Thought it could be interesting to hear what groups out there people think highly of for a career in IB. The Goldman TMT and MS M&A type groups are great for analyst exits, but what groups are great for associates and VPs who want to stay?
As an associate in RX, I know variability between groups and banks is massive. The EVR RX bankers seem much happier than the GHL or HL RX bankers I’ve worked with.
Who else likes their jobs?
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ECM hands down
I’ve heard Lazard Rx in Chicago is 60 hour weeks on average even during rona
These questions are almost impossible to answer because even within groups at bank it will vary from deal team to deal team. I have MD/Directors who micro-manage and crush any chance of lifestyle and others who stay out of execution almost entirely.
You must ask yourself:
1) Are you in a coverage/M&A execution role? If yes = likely no lifestyle, when on live transactions all bets are off whether it is a $50M deal or a $5Bn deal. Things will pop up at all hours 24/7, just the nature of doing transactions
2) Are you good at your job? If yes = likely no lifestyle, people will be constantly staffing you on things, you'll be put on larger/more complex/hairier things because people know you are competent
3) Are you at the right level of seniority/stature within the firm to be able to have significant influence over the things/people you work with? If yes = you can potentially dictate your lifestyle a bit better but see 1) and 2)
So what does this mean? It is possible to find a better lifestyle as you move up the chain but you'll never have consistent 50-hour, 9-6 weeks if you are working on transactions. The best you can do is find your place within your group and try to work on more predictable transaction types (e.g. broad M&A sellsides for example) with seniors who are good (bring in business) and give you independence to run the deal on a timeline largely driven by you.
In terms of RX I've heard PJT's culture and hours are pretty good -- Evercore / HL are supposed to be decent and Moelis, Lazard, PWP, and GHL are supposed to be sweatshops.
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