2/1/11

Hey Guys,

Interview season is winding up for summer banking positions and I've been fortunate enough to get a few offers. My head is kinda in a mess right now and I'm not really sure where to go.

I'm leaning towards JP Morgan where my impression from talking with them is that I'd basically be able to pick my group - after that its Centerview (do they pay above the street for FT analysts?) and then MS.

Granted I haven't had much of a chance to meet people at MS, so my preferences are really more based on familiarity. Looking past the summer internship into full-time, I don't want to go to b-school and plan to either stay in banking or make the jump to PE after 2-3 years.

Thoughts?

Comments (40)

2/1/11

I'd recommend to get on calls/grab coffee with more people at each firm. Try to see if you can visit any groups as well before you decide. I'd say MS > Centerview > JPM

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2/1/11

What groups at JPM and MS? Centerview does pay above street but their culture (as you should know) is different than the BBs. If you want to stay in banking and do that for a while go to Centerview. If you want to do PE I say JPM or MS depending on the group.

2/1/11

MS has pretty random group selection so you could technically end up in ECM or DCM. Usually though you will get your three first choices, except maybe M&A. I would join MS and try to get into M&T or HC for example.

But if you say you really got along well with the JPM crowd then it might be different. Its up to you really nobody will be able to tell you whats the right choice

"too good to be true"

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In reply to GBB_19NHS
2/1/11
GBB_19NHS:

MS has pretty random group selection so you could technically end up in ECM or DCM. Usually though you will get your three first choices, except maybe M&A. I would join MS and try to get into M&T or HC for example.

But if you say you really got along well with the JPM crowd then it might be different. Its up to you really nobody will be able to tell you whats the right choice

False. You either get an offer in IBD or GCM. If you get both obviously pick IBD. And it's M&C not M&T.

2/1/11

media comms, true. and in london you might very well end up in GCM even though your initial offer was in IBD

"too good to be true"

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In reply to beamerbenzorbentley
2/1/11
2/1/11

First of all congrats. As already pointed out, ask the different banks if it is possible to meet more bankers before having to make a decision. Usually this shouldn't be a problem. If you like the people at JPM best after seeing more people at the other places, go with JPM, otherwise I would say MS>JPM>Centerview.

2/1/11

If you really get to pick your group, go to JP. Everyone going to MS will be swinging for the same groups.

2/1/11

The groups I'm interested and have been in contact with at JPM are LevFin, FIG, Nat Resources and M&A and I was lucky enough to be interview by MD's in 3 of 4 of those groups - and I've already visited - so I have good relationships with them.

What are the pros of centerview? It seems to me that they would place as well, if not ever better into PE, then MS or JPM just because you'll have personal interaction with a lot of their senior guys who are really well regarded and have good connections. And when we say Centerview pays above the street, how much are we really talking?

It seems most people here really like MS over JPM, maybe I've just been inundated with JPM propaganda but they seem to have great deal flow right now across the board - wouldn't a guaranteed M&A, lev fin, or Nat Resources there be better than a random at MS - is MS really still that far ahead of JPM?

2/1/11

If it's for the summer I'd take JPM simply because their conversion rate is 90%+.
Get a full-time offer first and then worry about PE placement.

2/1/11

isn't centerview a required 3 year analyst program? correct me if i'm wrong but that is a HUGE consideration

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2/1/11

@Baboon - that's a good point, although, this is the first year Centerview is doing SA and I get the impression their offer rate will be high, I mean, there's only gonna be 4 of us, any idea on what MS's offer rate is like? Also, anyone have impressions on how JPM FIG is regarded - I seem to fit in best with the people there.

2/2/11
2/2/11

I'd go with Centerview. Interesting deals and comp is prettay prettay high from what I hear.

2/3/11

Centerview pays far above street for analysts from what I have heard. You also get incredible deal exposure...just look at the deals they've done, all blockbuster headlines. What could be better than that for your resume?
http://www.centerviewpartners.com/list.aspx?xitm=2...

2/3/11

MS > JPM = Centerview

MS opens a lot more doors after an analyst stint than does the other two firms; however, all three are tremendous firms and you can't go wrong with any of them. Congrats on offers.

2/3/11

Centerview offers an unparalleled experience, which should filter through even over just a summer analyst program. Especially given what you want to do, you really can't do much better than that.

Also, given the extreme selectivity of the program (not to mention the guaranteed placement into an M&A role), no doubt you would be extended an offer upon doing well and meeting all of the senior guys over the summer.

2/3/11

I think MS has a reputation that is much more widespread than Centerview so just a data point to consider.

Still, Centerview has ridiculous deal flow for a 60 person or so firm. Volume per banker has gotta be higher than Greenhill or Blackstone M&A considering their deals.

2/3/11

tobo2414

What school are you at?
For Harvard, Centerview just had a resume drop deadline yesterday.

2/11/11

@djkakoc - a target

New news - I've decided to drop MS from my decision making, which I know people probably think is crazy but I didn't click with anyone I met there - because of that I feel like I would do horribly in terms of group placement. At JPM, I can basically pick my group, which would be M&A.

To throw another kink in the chain - I just got invited to fly to London to Interview with Goldman for a Superday. I'm also a British citizen and have worked in london the past two summers... do you guys think culturally Goldman London would be a better experience than say - Goldman NY? I've heard bad things about Goldman IBD in NYC.

Other than all that, I really like Centerview and am leaning towards there - should I even waste this weekend flying to London? Do you guys think Centerview is a better choice than JPM M&A?

2/11/11

You've heard bad things about GS IBD in NY? What planet do you live on?

GS (in both NY and London) is a fantastic firm. Go to the interview.

2/11/11

Free trip to london, go.

Though a superday doesnt = offer so there is no decision making to take place. If you have time fly to London, enjoy your home country and get to know GS there.

"too good to be true"

See my WSO Blog

2/12/11

Go to Centerview great shop!!!

2/12/11

Are you guys kidding? I would go to Centerview in a heartbeat. Not only do they do mega deals but you get PAID $$$$

I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing.

2/12/11

Are you guys kidding? I would go to Centerview in a heartbeat. Not only do they do mega deals but you get PAID $$$$

What's with all this talk about Centerview pay? How much do they pay first year analysts?

2/12/11

By bad things I was referring the analyst experience at GS, meaning the general lack of happiness, Centerview on the other hand, has a reputation for happy employees, even though they work a ton. My hesitation about going to London is that even if I got the job I think I'd rather work in NY to start and the make a mid-career switch to London. Also, from what I've heard, GS in London isn't king like in NY but rather treated like one amongst a few other equals...

2/13/11

Damn, this kid got offers from MS, JPM and Centerview but couldn't get an offer from Goldman.

Just shows the exclusiveness and superiority of Goldman "GOD IN IBANKING" Sachs.

2/13/11

Dude, you must have a mesmerizing personality MS JPM Centerview and possiblely GS London? what the...

The answer to your question is 1) network 2) get involved 3) beef up your resume 4) repeat -happypantsmcgee

WSO is not your personal search function.

2/17/11

JPM Nat Res, M&A, Lev Fin and FIG are strong

3/5/11

Centerview is strong. Only drawback is that their transactions seem to be very consumer heavy, so if you're into that it's a great fit.

3/14/11

Centerview is probably one of the most elite boutiques there is. Why would you turn this down to be a faceless analyst in a huge class at JPM?

3/14/11

As others here have already said - if you don't want to go to business school and you want to stick around in banking for a while, go to Centerview as you will be on a career track, get paid well, have a more sustainable lifestyle (you'll still work very hard, but they won't grind and burn you for 2 years on pitches just given their career track and retention) and very good deal exposure (MDs sourcing deals through their relationships vs. pitching/whoring yourself to any client that will have you). I interviewed with a bunch of Centerview people last year and seemed like a very good, smart and laid-back group of guys.

If you want a great BB analyst experience to leverage into a PE offer, go JPM or MS. I don't understand why people here have made it seem as if MS is so much better than JPM - MS does not command the same respect it did 3 years ago. What matters is what group you're in and I would say JPM M&A is probably the best group to be in for exit opps as they only get put on large, high-profile transactions (for smaller deals, the modeling is all handled in-house at the coverage level). All of the new JPM M&A analysts have been getting interviews and offers at the big funds - KKR/Warburg/TPG/Apollo, etc.

JPM TMT is good as well - they do a lot of deals and they are a close-knit group but the hours do get out of the hand - probably one of the harder working groups at JPM.

Also just be careful when you say you are "guaranteed" one of your top 2 choices. JPM makes it a point to not place until the class has been filled - unlike MS, which can actually give you an offer right into a specific group. While most people do get one of their top 3 choices, you can get a completely random result. In the end, HR makes the allocations. Although the good thing about JPM is that they actually let interns see other groups and figure out if somewhere else might be a better fit before giving full-time offers. M&A is also probably the most desired group and does not take large classes, so getting into it is tough. Having spoken to just one MD is not enough - talk to more people there including the resource manager and intern sponsor (find out who that is) and leverage any alumni connections you might have through your school.

But obviously you're in a good spot - congrats on some great offers.

In reply to HireUp212
3/15/11
HireUp212:

As others here have already said - if you don't want to go to business school and you want to stick around in banking for a while, go to Centerview as you will be on a career track, get paid well, have a more sustainable lifestyle (you'll still work very hard, but they won't grind and burn you for 2 years on pitches just given their career track and retention) and very good deal exposure (MDs sourcing deals through their relationships vs. pitching/whoring yourself to any client that will have you). I interviewed with a bunch of Centerview people last year and seemed like a very good, smart and laid-back group of guys.

If you want a great BB analyst experience to leverage into a PE offer, go JPM or MS. I don't understand why people here have made it seem as if MS is so much better than JPM - MS does not command the same respect it did 3 years ago. What matters is what group you're in and I would say JPM M&A is probably the best group to be in for exit opps as they only get put on large, high-profile transactions (for smaller deals, the modeling is all handled in-house at the coverage level). All of the new JPM M&A analysts have been getting interviews and offers at the big funds - KKR/Warburg/TPG/Apollo, etc.

JPM TMT is good as well - they do a lot of deals and they are a close-knit group but the hours do get out of the hand - probably one of the harder working groups at JPM.

Also just be careful when you say you are "guaranteed" one of your top 2 choices. JPM makes it a point to not place until the class has been filled - unlike MS, which can actually give you an offer right into a specific group. While most people do get one of their top 3 choices, you can get a completely random result. In the end, HR makes the allocations. Although the good thing about JPM is that they actually let interns see other groups and figure out if somewhere else might be a better fit before giving full-time offers. M&A is also probably the most desired group and does not take large classes, so getting into it is tough. Having spoken to just one MD is not enough - talk to more people there including the resource manager and intern sponsor (find out who that is) and leverage any alumni connections you might have through your school.

But obviously you're in a good spot - congrats on some great offers.

Thanks hireup212 - I really appreciate all your help. So I also talked to a friend of mine who interned at JPM M&A (he ended up signing with Blackstone M&A for full-time) and he confirmed that the 1st year analysts he knew were all getting interviews with the top megafunds.

In terms of TMT, when you say "good", does the group actually put you in a good spot for PE recruiting (maybe more for firms like SilverLake, TPG, Golden Gate Capital, etc)? I have a strong feeling that at MS I would be able to get at least one of my top 3 groups, which implies that in terms of coverage it would be either GPUG or Media & Communication. Does JPM TMT put you in a worse position than these two coverage groups at MS? The only reason I ask this is because it is more likely that I will end up at TMT.

Thanks!!

3/15/11

You will probably have a better chance at firms such as SilverLake, TPG, Golden Gate Capital at JPM TMT in CA. This is my guess assuming that JPM TMT is similar to other firms (with tech being primarily out of the Bay Area office). I'm not sure what the exit opps for TMT in NYC are though.

In reply to NT_B10
3/15/11
NT_B10:

You will probably have a better chance at firms such as SilverLake, TPG, Golden Gate Capital at JPM TMT in CA. This is my guess assuming that JPM TMT is similar to other firms (with tech being primarily out of the Bay Area office). I'm not sure what the exit opps for TMT in NYC are though.

That might be true, but unfortunately I'm only being placed in NY

9/7/11
In reply to tobo2414
12/3/13

I am soooo jealous right now :o

12/3/13

OP Unless you are able to get into MS M & A or M & C I would take JPM M & A. Gr8 exits to PE including MF & MM firms.

12/3/13

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