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GS > Jeff > Mac in my opinion. GS lev fin is a good group... Jeff in London would probably be a cool experience and if you don't like it, you should be able to do something different for full time.
Can you speak any more about GS LevFin? Trying to get a better feel for the overall rep. I've heard (might have been on WSO) that the group doesn't do a lot of modelling, but have been told by people in the group that that is not the case.
I think in-group sources you've spoken to are inevitably more knowledgeable than me.
I get the prestige of GS but dude cmon...Jefferies is a great shop and it is such a unique opportunity to live in London.
So you'll probably be more happy in London I would assume but having the GS brand is priceless. Tough call, personally I'd probably go to London. Can't go wrong with either though. Macquarie should be out of the question .
I actually grew up in London, and haven't really lived in NYC. I wasn't a huge fan of NYC from having visited a few times prior, but definitely think better of it at this point/am not sure how much it REALLY matters since most of my time is going to be spent in the office anyways.
Curious as to your thoughts on why Jefferies > Macquarie is clear cut. From what I've heard, Macquarie's infra team is hands down the best out there, and the office culture was definitely impressive. That said, looking up bonuses the past few years and based on last year's offer rate, plus the fact infra wouldn't be a guarantee... it isn't clear cut for Macquarie either.
I think if you factor out the "coolness" factor of living in London since you grew up there, I think Goldman is the clear-cut choice.
I think it gives you greater optionality. If you get placed in the LevFin group, perfect. You're set. If you're unfortunately placed in DCM where you'll get limited modeling and traditional banking exposure, the Goldman brand as well as your story of "wanting to move into a more modeling focused group" would make a lot of sense, and I could see you getting good traction if/when you decide to go through full-time recruiting.
If you also decide to become a career banker, I think there is value at beginning your career at Goldman. Obviously I'm not trying to make this a circle-jerk, but Goldman's training platform and its "brand name" does honestly carry more clout than Jefferies.
On the other hand, if you have a huge focus in healthcare, I would highly consider the Jefferies offer. Solid firm as well and if you want to be a career healthcare banker, there is an advantage of starting your career in an IB healthcare group.
Unfortunately I don't know too much about Macquarie to weigh in on them, but I think for now the decision should be Goldman vs. Jefferies.
If you were at an EB last summer, why aren't you going back? Laz/Evr/MC/CV/PJT are all better opportunities than Jefferies, Macquarie, or GS Lev Fin, assuming you might want to move to the buyside. Even if you don't, the EBs would still be considered better.
Surely from GS LevFin, you can easily move to either PE firms or credit funds?
Whereas from M&A you can go into PE/ equity funds.
I thought GS LevFin is one of the strongest teams at GS?
lol GS lev fin or Jefferies in London are both a better option than any EB
So I was not working in the main office of the EB. The office I was working for had a very small intern class, and ended up not making any return offers after the summer. I've spoken with them again this year about the possibility of returning (to both the office I was at, and the main office in NYC), but they apparently wouldn't be able to make me an offer fast enough (spoke to them before I even started recruiting again, and the timeline they laid out just didn't line up with everyone else's timeline). I was also/am also a bit upset at the situation that I didn't receive a return offer because I was very confident that it was going to work out all the way up until the end when I found out it wasn't.
I think that from an outsider's point of view, what I had would be considered at least equal to if not better than GS Lev Fin, but probably not by much. It does suck a bit, simply because it is a case of 'the devil I know vs. the devil I don't', in that I know that the hours at the EB are brutal (averaging 80+ a week - had 3x 100-hour weeks in my summer), but I also know the bonuses are great, and the people/fit are great. But, my view on it is/has been 'it is what it is'. The plan all along was to go through the process and see what turned up and have the (high?) possibility of going back to the EB as a backup. But, risk/return - these offers in hand, and that one not necessarily guaranteed - I don't really think of going back there this summer as an option.
Do not bank on the idea of getting a Classic FT offer at GS. Your best course of action if you take the GS offer would be to stick out the Financing floor for two years before doing the formal internal mobility program (a new initiative that GS rolled out for IBD analysts). Mobility from Financing to Classic through the formal process is very common.
In short, take the GS offer. If you're not placed in LevFin, you can still do mobility.
I'm not necessarily banking on it, but it does seem like a possibility given that a classic MD has told me "mobility to classic post summer is very doable". The mobility program at Goldman is also a major plus for the exact reason you specified. I also think that I might actually really enjoy a capital markets role - I'm just not sure yet, and it isn't what I went in looking for even though it is what I came out with.
They sell mobility to kids all the time - there is some movement across coverage groups, but moving from financing to coverage for full-time is very rare.
Having summered in LevFin, I can personally attest that it is very overrated. If GS LevFin doesn't do any modelling you're absolutely better off opting for a traditional investment banking advisory experience.
This of course is if you're valuing optionality (read: the golden land of PE, but also corpdev and other great post-IB paths) most.
I definitely do value optionality to some degree - as I mentioned, while I'm definitely not dead set on 2-years and out, it is still something that I would need to consider depending on my outlook at the time. However, I'm curious as to your thoughts on how much GS LevFin might restrict optionality if I wanted to make the move to PE.
It's also worth noting in my case that I have some existing PE connections (friends/family/teammates - 2x MFs, 2x MMs, and a well-known fund that would probably be considered somewhere in the middle)/would not be recruiting cold if I decided to go that route. So, while it would be nice to have recruiters at my door, it may not be as necessary, so long as GS LevFin would keep me 'in the game'.
It seems like HFs might also be in the cards from a recruiting perspective from GS LevFin? Not something I have really thought much about, but also potentially interesting.
i second OleBurn, please do not get yourself stuck in LevFin unless you know exactly what you will be doing and how it relates to your goals. My friend worked in GS LevFin and I can tell you the work sucks...not that all IBD work is great, but you will come out at end of 2 years wondering what the hell you actually learned versus your peers who at the minimum will have a) modeling experience and b) can actually think and talk about businesses. Levfin is good in terms of getting a preliminary idea of how debt works, but then you might as well work in a heavy debt related industry (industrials, aviation, telecom etc.) or better yet, restructuring at an EB.
LevFin in modeling groups =/= LevFin at GS/MS/Citi etc. To be completely honest, people boast BAML and JPM levfin is great but the sweet spot for learning is really in the financial sponsors team (speaking only in relation to HY related groups). No one cares about a 300mm bond or 1bn loan issuance. some will like to care about a sponsor buyout, but it is usually the m&A, industry or financial sponsors team doing that heavy lifting.
but, with that said on a positive note, there are quite a few analysts from LevFin desks who have ended up working at credit funds/pe funds. it is just not as easy and you will be responsible for the learning aspect when interviews come around and you need to talk intelligently about credits/businesses/value drivers etc.
GS will give you the most optionality right now given your current stance on future career path, as you have internal mobility options and the brand name. If you are set on traditional IBD/M&A experience and maybe exit into PE, then go for JEF (albeit limited to MM PE).
Jefferies doesnt limit you to MM PE
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