Citi, Lazard, Jefferies, Fidelity, Morgan Stanley
I have been given offers from the following firms: Citi (IB), Lazard (IB), Jefferies (IB), Fidelity (equity research), and Morgan Stanley (ECM). I also have superdays at Goldman and Moelis.
Brief summary- I'm from a very non-target school, but have an interesting story and did investment banking in China two summers ago and research at a hedge fund last summer. Ultimately, I want to go into hedge fund research. Which one of these programs do you all think would best position me for this career path? Also, my offers blow up before the GS superday- advice on what I should do about that?
Congrats, that's impressive!
Your goal is to go into (equity) research in a hedge fund and you have one equity research offer from one of the largest asset managers - I think the question is why you did not apply to equity research positions the places you have offers from.
From what I've heard, investment banking positions you better for mega fund HFs than equity research on the sell side
That's arguable, I would do fidelity equity research and do all 3 CFA levels whilst there. But if you have to rank the other offers according to exit options I would say:
Lazard IB > Citi IB > MS ECM >Jefferies IB
Take Citi
..
I have heard from people that Lazard's culture has been getting much better
So what did you decide? Did you do the GS superday?
Lazard>Citi. Interned there this summer. Would absolutely recommend it over any non-GS/MS BB.
LAZ is as good as it gets.
Lazard IBD will still get you into HF if you work at it
I was just given an offer for Goldman's MASA group, do you think this has better placement than Lazard m&a?
Out of curiosity, what exactly does Goldman's MASA group do? I can't seem to understand whether or not it's classic IBD or not.
Lazard is by and far your best choice btw; most established EB and pretty much best placement. Of course your life will kind of suck if this is the NY office
I've never heard of masa and I know people at Goldman
you should just change your name to boy wonder
Gray Fox Martinghoul @ke18sb" all work at hedge funds, would def trust their judgment over some students...
Just to shape the conversation a little bit, I think that MASA has the advantage of dealing with activist defense. I can't imagine there is a better place to network with mega funds than a banking group at goldman that deals primarily with negotiating between companies and activist investors. I am just unsure how much analytical work id be going, as I fear that a lot of the financial analysis gets done in the industry coverage groups and MASA just compiles and pitches the data
sorry I didn't clarify. I have no idea what the best route would be, I just know the users I tagged work for hedge funds and are probably more knowledgeable than people who are students or not in the industry. you got great offers, and while there could be someone who's responded and knows their shit (hint hint, get Certified), I'd hate for you to get misguided.
Go with Lazard. I know two analysts at GS MASA - one of them went to FIG after internally, and the other is still there. They have both told me it's not really like traditional banking and that it lies more on the legalese / IR sides of things, which are not really what it sounds like you want to be doing. Exits from Lazard will be much better unless you transfer to a differnt "classic IBD" group as GS calls them
Lazard for sure
Just how non-target is this school...
Very, average state school
What did you end up deciding?
I do research at a hedge fund, but probably much different than what you're looking for so I can't weigh in much here. Those are all great places to be - good for you. If you can pull that off, I think you'll turn out fine wherever you end up.
I would also go with Lazard. You can get into any hedge fund from there and the experience will prepare you well (e.g. deal execution, research and valuation)
It's pretty clear this is between Fidelity and Lazard, depending on what you value most in your analyst years.
I don't understand how Equity Research at Fidelity, one of the largest asset managers in the country, wouldn't be the most direct path to Hedge Fund research. I'm assuming the role would be a buy-side role.
If you are a hedge fund hiring manager, would you want to hire someone who already has buy-side research experience/CFA or just one of 100 other IB analysts. The first will stand out because it is direct experience and the classes Fidelity hires each year are much smaller than the smallest IB you listed. With the first route, you most likely wouldn't even have to get your MBA. With IB it is more likely.
Maybe I'm missing something, but contrary to what 90% of people on this board think, IB at a bulge bracket is not always the best route. Don't let the people on this board persuade you, this decision should be a no-brainer. Feel free to throw all the monkey shit you want. I could care less.
You raise some good points, but this is absolutely NOT a no brainer. Fidelity ER is a stellar job, and is a position that people with 2+2 IB/PE and HBS would love to have post-MBA if they are interested in investment management.
That said, banking, especially at a top group like Lazard, may actually open more doors to hedge funds (if that is your ultimate) if that is your end goal, for a few reasons.
Think about the universe of hedge funds out there. Fidelity ER is most similar to long/short equity, which is only a fraction of the types of funds out there. If you want to move into distressed, event-driven, special situations, activist, or other fundamental strategies, IBD will give you a broader applicable skillset vs. buy-side ER which is a little bit more limiting. Only a fraction of the kids who move to hedge funds post-banking end up in long/short (probably less than 50%).
A decent amount of the elite hedge funds, especially the top tiger cubs and activist firms, hire mostly from 2+2 IB + PE. Look at the employees who are at pershing, corvex, glenview, viking, conatus, highfields and the like and almost all of them came from PE. The PE skillset is very well-respected on the public side and while being a PE associate can be just as painful as being an analyst, it provides a very solid training on investment fundamentals and thinking, and IB keeps that door open.
If you realize halfway through that HF/investing is not for you (more often that you would think), IB keeps more doors open to corp. development, startups, consulting, and other roles.
.
If you want to do hedge fund research go to Fidelity. IBD only better if you're interested in private equity
While I won't comment on which offer to take. I can tell that I work part time as an assistant analyst besides my studies in a Long/Short Equity Hedge fund and our full-time analysts come from both investment banking and equity research backgrounds.
Which offices are these offers for?
These are all for NYC locations
Lazard. But I'm a biased fanboy.
Went with Lazard- the culture sounds tough but it's worth it
Good for you!
If you are reasonably set on research and want to be working a reasonable amount then Fidelity. If you think you might want to do pe or really aren't that sure that HF is right for you and would not mind working 100 hour weeks consistently then take IB.
I think I'm too young to have a very rigid idea of where I'll want to be after a couple years so I chose Lazard. I think my options will be a little wider out of a solid IBD position
You made the right choice. I worked at one of the banks you mentioned and, given your options, Lazard IBD will put you on the best path. Good luck.
I think Lazard was the right choice
Did you just tell everyone you have an interesting story and then proceeded to not tell anyone that story?
You don't even know
I am interested in what the OP's story is. I am interviewing with Lazard tmrw.
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