Better to be a VP at a BB or EB?
Curious the pros and cons of which is better if you want to stay in banking for the long haul. Any perspectives or opinions would be helpful. Thanks
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BB for sure if you want to make it a long term career. Way harder to make MD at an EB, they would rather just hire a seasoned MD from a BB with a proven client list. However, you can probably make much more money at the VP level at an EB compared to a BB, if you are more focused on the short-term.
Top BBs tend to focus on trying to grow and promote from within, at least that’s usually the case at GS/JPM/MS, where business is usually won largely due to the name of the bank. These banks are usually have much more collaborative cultures throughout in regards to trying to win business (I.e. you’ll have a pitch and senior MDs will help) vs EBs are not necessarily incentivized to have bankers collaborate.
I understand bringing over clients makes sense as a coverage banker, but if you’re an M&A banker or other types of products, are there that many repeat clients?
Honestly depends on the EB. Some promote a lot from within and some just poach MDs from GS and the VPs are just their execution monkeys. If the EB is the former, it is probably better place to be a VP than BBs, if the latter probably not.
Any sense on which is which? You here a ton about senior hires at Evercore and CVP, some at PJT. Maybe Moelis and Pwp are different
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