Goldman Sachs vs. Credit Suisse for ER
I have been trying to break into a ER role for a few months and I just took CFA level 3. Through a combo of headhunting, cold emails and HR harassing, I was able to land interviews at a few firms, including Goldman and Credit Suisse. After somewhat drawn out processes at both, I have received offers from both 3 days apart. Comp is similar (5k difference) and I only have until next week to make my decision so any advice or info is much appreciated.
I got the feeling from interviews at both firms that bonuses were frustrating last year. I know that CS fairs better than GS in II rankings but GS people made it clear that they don't care about or target II votes. Both positions are in the same industry but different sectors and I don't have a preference there. I also like both potential analysts so for me, this really boils down to firm prestige, expected comp and eventual exit ops. I know that GS is better for IB but a lot of sources point to CS (old CSFB) as having a better reputation for ER, which is clouding my decision. Thanks for your help in advance!
CS hands down.
Really depends on the group/analyst.
I would look at the analyst you'd be working with. Check his ranking, reputation, track-record... personality would be ideal, but that's harder to grasp.
Apart from ii you can check Extel, Starmine, etc. Bloomberg also ranks analysts for particular stocks, so that's an easy one.
For the first couple of days you will mostly doing dirty work and learning from this guy. So focus on that above company prestige or anything else.
As someone who has to read sellside equity reports on our holdings daily, I highly recommend CS. CS reports have impressive due diligence and an easy to follow format. To be honest, I don't even use GS360 reports anymore.
Credit Suisse does have some good primers. How was the interview, though? What was your toughest technical question? Toughest fit?
Congrats, brah!
Regards
Can I ask what your credentials are?
I'm gonna keep this somewhat vague in case HR reads this but I work in a financial role at a large company in the industry that I'll cover. Undergrad degree from prestigious northeast university. CFA level 3 candidate.
Technical interview questions focused on ways of valuing companies, ideal capital structures and amounts of leverage. Had to give multiple stock pitches and identify key themes that I thought would drive stocks. Interviews focused far more on fit than technicals.
It seems that there's favoritism towards CS here but can anyone that works there or knows someone chime in? The most worrisome interview I had was with an associate at CS who said that ER associates were paid below street last year and that there have many defections. That info, combined with Euro uncertainty and how that could impact a Euro bank like CS, are really making this decision difficult.
Probably a bit silly, but I would take the GS offer just for their brand name. You can't really go wrong with either, but if you decide to move to a HF or another finance role I just feel that GS would carry you better. As someone suggested, when you look up the analyst rankings it might help you decide.
I guess it would be true if it was Raymond James vs GS or something along those lines but when it comes to these two they're playing in the same arena. This may sound a bit harsh, but working in ER at GS is like owning a Ferrari with the shabbiest interior and crappiest engine. Think about it. It is pretty much a known fact that GS ER is one of their weaker franchises. And trust me PMs and IAs are very aware of that.
Fair point, I stand corrected.
I have no relevant experience with either, but CS seems to be the best option. I just prefer a place like that over GS. CS seems like an awesome place to work and I think that they have great moral hazard and are more socially equitable than some other banks.
If you want, PM me the names of the analysts you would be working for at GS and CS and I can probably help you out as far as telling you a bit about each, and what their reputation is like. But just on general ER reputation and ability, CS is a much better shop for that. Certain sectors I'd give the nod to GS though, which is why I say the analyst you work for does matter.
Agree with BlackHat, it's analyst/team specific.
Here is what I heard recently: In general GS does not give a fuck about their ER and GS as a firm is not competitive in II rankings. With that said they do have a few top ranked teams so if you can find out the specifics ahead of time I suggest you do so. Otherwise, I would go with CS.
Without being nosy.. . Can i ask what the compensation is? Or anyone with an opinion on ER compensation?
It's more of a turtle vs rabbit thing in my view.
GS you will get paid higher but the potential burnout within 2-3 years is very high.
Prestige is not that relevant as it depends on your teams ranking in II and broker reviews whenever you hop to the next ER house.
How well you get along and work with your analyst by far is the biggest factor compared to everything else.
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