1/28/12

Hi, I need some career advice. I am a MBA student graduating in 2013 and now considering summer offers from Lazard Corporate Finance Advisory, Barclays IBD and Citi IBD (all in NYC). It would be great if I could get some advice on which of these three is the best option. Generally, what I am looking for is:
1. Stability of the institution
2. Conversion rate for summer to full time
3. Prestige
4. Exit option
5. Bonus
6. Culture and people
7. Growth momentum of each institution

Thank you so much for all your helps in advance. It would be great to hear your inputs!!!

Comments (24)

1/28/12

dumb question, Lazard wins this by a mile. Better pay, more stable, better firm, better exit options, comp is all cash, culture is cut throat and filled with serious winners. If you are actually considering a Citi offer over Lazard need to have your head examined.

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1/28/12

just curious how you got summer offers and don't know most of these answers.

1/28/12

Without doubt Laz - they get on deals because they are wanted not because they use their balance sheet

1/28/12

imo its pretty clear

1. Lazard
2. BarCap
3. Citi

1/28/12

1. lazard
2. Citi
3. BarCap

1/28/12

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1/28/12
1/28/12

BarCap > Citi

Lazard = awful work environment

In reply to Houston_Oil_Drum
1/28/12
econ_guru:

BarCap > Citi

Lazard = awful work environment

http://graphics.thomsonreuters.com/F/11/Deals.html

Citi has several strong groups. Seems like people only talk about BarCap's energy/natural resources group...

In reply to audemarspiguet
1/28/12
audemarspiguet:
econ_guru:

BarCap > Citi

Lazard = awful work environment

http://graphics.thomsonreuters.com/F/11/Deals.html

Citi has several strong groups. Seems like people only talk about BarCap's energy/natural resources group...

the culture at BarCap is so much better than what goes on at Citi...

In reply to leveRAGE.
1/28/12
leveRAGE.:
audemarspiguet:
econ_guru:

BarCap > Citi

Lazard = awful work environment

http://graphics.thomsonreuters.com/F/11/Deals.html

Citi has several strong groups. Seems like people only talk about BarCap's energy/natural resources group...

the culture at BarCap is so much better than what goes on at Citi...

What's wrong with Citi's culture?

1/29/12

OP: Lazard, based on your criteria.

But prepare to get wrecked - LAZ will work you to the ground.

1/29/12

By Lazard CF do you mean Lazard's advisory practice (M&A and restructuring) or their capital markets group? If the former, I can see a case for taking it over Barcap or Citi but otherwise I'm not sure that taking a pure cap markets group (esp. at Lazard, which typically doesn't get on the big IPOs or debt offerings) trumps a coverage or M&A group at Barcap or Citi.

OP - please don't blindly take the offer because of the Lazard name as posters here would lead you to believe. M&A or coverage typically > capital markets for long-term benefits

In reply to wallstreetoasis0
1/29/12
wallstreetoasis0:

By Lazard CF do you mean Lazard's advisory practice (M&A and restructuring) or their capital markets group? If the former, I can see a case for taking it over Barcap or Citi but otherwise I'm not sure that taking a pure cap markets group (esp. at Lazard, which typically doesn't get on the big IPOs or debt offerings) trumps a coverage or M&A group at Barcap or Citi.

OP - please don't blindly take the offer because of the Lazard name as posters here would lead you to believe. M&A or coverage typically > capital markets for long-term benefits

It is the capital markets group (not M&A advisory). Therefore it is relatively a very new group. I also shared a very similar concern about the type of work and exposure that I will get at Lazard corporate finance advisory group vs coverage at Citi/Barcap. Since I won't be working on M&A transaction and will most likely be working on a purely advisory/consultation role, I'm not sure about career path and exit options.

In reply to felixthecat
1/29/12
felixthecat:
wallstreetoasis0:

By Lazard CF do you mean Lazard's advisory practice (M&A and restructuring) or their capital markets group? If the former, I can see a case for taking it over Barcap or Citi but otherwise I'm not sure that taking a pure cap markets group (esp. at Lazard, which typically doesn't get on the big IPOs or debt offerings) trumps a coverage or M&A group at Barcap or Citi.

OP - please don't blindly take the offer because of the Lazard name as posters here would lead you to believe. M&A or coverage typically > capital markets for long-term benefits

It is the capital markets group (not M&A advisory). Therefore it is relatively a very new group. I also shared a very similar concern about the type of work and exposure that I will get at Lazard corporate finance advisory group vs coverage at Citi/Barcap. Since I won't be working on M&A transaction and will most likely be working on a purely advisory/consultation role, I'm not sure about career path and exit options.

I think everyone in this thread has been assuming the contrary, that LAZ M&A/Restructuring over Citi/BarCap, so people should probably reconsider their opinions.

1/29/12

Can't speak much to Lazard, but I would take Citi over Barcap. Citi seems to have a lot more momentum / heading in a pretty good direction

In reply to timatom90
1/29/12
timatom90:
felixthecat:
wallstreetoasis0:

By Lazard CF do you mean Lazard's advisory practice (M&A and restructuring) or their capital markets group? If the former, I can see a case for taking it over Barcap or Citi but otherwise I'm not sure that taking a pure cap markets group (esp. at Lazard, which typically doesn't get on the big IPOs or debt offerings) trumps a coverage or M&A group at Barcap or Citi.

OP - please don't blindly take the offer because of the Lazard name as posters here would lead you to believe. M&A or coverage typically > capital markets for long-term benefits

It is the capital markets group (not M&A advisory). Therefore it is relatively a very new group. I also shared a very similar concern about the type of work and exposure that I will get at Lazard corporate finance advisory group vs coverage at Citi/Barcap. Since I won't be working on M&A transaction and will most likely be working on a purely advisory/consultation role, I'm not sure about career path and exit options.

I think everyone in this thread has been assuming the contrary, that LAZ M&A/Restructuring over Citi/BarCap, so people should probably reconsider their opinions.

Yes, It would be great to hear additional inputs on this. Sorry for not making it very clear in the beginning. Also, does anyone has an opinion on whether which bank has a stronger Natural resources/chemical franchise? Would love to hear your thoughts

1/29/12
In reply to felixthecat
1/29/12
felixthecat:
timatom90:
felixthecat:
wallstreetoasis0:

By Lazard CF do you mean Lazard's advisory practice (M&A and restructuring) or their capital markets group? If the former, I can see a case for taking it over Barcap or Citi but otherwise I'm not sure that taking a pure cap markets group (esp. at Lazard, which typically doesn't get on the big IPOs or debt offerings) trumps a coverage or M&A group at Barcap or Citi.

OP - please don't blindly take the offer because of the Lazard name as posters here would lead you to believe. M&A or coverage typically > capital markets for long-term benefits

It is the capital markets group (not M&A advisory). Therefore it is relatively a very new group. I also shared a very similar concern about the type of work and exposure that I will get at Lazard corporate finance advisory group vs coverage at Citi/Barcap. Since I won't be working on M&A transaction and will most likely be working on a purely advisory/consultation role, I'm not sure about career path and exit options.

I think everyone in this thread has been assuming the contrary, that LAZ M&A/Restructuring over Citi/BarCap, so people should probably reconsider their opinions.

Yes, It would be great to hear additional inputs on this. Sorry for not making it very clear in the beginning. Also, does anyone has an opinion on whether which bank has a stronger Natural resources/chemical franchise? Would love to hear your thoughts

Barclays and Citi (a lot of the old UBS group) are both good in natural resources but Barclays is definitely stronger. Not sure about Barclays but Citi has a fairly strong chemicals franchise (advised on lubrizol deal last year) and both banks were on Eastman Chemical deal.
http://dealbook.nytimes.com/2012/01/27/eastman-che...

1/29/12

Well you are going to be an associate so you better be thinking of doing IB for the rest of your career. While I have seen a FEW associates exit into private equity, corporate development, and hedge funds, most have no choice but to stay within the industry. So exit opportunities shouldn't really represent a big weight in your equation. In terms of prestige, Lazard is probably 2nd only to Goldman Sachs on Wall Street. In fact, it probably takes the cake in every single category you mentioned except culture. The culture at Lazard is notorious. Many people working at Lazard absolutely hate their lives so you should think about that when you're making your decision.

1/29/12

Citi's changing pretty rapidly... definitely a greater focus on performance after being in survival-mode after its near-death experience. Barcap is lehman essentially, so it's hard to go wrong in choosing between those two firms. Both should see great dealflow from being able to leverage int'l presence and b/s.

2/2/12

I would also say Lazard. Why is this: Lazard = awful work environment?

2/3/12

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In reply to felixthecat
2/3/12

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