understand that they made a mistake, one born of their innocent and trusting nature. They trusted ordinary Americans to behave more responsibly than they themselves ever would, and these ordinary Americans betrayed their trust.
 

The way I am looking at it is, for NYC IB I would be competing with students from the top 10 schools.. and coming from Gtown, I would have a hard time competing with the H/W/Col/NYU grads. For Houston IB, my main competition is from UT and Rice grads..so might be less difficult to break in to if I just go to Rice. This is again assuming not many people want to move to Houston from the northeast..but that might be changing?

 

I don't mean to be rude, but if you do not know the answer to all of these questions from simply searching these forums, you won't fair too well in FT recruiting.

Banks certainly do come on campus, but it is more on an as need basis. Banks tend to hire an SA class with the full intention of doing no FT recruiting. Most of the few banks that do FT recruiting only do accelerated superdays. The problem with FT recruiting is that you are competing against all the kids who either received no return offer but still SAed at a top bank or the kids trying to "trade up". This makes getting a spot at a BB or top MM very tough.

I think that the best advice anyone can give you is to network. That is really necessary at this point.

 

For a semi-target there may be only a handful of banks recruiting on campus, I couldn't say much for the Houston area.

Semi-targets most likely won't see any BBs, your best bet would be to look into MMs and boutiques near you. In my experience the recruiting for these are typically later than BB (August, September), and boutiques are even later than that or on a as-needed basis.

If you have no internship experience I think your best bet is to cold call boutiques, like I said, they will often only recruit when spots open so in a worst case scenario reaching out puts you on their radar for when a spot does open up.

Even for MMs it's going to be very difficult going straight into a FT position with no internship experience, in my opinion the best course of action would be take a boutique position and lateral in 1-2 years later.

"There's always money in the banana stand" - George Bluth Sr.
 

I am not familiar with Houston, but the general idea that recruiting in non-NY areas being somehow easier is not entirely true. Yes, you will probably not be competing against as many H/W/P GS/MS/JPM SAs, but you will still see plenty of high caliber students.

One thing to keep in mind is that if FT recruiting does not work out, your IB dreams do not just come to an end. You can always get a job at a boutique (not Lazard, Moelis, etc.) and then lateral to a larger bank. I did it and know plenty of people who have as well.

 

I went through it last year with a semi-target. Luckily my semi-target had a post on our job board for a MM down there. It did seem to be an early process as My super day in Houston in mid-September was three weeks before my super days with a BB and MM in Chicago—and the Houston guys seemed to think it was late for a super day.

From what I heard during my interviews it seems like much of it gets based off of UT's recruiting schedule so maybe try to find out when that is.

 

Keep networking. I got in from a no-name school with networking and it was basically luck+networking that got it. I did not have the best summer internship either.

Houston felt super unstructured. After phone calls/meetings with ~50 people in the city, I made a phone call and mentioned interviews at other banks. Then I am suddenly in Houston three weeks in a row with offers BEFORE they started going back to campuses in Houston. This didn't just happen to me either. And two banks said they were willing to extend offers before going back to campus even though they only had 1-2 spots left. They all just felt like they wanted to get it done.

Last year half the firms were full from summers and the other half mainly only needed 1-2 additional analyst each. Seemed like a lot of people moved around before the end of the summer. i.e. (making up names) I would talk to Goldman and they said they were full cause a few TPH guys came over, talk to TPH and they are full because a few Jefferies guys moved over... and this was late July/early August.

For competition like Sil said... You have some Ivy League kids, then you have all the Texas kids, some other random ones, so its not as many people competing... but when half the banks are full and the other banks average needing 1-2 more analyst... well you can see how the numbers start looking rough.

So, network. network. network. network. And not in an annoying or "using them" kind of way. Try to learn something through the people you meet, they will like you and you wont even have to ask them to forward resumes along because they want to do it for you.

 

I am not sure about 'ranking' and 'prestige' but I do know a few people who work at Wells (formerly Wachovia) in Houston and they are absolutely cleaning up. Their dealflow has not stopped one bit over the last several years and the bankers there have been spared just about every cutback hitting shops all over NYC and other places. Most of what they do are MLPs and MM M&A stuff.

 

Barclays continues to dominate. Wells is on the rise but don't think they are up with the rest reputationally at this point. CS seems to be on the decline and had to be the most depressed humans I met when I went through recruiting (at the junior levels). Their midstream MD went to BAML last year and think they lost someone to..Evercore maybe? EVR has also bulked up with guys from Scotia and an MD from JPM.

I think the commercial banks are all about the same "prestige" wise: BAML, C, JPM. Good, get their share of M&A, but lose the headline deals to BarCap (with some exceptions certainly). As someone said, C is quite the army these days so it will be interesting to see what comes of that.

TPH and Simmons are the dominant o&g-only boutiques. The former is known for pretty rowdy comp and the latter tends to have a good rep from a lifestyle basis.

From an analyst perspective, Barcap, EVR, or TPH would be my targets. But at the end of the day we're talking about small degrees of difference and I would roll with the group of guys you like the best, especially for the future associates out there.

 

I'll bite. I just bounced out of banking, but was in HOU for last ~3 yrs. Will second Cartwright, as he nailed it, however think JPM I believe should be mentioned w/ BarCap, EVR and TPH.

Will confirm his statement that CS is punishing place to work, as was BAML (not sure lately, however).

Wells is on the rise, think the GeoRes. deal was a pretty good statement deal for them recently. Also would give a nod to RBC.

UBS and DB suck donkey dick.

Think LAZ is trying to bulk up the HOU office, but have yet to see them do a single domestic oil & gas deal, same with Greenhill.

GS has some smart guys working there and can leverage their reputation, would be shocked if there was more than one guy in the whole group who could tell you the difference between PDP and PUD (i.e. not very oil & gas savy comp'd to HOU peers).

Ace all your PE interview questions with the WSO Private Equity Prep Pack: http://www.wallstreetoasis.com/guide/private-equity-interview-prep-questions
 

If you're looking about this from an analyst perspective (keeping in mind the OP wants to move to PE), I would say the best places to go are:

1) Barclays 2) CS 3) JPM / Citi / Greenhill 4) TPH / EVR 5) BAML 6) GS 7) Rest

Barclays and CS continue to (looking at the past several years through last year's 2nd years and this year's recently-made 2nd years) have the best placement for analysts into top PE funds (~100%), and as an analyst, I think that is the most important criteria to create rankings at the analyst level (followed by deal flow). Just look at where most of the associates at First Reserve, Riverstone, NPG, Quantum, Denham, etc come from. I would actually give the recruiting edge to CS since they have former analysts across more top funds, including megafunds (TPG and Apollo) while Barclays is more concentrated at First Reserve and NPG. I would still give the top overall ranking to Barclays since they have unmatched deal flow and analysts could definitely go to to other funds, but choose to go with the pipeline.

JPM and Citi (brutal place to work) have some (not much) analyst placement (Lime Rock, recently Quantum for JPM and KKR NY for Citi) and will lead a few deals (mainly midstream for Citi), which is more than other shops can say. Several people will probably disagree with seeing Greenhill so high, but again, this is based on placement. Greenhill doesn't seem to have much of any deal flow, but they've probably had 3 or so analysts the past few years (small shop) and they have placed at Quantum, Denham and one will be going to First Reserve. I would like my chances of getting placed if I were at a bank that has placed ~100% of its analysts. Your bank's network will carry you a long way.

TPH and EVR have great deal flow, but placement isn't there. One would expect placement to pick up with deal flow, but again, a bank's network goes a long way and these two have none so far. I believe TPH has an analyst going to either First Reserve or NPG though.

BAML leads a few deals and has placement every once and awhile (Ziff, Denham). GS has been on some of the largest O&G M&A deals in recent history (however, typically you don't learn that much on those deals as an analyst), and a rare placement here and there (they have one going to First Reserve). Terrible culture for both offices though.

 
MrGordonGrowth:
If you're looking about this from an analyst perspective (keeping in mind the OP wants to move to PE), I would say the best places to go are:

1) Barclays 2) CS 3) JPM / Citi / Greenhill 4) TPH / EVR 5) BAML 6) GS 7) Rest

Barclays and CS continue to (looking at the past several years through last year's 2nd years and this year's recently-made 2nd years) have the best placement for analysts into top PE funds (~100%), and as an analyst, I think that is the most important criteria to create rankings at the analyst level (followed by deal flow). Just look at where most of the associates at First Reserve, Riverstone, NPG, Quantum, Denham, etc come from. I would actually give the recruiting edge to CS since they have former analysts across more top funds, including megafunds (TPG and Apollo) while Barclays is more concentrated at First Reserve and NPG. I would still give the top overall ranking to Barclays since they have unmatched deal flow and analysts could definitely go to to other funds, but choose to go with the pipeline.

JPM and Citi (brutal place to work) have some (not much) analyst placement (Lime Rock, recently Quantum for JPM and KKR NY for Citi) and will lead a few deals (mainly midstream for Citi), which is more than other shops can say. Several people will probably disagree with seeing Greenhill so high, but again, this is based on placement. Greenhill doesn't seem to have much of any deal flow, but they've probably had 3 or so analysts the past few years (small shop) and they have placed at Quantum, Denham and one will be going to First Reserve. I would like my chances of getting placed if I were at a bank that has placed ~100% of its analysts. Your bank's network will carry you a long way.

TPH and EVR have great deal flow, but placement isn't there. One would expect placement to pick up with deal flow, but again, a bank's network goes a long way and these two have none so far. I believe TPH has an analyst going to either First Reserve or NPG though.

BAML leads a few deals and has placement every once and awhile (Ziff, Denham). GS has been on some of the largest O&G M&A deals in recent history (however, typically you don't learn that much on those deals as an analyst), and a rare placement here and there (they have one going to First Reserve). Terrible culture for both offices though.

Do you mean NGP?

 
MrGordonGrowth:
BAML leads a few deals and has placement every once and awhile (Ziff, Denham). GS has been on some of the largest O&G M&A deals in recent history (however, typically you don't learn that much on those deals as an analyst), and a rare placement here and there (they have one going to First Reserve). Terrible culture for both offices though.

I would disagree with that last line. In my recruiting, the only groups that had guys I'd actually want to spend time with outside the office were DB, JPM, and BAML. That is not considering analysts though. Never saw them.

 
MrGordonGrowth:

TPH and EVR have great deal flow, but placement isn't there. One would expect placement to pick up with deal flow, but again, a bank's network goes a long way and these two have none so far. I believe TPH has an analyst going to either First Reserve or NPG though.

This is flat incorrect for TPH, everyone this year / '13 was placed very well.

MrGordonGrowth:

GS has been on some of the largest O&G M&A deals in recent history (however, typically you don't learn that much on those deals as an analyst), and a rare placement here and there (they have one going to First Reserve). Terrible culture for both offices though.

Also (very) incorrect (although the Petrohawk deal was already done, legwork wise, when GS got involved). Sell-side m&a (at least on the upstream front) are incredibly extensive. You review / market all the assets as you would an A&D deal however have to tie it back to the corporate / intrinsic value of the operator. If staffed on one of these deals, work your ass off on it, it'll likely be your marquee deal on your deal sheet.

Ace all your PE interview questions with the WSO Private Equity Prep Pack: http://www.wallstreetoasis.com/guide/private-equity-interview-prep-questions
 

Ut fugit delectus ipsa recusandae incidunt. Et aut reiciendis debitis et.

Officia et libero enim est. Id est et vero laborum maxime magni quibusdam. Explicabo excepturi quisquam velit necessitatibus. Similique vero ullam voluptatem. Nihil inventore earum corrupti deleniti. Aliquid consequatur dolorem velit sit maxime quis. Dolorem sunt ipsa repellendus magnam unde cumque dolor.

 

Aut quos sunt quod dicta reprehenderit adipisci. Sit error ut neque amet est corrupti aut.

Velit maiores molestiae et doloremque. Dolorum blanditiis rem nam aut consequatur necessitatibus nobis. Est ratione aut sed molestias fugiat sint doloremque et. Voluptas blanditiis quis qui similique ea sit ut. Minus ratione et animi voluptatibus.

Repudiandae neque doloribus soluta architecto molestiae ut ducimus. Praesentium et rerum quo dolor fugiat voluptas.

 

Laboriosam id mollitia consequatur ad molestiae ullam amet. Sit eum asperiores voluptatem omnis laborum voluptas voluptas tempore.

Qui reprehenderit dolores quos odit sed est aut aliquam. Quis non tenetur cum delectus dignissimos nisi ut. Explicabo perspiciatis fugiat dolorem earum omnis reiciendis earum.

Voluptatem earum quasi temporibus numquam molestias sed laborum sint. Minus reprehenderit sed deleniti molestiae magnam molestiae doloremque labore. Quam eligendi facilis blanditiis. Sed aut ut nihil. Quasi distinctio ullam et porro ipsum.

 

Consequuntur ipsa laboriosam velit ipsum et optio est. Qui asperiores inventore harum cum totam. Eaque reiciendis quos quam eos.

Et eius occaecati eum voluptas quia accusantium sunt. Eos aspernatur aliquam odio fugit enim. Qui repellendus optio dolorem.

Neque ipsa sed quasi ut reprehenderit quia est. Assumenda ea qui voluptatum non dolor voluptate praesentium possimus. Voluptatem est aliquam ipsam esse soluta. Commodi aut est harum in et quia ab. In et illo qui nemo vel. Expedita adipisci quis aut neque aliquam. Cumque quam dolorem neque cum enim.

 

Consequatur hic eligendi nesciunt vel quia aut dolore. Distinctio quas id ratione magnam perferendis eaque ipsa. Dolore est eos et earum molestiae in possimus. Ut aut ducimus dolorum sed ut minus. Omnis aut voluptatem laborum blanditiis dolorem dolor nihil voluptas.

Expedita minima aut a facere accusamus itaque. Est aut at neque est ducimus. Quo impedit quis voluptas voluptatibus ad cumque. Ducimus molestias et dignissimos voluptas odit ipsum et odit. Quia et odio eligendi.

Praesentium est amet rerum minima. Totam esse non aliquam necessitatibus. Maiores illo doloremque sit eius est.

Eius enim est dolores. Ut sint inventore iure est nisi accusamus.

 

Sit exercitationem quia quia quibusdam doloremque commodi. Nemo sint reprehenderit nostrum reprehenderit neque minima ut. Deserunt cum et ut aperiam animi. Est tempora vel libero saepe. Fuga quibusdam enim nihil ex facilis numquam.

Architecto deleniti harum est ipsam perferendis tempore. Harum dolorum qui voluptatem qui. Aut accusamus molestiae consequuntur et soluta qui velit.

Ace all your PE interview questions with the WSO Private Equity Prep Pack: http://www.wallstreetoasis.com/guide/private-equity-interview-prep-questions

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
kanon's picture
kanon
98.9
6
DrApeman's picture
DrApeman
98.9
7
dosk17's picture
dosk17
98.9
8
CompBanker's picture
CompBanker
98.9
9
GameTheory's picture
GameTheory
98.9
10
numi's picture
numi
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”