BofA vs Jefferies
Hey guys, I currently am deciding between two offers for IB. One is from Bank of America (Consumer), and the other is from Jefferies (M&A).
My thoughts so far:
- Not really interested in the MF path, so I'm looking at those two in terms of what they offer for being a career banker or placing into MM/UMM private equity.
- I did some networking w a lot of people at Jefferies, and everyone there seems really chill and easy-going. Really had a positive experience.
- Just from my personal experience, BofA's people aren't terrible but they are nothing special. Most BofA analysts were sort of bland, and I didn't "fit" in with the people there.
- M&A seems to be more "versatile" than Consumer?
What would you recommend choosing? Thanks!
I'd roll with Jefferies M&A - If this was a better group at Bofa, that'd be different. I personally think Barclays, Citi, and CS are better than BofA.
But Jefferies M&A will set you up very well for UMM PE. Even MF is possible from Jefferies. Jefferies M&A, along with Levfin, Healthcare, Industrials and Energy, send many kids to MFs. At Jefferies, there are also leaner deal teams so you'd likely have more responsibility too. Pay for Jefferies is also top of the street.
Didn’t Jefferies just cut pay by 35% ?
Jef is 110k for An 1 and I'd venture to say pays better than 90% of the street, coming in just below EB's in TC. Unsure where you heard they're slashing comp
bump
I’ll offer a bit of an unconventional advice: pick the group with better people and with seniors who will support your career.
League table, prestige and deal flows can be volatile. Professional support is undervalued: better to go to a team with people you enjoy being around and with MDs who will support your career (whether in the firm or outside it).
As an example, I’m on the buyside now and to this day my old MDs and junior colleagues (most of whom are Directors now) invite me out, gives me early look on deals and, for those on the buyside, contact me for co-invest ops.
People > prestige. I didn’t believe this when I was in my early 20s, but I value it a lot more now.
Good advice here
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