Exit Opportunities in Paris BBs vs London EBs
Hi WSO Community! Wanted to ask for your insights and feedback into the potential exit opportunities (London especially) that you get from (JPM, MS, GS) in Paris vs an elite boutique in London (PWP, Centerview). I am considering options from these places at the moment (6-month internships) and am wondering as well whether it is common and relatively easy to transfer from the Paris office of these BBs to the London offices. About my background: have some solid work experience (BB, PE, similar to names listed above) and target academics but am unsure about becoming a career banker and very much enjoy the buyside and the way of working there. Additionally, have family and friends based in London vs fewer contacts in Paris. Thank you!
Hey there! It's a great question and one that I've seen pop up quite a bit on the WSO forums.
When it comes to exit opportunities, both Paris BBs and London EBs have their own unique advantages.
For BBs like JPM, MS, GS in Paris, they are well recognized for roles which are typical IB exits (PE, HF etc.). However, the London market is interesting because you don't necessarily need to be at a top firm to get the top exits. You even see Big 4 accountants get solid PE gigs.
On the other hand, top EBs in London like PWP, Centerview, and others are respected but mostly on the back of their US brands. They have decent deal flow, solid exits, and benefit from their US reputation.
As for transferring from Paris to London, it's not uncommon but it's not exactly a walk in the park either. It would largely depend on the firm's policies, the availability of positions in the London office, and your performance.
In terms of your personal situation, it sounds like you're leaning towards London due to your family and friends being based there. That's definitely a factor to consider, as having a strong support network can make a big difference in your work-life balance.
Remember, there's no one-size-fits-all answer here. It's about weighing up the pros and cons and deciding what's best for you. Good luck with your decision!
Sources: https://www.wallstreetoasis.com/forum/consulting/qa-eb-co-invest-pe-m7-mba-mbb?customgpt=1, https://www.wallstreetoasis.com/forum/investment-banking/jpm-ma-vs-top-eb-cvpevrpjt?customgpt=1, London Ranking Exit opps PE and HF, PJT vs GS vs MS vs Centerview
Thanks for the answer. Was looking into whether the PE exits are also for London-based locations or only for the French area (if you work at GS, MS, JPM). Specifically, whether recruiters will contact you for London roles.
It’s a bit of a trade off where:
1) Working at an EB in London will open doors to both London and the rest of Europe for you. Generally, IB in London is more prestigious, allows for more sector specialisation and gives more optionality (especially given most of European finance is still in London)
2) Brand name at JPM etc is much better than any EB in Europe
Now, as an internship, it doesn’t really matter where you work as long as it’s a good place. Personally, I would take the London EB to get a foot in London. Once you have an offer, you secure your place and if you want to change you can always interview elsewhere. Also, I do feel like there is a bit of a discount attributed to European banking vs. London/NYC (at least that’s how I feel about it)
That said if you want to work in Paris long term then take the paris offer.
One way to think about it is that is much easier to do London -> Paris than the other way around. Same for NYC -> London by the way.
By the way your previous internships will get you an analyst interview but when you’re looking for your next job, no one will care what you did before as the intern experience is heavily discounted and responsibilities quite different.
At a second though, I wouldn’t go to PWP London over MS/GS/JPM paris.
My advice would be: Centerview LDN >= Paris BB >> PWP London
What do you think are exit opps from Rothschild in Paris and how easy is internal transfer? How would you view a very good profile at Rothschild in Paris as a candidate for PE in London?
Hi, I am also in a similar position. The difference is that I am debating between a top EB (Lazard/Rothschild) in Paris and a low BB (Barclays/DB/UBS) in London for an internship. I am leaning towards the BB option as I am not sure I want to be a career banker and London will give me more optionality to either lateral or move to the buy-side. Interested to hear your take tho
I would say Rothschild or Lazard in Paris are hands-down better
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