Houston energy banking GS vs CS vs Barclays vs Citi - GS for PE exits?
I don't appreciate any of the personal attacks. I posted my question simply to source ideas, and I have always been polite about it.
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GS is about as strong as Citi CS and Barclays in Houston. The team may also be smaller but it should come down to culture. Exits are great from CS, Barclays and GS, with Citi probably being a laggard simply from the size of their team. PE exit is a lot harder from a post MBA associate level.
Has GS gotten better in the last two years? For analyst exits Barclays and CS seemed much better just 2 years ago.
I heard MF is still easiest from CS and Barclays when compared to GS and Citi.
Wait so you are entering as an Associate? And you think you'll be exiting to PE? Good luck with that. Post-MBA associate exits to PE are not a thing. PE recruiters will not be calling. Unless you have a serious hookup or are willing to go somewhere really small this is not going to happen. Not to trying to be a downer but i've been doing IB in Houston for ~5yrs and can't think of anyone who has done this.
None of those are bad places but the calculus for where to go as a Post-MBA Associate v. Analyst is different in a lot of ways - and "exits" are the biggest one.
Do you want someone a 25yr old with 2yrs of Analyst experience or a 30 yr old with 2 yrs of Associate experience? And please don't bring up all the "real world" experience you bring to the table from your previous job. If it is that great you're better off trying to get into PE from MBA. I can think of one guy who had 10yrs of very relevant industry experience who came into a very good shop as a VP straight out of b-school but he's an anomaly. As others have said you can't compare to guys who started as an analyst and then made the jump later - perception is just different for those who have analyst experience.
In addition, this stuff is very structured and is run by recruiters, not the firms in most cases. No recruiter is going to go back to Riverstone with a brand new post-mba associate candidate. It also happens very quickly. Half our first yr analysts have PE jobs and they've only been working for 6 months. The recruiters aren't calling Associates - it's just the way it is.
Assuming you have come around on the likelihood of making this transition (1% much closer to correct than 5%), you should be asking what are the best places to start as a post-MBA associate (end of sentence). I have written on this topic before on here but the short answer is maybe GS but not C, or CS. You'll get the best reps at a boutique (EVR, TPH even Simmons + Jefferies who crushed everyone in E&P advisory this year). If you really want the bulge experience of doing cap mkts memos at least avoid the euro banks.
League tables are trash, especially for the bulges. I've seen 20 deals where EVR, Jefferies or TPH worked on a deal only for a bulge to jump in a week before announcement with some sweet financing or because they're owed a favor BC they're in the revolver and get advisory credit. No associate at that bank did much of anything on that deal and if they did it was probably the M&A guy in NY. You get the best reps at a boutique, but wouldnt fault anyone for taking GS.
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Houston Banker 2017, why do you want to join PE? I'm a big believer in avoiding crowd mentality and figuring out reasons for yourself. PE is cool, but not necessarily cooler than IB - it all comes down to what floats your boat.
So why PE? You should be figuring out whether the reasons are truly intrinsic to yourself (i.e. they are real reasons that you should follow), if you are swayed by some notion that PE is the ideal job (which many believe and repeat, and often times can be wrong...look at recent elections for evidence of that!), or something else.
Agree with ThirdCoastBorn that you build up as an Analyst or Associate better at a non-lending bank. BB's are always there if you want to make a change.
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you should stop.
Stop calling out random people by name as if you actually know them.
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You're over thinking it.
Choose GS.
.
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Look, nobody is saying it's impossible to move from banking to PE as an associate, but it's completely inane to choose your bank based on your chances of getting into PE. It will be a longshot no matter where you are, and as others have alluded to it's based on much different criteria than for analysts. Headhunters won't look at you so you'll need some kind of special connection to break in, and if you already have that it doesn't matter one bit whether you're at GS or Barclays or CS or even DB ffs. Maybe GS does more M&A execution than the other groups but if you don't fit into the culture you'll get put on nothing but shit pitches and you'll learn nothing. And if you enter banking with the attitude you're too good for the job people will pick up on it instantly and you'll probably get RIF'd within 2 years.
I would also think long and hard about wanting to do PE long term as everyone else above has said. The lifestyle isn't really any better, it's much harder to get promoted and the pressure to succeed is on a completely different level. If you think sourcing an M&A deal is hard as an IBD MD, you won't even be able to imagine sourcing an actionable acquisition opportunity (contrary to popular belief banks won't cater to your every whim just because you're on the buyside). If you can somehow convince a fund to hire you, you're likely starting at the first year associate level (with every other 24 year old fresh out of banking) with a significant pay cut (probably going from $275-300k all in to $175-200k) with low likelhood of advancing.
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I think the lifestyle is actually much better in PE. No the long hours don't go away and yes the pressure is still on, however:
In short, I'd say you can make more money in banking, but it comes at a significantly higher cost (in terms of personal life, experience, etc) and with a lot more golden strings attached. I'm glad I got the fuck out and went into PE instead, and so is my wife.
Holy fuck. No one else is going to call this guy out?
Fine.
@OP, you seem weird as hell. Not only are you coming off as creepy, unable to pick up social norms, ignorant to your current career situation, you also did 100+ hours of wall street oasis research? That's insane, and I am 99.99% sure that you will not fit in in the Houston banking culture. You're also NOT going to the 4 listed BBs above...yet that is all you can talk about? You don't even know why you want to do PE, yet you're obsessed with going to a MF?
Bravo
Spot on
This is it. I guess the gloves are off. Have fun calling people out in forums and making personal attacks without actually reading the posts. I didn't say most of the things you listed there. Maybe I don't fit the Houston culture if it is all about twisting facts to attack other people with made up BS. Mind sharing which bank you are going to or which school you went to?
Since you shared your opinion about me, let me tell you what I think of you. I think either your reading comprehension is at 3rd grade level, or you just make up facts on regular basis. You really shouldn't tell anyone who you are because then people will know you are more fit to write fictions than doing any real work.
Unlike some people who are actually trying to help answer questions, you added zero value to this thread. I think people like you are the reasons banking can be unbearable. I can hardly imagine your life is surrounded by positive people given your attitude. The path you're on is a downward spiral, you'll probably not get into buy side given your reading comprehension level. You most likely won't make it in banking either given all your work is made up. You really should just quit and start writing fictions.
I deleted my posts and will delete the thread as soon as I figure out how to do it. You make me sick. I am done.
Hey say something GrandJury. Don't just sit there and take the hit.
Or tell me who you are so we can have our next conversation in person.
LOL. Ok buddy.
Yes...yes you did say those things. Which is why you went back and deleted everything you said.
Let me give you the summary since you conveniently forgot.
Now you tell me which one of these you really are A. You are retarded and can't remember what you read B. You have grade 3 reading skills C. You make stuff up to rain on other people's parade for fun because your life is way too sad
Now you realize you're a bag of sh!t, can't read, and can't remember?
How does it feel to get personal attacks? Fun? You want more?
Nothing to say? What I thought
u Mad bro?
Yes, I was pissed. There had been posts that made me uncomfortable but they never crossed the line. You, on the other hand, made me sick. Don't let me find out who you are.
Posting in an historic thread.
Oddly, this ended up being one of the better conversations about PE versus career banking to ever take place on this forum, largely because it appears it was actually between people who have done both as opposed to the class of 2018 at HYP asking whether some classes are better to get into Centerview vs. MS M&A as a summer analyst in one thread and then feigning knowledge about BB and PE comp in another.
Agreed, this was one of the most informative threads I've seen on WSO. Lots of good info even after OP went and deleted half of it.
This is my final post on this thread. I want to thank everyone who tried to answer my questions. I really pushed hard for the answers and challenged a lot of people because I felt it was necessary for a good discussion.
For those who have a problem with me, I don't give a shit about you, go die for all I care, but please stay the hell away from me. Go quit Houston banking or something.. just stay the fuck away from me.
Peace out.
Chill dude.. Why give a shit what these trolls are saying. This thread has been informative for me.
lol so mad
Based on the personality traits you have displayed in this thread, you have zero chance of ever obtaining a job in private equity. Fit is the most important characteristic when it comes to working in private equity.
It'll be funny if this guy actually ends up in private equity.. lol
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