BB vs EB for Career Banking
What are the pros and cons of each for the associate levels and up? The analyst level pros and cons are well documented (exits, money, brand name) but wondering about for the more senior levels.
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You make A LOT more as a senior banker at an EB like CVP/EVR/MOE/PJT. Less overheard costs associated with having a "brand name." Some firms like PJT and Moelis give a large chunk of their senior bonuses in vested equity (stocks) giving you ownership, which is more valuable than getting straight cash for tax purposes.
Another reason why EBs pay a lot is because these senior bankers have strong relationships with clients that would bring in revenue to their shop instead of the BB. Ihonestly see no reason of being a senior banker at a BB unless you like the work culture.
BB is easier for career banking. It is just a matter of fact that you have many more products you can leverage to win business and generate revenue. The top MDs at BBS may not clear as much as the top MDs at an EB, but the middle and even bottom guys are able to have a far more stable career because they don't need to fully rely on their ability to generate M&A business. Also, BB have another advantage in that other arms of the bank such as CB, TTS, PWM, will try to direct possible deals towards their MDs.
This, there actually is normally a large gap around VP level at EBs because people don’t stick around enough to become MDs. Most MDs come from BB where they can leverage balance sheet and product offerings to win business then take those relationships with them to EB.
Similar with MM banks for the same reasons. Be a sell-side execution machine for a covering industry that you enjoy in the middle-market and you can make very good money (comparable comp to BB MDs).
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