There are two ways to look at this question. The first is to take the idea that it all evens out in the end. The people that are good at what they do will get to the top of their craft. The second is that your starting firm is extremely important and it will determine how far you go and how quickly you get there.
In reality, both of these have some truth to them, and there is a good bit of luck and timing involved as well. If you start at a bulge bracket, drop into the bottom bucket, and burn out, you probably won't go anywhere. Conversely, if you start at a small boutique or middle market bank and work your butt off, you could find yourself quickly taking over for the burnouts that can't cut it.
Nothing is guaranteed in any business, and especially not on Wall Street. You could be a rock star and go nowhere. You could be a burnout and make it to BSD status. Starting at a well-known and reputable firm will give you a bit of a head start for recruiting, MBA admissions, and any number of other jobs, but it's not going to define your life.
Given the opportunity, starting at well-known firm is a better option for certain paths. More importantly, however, it's imperative that you start somewhere where you enjoy the people you're working with and the culture of the shop. You will be spending a good portion of your life there, and working in an environment that doesn't fit you is an easy way to screw yourself over before you really get your career started. Additionally, if you have the option of starting at a less prestigious firm in a role that matches your interests, you should take that position over one at a more prestigious firm that is not as good a fit for your career ambitions. Developing a relevant skill set and getting good deal experience in your first few years out of school usually trumps the name on your resume.
Relevant Discussions on Wall Street Oasis:
- How much does it matter where you start out?
- For ER, how much does the name of the firm matter when starting out?
- How much does it matter which bank you're at?
Additional Resources:
- Does It Matter: Does the group I'm placed in affect my exit ops?
- Search WSO for: "How much does it matter where you start out?"
- Relevant WSO Services: Wall Street Mentors' Career Coaching and Mock Interviews
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