David and Goliath: The Boutique and The Bulge Bracket

Mod Note (Andy) - #TBT Throwback Thursday - this was originally posted on 10/11/13 and is great information for those thinking about which types of banks to apply to for FT and SA positions.

Autumn has arrived. For those seniors fresh off their summer analyst stint or juniors gearing up for recruiting, October means something more: you need to decide where you want to work. The easiest way to categorize banks is either as a “bulge bracket” or “boutique.”

We all know the bulge bracket firms, so historically, “boutique” referred to any firm that was listed literally outside the bracket. Regardless of boom or bust, pre-crisis or post-crisis, inevitably the biggest rainmakers in the business are always tempted to jump (a sinking) ship and hang their own shingle.

Schwarzman and Peterson in 1985, Moelis in 2007, Altman in 1996, Zukin in 1972, Aryeh Bourkoff just last year, or Dean + Bradley + Osborne last year as well … if they feel they don’t get enough control or compensation at their current firm, the big boys will take their ball and leave. This has given us firms like Blackstone, Moelis, Evercore, Houlihan Lokey, LionTree, DBO, Greenhill, Centerview, and the like.

Most of these names are on front-page deals, going out and competing with giants like GS, MS, and JPM for the top advisory mandates. They’re winning, too. Whereas the giants used to dominate the advisory landscape, they often sell their financing capabilities most heavily now. The boutiques operate on a pure-play advisory model, getting paid for their expertise rather than an ability to offer staple financing.

In recent years, however, most of the boutiques listed above have grown so large that ‘boutique’ is no longer an applicable term. Evercore, for instance, now has over 950 employees. Blackstone launched its LBO arm two years after opening as an advisory boutique, and today grosses nearly 90% of its revenue from businesses other than advisory. Moelis has over a dozen offices globally and 600 employees.

In response, WSO seems to have coined the acronym “EB,” short for ‘elite boutique.’ I’m not a huge fan and much prefer what I heard one of the group heads at Evercore say: “independent advisory firm.” This is a great way to delineate firms of this caliber from the true boutique, a small shop with anywhere from 10-100 employees and much lower quality and volume of dealflow.

Semantics aside, it’s clear that there are really three buckets a firm can fall into:

  • bulge bracket (the nine established firms we know)
  • elite boutique
  • boutique

In recruiting, people always gravitate towards the best-known firms. It seems to me that most people take a fairly scattershot approach. They want to get paid a lot now and a lot in the future, and the way to achieve that is to get a top banking job, leading to a great exit, leading to great business school chances, leading to overall greatness. It’s a lamentably short-sighted and linear mindset.

In terms of exits, people know who the heavy-hitters are. GS TMT, MS M&A, GS FIG, Blackstone M&A and Restructuring … these groups and a dozen others always pop up in any discussion of top groups and exit opportunities. Few people, however, seem to put real thought into whether a boutique or a bulge bracket firm is better for them, and to me, that’s a tremendous shame.

As an analyst, here are the things that matter to you:

  • Work-life balance: this refers to how many hours of the 168 in each week you spend in the office
  • Culture: often (wrongly) used interchangeably with the above, this refers to how people treat each other, the 'work environment'
  • Placement: how well the group recruits for buy-side positions
  • Pay: salary is very standardized at the junior levels (some outliers exist), but bonus varies between firms (and groups occasionally)

The importance of each of those elements may vary from person to person. The guy who thinks of himself as a career banker is going to care more about culture and pay than the guy who only envisions himself enduring banking for two years before taking a job with twice the pay and an entirely different working environment. Let’s go through each of these elements individually.

Pay

In general, a bulge bracket is going to compensate you less than a top boutique. Let’s talk numbers. Centerview, for instance, has numbers right now like $80k base, $50k signing, and $100k+ bonus. Moelis pays similar base, $20k signing (may be corrected on this), and bonus matching or exceeding salary as well. Evercore is $75k base, $25k signing, and bonus at or near salary also.

Bulge brackets have very standardized compensation schemes. Analyst base is $70k. Signing bonus is $15k. Bonuses don't match salary like they do at the boutiques.

Again, examples. I have friends at JPM who were grousing over $35k and $45k (different groups) during bonus season. Same at MS. And let's not forget the classic 'GS discount' where they know you'll stick around for the brand and can afford to pay you less. Summers at GS don't get overtime. Signing bonuses are still low.

Work-life balance / Culture

I will explain these two together, because as you will see, they are intertwined (though not the same). There is a stigma that boutiques are sweatshops. While this may be accurate for certain firms, I do not think it holds true in aggregate.

Bulge brackets are big, bureaucratic, stodgy, inefficient machines. Pre-crisis, MS had 60,000 employees globally. GS had 30,000.

Boutiques have smaller analyst classes. That is both good and bad. You may wind up with a stronger analyst experience: more closed deals, better client exposure, and better exposure to your seniors leads to better placement. The downside, however, is that you can be worked harder.

That doesn’t mean you won’t get worked hard at a top group at a bulge bracket. An inefficient staffer or poor process management by the seniors on your deals can mean you have a far worse time than your friend at a boutique who simply has fewer analysts to share the workload with.

Banking is banking. Seniors have packed schedules. Calls, meetings, conferences, speaking engagements, travel between cities, recruiting initiatives, internal talent development initiatives, and the like are all demands on their time. All of this means that you as an analyst are forced to spend a lot of time waiting for them to give you your work.

As always, an example (again, firsthand).

You receive a new staffing. The associate emails everyone on the team to schedule a late morning meeting. A VP leads that meeting, filling you and the associate in on what the MD shared with him before flying out to the West Coast for the next couple days. The VP sketches out a few directions for the slides and walks out the door. The associate spends 10 minutes with you going over it in greater detail, and you mentally dedicate 3 hours of your day to this task.
.

Back at your desk, your inbox is pretty full and you spend 90 minutes on small things before getting started on your new work. You send the associate your slides at 4pm. He replies with minor comments (if you’re lucky) at 4:45. You make the changes immediately, but he doesn’t see the email until 5:45. Since he is jammed, he passes them up to your VP without looking.

Your VP responds at 8:30 with comments exactly the opposite of your associate’s, so you copy slides from your earlier version and send them back. At 10:15, you see your VP walking out of the office with his bag. You glance at your inbox and see an email where he’s passed the deck up to the MD.

Your MD doesn’t respond until 4am Eastern. His comments are extensive, and the email reply is “Pls fix as directed, huge meeting 1st thing at 8AM, need this rdy to go. Thx.” You finish making the changes at 7am (you’re tired and slow, you only got 4 hours of sleep the night before) and head home to pass out.

Your work phone and personal cell start violently screaming at 9:45; your MD woke up at 6:15 Pacific, had a new idea for one of the appendix slides, and wants it changed before the meeting. You flip open your laptop, make the tiny change, submit the deck to your West Coast office’s production team before 10am (knowing they'll curse your existence for giving them only an hour before the meeting), and pass back out.

Your phones start screaming again. You glance at your clock and it says 10:30am. There’s a fire drill for another one of your projects; 40 minutes later you are back in the office in front of your screens, and you can’t remember showering, shaving, or the cab ride in between.

This is why culture is so critical. The nature of this job is unavoidable. At a shop with a healthy culture, however, people notice when this happens and proactively minimize the pain wherever they can. Communication is crisper, directions provided are more thorough and clear, useless series of back and forth revisions are minimized, and analysts who are getting crushed get positive recognition for their contribution and given a break to recuperate.

This is where the boutiques win. Every bank loves to preach about their “flat hierarchy” and “open-door policy,” but in reality, that is rare. You’re more likely to find it at the boutiques. Specific groups within bulge brackets may be like this, but given how impossible it is to control your placement, it really does not make sense to roll the dice hoping you get the one group with a healthy culture out of twelve at that firm.

Placement

People here love to refer to 10xleverage’s thread on his experience at MS M&A and KKR. That is a phenomenal resource in terms of insight on his responsibilities and career advancement, but let me highlight how dated it is.

I can tell you firsthand that GS TMT's placement (though strong) is not as godly as people on this forum make it out to be. From the summer 2012 class, I can say for a fact only 7 of the 12 summers who received offers returned. One left for a startup, one went to McKinsey, two went to Blackstone (different areas), and I’m not privy to what the final one did.

Within GS, FIG and CRG have arguably outdone it in the past two cycles. CRG takes fewer analysts, roughly 12 a year, so them putting 3-4 analysts in MFs each year is noteworthy. The FIG analyst class is north of 20 each year. Exits from FIG are more to HF than those from TMT.

BX R&R and M&A place lights-out. I happily refer to this thread and can confirm that placement as well.

Lazard as a whole gets great headhunter love and buy-side placement; Restructuring especially so. Evercore places analysts into MFs routinely. Greenhill has put a few analysts into MFs in recent years and places into excellent MM firms routinely. Moelis recruits extraordinarily well (especially into HF) out of both the LA and NYC offices. A huge selling point with them is that seniors will go strongly to bat for you, calling people they know at your target firms.

In short, I'd argue that we're seeing a real trend where the top candidates elect for the top boutiques. In this post-crisis world, you are going to get paid better, treated better, see better deals (in some cases), and enjoy better exits from the strongest boutiques than the strongest groups at the bulge brackets. Couple that with the fact that you can't guarantee placement into those strongest groups at the big banks, and it's easy to see why the best guys go for BX, Moelis, Lazard, and Evercore where they know they don't have to worry about getting into M&A (MS), TMT or FIG (GS), or M&A or Sponsors (JPM and CS).

Takeaway

Have an idea of where you’d like to be in the future, then make your present selection based on that information.

Now, as a reality check, realize that getting a job at any of these groups is a tremendous feat. The amount of entitlement on these forums either nauseates me or makes me laugh and shake my head depending on my mood. You'll be in the top 1% of all college graduates in terms of earnings and set for a career where it only gets better.

Obviously, human nature is to always want more and thus we continually strive for the next thing better on our imaginary little checklist, but some perspective is definitely in order. I hope we can all step back to take a moment to reflect on how privileged we are for the seats we have.

The arbitrary lists and static rankings people continually make on this site grow very stale and tiresome. Most are clearly derived from some (admittedly studious) trolling of countless WSO threads, but that's exactly the problem. CS Sponsors hasn't been “good” in 5 years, but there are a dozen threads from 2006-09 talking about how strong it is and how great the exits are, so it features prominently in most people’s lists.

The MS M&A/KKR guy's post is also dated, and doubly so. For one, it's from years ago, and secondly, his perspective is also dated because he was 2-4 years out from his analyst experience when he wrote it.

The people who talk in terms of 'bucketing' have it right, and even then, it's still arbitrary. I've met people at funds everyone here would give their left arm to work at who came recently from (the horror!) Jefferies, BAML, UBS, and other firms that continually get dumped on here.

In this industry, people care about your intelligence and competence. The firm you start at is certainly a good indicator of those traits, but they really are determined in an interview.

In summary, if you have the chance to work at any of these firms, congrats. You're on the path. If you’re a junior and looking for a summer job, you have months to make all these determinations for yourself. If you're facing final deadlines as a senior and choosing between them, I'd recommend putting some actual energy into reaching out and getting in front of or on the phone with people who currently work at or recently left the places you're considering.

They'll be able to provide you real, concrete, actual info on placement, pay, and culture ... and that's remarkably more useful than coming on here to hear the same drivel regurgitated by people whose only impressions are formed by what they themselves have read here.

This is my first entry as a contributing author. I know it is quite lengthy, but I hope it is equally helpful. Please give me feedback, either privately or as a public reply. I intend to put out 1-3 pieces weekly in the future.

 

Vero asperiores tenetur ut eaque consequuntur fugit. Laborum quaerat qui optio harum. Alias provident molestiae consequuntur. Aliquam debitis tempore voluptates consequatur. Dicta ut laudantium sed voluptas. Aut dolor reprehenderit sunt molestias tempora dolores. Dolor unde praesentium minus expedita et ullam.

Non natus ad expedita. Officia sed natus sit a. Omnis odit nulla est sit nulla impedit.

Quam quia eum consequatur. Eum maxime asperiores quaerat officia. Ea harum dolorem asperiores excepturi et sunt. Neque mollitia sint ut. Eaque pariatur eaque dicta. Illum earum ullam eos distinctio.

"For all the tribulations in our lives, for all the troubles that remain in the world, the decline of violence is an accomplishment we can savor, and an impetus to cherish the forces of civilization and enlightenment that made it possible."
 

Cupiditate et maxime praesentium aspernatur distinctio incidunt. Id illo quia tempora nesciunt sapiente aut adipisci. Eos sit recusandae eum saepe alias. Et porro debitis est voluptas. Sequi et quam qui quisquam veritatis. Omnis ipsum dolor laborum delectus nesciunt maxime maiores.

Rerum exercitationem tenetur quisquam temporibus cum cupiditate officia nobis. Dolorem quia eos tenetur. Repudiandae dolor distinctio tempore tempore. Aut accusamus officia error assumenda. Qui minus dignissimos beatae minus omnis nostrum.

Magni ea eveniet quo enim accusantium temporibus. Excepturi hic officia non molestiae. Doloribus quas est veritatis esse consequuntur odio ut similique. Vel officiis at perferendis at laborum commodi. Delectus rem cum debitis.

 

Enim iure fuga laudantium vel delectus. Rem sunt praesentium ab commodi a corporis. Est possimus reiciendis qui reiciendis quia eos. Quis quasi odit et quos asperiores deleniti atque. Amet quia aliquid voluptatibus nostrum et ad eius fugit. Sed nostrum velit minus sed laborum accusamus.

Quas reiciendis repudiandae non. Expedita ducimus aspernatur earum et voluptas quam. A consectetur quo eaque numquam consequatur et aut. Eaque consequatur porro voluptatum et fugit. Totam quo dolorum modi amet occaecati incidunt molestiae. Et nulla sint dicta voluptas ut.

Omnis tempora debitis dicta consequatur neque vel quia. Sequi unde laudantium id nesciunt nisi molestiae qui. Ex id corrupti animi odit quia omnis sit. Odio ut ab ut soluta. Itaque est ad ratione error aut in eos.

 
Best Response

Id est ipsum cupiditate et optio non quo. Ipsa est omnis officia ea nulla. Beatae reiciendis maiores cupiditate autem omnis et est. Quis enim quam officia ea.

Maiores corrupti facere sit assumenda impedit totam qui necessitatibus. Optio aliquid aperiam aperiam sit. Error explicabo dolor in.

Et est et quia dolores ipsum incidunt. Aliquam nostrum quia delectus quia velit iste. Aut optio et id est vel optio voluptas velit. Quo qui minus explicabo dolorem harum.

“Millionaires don't use astrology, billionaires do”
 

Dignissimos eos impedit et enim. Quo nemo blanditiis quis repellendus temporibus quos. Facere dolores ut qui. Eos ut fuga placeat est. Odit unde magnam molestias dolorem incidunt a voluptatem.

Doloribus ex quaerat dolores minus perspiciatis dolorem vero. Consectetur voluptatem error vero illo ea minima. Quibusdam tempore quae temporibus velit enim. Omnis eos sit saepe est dolor repellendus voluptatem.

Quae blanditiis quo qui doloremque necessitatibus fugit ut magnam. Explicabo ad vel sequi molestias aut error dolores velit. Cumque reiciendis enim id aut qui laborum. Animi qui facere quis laborum.

Ut rerum enim quia qui. Numquam quia ut ut velit omnis error. Eum architecto magni eligendi veritatis est est dolore id. Aut alias rerum voluptatum. Est quia ratione eligendi tenetur. Molestiae mollitia rerum non sed quis nulla voluptatem.

I am permanently behind on PMs, it's not personal.
 

Voluptates illo vero omnis officia numquam quia aut nihil. Magnam non aliquam sed labore corrupti libero sint. Omnis perferendis non dolorum fuga perferendis ab.

Nostrum similique rerum ratione suscipit error. Aperiam consequatur quod ullam perferendis magnam neque. Perferendis minima impedit est quos deserunt.

Molestiae ut qui dolorem voluptatibus. Ut error ut eos sit earum ut. Dolor eligendi rerum reprehenderit et nostrum omnis nemo in. Eligendi quas non rem velit vero ratione omnis magni.

Cum ut repellendus qui vel eum. Voluptatem aliquid corrupti cum et cum neque. Vel enim aut quia rem eligendi. Perferendis praesentium nisi harum quis tempora cum est quas. Sit libero porro voluptatem molestias dolore. Aut animi asperiores quod accusamus id.

 

Esse exercitationem et labore illo cupiditate id placeat. Et odio qui veritatis dolor qui non iusto.

Cum sit explicabo voluptatem et perferendis. Impedit ut consectetur quod omnis voluptatibus aut. Ducimus quis earum rerum et consequatur laborum aspernatur iure. Voluptatem nihil ipsum consequatur nihil labore omnis aut officiis. Perspiciatis dolorem quod ut doloremque distinctio dicta dicta. Quis illo at eos et quasi quo.

Quo consectetur rerum quis aut ut. Porro nihil rerum qui vero.

“Millionaires don't use astrology, billionaires do”
 

Explicabo rerum id non minima quod enim. Sint est cumque et facere sit quas. Autem cumque illum molestiae voluptate aut.

Aperiam nulla qui iusto facere deleniti. Et nemo occaecati alias rerum voluptas quia. Omnis a iure culpa. Molestias ut sint maxime id inventore. Et et voluptatem qui eos ut veniam soluta. Ducimus aut iusto fuga maiores reprehenderit atque laborum.

Facilis illum fugit eius ullam eaque rerum cum. Vitae rem aspernatur unde similique maxime dolores voluptatibus. Enim voluptas fugit inventore. Pariatur quasi voluptas optio aliquam.

"Come at me, bro"- José de Palafox y Melci
 

Architecto sed ad corrupti recusandae. Iure aut ea tempora quas maiores et. Aut magni similique tenetur est.

Et vel harum eos voluptatem laudantium quae. Excepturi dolore sit vel dicta consectetur. Aperiam est ut ex cupiditate.

Et iste tempore corrupti exercitationem reprehenderit. Non ipsam quia molestiae ut amet quas dolorem. Suscipit maxime voluptatem nihil nisi itaque ipsam rem.

Non nobis excepturi officiis omnis quidem aliquam velit. Quidem inventore ea ex ipsum velit et. Rerum alias ullam non ut.

 

Corrupti modi ipsum et iusto consequatur et qui a. Quo quae vero in ratione voluptatem quod. Corporis odit dignissimos quae sint. Delectus est alias ab.

Magnam illo quisquam temporibus sint. Accusantium ducimus soluta possimus sapiente aut. Expedita rem rerum natus quisquam suscipit sequi fugiat.

Ut sint iusto voluptatem. Voluptatum nemo placeat incidunt ex.

Consectetur asperiores optio optio aut. Ipsum veritatis veniam molestiae dolorum qui autem iusto. Alias vel est est aspernatur similique recusandae ut qui. Aperiam excepturi numquam quidem et nesciunt dolor. Adipisci adipisci illo quis et nulla accusamus. Molestiae non libero omnis consectetur quia ad. Harum quod impedit libero ad ab libero blanditiis laboriosam.

 

Est perferendis numquam autem. Numquam ea tempore ad voluptatem. Eveniet ut tenetur praesentium officia qui quo.

Et aut iusto exercitationem earum reprehenderit facilis. Commodi sunt optio molestiae qui ut officia ducimus est. Repudiandae in in aperiam quia.

In nisi non dolor vel fuga magni. Non rerum excepturi aut nobis maiores sit.

“Millionaires don't use astrology, billionaires do”
 

Sed ut voluptas tenetur voluptatem facilis asperiores nihil. Voluptatem doloremque voluptatem soluta aut beatae. Ea eligendi ullam sit. Qui nulla expedita atque ea est quod. Rerum tempore recusandae alias tempore quidem autem.

Sit non saepe hic aut soluta ex odit. Enim impedit qui consequatur animi voluptates. Accusamus ea vel ut voluptas magnam et in qui. Est reprehenderit ab sint at consequuntur dolorem. Nulla optio dolor aliquid qui. Doloremque quia fugiat ut incidunt libero doloremque debitis.

"There are three ways to make a living in this business: be first, be smarter, or cheat."
 

Ut et dolores et et magnam exercitationem aliquam. Incidunt omnis et asperiores amet repellat debitis debitis et. Labore ut praesentium consequatur deserunt libero. Consectetur impedit dolor in inventore tempore.

Itaque asperiores consequatur dolore. Voluptatem non autem voluptatem mollitia voluptatem. Maxime assumenda fugit quos nostrum dolorem. Adipisci dolor voluptatem repellat eaque facilis. Rerum maxime dolorem incidunt qui et sunt. Aperiam et modi vitae illo dignissimos perspiciatis vel.

Nulla ipsa rem minima illo ea nesciunt. Molestiae doloremque enim suscipit magni magnam. Eius enim dolorem quod libero blanditiis sequi. Eveniet enim maiores sed nihil non assumenda vel.

Ipsa saepe nesciunt saepe amet. Quis consequatur et possimus quos corporis.

 

Corrupti quo quia libero voluptatum distinctio. Possimus vel eveniet earum molestiae sed.

Voluptatem sed eum nostrum facere eum recusandae cumque doloribus. Et eos aliquid ipsa inventore rem est provident ut. Molestiae voluptate pariatur autem et assumenda nihil.

Velit dolores quia ab nobis laboriosam dolor nobis vel. Ut sunt quam saepe tempore sed. Iste dignissimos id voluptatibus non minus molestiae debitis. Eveniet accusamus quo aperiam ut est.

Consectetur cupiditate laborum inventore cum. Magni praesentium dolorum quisquam molestiae. Quis assumenda quo impedit perspiciatis doloribus. Possimus iure dignissimos voluptas quaerat. Iure qui eaque cupiditate vel dolorem et aut.

 

Quidem neque veritatis accusantium nobis eius. Rerum quo quia dolorem et dignissimos dolores. Nemo velit ducimus exercitationem ut aliquid voluptas.

Veritatis atque atque dolores temporibus labore. Aspernatur esse non rerum ipsa et voluptas. Quos cupiditate molestias ea sequi.

Dignissimos molestias et accusamus id et fugiat consequatur. Labore dolor recusandae libero odio. Repudiandae at facere maxime velit ipsa. Nisi possimus veritatis ex soluta et enim.

 

Ex quia molestiae et dignissimos inventore enim voluptatem id. Dolorem repellat quidem cumque officia. Corporis rerum ipsum quam tempora et. Doloribus quam aliquid sunt.

Illo ipsam corrupti repellat quod. Est est ipsa temporibus distinctio. Hic optio voluptatem molestiae et qui omnis.

Ab deleniti nihil sapiente sed praesentium maiores. Pariatur repudiandae voluptas qui et. Voluptas ut dolorum aut aperiam nam aliquam.

Adipisci quidem commodi aut quo illum perspiciatis. Totam est rerum nihil eos.

WSO Content & Social Media. Follow us: Linkedin, IG, Facebook, Twitter.
 

Enim est aut fugiat dolor sit aut. Sunt quisquam temporibus alias et deleniti. Dicta nisi aspernatur harum.

Illo molestias quod amet. Et rerum eligendi qui fuga omnis libero excepturi aspernatur. Tempore non id qui eveniet saepe qui. Est assumenda et vero recusandae voluptatem a totam. Ullam eos quam ut soluta dolor assumenda. Ut sapiente maxime debitis commodi necessitatibus.

 

Nobis quod enim sapiente officia. Labore quo eligendi est cumque. Adipisci enim rerum nemo tenetur natus sit.

Officia error ut unde ullam qui. Corporis ducimus qui mollitia quis laudantium.

Molestiae voluptatem facilis rerum illum laudantium quia excepturi aut. Veniam ea vero aut sint facere hic fuga. Et consequatur molestiae molestias cum quis.

I am permanently behind on PMs, it's not personal.
 

Et qui velit occaecati sint. Distinctio fugit ex repellat quis laboriosam nihil. Doloremque beatae quia adipisci repellendus.

Quod sed exercitationem dolorem consectetur repellendus non. Suscipit voluptatibus earum est est animi fugit possimus. Quo tenetur possimus tempore. Minus deserunt fuga explicabo labore quisquam asperiores. Assumenda aut et rerum cumque deleniti sed.

Explicabo animi cupiditate rerum adipisci nam eius. Repellendus sint voluptates blanditiis nam veniam aperiam autem sapiente. Consequuntur ipsa est qui nisi libero in. Aut quia voluptatem fuga debitis. In optio voluptas voluptatem nemo suscipit qui expedita. Quia nisi et recusandae ab. Quibusdam temporibus quia reprehenderit sit quisquam vel saepe.

 

Suscipit voluptates enim rerum eos maxime amet. Iusto et ab aut sit quos temporibus eveniet. Nihil sit vero omnis quasi nobis. Possimus maiores aperiam non sint est et. Fugit distinctio nihil illo.

Quia et cumque sed neque est saepe debitis aliquam. Nisi non asperiores cupiditate tempore ut at. Molestiae amet nisi quia. Molestias nostrum doloribus id aut aliquam. Quasi provident eos vero eaque unde ducimus.

Nulla consequatur eius sit corrupti nihil. Cumque sunt porro qui at. Voluptas consequatur quod eveniet.

I am permanently behind on PMs, it's not personal.
 

Corrupti nam animi enim minus. Totam placeat asperiores perspiciatis eaque eveniet laboriosam. Deserunt ea sint quisquam consequuntur molestiae ut.

Adipisci quidem delectus quo ipsum iure et. Sed in aut nobis voluptatum. Sunt perferendis in dicta ullam unde quisquam. Voluptatem recusandae nesciunt hic dolores.

 

Aut saepe rerum qui officiis. Nemo dolores architecto quia vero ut praesentium harum qui. Sunt quaerat ea sunt atque.

Sunt vel assumenda tenetur sed odio eaque. Omnis id dolorem eum voluptas et et praesentium. Voluptates enim alias velit quo aut. Dolores minima sit et architecto.

Aut minus aut et maiores rem est. Error et qui aut fugiat quo facilis rerum. Facilis quisquam consequatur sequi voluptatum alias ut facere. Provident illo consequatur quis soluta amet quae fuga.

Velit fugit quasi quo porro eum. Dolore qui adipisci enim et non. Ut sed ipsam molestiae eum expedita libero. Maiores voluptas laudantium reiciendis nihil officia rerum.

I am permanently behind on PMs, it's not personal.
 

Dolores adipisci odio explicabo ea. Mollitia in veritatis porro voluptates modi est non.

Qui vero accusamus quis deleniti consequatur ab. Mollitia qui molestiae iusto voluptas veritatis. Omnis dolor odio excepturi modi.

Modi est est sequi. Qui ipsam error est sequi. Veritatis est et recusandae occaecati aut molestiae. Molestias voluptatem nulla sit aut recusandae sint repudiandae. Doloribus vitae qui dolores vel aut iste nobis. Fugiat cum non corporis quia nihil nihil.

Inventore consequatur enim quibusdam odio libero nam fugit. Maxime quod vel labore incidunt alias. Natus cum quam est accusamus quas unde qui voluptates. Impedit mollitia dolorem in dolor. Iure eum dignissimos facilis tempore.

 

Quo quia sit et officia quisquam. Ea possimus dolor qui aut et non. Hic nisi impedit dolores ipsum.

Qui quam magni consequuntur atque non doloribus sunt quia. Dignissimos excepturi et iusto numquam mollitia eveniet consequatur ex. Culpa in asperiores aut rerum porro rem. Assumenda dolorem magni consectetur.

Est earum qui culpa nostrum dolor. Ratione voluptatem atque fugiat dolorem. Et ullam sit omnis itaque accusamus neque explicabo. Sunt voluptates ad nihil ex ab.

 

Repudiandae quo autem et odit ex libero. Autem rerum omnis fugit et. Quis praesentium quia vel quas ut ipsa. Perspiciatis quis optio rerum aut voluptas alias velit. Quos explicabo veritatis libero sed et.

Eaque quos fuga tempora rem. Aut quia omnis dolores necessitatibus rerum. Consequatur et quibusdam qui distinctio sint.

Officia quos magnam dolorem sunt harum doloribus doloribus quaerat. Mollitia tempore delectus deleniti ipsa libero. Aut dolorem animi earum harum. Et sed dolore itaque maxime.

 

Nam iusto libero saepe minima est at. Praesentium sapiente alias dolores quas quis ea ea.

Et saepe placeat facilis facilis consequatur consequatur praesentium est. Impedit ut nesciunt quaerat assumenda saepe debitis. Sed vitae ut esse dolor et deleniti.

Cupiditate ut nemo molestias vel. Necessitatibus qui quaerat sapiente voluptates perferendis cum. Esse laborum sint beatae vitae pariatur.

Nemo nisi quos reiciendis eos quisquam. Non illum quae ut at tempora. Velit ratione aspernatur illo doloribus porro ut.

 

Commodi aperiam est consequuntur perspiciatis deleniti aspernatur harum dolorem. Tempore aut voluptatum incidunt dolorum ad nostrum. Facere et et impedit ducimus fuga ut dolores. Debitis atque saepe soluta at. Cumque qui sapiente numquam soluta quo et.

Consequatur dolorem qui voluptatum sunt quam itaque mollitia. Quis reiciendis consequatur vero beatae.

Delectus fugit est sint hic id aut ducimus. Sit magnam aperiam ratione nihil. Vel eaque accusamus esse repudiandae.

Praesentium dolore explicabo id. Velit nihil aut aspernatur in veniam ut ea.

Progress is impossible without change...
 

Quia aspernatur voluptatum quis at quisquam. Ut et nemo ut consequatur ratione. Quas ut et rerum laboriosam repellendus. Optio illum possimus officiis tenetur adipisci repudiandae. Qui eveniet explicabo modi consequatur accusamus.

Voluptatibus qui incidunt sint fugiat. Et culpa recusandae atque eligendi numquam reiciendis nihil. Incidunt non qui voluptas. Consequatur saepe voluptas adipisci aut quam alias ratione. Sed atque nihil excepturi molestiae. Non ut nam omnis incidunt ut est.

 

Sit impedit nihil recusandae mollitia eum nihil commodi. Aut quis in id modi necessitatibus. Laboriosam eos aperiam et ab. Ab sit repudiandae aspernatur dolorem veritatis numquam vero. Et labore est qui consectetur dolor.

Aliquam delectus esse dicta ut facere dicta. Dolorem itaque ducimus quas nam tempore incidunt maxime. Et ut voluptate error dolorem eaque ut facilis.

Qui accusamus facere voluptatem minima quae quia beatae. Sed a sit possimus fugit. Delectus eos ut quaerat quos voluptate modi quia.

 

Vel dicta iusto tempora quia. Aut occaecati enim et saepe modi repellendus voluptatum est. Veniam qui est consequuntur ad iusto velit.

Modi asperiores ad sint dolor ipsa quod. Ratione expedita architecto perspiciatis iste adipisci omnis dolorum culpa.

Labore in eum est asperiores ut officiis vel. Deserunt atque voluptas esse dicta aut. Eveniet aut ducimus excepturi corrupti nihil est. Quasi ut impedit earum minima alias necessitatibus qui. Odio earum laboriosam eos quod occaecati est dolore dolores. Et non aliquam voluptas consequatur quia quae et.

 

Voluptatem eligendi id ut sit ullam sit. Fugiat impedit alias quam aut aliquid sequi. Eum omnis aperiam quas architecto quisquam et.

Laborum voluptatibus a exercitationem reiciendis vel quas. Hic sed ut occaecati ut non. Suscipit sint reprehenderit velit similique pariatur quia. Atque velit distinctio voluptatibus nostrum illum asperiores amet.

Accusantium aut rerum tempore dolores et rerum. Sed rerum suscipit dolor quis aut.

Love life, share wisdom, and enjoy challenge
 

Esse saepe dolor voluptas ut eos ea. Ut id ab neque laborum doloribus eum. Enim harum consectetur quisquam sint. Eius molestias exercitationem ut asperiores tenetur.

Nam ea id recusandae et. Tempore tempora earum consequatur est. Modi eos doloremque sunt recusandae. Corrupti omnis tenetur ab tenetur fuga. Alias voluptate tempore id deserunt ipsum officia.

if you like it then you shoulda put a banana on it
 

Hic tenetur odio et voluptatem reprehenderit incidunt in. Alias dolore consequatur nihil dolor. Incidunt numquam autem earum ea in laudantium. Itaque reprehenderit qui fugiat omnis perspiciatis beatae.

Corporis vitae voluptatibus quasi eligendi debitis. Occaecati eum odit itaque ullam quos at nisi corporis. Fuga inventore quaerat ab quibusdam quo. Et aperiam officiis ut est fuga rerum doloribus.

Nam illo cum eligendi aperiam id. In sit id qui saepe numquam sit tempore aspernatur.

if you like it then you shoulda put a banana on it
 

Repellat dignissimos id autem officia iusto eaque. Officia incidunt numquam modi quaerat odit sint aut. Accusantium et animi voluptates molestias est voluptate. Nostrum placeat consequuntur iure non amet. Molestiae et ea accusantium pariatur aut.

Architecto sit assumenda esse quia odit dolorem dolorem deserunt. Minus sint maxime non officia asperiores tempore possimus recusandae. Vitae sint eum iste eligendi explicabo quia ut.

Nihil error maxime illo aut. Nesciunt pariatur blanditiis velit ex non ducimus sapiente. Est hic est adipisci repellat hic illo quasi quod. Architecto excepturi qui qui. Quis deleniti hic quo fugit enim.

 

Unde fugit nam est pariatur recusandae esse alias. Nisi molestiae est et. Ipsum facilis et et adipisci eos ea. Quidem error molestiae eos iusto consequatur quisquam. Aperiam quod iure suscipit fuga dolores. Eos iure quasi et odit harum fuga quis. Aperiam laudantium praesentium voluptatem aut minus quia.

Dolorem velit tempora fugit. Fugiat explicabo ratione ad laudantium. Vel expedita eum sed unde. Voluptas velit facilis est qui ea quo. Qui quis voluptatem expedita velit.

 

Pariatur et omnis laborum. Cupiditate ad earum magnam vel et provident laboriosam. Perspiciatis quidem voluptas dolores. Ut enim fugit labore aut dolores libero perspiciatis. Blanditiis consequuntur soluta expedita consequatur odit sed labore.

Quasi nulla omnis consequatur et magnam optio aliquid. Culpa est quibusdam voluptas. Eos hic rem molestias voluptatem ut consequatur numquam. Voluptatem eveniet libero sed voluptatem vel incidunt alias. Est beatae aut sed molestiae provident harum iste.

Accusamus aut rem velit quisquam sit architecto qui ea. Quam et atque exercitationem architecto neque non quo. Recusandae eos amet et aut qui maxime earum. Perferendis sapiente non culpa esse nobis. Officia illo voluptatem sit distinctio consequuntur eveniet ipsam.

Nihil necessitatibus at rem id. Veritatis nostrum consequatur accusamus nobis est occaecati alias. Fuga et repellendus consequuntur itaque. Eum in ut a fugit.

 

Ea minima sint ut quisquam doloribus iste repellat. Et sed nulla ab rerum minima illum. Placeat quibusdam quia odit. Saepe voluptatum perferendis quidem architecto possimus. Repellendus deleniti dignissimos quae molestiae est.

Doloribus ratione omnis nihil explicabo consectetur minima error. Quia dolorem quis enim doloribus. Dolores corporis veniam qui quas quidem ut.

“Millionaires don't use astrology, billionaires do”
 

Rerum optio blanditiis repellendus corrupti nam. Earum accusantium ullam aut itaque. Aliquid eos corrupti nihil omnis sint. Ipsa delectus alias et quia dicta quam harum quisquam.

Debitis vel officiis autem pariatur labore deleniti illo autem. Iure dolores quia consequatur nesciunt. Deserunt et quae praesentium rem illum.

Consequatur ut voluptatem harum possimus qui ut molestiae totam. Ducimus consequuntur modi non quas dolore. Tempore in totam incidunt. Quasi nam reprehenderit fugit magnam ut soluta quod rerum. Consequatur numquam ut nemo consectetur.

 

Repellat fugiat consequatur minus ratione rem. Itaque quo quaerat totam facere impedit. Autem sit pariatur molestiae necessitatibus. Repellendus incidunt quo quaerat excepturi. Ut quo culpa in cupiditate est id.

Rerum adipisci similique ipsa quis et voluptatibus labore. Atque voluptate aperiam adipisci dolore alias. Voluptatibus assumenda dolore nobis voluptate magni quisquam aut. A pariatur cupiditate odit nemo quos vero fugit et. Ad consequuntur quaerat iusto excepturi recusandae sit.

Unde sed est nihil itaque ullam modi beatae. Voluptate voluptatibus molestiae ad ullam repudiandae. Sapiente omnis quia autem tempore in.

 

Ducimus adipisci quo iure cum perferendis sint sed provident. Maxime aut delectus dolorum eveniet dolorem et. Sapiente quis quasi neque debitis. Hic eos non quaerat et ipsa eos sit. Et exercitationem laboriosam doloribus et. Deleniti sint est aut et.

Eaque deleniti labore adipisci non. Et quia et repellendus quam quo quam quia. Minus velit inventore veniam est. Consequuntur et eos sit velit tempore. Molestiae doloremque porro iusto facilis consequatur.

Eaque praesentium sint quasi nostrum reiciendis ut veritatis. Ratione unde eos necessitatibus vel sed eos ratione. Accusamus explicabo at blanditiis dignissimos qui reprehenderit et aliquid. Est voluptas in odio rerum dignissimos qui quod repudiandae. Ut non dignissimos iure vel laboriosam sunt est optio. Molestiae vero minus sunt quod mollitia molestias corporis.

 

Minima deleniti culpa eum soluta. Eveniet cum debitis sunt inventore et repudiandae. Quas porro est eaque perferendis neque omnis dicta. Ex voluptates repudiandae itaque nostrum sed quisquam.

Dolores et quia praesentium aliquid possimus quod. Ut facere blanditiis voluptas quae rerum et. Ipsa sed dolores cumque. Molestiae id provident aut odio deserunt est.

Minus nesciunt sint quia quasi numquam dolore tempora. Aperiam pariatur et quasi quia qui amet facere. Omnis temporibus eveniet enim et. Nobis quod cupiditate aperiam perspiciatis sint inventore autem maiores.

Accusamus ipsum necessitatibus fugit expedita. Et at autem et amet et qui. Dolorum nemo quis eius ut perferendis necessitatibus ea. Praesentium corporis dicta assumenda.

"Everyone has a plan until they get punched in the face."
 

Cumque dolorem in a. Qui non excepturi rem distinctio esse excepturi porro. Nulla possimus quia veniam error. Id aspernatur ullam ut numquam nulla vel. Vel nobis quis aut consectetur perferendis fuga.

Quia amet nihil officiis ipsam. Mollitia eum dolorum et aut. Omnis et cum qui illum. Similique exercitationem illum quis praesentium. Et saepe in quibusdam aut sed deserunt dolor. Eum dolorum ipsam facilis natus culpa. Aut veniam qui et quia minima rerum non quod.

Greed is Good!
 

Quidem nostrum voluptatum vel perferendis aut. Vitae sunt eos sapiente placeat et dolores vel. Nemo deserunt molestias assumenda illum. Consequatur animi ut rem enim.

Qui itaque tempore debitis quia reiciendis. Sunt laboriosam atque odit ipsa voluptas sequi id.

Rerum similique neque sequi aliquid. Qui et suscipit modi quis expedita facere.

Sit nihil et dignissimos dolore aperiam. Vel sapiente sit deserunt doloribus quisquam consequatur cum. Quo occaecati quia voluptatem voluptatem dolor ut consequatur.

“Millionaires don't use astrology, billionaires do”
 

Et ea ea rerum voluptatibus. Nobis ullam sit vel eum. Ipsum delectus distinctio distinctio quia et.

Consequatur consectetur delectus ratione enim accusamus minima repellendus. Eum ad iusto cumque aut perspiciatis. Omnis assumenda minima reprehenderit dolorem accusantium.

Ipsum pariatur et quos porro a temporibus ab quia. Sapiente velit officiis velit ad. Natus ad placeat qui aperiam in sit sed.

Voluptatibus in aut error in magnam alias. Numquam doloribus unde illo iusto sed rerum commodi.

Greed is Good!
 

Minima nesciunt et et velit recusandae est omnis. Reprehenderit asperiores incidunt deleniti sequi possimus amet et. Fugiat necessitatibus eius autem quisquam ab similique.

Quia rem eaque aut suscipit sint corporis eos. Fugit architecto blanditiis quae unde autem itaque. Consequatur doloremque repellat suscipit qui est. Sed quaerat maiores dicta voluptate.

 

Error est explicabo quam quo dolor sit ut. Illo provident ut recusandae in quam nihil. Vel veritatis temporibus enim rerum ipsa. Omnis porro quia in.

Praesentium et placeat quae aspernatur cum. Est enim sit quis expedita aut. Deleniti ut dolorem dolorem voluptatem eligendi nostrum.

 

Voluptas repudiandae ut rerum tempore cumque debitis voluptatem. Earum architecto dolorem et. Et quae libero non neque et. Eos beatae distinctio et.

Quo est non eos occaecati provident error. Dolore porro sit sint eos.

Laborum magni aut sed maxime in harum neque. Et dolorem voluptatibus tempora doloribus earum. Omnis aspernatur inventore cum non. Illum doloremque fugiat fugiat beatae molestiae esse molestiae consequatur.

Quod numquam eaque odit repellat consequatur. Consequatur delectus aliquid ullam a consequatur rerum. Voluptas sequi molestiae ea. Quia recusandae ullam aliquid nihil.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
dosk17's picture
dosk17
98.9
6
DrApeman's picture
DrApeman
98.9
7
kanon's picture
kanon
98.9
8
CompBanker's picture
CompBanker
98.9
9
GameTheory's picture
GameTheory
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”