I have generalist Summer Analyst (IBD) offers from BAML and Barclays. In the future, I'm interested in working on M&A and financial sponsor deals, and want to work for the bank that will put me in the best position to accomplish the following long-term goals (see: within 2-3 years)
Work for a major PE firm like KKR, Blackstone, Carlyle, etc
Gain admission to HBS, Stanford, or Wharton (I already have the basic numeric qualifications to at least be considered at these schools)
Also, what do you think BAML's reputation will be like in the near future? It's been killing it in the league tables recently, but how is it respected by B-schools and PE firms?
I'd appreciate any advice.
Thanks!!
aw, that's cute. you have a 0.000012% chance of getting into megafund from either of these places - sorry.
This coming from a "Prospective Monkey"... Keep your mouth shut until you start working.
Its all about networking and performance. If you are top bucket, your MD loves your work and they have connections, they can help you get in there. Tougher than coming from GS... but not impossible.
Not true at all. I know plenty of folks from both at megafunds. There are lots of solid legacy Merrill and Lehman groups at both banks. If you do well in a good group, you'll have great exit opps.
Considering that they only take a handful of people every year (5 last year for KKR, 3 for BX, not sure about #s for Carlyle), I strongly doubt that you know "plenty of folks from both at megafunds."
No one can give you the answer to this question. Both banks are sort of in a "transitioning" period. Considering you won't be interviewing for PE jobs for another two years, just go with the one that you feel is the best fit for you.
BAML, no question.
Over the last 10 years, and particularly during the recent PE boom of 2004-2007, many of my BB colleagues went to the buyside. A good number were from Merrill and Lehman (more from Merrill). Believe it or not, many associates and principals at these places are from outside the revered "top tier" BB's. Obviously, all else equal, it's easier from GS to break into a good PE shop, especially nowadays, but that is no reason to blindly select a job at the more "prestigious" bank. It's unbelievable how many ambitious analysts are burned because they do not fit with the group they're placed in. Without the backing of your colleagues and superiors, obtaining good exit opps is much harder, regardless of which bank you're at.
BAML 100%
You won't go wrong with either. Feel free to PM me if you want more info on the summer program at BAML.
Agree with above poster...I was actually in a similar situation with similar options and chose BAML for my SA and it worked out great...you can pm me if you need info as well.
pierce u are so full of crap
and where do u work at then? probably financial technology partners
and yea its an intern what if i get goldman next year? at least talk on ur main account not some new one
BAML.. check the recent league tables
You asked about b-school admission. Let's be clear here, the adcoms at b-schools do NOT engage in stupid arguments over which firm is more prestigious.
All the top-tier banks look the exact same to the adcoms. Adcoms have general knowledge of which banks, consulting firms, etc. are "top tier", but it doesn't get any more granular than that. And they certainly don't keep track of which desks or groups are better at one bank vs. another. To the adcoms BofAML = Barcap = Goldman = everyone else.
B-school admissions are NOT based on who held the most prestigious job, but rather what you did while you were there. In addition, "diversity" matters, so the last thing they want is too many people in a class all from the same bank or group. The point is to set yourself apart and argue what type of unique contributions you can make to your class.
Too many people on these boards seem to think that 3 yrs as an analyst at Goldman or 2 years at McKinsey guarantee automatic acceptance to H/W/S. B-school admissions should be the LAST thing on your mind when deciding between 2 job offers....
bump
shawnfire i thought you already turned down baml, citi, and ubs for barcap
buddy analyst of mine said BAMＬ just had another round of cuts.. a few analysts i know got fired.. this is following last weeks massare
I am sorry bunkerbanker but you are wrong. Only a few associates and VPs were cut last week at BofA ML, primarily in Healthcare and Real Estate. This should be not surprising considering where those markets are going.
Regarding BofA ML versus BarCap, I believe BofA is better positioned over the next few years to take market share as it reaps the benefits of acquiring Merrill. However, each bank will help you achieve your long term goals.
Regarding BofA ML versus BarCap, I believe BarCap is better positioned over the next few years to take market share as it reaps the benefits of acquiring Lehman. However, each bank will help you achieve your long term goals.
Depends on group. If M&A, Financial Sponsors or LevFin - no question. Definitely BAML. However, these groups are filled from summers from other groups and accelerated interviews from summers at other banks.
Media and Telecom and Natural Resources see better dealflow at BarCap.
C&R, Real Estate, FIG, and Industrials see more dealflow at BAML, but I don't know how BarCap analysts in those groups placed. BAML TMT placed well last year. Of the 6 analysts, I know 1 going to Warburg, 1 to Silverlake, and 1 to TPG.
But to be honest if you're good, you'll succeed regardless of whatever bank. Go where you think you'll be best taken care of.
^
Those analysts going to Silverlake/TPG/Warburg from TMT though, I know one or two of them are not for PE. They're for Capital Markets or Asset-management divisions.
Lol Yes I did take Barcap over BAML but I just wanted to gather some thoughts..
hey guys...
i have a first round interview with BAML LA coming up this week...any info would help! (SA not FT)
insight on how technical/fit the first round is? or any specific qs would be great!! feel free to PM me or post here.
thanks in advance!
Dude - all SA interviews are going to be the same. Fit, why IBD, what happens when depreciation rises by 10mm (or other similarly basic finance question from the Vault guide). It will depend on whoever's interviewing you.
no of course i knw that, have been prepping for a while now...
but, just wanted to see if anyone had direct experience w/BAML LA interview process.
BAML Lev fin vs Barclays FIG (Originally Posted: 05/18/2010)
Hey guys, any thoughts on BAML lev fin in North Carolina vs Barclays FIG? Thoughts on deal execution experience, deal flow, culture, exit opportunities would be greatly appreciated. Also Im not sure if I want to do FIG for beyond the 2 years so do you think 2 years of fig may type cast me? Thanks in advance
Don't know about Barcap. BAML LevFin is #1/#2 in the LevFin space with JPM.
In terms of the league table for US issuance. They're also #1/#2 in terms of people staffed to Lev Fin. League Tables shouldn't be a consideration unless you're talking about M&A.
Yea pretty much all of BAML debt businesses are killing it. Pay is good down there, especially considering the cost of living. LevFin works real hard, but hey, its banking.
Is Barcalys in NYC? I think both are great opportunities and it should come down to which city you want to live in. I think most would select NYC.
If you go to Charlotte rent a boat and go drinking on lake Normand with the other analysts. I have to say the city itself is verrry slow. People on this list crap on Boston for not being a party city. It dwarfs Charlotte. Charlotte is very similar to Stamford CT.
Guys, thanks a lot for your response. Honestly I dont think I would mind the slower pace, the good weather and cheaper cost of living offsets that for me. BCbanker, Barclays is in NY. Living preferences aside, I want to get solid deal flow and execution experience. The way I see it lev fin gets me a solid skill set and understanding of how debt works, which would be killer for pe and credit related hedge funds but Im not sure how many interviews I will get living in NC and even if I do, my ability to go to the interviews if they are in NY. Fig does all their m&a so definitely quant skills there but to me, I value a lev fin skill set more. Recruiting on the other hand may be easier. Thanks again for your help.
More than FIG vs Lev Fin, the most important consideration here is NYC vs Charlotte. If you are from the south and/or want to live in the south, then the choice is clear. If not, then you are better off with Barclays FIG.
to the OP,
BAML also has a LevFin team here in New York (they are slowly moving people as the BofA tower just opened). Inquire if you can transfer/
Guys, thanks again for your helpful input. ibhopeful532, baml does have half their team in NY but from what they told me they have already filled the analyst spots in NY and need people in charlotte. I am trying to convince them to let me stay in NY but not sure if they will agree due to almost no analysts being in charlotte. If I am able to convince the team to let me work from NY I think I would take baml lev fin hands down. Thanks again for your help guys.
i'd stay away from fig, it's such a specialized industry, and instead advise you to go for baml LevFin.... you can always ask for a transfer to the NYC office later...
baml vs. Barclays IBD (Originally Posted: 05/12/2010)
baml vs. barclays IBD full-time...for generalist position. Could anyone pls elaborate on the stronger groups at both banks? Much appreciated.
Before ML merger would have gone Barclays for sure, but now BAML dominates the league tables. Def BAML. BAML in NY is really the old ML team.
Not quite, most of the Merrill Bankers jumped ship after the merger. Look at DB and boutiques.
Isn't Barclays' presence in the U.S. just Lehman's old talent? Except Barclays has done a pretty poor job of retaining the top guys?
They're both good shops with good exit ops and are fairly equivalent in that sense. Decide base don who you preferred interviewing with.
Just curious how you're posting for a FT position at this time...thought they finished recruiting months ago.
I was wondering this too. I know for a fact that both Barcap and BAML finished recruiting. This must have been through some connection
Keep in mind that deferrals do happen, and in that case spots need to be filled very late in the cycle. I would imagine that is what happened here...
Heard Barcap is bleeding guys now due to compensation issues.
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