Credit Suisse vs Jefferies vs Berenberg
I'm currently a first year at a smaller Equity Research firm in London and have 2 full-time offers as well as I'm currently in the final round at another firm.
My offers include:
- Berenberg - Equity Research (London)
- Jefferies - Equity Sales (Zurich)
Final round is at:
Credit Suisse - Equity Research (Zurich)
How should I choose?
Sounds like it depends on several factors you haven't addressed in the original question.
1. Location - if you have a reason to be in Switzerland vs London
2. Do you want to do sales or research
3. If research what team are you joining in CS or Berenberg.
4. What is your end goal for the move
More generally, at least for ER Ber is the largest european research provider so within the ER world is it in fact larger than BBs in terms of coverage. Jefferies likewise does well in ER although I would say their ER is definitely more related to their ECM activity. I dont know about the Swiss landscape for sales or research but I imagine it is very focussed on Swiss listed companies which if healthcare related could be interesting. Staying in London will make it easier for lateral moves or buyside exits depeniding on the team you are joining.
But until you answer those 4 questions no one can give you an informed answer
Why in God's name do you want to move to Zurich at your age? Are you from büenzli land or not? That will make my answer easier. Zurich is a terrible place to be a young, single guy in your 20's who doesn't speak Swiss German. The Swiss Germans are little village people, terrified of the outside world and hiding behind their mountains. Social circles are formed early (as in primary school) and if you don't speak Swiss German you will be shut out of most social circles (where almost all dating is done). Zurich is a fantastic place to raise a family in your late 30's/early 40's but never in a million years would I waste my 20's here. For reference I live in Zug and work in Zurich.
Berenberg is a great research house and I would take that offer and don't look back. Jefferies is a good and if you are desperate to do sales then go for it but realize that you will be pigeon holed into the Swiss market which is dying (buy side is dying here). CS is to be avoided at all costs. Rats are jumping ship and the bank will struggle to pay bonuses and retain people as they deal with one scandal after another.
Spend you 20's in London and move to büenzli land in your 30's after you meet a girl.
Actually prefer London but Zurich is significantly higher pay. So to put it in a nutshell, it's only for the money. I'm German and went to uni in Germany (Mannheim).
I significantly prefer research and also like London but I wasn't sure of berenbergs research reputation (especially since I don't have access to the extel rankings)
For CS & Berenberg, you should focus on if their team is II ranked. Also, what exits look like from prior people in that coverage group. But most importantly, are you moderately passionate about the coverage you are engaging in? -- Going to be brutal covering Industrials if you hate it. Whereas if you are genuinely interested in Pharma or Fintech & get to cover it, that's a different story.
Berenberg is a sector I like, while cs will be swiss mid-caps (not sure if I like that haha)
If you feel comfortable sharing team I can help you with their rep. Swiss mid caps is a hell hole so you should avoid.
Not comfortable talking publically about it. But could you tell me Berenberg's top teams? (I assume healthcare but which else?)
This. But all being equal atm Berenberg > CS
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