EB vs BB - long term and exits

Perpetual Bonds Sbi

Intern in IB-M&A

Anonymous

Bump

Intern in IB-M&A

Anonymous

Gonna ignore the first part because there's a thousand posts on here about that (the answer is it just comes down to personal preference and what you value) but for

Also, are the exit opportunities at a bank like Houlihan/Baird on par with BBs?

Sort of, depends what you want. HL and Baird are good banks, but they obviously are not on the level of GS/MS/JPM. Or BAML/Barclays. You could maybe make a claim that they are similar/better than UBS/DB, but that could be a whole post that people on here would fight about.

Unless you are at HL RX, you are not getting to a MF from a MM bank. You will probably end up at a solid MMPE firm, maybe a UMM PE firm if you're good. At a BB, you have a chance at MF (but not a good one), and a chance at a UMM PE firm (but still not a great chance), and a good shot at MMPE. The most common exit from a BB is MMPE, and the most common exit from somewhere like HL is still MMPE, so in that sense the exit ops are comparable. The difference is probably that the best analysts at a BB might go to KKR, the upper middle bucket analyst might end up at a good UMM (somewhere like GTCR for example), the middle of the road goes to MMPE, the mediocre one goes to MMPE, and the shittiest analyst goes and does something else. At a top MM firm, the best analyst might go to a UMM shop like GTCR, and the rest might end up at some mix of MM and LMM PE. Lots of people at MM firms also stay on A2A. So unless you plan on being the absolute best and trying to go to Blackstone, chances are a BB and a MM will get you to the same place.

Authored by: Certified Private Equity Professional - 2nd Year AssociateCertified Private Equity Pro

Analyst 2 in IB-M&A

Anonymous

Most analysts at HL/Baird do NOT end up at MM PE. LMM PE (under 1bn) should be guaranteed if you want it though

Authored by: Certified Investment Banking Professional - 2nd Year AnalystCertified Investment Banking Pro

Black Jack

Mentor

Human

Most Helpful

Intern in IB-M&A:

Gonna ignore the first part because there's a thousand posts on here about that (the answer is it just comes down to personal preference and what you value) but for

Also, are the exit opportunities at a bank like Houlihan/Baird on par with BBs?

Sort of, depends what you want. HL and Baird are good banks, but they obviously are not on the level of GS/MS/JPM. Or BAML/Barclays. You could maybe make a claim that they are similar/better than UBS/DB, but that could be a whole post that people on here would fight about.

Unless you are at HL RX, you are not getting to a MF from a MM bank. You will probably end up at a solid MMPE firm, maybe a UMM PE firm if you're good. At a BB, you have a chance at MF (but not a good one), and a chance at a UMM PE firm (but still not a great chance), and a good shot at MMPE. The most common exit from a BB is MMPE, and the most common exit from somewhere like HL is still MMPE, so in that sense the exit ops are comparable. The difference is probably that the best analysts at a BB might go to KKR, the upper middle bucket analyst might end up at a good UMM (somewhere like GTCR for example), the middle of the road goes to MMPE, the mediocre one goes to MMPE, and the shittiest analyst goes and does something else. At a top MM firm, the best analyst might go to a UMM shop like GTCR, and the rest might end up at some mix of MM and LMM PE. Lots of people at MM firms also stay on A2A. So unless you plan on being the absolute best and trying to go to Blackstone, chances are a BB and a MM will get you to the same place.

Suggesting that unless you want to work at Blackstone, being an analyst at GS will get you to the same place as being an analyst at Baird is a pretty bold statement that I’m not sure many would agree with....

Authored by: Certified Private Equity Professional - Vice PresidentCertified Private Equity Pro

autonomous

Senior Neanderthal

I know you're right but could you elaborate on the differences in career opportunities. It seems that other than the top 10% analysts at a top BB getting MF, most people at a top BB and a top MM will end up in MM PE and will get into an MBA business schools">M7 Bschool.

Array

ib4lif3

Senior Baboon

Can anyone clarify what AUM thresholds make up MF, UMM, MM, LMM PE shops - sorry late to the game

Analyst 2 in IB-M&A

Anonymous

UMM: $3bn+ MM: $1.0-2.99bn LMM: MF

Authored by: Certified Investment Banking Professional - 2nd Year AnalystCertified Investment Banking Pro

grantland23

King Kong

^ That's pretty spot-on general consensus. I've heard UMM is $5-10bn & MF is $10bn+ but who really knows lol

Authored by: Certified Investment Banking Professional - 1st Year AnalystCertified Investment Banking Pro

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Prospect in IB - Cov

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