Best IB group on the Street
Curious to see your guys' opinion on the best IB group across all BB's and EB's. When I say best, I mean in terms of deal flow, exit opps, exposure to technical skills, etc. To my knowledge, GS TMT, FIG, and Industrials are up there for the best groups amongst BB's, as well as the M&A group at JPM and MS.
In terms of EB's, I know the RSSG group at PJT sends kids to top PE firms or hedge funds every year. CVP and EVR M&A also seem to be really strong.
Also, are there any groups that send kids directly to L/S equity HF's?
Real estate is by far the best for exit ops
Whqt real estate IB groups are top? Do they all get MF exits?
BofA REGL is best on the street
Feel like it’s fair to say … all of GS, all of EVR, then select other groups: PJT RSSG, MS M&A, JPM HC, CVP HC.
In terms of 'best' if we're talking about exit opportunities and prestige it would probably look like EVR M&A, GS TMT/FIG, PJT RSSG, and MS M&A.
EVR Rx exits better than EVR m&a and rivals PJT RSSG
I am not at EVR RX but this person is absolutely correct. EVR M&A is great but EVR RX is going to be more consistently good just as a function of class size and selectivity.
https://www.wallstreetoasis.com/forum/investment-banking/evercore-rx-ex…
Most valid list so far
EVR "M&A" doesn't mean anything. No longer true generalist program. Get aligned to group very early as an analyst, where outcomes vary significantly
What would the top groups then be in your opinion in terms of “prestige” and exits at EVR then?
Not true lil bro
GS TMT is not what it used to be
And FIG is?
TMT is mostly diversity candidates and the children of senior bankers. GS diversity super days happen a few weeks before the normal round, and candidates often prioritize TMT so that group fills up more quickly. Additionally, sophomore summer interns in banking are given some priority in the internal mobility process, and they often opt to transfer to TMT for their junior summer. No flake to them at all — they are all extremely qualified — but I just wanted to add some color to the conversation.
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No, deal flow is exactly the metric I’m looking at when I say they’re not what they used to be. Every single 5+ Bn deal in tech is being done by Qatalyst and MS. Do a simple deal screener and see for yourself
The one with the most analysts from Emory.
Qatalyst
Get off WSO and go back to Stratechergy bozo
The semi conductor team at Scotiabank is best on the street
The [my vertical + core product] at [my bank] is clearly the best based on [highly specific & barely measurable faux-quantitative measure].
WRONG!
MS M&A vs M&C which is stronger?
New analysts who are most focused on prestige/exits typically aim for M&A and then M&C. Similar personalities in both groups
Is it just for US or same for London as well?
L/S isn't like PE. Your bank/group matters significantly less and there isn't really a concept of "which group gets best exits" for the bulk of funds that are hiring (talking about MMHF here, not SMHF).
If you work at a reputable bank (and to be honest, even some obscure ones) you'll get looks from MLP, Citadel, Baly, P72...whether or not the PM hiring is actually good or not is a different matter.
So if not your group/bank what do HF’s look for ? A more quantitative background ?
No, just that you can model coherently, focusing on the right drivers, (I.e not building super deep schedules and focusing on a detailed revenue build and cost build) and your assumptions tie together. I.e if you’re getting $20 million revenue from pricing you should get the same EBIT, but not the same if it was from volume.
Most importantly do you understand what’s driving stocks and have good ideas, (not generic business analysis/low multiple to buy because it’s cheap on outer years cash flow, there needs to be something the market isn’t understanding about key driver that you can predict will change in the next year and move the stock)
Most people coming out of IB can’t do this, because they haven’t spent the time preparing for it vs PE which is the natural progression from IB. No one cares what bank/group you’re from if you can’t prove to us you can make strong inferences on where a stock will be next month.
That you're actually smart lol I.e. what differentiated ideas can you put forward in interviews - therefore irrelevant if you went to EVR or UBS.
Also wondering whether variants of interviewer / PMs has much bigger impact on recruiting in compared with PE -- Feels like PE processes are almost the same (ofc except APO which sometime asked you to model bx recovery) but different teams of different HFs (SM vs. MM, different teams among MM / quasi-MM) have different emphasis on various characteristics. Not sure if that's a correct observation
Yes, the way you think of an MMHF should be different to a bank or PE fund. No one in publics cares about Citadel/Baly etc, these are just infrastructure/capital providers and the pods/PMs are their own businesses so naturally the PM you worked for is the be-all and end-all.
Naturally, since they're paying you out of their own pocket and you work for them, not the fund itself, they can interview you anyway they want.
Mizuho is the best bank by far. Raymond James is second, followed by Centerview at third.
del
How has nobody mentioned the BGL Cleveland office?!
RBC Calgary by far and away the best!
Risk & Assurance Advisory at KPMG. Absolutely insane hedge fund exits. Something like 50% of Presidents started their careers there too.
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