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.
Piper Jefferies
There are 1-2 recent threads that have gone into great detail on banking in Houston.
For deals - http://www.ogfj.com/mergers-acquisitions.html HW and some other MM banks also puts out monthly industry updates - http://www.harriswilliams.com/industries/energy-and-power/news-insights
How do you find out which of the deals have been done by what banks? It seems like I can never find certain deals that certain banks have done.
Do you have access to CapIQ? They list the banks that advised on transactions. MM players like Simmons will often have the deals they worked on listed on their website. Otherwise google the transaction and many sources like WSJ and Reuters will usually have advisers listed.
Evercore is pretty strong down there
Best cultures/offices for Houston IBD? (Originally Posted: 07/13/2014)
I've seen some info on here about dealflow and the best banks in Houston, but that seems to change dramatically every year and I think league tables are pretty useful for that. I was wondering if anyone here has any info about the best groups to work for in terms of culture and comp in Houston? For example, I've heard that Citi and Credit Suisse are brutal while Simmons is great, but I haven't been able to find a good place for reliable info. Also, what is comp like for analysts in Houston? Most people reference "Street" when comparing pay, but I haven't found any hard figures as to what analysts actually make in Houston.
Any other info, like banks being well known for a particular vertical or placement info into various PE shops would be appreciated as well. On a side note, I've heard about people at a few banks (Citi and JPM) getting to megafunds, such as TPG and KKR. Do the Houston banks typically send people into the MFs and how does the process differ from Texas PE recruiting?
Depends on what group you want to go to. Pretty much all of Citi A&D recently left and went to Deutsche. Comps are comparable to street. Around 70k for first yr analyst depending on bank
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.
I've heard good things about the cultures at Simmons and TPH, although the latter will work you hard. On the flip side, I've heard pretty bad things about Citi, Evercore, Jefferies and CS.
Overall deal flow, as in more than 1 vertical, would have to be Barclays and Citi. Both get deals in upstream and midstream with Barclays more of the former (relative to Citi).
Deutsche Bank - Houston -- Culture, dealflow, hours (Originally Posted: 11/27/2009)
Does anyone know anything about DB Houston with respect to culture, dealflow, or hours?
Do they do their own execution?
Does anyone know how strong the dealflow is?
Also, how are their interview styles? Mostly behavioral,technical, any brain teasers?
Any input you have on these topics is greatly appreciated.
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.
appreciate the feedback chimpb
bump
Is tis for like full-time or are you just looking for SA stuff?
neither, just wanted more info.
Bump for current info I have SBs to give
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.
Houston Energy Banking/ Texan Culture (Originally Posted: 09/08/2013)
I'm a senior in college and I've been in touch with someone at a top energy group in Houston. He assured me that: 1.) It's not NYC 2.) People are expected to stick around, not kick the bucket after 2 years 3.) there is a "local" vibe with lots "cowboys" who will see right through me if I'm not 100% set on energy and banking.
He wants me to seriously consider these things then get back to him. It was almost like he was trying to scare me out of it.
Could I here from current oil/gas/energy bankers about why they specifically went into energy? Also some comments on these Texan culture issue?
Lol wtf none of this is at all true. Pm me with questions.
People leave after 2 years. Almost 100% at my bb in houston. Only exception I can think of is at boutiques with some weird culture or at GS where they now expect you to not recruit.
OP, good troll post.
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
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.
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.
Houston IBD Exit Opps? (Originally Posted: 09/17/2013)
I'm a junior looking at doing energy IBD in houston and was wondering what exit opps looked like at different houston firms? I know Barclays and CS dominate (based on hearsay and browsing associate profiles for places like first reserve), but how do the other BBs (GS/MS/JPM/BAML etc.) and the boutiques (Simmons/TPH/Evercore etc.) do? Why are the biggest energy shops almost exclusively Barcap/CS and how hard is it for an analyst from another bank to land a PE job?
BUMP. Also interested in energy shops.
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.
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.
..
Energy IB in Houston (Originally Posted: 01/02/2016)
Does anyone know what recruiters are best for lateral hiring for energy IB in Houston? Particularly looking for ins into TPH, Evercore, Jefferies, GS and CS. Thanks.
Banks rarely use recruiters for lateral hires. Recruiters are mainly used by PE firms.
Hit them up directly using LinkedIn and email formats.
Michael Page
Wells Fargo IB Houston (Originally Posted: 08/14/2014)
Hi all, saw a thread about this but it's dated so wanted to get some current opinions. Does anyone anything about Wells Fargo's Houston energy group in terms of deal flow, culture, types of deals, exit opps, etc? I have an interview there for a full-time IB analyst role.
You'll work a lot doing mostly capital markets stuff.
^this. Have a friend that works there, hours are long and culture is ok
Deal flow is constant, bros are chill, cap markets and off the wall M&A pitches, exit opps are what you make of them.
They do a lot of lending which means you do a lot of capital markets deals.
This sometimes yields M&A mandates, but usually the client will think of you as their capital markets bankers.
They have some good lateral highers from the more "sweatshop" BBs.
doesnt WF or Citi houston have a very large analyst class? around 20?
Citi
investment banking in Houston (Originally Posted: 04/26/2011)
I am currently working for a major Oil & Gas company in Houston as an accountant. The work environment is extremely boring. People are from low tier schools. There is so much subtle discrimination against the foreigners in Accounting. Diversity at high levels and even middle management does not exist. I can not have an intelligent conversation with anybody in my group. They just do the work for the paycheck (very low by finance standards). I hate going to work everyday. I really hate accounting. I have been trying to move to strategy or treasury, but did not have luck. It is a catch 22. You gotta have the experience before they hire you, but they do not tell you how to get that experience. I have been to so many recruiters, but was not lucky. They do not even call you if you do not have any finance experience. I can not even move to more anaytical jobs in Oil&Gas even though they are mostly accounting. I am seeing a lot of strategy managers in oil&gas coming from investment banking. I do not see a long term future in investment banking because of long hours, but I am thinking about working for few years in banking and moving to a strategydepartment in an Oil & Gas company. I also like the investment side of finance. In order to get this kind of jobs, I guess I need to get a high ranked MBA. Since I am married and my wife has a very stable and good job in Houston, I do not want to move to a new city so Rice MBA is my only option. What else can I do other than getting a Rice MBA to move into exciting positions in Finance? Is the MBA only solution? Is there a more cost effective option? How can I use my energy experience in Accouting to move into the financial side of Energy? I need all your advice. Thank you all.
network network network. Rice is probably your best option. That should be the route to take.
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.
Try to get an internship at one of local PE firms. I read a story that a guy got FT job at bulge bracket IB after having an internship at a small PE firm.
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.
Rice places very well in Houston for associate positions.
DB Houston IBD (Originally Posted: 12/01/2010)
anyone in this group? pm me
I know a few people there. What's the story?
I have an old analyst buddy that works in that office. What are you looking to find out?
Houston IB List? Cold call help? (Originally Posted: 09/27/2015)
.
Why cold call? Emails work best imo
Those are all the big players in Houston...so good list...
However, 100% of those banks have filled all their spots. Your best bet would be contacting boutiques if your qualifications are as shitty as you say they are. FT recruiting was intense in Houston this year.
Sorry, I should have clarified. This is for a summer analyst position.
Looking for advice on finding an IB job in Houston (Originally Posted: 06/26/2011)
Does anyone have any advice that they could share with me on landing an IB job in Houston? Is using a headhunter a good route? If so, anyone to recommend?...I graduated UT-Austin with Bach of Arts, have been with Big 4 in Tax for past few years and am also obtaining my MBA (1 year left) at UT-Austin (McCombs) Working Professional weekend program in Houston...Any suggestions would be greatly appreciated.
You shoulda chosen the traditional full time program in Austin. I suggest getting out there and networking. If you have access to the UT recruiting, use it extensively.
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).
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
All-
Thank you very much for the posts. I appreciate the sound advice.
It sounds obvious, but have to applied to the BB corporate websites for listings in Houston? I don't know if it's helpful, but it was just a thought.
Need Advice - Houston IB (Originally Posted: 01/30/2015)
Recently, interviewed with a BB in Houston for an IB Analyst position. During the interview, MD indicated there might be potentially two positions available. I waited a week and did not hear back. I got in touch with VP (A&D) who indicated that an offer has been extended to one of the candidates. The feedback for my interview was pretty positive and VP suggested that it all came down to better fit. After a couple of days, their team posted for another similar position. I reached out to the VP and turned out they were indeed looking to bring on another Analyst but would have to wait a week before they could make a decision to see if they get any new applications. He and MD, VP (IB) would be travelling out of town for most of next week and advised me to touch base in 2 weeks.
To add a bit of perspective, I had initially networked with MD through an informational interview in 2011 and have been in touch with him ever since. During the interview he commended my persistence and perseverance. I was just wondering if I should send him another email during the week while he is travelling just to show my interest. I am a bit confused as I do not want to annoy folks on their team. The three main decision makers in their team are MD, VP (IB), VP (A&D). VP (IB) is coordinating the process but all three of them are Engineering majors like me.
Would you guys advise me to reach out to VP (IB) and MD or should i count on VP (A&D) to vouch for me. Thanks !
Reach out in 3 weeks if you haven't heard back.
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.
Houston IB groups (Originally Posted: 03/06/2008)
Are the energy groups at Lehman, Lazard, UBS, etc. much smaller than a typical group in NYC? Does this make it harder to break in, or does the fact that lots of people would prefer NYC make it easier? Thanks.
never easy... you have rice, texas,smu and texas am people to compete with
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?
I'm in talks with Bear Energy (Bear Stearns energy trading subsidiary) and it certainly wasn't easy to get to this point. All of Bear's energy trading goes on through this group which is Houston based. Hoping to hear back with an offer as soon as tomorrow. BTW, I'm from the east coast.
what role at Bear?
I work at Bear Energy.... good luck....
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.
I-Banking in Houston? (Originally Posted: 09/06/2013)
What's I-Banking like in Houston? Seems like one could go to UT-Austin, concentrate in energy/finance, and get an IB job and live at half the cost of living in NYC. Can anyone shed light on this?
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!
Check out this job posting
http://houston.craigslist.org/acc/4047655299.html
I'd work with Wang: http://www.cleanenergycap.com/jacob-c-wang-2/
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.
Can you possibly link me to a good 1 bedroom in midtown for 1200?
yeah looking at doing this. the UT finance route definitely would've made it a lot easier
Step 1 - get into UT Austin
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.
Houston IBD (Originally Posted: 10/11/2009)
Does anyone have any information regarding the BB banks in Houston? How big are the offices for GS/MS/etc.?
Are the hours still comparable to the other offices in NY and SF? Also, what about bonuses/exit ops compared to the other offices?
rather small. Hours can get high but I would say overall lower if no live deals. Cant say on bonuses and exit ops are strong in the natural resoruces space.
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.
Lime Rock is considered a top fund?
Are you joking me? Houston IBD will do Nat Res and that's it. And if you're with any BB worth your salt, you'd be busy adn make bank
So if one was interested in doing Natural Resources, is it mandatory to work in the Houston office or is NY still possible?
Question about various houston banks (Originally Posted: 02/07/2007)
How would you all rate the different Houston banks just in terms of the normal things - exit opps, business school opps, quality of life, deal flow, the people, etc?
I am specifically looking at Lazard, Goldman, Morgan Stanley, UBS, and JPMorgan. What would be the progression there? For instance, UBS is probably one of the highest rated ones in terms of quality of energy deals, but Goldman and Morgan are what they are. Lazard has a great reputation in NYC, but their office in Houston is small and new, so how does it stack up? I have some offers but don't want to get really too more specific just because the offices are pretty small.
Bump in hopes someone sees this today and knows something!
Lehman has the top energy group in houston, CSFB also has a very good group.
disagree. guess it depends on how you define "best". I don't like to do debt deals. I would want to do large M&A deals.
Go to GS
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
Lehman definitely has the best deal flow for all sectors (upstream, midstream, etc.)
exit opps?
Thank you for the responses so far. Does anyone have any info on Lazard and its relative prestige Houston vs. NYC?
Houston.....the Houston office is not good at all to be honest....my brother got an offer there and said the people were sub-par on average......take goldman or UBS over it...even ms for the name
Houston IB (Originally Posted: 03/20/2010)
Anyone who is working in Houston IB or with similar experience could probably help me with these questions -
How is the IB scene in Houston? Is oil and gas IB in demand, and more importantly is it a field which has a lot of jobs? Are the salaries same as in New York, or lower because of the cost of living? How easy is it to land a job at IBD in Houston after MBA from a top 25 east coast school like Georgetown or Emory? Or would I be better off going to something lower ranked like Rice?
Thank you.
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.
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.
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.
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?
...
Full time IB analyst recruiting (specifically Houston) (Originally Posted: 07/02/2015)
...
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.
Ah ok sorry. Didn't mean to be annoying. I just wasn't sure if this is also true for Houston.
I talked to people in Houston IB and my career counselors, and I hear conflicting stories.
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.
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.
Mind if I PM you?
Thanks a lot everyone for the info! Still networking so wish me luck
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.
Top IB Shops in Houston (Originally Posted: 08/09/2012)
Hey guys, like the title suggests I'm interested in how banks stack up in Houston for IB. I know that this has been addressed tons of times (yes, I did search) but I wanted to get an update. From what I've heard, there has been a lot of change in the energy/oil & gas teams in Houston (eg. UBS guys leaving for Citi). For a rising junior looking to be an SA and ultimately PE after two years, what are the top shops in Houston in terms of exit opps & prestige?
From what I found when I searched, it looks something like this:
1) Barclays, CS 2) JPM, Citi 3) GS, MS 4) The rest
Also interested in how the elite boutiques stack up to the BBs in Houston. Thanks in advance, I really appreciate any input.
From my understanding, that seems pretty accurate. I think Evercore and TPH are the best boutiques, but I could be wrong. I don't know where they'd stack up, though.
Barclays is pretty much guaranteed Energy PE placement
Thanks for the input guys and keep it coming. I'm particularly interested in how the boutiques compare to the BBs. Also, I've heard that CS is losing some ground in Houston. Can anyone touch on this?
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.
dude just look at the E&P league tables
Exactly how do I do that? I can get the worldwide energy league tables, but not really sure about oil & gas deals through Houston
who the fuck threw monkey shit at me? clearly you know less about energy banking than i do...
I've heard Barclays analysts frequently head home early (like 9-10pm) on weekdays. Is that true?
They do deals
If anyone who actually has first hand knowledge of Houston IB can give some input that would be great
what do you want to know? I gave you an honest answer
Morgan Stanley is losing steam for sure. Wells is solid. Citi is an army, look for that to yield some interesting potential layoff results at many levels.
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).
Does TPH and Simmons hire any students from british universities ? I just graduated from LSE and would like to apply to these banks. I do not hold US nationality !!
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?
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.
This is flat incorrect for TPH, everyone this year / '13 was placed very well.
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.
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