Morgan Stanley vs Lazard for Summer Analyst

Hi there,

I received two summer analyst offers this past week, one from the Global Capital Markets division at Morgan Stanley, and the other from Lazard Feres. Both offers are for the NY offices. I haven't accepted either of the offers yet, and am leaning strongly towards the Morgan Stanley one. I'll list the pros of each below, and would greatly appreciate any advice/input.

Morgan Stanley:

Pros:

1) Great culture - My school (top-target) has a very strong network at Morgan Stanley, and the GCM division specifically. I have had great conversations with everyone from the GCM division, and feel as though the division would be a great fit culturally.

2) Cross between IBD and the markets - I want to work in a role that marries my interest of working in a client facing advisory role with my interest of being in a markets-centric role. Thus, my preferred group in the GCM division is the Leverage and Acquisition Finance one; I believe the Leverage Finance group engages in the type of work that I am most interested in (working with corporate clients and PE firms to finance buyouts and levered acquisitions, and conducting market analysis to determine returns for debt investors, etc), and working there will enable me to develop a skill set that will be relatively transferable should I decide to move to the buyside.

3) Hours - I don't mind working IB hours, but I feel as though there will be a significant differential between the hours at Lazard and Morgan Stanley.

4) Brand Name - I realize that the Lazard brand name is as prestigious (if not more) than the Morgan Stanley one in finance. However, should I choose to pursue opportunities outside of finance later on, I believe the bulge bracket Morgan Stanley name will hold more weight.

Cons:

1) Relevance of Work - I am not entirely sure whether the skill-set I will develop in the Leverage Finance group will be entirely transferable to a buyside context. The work could be more market-oriented (I have been told it varies by the projects you are staffed on) and less conducive to developing a traditional IB skill-set.

2) Pay - I am not sure as to this, but I believe the pay (bonus) will be lower. Of course, this is to be expected with the few hours worked.

Lazard :

Pros:

1) IB Experience and Buyside Placement- I'll start off as a generalist m&a summer analyst. I believe I will be able to develop a very extensive skill set in corporate finance and modeling that will set me up very well for buyside opportunities. Lazard is known to place very well into PE firms, regardless of what group one joins.

2) Size of the firm - I believe I will be given more responsibility at Lazard, since the deal teams tend to be smaller. This will translate to more client exposure, more exposure to senior MDs, and an all around more extensive learning experience.

3) Pay - Again, not sure as to this, but I believe the pay (base + bonus) will be greater at Lazard.

Cons:

1) Hours - I realize the hours can be brutal. I am ready for the hours, and am merely stating them as a con here since there is likely to be a significant difference between Lazard hours and Morgan Stanley hours.

2) Culture - I have had good conversations with everyone at Lazard, but I feel as though I connected much better with the representatives from Morgan Stanley. Lazard felt a little more cold and intimidating to be honest.

3) Brand Name - Lazard probably doesn't have the same bulge bracket prestige that the Morgan Stanley name carries. I know prestige should be the least of my concerns, and I am stating it merely to even out the pros and cons.

As I mentioned above, I would greatly appreciate any input/advice! Thanks!