Have seen lots of interns leaving top coverage groups at Goldman (FIG, Industrials) for Evercore M&A full-time. Why is that? Are Evercore's exits considered to be noticeably better nowadays? Now that Vault's put them at 2 and Goldman at 3, is Evercore considered the better bank within the industry?
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Could be because of the big upgrade in pay
Evercore has better pay, arguably better exit opportunities, and similar prestige within the finance industry. The only downside I see are no brand name outside of finance. However, you're best off choosing where you think you'll most enjoy your experience. At this point, you're splitting hairs.
I would echo a similar sentiment; better pay, definitely better exit opportunities. Evercore analysts not only exit to top megafunds but also top hedge funds which is pretty rare even from a top group at Goldman. Within finance, they have similar prestige levels although I personally have more respect for the Evercore guy / gal knowing they have their technicals down cold.
Goldman has diluted their pool of talent a lot by trying to reach certain diversity quotas. But Goldman also has the name advantage outside finance. You could get stuck with a shitty group at Goldman. If you're looking to stay in finance for the long-term, I would say Evercore M&A takes the cake right now.
You'd be delusional if you think the average Evercore analyst exits better than the average GS TMT/FIG analyst. Again, it's a self fulfilling prophecy. I can guarantee that when on-cycle kicks off, we tell our HHs to reach out to GS/MS on top of EVR. An analyst who is competent will do well with regards to buyside recruiting from either shop. No advantages afforded to Evercore over top groups at GS.
Sure, from TMT and FIG the PE exits will likely be similar (I'm assuming by your name you work in PE). But outside that, yes Evercore will do better on average than every single other coverage group at GS including industrials and healthcare. Also hedge fund exits are better out of Evercore than GS FIG nowadays. Not sure about TMT. Tell me the last time a GS analyst went straight to a tiger cub. I can count at least 5 from Evercore.
I don't have an opinion one way or another about GS vs EVR but I am not comfortable with this "Goldman has diluted their pool of talent a lot by trying to reach certain diversity quotas"
What assumptions are you making here?
Evercore doesn't care about diversity? I don't think that's the case. Evercore has some of the most diverse group of junior employees. Not that this matters that much, but vault put evercore higher in diversity than goldman, specifically for banking.
Goldman diversity hires are inferior. Again, not true and this is just wrong.
I’m not at all implying that diversity hires are inferior. Even without quotas, banks will always have diversity kids. They just won’t sacrifice talent to reach silly meaningless quotas. That the talent pool is diluted is just a statistical fact. Ftr, I would classify as a diversity candidate.
Someone made a comment about this earlier, but I think what people are missing is that GS hires a very wide range of people, many of whom have very limited technical finance background but have other strong qualities. And you don’t see any more/less of these people in tmt. My point being, if you are the type of person you see a lot more at EBs (passionate about investing, investing clubs, technical out of college), and you land in GS TMT, still don’t think there’s anywhere better to be from an M&A banking perspective (maybe MS M&A). Have seen basically 100% of those people go to megafunds, and you’ll occasionally have classes at these groups (MS M&A in particular) with 100% placement at megafunds which you’ll never see at Evercore.
Note in ”megafunds” I’m also thinking about too funds like H&F, Centerbridge, Berkshire, CD&R, Silver Lake in addition to the traditional names.
Don’t understand why everyone is talking about GS as if TMT is the only coverage group. Out of a class of over 100, how many end up in TMT?
Im not sure who is leaving GS to go to EVR. I cancelled my EVR interview once I got a GS offer, couldn't be bothered to even try. FYI from my group at GS the exits in one year were: 2 top tiger cubs, 9 large cap pe, 3 mm pe, 1 mid-sized hf, 2 people stayed. Soooo?
Thanks for your answer, this is informative. As to your question: after spending hours on Linkedin, I found that there are at least three recent undergraduates who have done a summer (either sophomore or junior) at these 3 groups (1 GS FIG, 1 GS Natural Resources, and 1 GS Industrials) and have gone to Evercore M&A and 1 who went GS Industrials -> Evercore Rx. I have not come across a single person where it went the other way but could be wrong.
Was your group TMT/FIG or not?
It comes down to culture. GS Industrials and Natural Resources are "old-school" banking groups because they were one of the first groups on the street. Harsh culture, where you'll get grinded and the seniors are generally pretty toxic. Generally people choose EVR over GS for the pay and culture, as exits are the same. I personally know the guy who moved from Industrials to RX, and what I can tell you is that the rationale for his move was definitely not for exits.
In my EVR SA class I know of 2 who were at GS (one GS FIG, other not sure) as sophomores and I know of 2 who turned down GS SA offers. I’m biased so I won’t weigh on the broader argument but just thought I’d mention that it does happen.
However, I also know of someone who turned down an EVR offer for GS so I’m sure it happens both ways based on priorities.
at EVR, the exits were very strong years ago if you want them. probably still are. you literally just have to put in a little effort and you can go to a top PE fund or HF. smaller class than GS but hard to say one is way better.
I personally think GS offers more optionality. For example, at Evercore M&A the exits tend to be buyout shops or L/S equity. From GS there have been a handful of exits to distressed and deep value hedge funds, specifically Monarch and Silver Point. As someone interested in deep value and distressed debt investing, I would take Evercore Rx > GS Industrials / NatRes / C&R > Evercore M&A / GS FIG/TMT/HC.
RBC.
.
Evercore has a great culture, basically the same exits, and higher pay. Seems pretty obvious unless you know you’re going to get TMT.
What are the top groups at EVR M&A from an exit ops perspective?
.
.
Media, Tech, and Transpo
You recruit before you place, so attributing exits to groups is a bit silly.
No, you don’t. That changed last summer and this year’s FT analyst class gets placed before they hit the desk.
Evercore pays more, works you less, and is chill about recruiting. Yeah GS TMT is more prestigious, but you’ll get the first round look from Carlyle either way, so why not have a slightly more enjoyable analyst stint?
GS doesn’t let you rank your group choices for placement anymore. They randomly assign you where they think “you best fit.” Pretty retarded of them if you ask me. Evercore anyday.
That's not true for TMT, also ask you in the interview which groups you want for NY
wdym thats not true of TMT? Do they recruit separately now? They ask you what groups but they don’t really take it into consideration and will pretty much place you randomly anyway.
So much misinformation going on. Starting last year, GS recruiting is group specific.
First round HireVue, if you pass, will have to tell the HR which group you’re most interested in. Then super day. So competing against those who applied for the same group. Not sure superday interviewers are all coming from the same group you applied but it’s reasonable.
False.
someone on this year old thread said tiger cubs and top SMs recruit at Evercore. Which tiger cubs and top SMs recruit from evercore? Anyone have any actual names of shops?
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