I'm interested in learning more about the world of middle-market (MM) investment banking. Specifically, I'd like to know which are the top MM firms and whether it's possible to start in MM and eventually move up to BB.
Is MM considered significantly less prestigious than BB? Also, I'm curious about how they compare to BB firms in terms of the workload and hours, whether one can still learn as much as in a BB firm. If anyone has personal experience in MM investment banking or knows someone who has worked in this field, I would appreciate your help.
Thanks!
MM firms usually work with smaller companies than the big bulge bracket banks. MM firms focus on deals with transaction values between $50 million and $1 billion, which can be a great opportunity to gain hands-on experience and build relationships with clients.
Starting out in MM investment banking doesn't mean you're stuck there forever. Many successful investment bankers have started in MM firms and moved on to larger banks later in their careers.
Thanks for the answer! Any MM firms that standout or that are more prestigious than others?
Most of the Street agree that Jefferies, Houlihan Lokey, William Blair, and RBC are top MM banks. Rothschild (US), Baird, and Piper also up there.
Thanks!!
Rothschild is closer to an EB and is far better than the MM banks you've mentioned.
Congrats on Roth
In your dreams Roth middle market analyst
Solomon Partners, Raymond James, Cowen, and Harris Williams are also solid options. It’s also important to look into the group at any MM bank as some will stick out.
What do you mean by "groups"?
Middle market banks way less prestigious than BB but the divide is closer at a top MM like Blair. Assume same hours and same pay vs BB though some MMs pay higher than BB. Learning opps will still be okay but less complexity in deals.
I think it depends on group and bank at a certain point. Many mms are great in a certain sector and are definitely above their BB counterparts. For ex. Being at a middle market like BMO m&m is better than being at some shit tier group at Citi
Del
Some MM junior bankers put in more work too, especially in the LMM space.Getting fees on $50m fundraisers generates a lot less $ than a BB megadeal, so they need to churn out more.
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