HLHZ vs. KeyBanc Capital Markets
Hey guys. I am a junior and was wondering what you thought would be a better choice for a summer internship, Houlihan Lokey FAS group in San Francisco or KeyBanc Capital Markets financial sponsors group in NYC???
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What is your desired position out of school? IBD?
For some reason, there seem to be a lot of HLHZ homers on this board who stroke it to HLHZ no matter what. So be aware.
FAS isnt IB. Its a more prestigious equivalent to fairness advisory @a Big 4 acct firm or valuation firm like Duff n Phelps...not trying to hate, but its true. i went through the interview process at FAS and it clearly was my back up should all else fail lol
This is a tough one. But here is something to note -- do you really not care whether you are in SF or NY? Since this is your junior year, this is probably your best shot for an offer, although I guess you could try FT in the Fall.
If it was me I think I would choose KeyBanc, but again, this is a tough one.
Why? HLHZ FAS is fairness opinions and financial advisory, not IBD or RX. I think it is more clear cut, but I suppose if OP is interested in valuations and fairness opinions, then HLHZ is the way to go.
This is indeed a tough one and to be honest, I wouldn't know what to choose either. Sponsors is a good group to be in, but FAS has the brand name you would want on your resume.
I suppose you could try and either network out of FAS for FT at HL or recruit for another IB position at a different bank. With that said, its a bit of a risky move considering FT recruiting was terrible this year and probably will remain the same for the class of 2014.
On the other hand, KeyBanc probably isn't laying off nearly as many folks as your typical players (CS, DB, UBS, BarCap, etc) and may be a good and stable growth platform to stick around.
I would go with KeyBanc, especially given that its in NYC not Ohio or some bum fuck no where.
Congrats on your offers!
Unless you want to go KeyBanc FT, I'd say HLHZ - the prestige will help you with FT recruiting
What about a janitorial position at Goldman, Preftige fer dayzzzz
Search through recent threads on HLHZ FAS, someone had a good, detailed post about how HLHZ's FAS practice has been going downhill and to avoid it if you have other options... Personally, I'm not 100% sure on any of this but I would definitely suggest PM'ing whoever posted that and getting some more info
Can't comment on the practice itself, but they sent me an email stating, "No. 1 Global M&A Fairness Opinion Advisor Over the Past 10 Years". I didn't inquire into what group conducted the research/rankings, but doesn't seem like it has fallen off too much. I still hear HLHZ more in fairness opinions than any other group, especially in the middle market.
Thanks for all of the help guys. As for FT post grad, KeyBanc does not promise NY and I would have to fit in to their rotational program which means Cleveland for 10 weeks and then a satellite office for another 10 weeks and then an offer. HLHZ the FT offer would be for SF. Also, which firm do you guys think would provide a better experience to try and get into a BB for a FT offer after I graduate?
IMO OP, go with Keybanc. You'll be in NY, working on their largest and most visible sponsor deals. I would say it is easier to go from that group to BB IBD than HLHZ FAS in SF to BB IBD b/c again, you will not be doing IB at HLHZ. FAS is a different animal.
My two cents. Let us know what you end up deciding and how it works out.
Thanks for the help. Do you think HLHZ FAS would be a good enough experience to use to get into a BB or a top 20 MBA program down the road? Or would choosing this internship handcuff me and rule out some opportunities?
You will get far better experience in an actual investment banking role. Although FAS valuation is similar to IB, it is different. And that difference is enough to bar you from some opportunities.
Go with KeyBanc.
Gotta echo Whiskey's points here. Go with KeyBanc, the experience is more relevant.
Go with KeyBanc they are strong and growing fast.They have a decent enough reputation if you want to get into a stonger firm for FT. If you do take HL FAS for the sake of being in cali, it is not the end of the world you shouldn't have a hard time landing a decent FT IB gig.
How'd you manage to get the internship to be in NY over Cleveland for Key?
The financial sponsors group in NY recruits at my university
I would go with Houlihan. I worked for KeyBanc, and the name recognition is really poor. The Houlihan brand name is worth it IMO. Plus, don't know why everyone is hating on fairness opinions so much for an intern....you can get some great valuation experience this way.
What group did you work in at KeyBanc? Were there solid exit opportunities? Do you think HL would provide me with a solid chance to internally transfer to Corp Fin from FAS?
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