So I'm at a top target for HTX banking (think UT, SMU, Rice). We have some placement in NYC but it's relatively difficult to come by and I'm not counting on it. If I end up in Houston but want to GTFO of oil & gas afterward, where would you recommend? I've heard of banks placing analysts consistently into PE shops in Dallas and NYC but nothing concrete. Any thoughts / recommendations on where to go here?
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if you go to UT you can make it to NYC
Can't comment on historical exits of all of the Houston banks but you'll want to target firms with universally great brands and avoid the highly specialized groups. Jefferies Houston, TPH and Simmons, for example, do really well in energy - well, at least they have historically - but don't have nearly the same reputation outside of energy.
Would probably recommend targeting an elite boutique like Evercore or Moelis to balance deal flow and experience while you're there with a strong brand and exit opps outside of energy. BBs are good from a brand recognition standpoint but outlook is pretty uncertain right now.
network hard for NY.
So you go to SMU
I heard Cowen's Houston Group started covering cannabis about a year ago, not sure if they still are. anybody know of other Houston groups that cover other industries? maybe renewables will start being covered by O&G, but prob. covered by power
How is BAML in terms of exits?
it’s going to be pretty tough to exit to another industry, as others mentioned you should look into a different city. I think if you had to live in Houston, I’d suggest looking to work in downstream / OFS since the modeling is similar to other industries (opposed to upstream and midstream).
Bump. If I wanted non-energy exit opps, would it make more sense to go to Houlihan Dallas or GS/MS/Evercore Houston?
So you've got offers at all of those shops already?
The Houlihan groups in Dallas are solid across the board but will likely only give you access to MM exits, which, while not a bad thing, is worth noting.
GS Houston is pretty bad culture wise and deal flow isn't good enough to compensate. MS has solid culture but is pretty middle of the pack in Houston since their main MD left for JPM. Like the above poster called out, I'd choose Evercore / Moelis / Lazard over GS / MS.
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