GS FIG vs EVR M&A vs JPM M&A
Current M7 MBA student wrapping up the SA 26 recruiting process. Got an offer from one of these and very strong indications for the others.
Which of these are the better? I'd appreciate some insights. Not sure if I want to stay in banking long term (probably 2-3 year stint) but I do want to get good deal exposure during my time in IB
It's either GS or JPM; below will explain why.
Congrats on JPM!
Congrats on Evercore lil bro; try becoming MD at a platform like at Evercore lmao. This is different from undergraduate recruiting.
It should be EVR or GS to be frank, not sure JPM M&A is up there with them. All of these places will have great deal flow, so you should decide whether you want to get pure M&A exposure (then go to EVR, no reason to go to JPM given lower pay and slightly worse brand value) or some coverage speciality (go to GS FIG). For what it is worth, though, have some friends at GS - They always highlight GS FIG as a place with horrendous/toxic culture, take it as you will
How does JPM m&a have worse value than EVR??
I'm really not into these things, but it's seen less "prestigious" (whatever that means) or selective. In terms of performance or deal flow, I don't think there's any meaningful difference btw JPM M&A or EVR M&A, both are top of the top if you want to do M&A...
Wish to be in your dilemma haha, but I would probably go with EVR M&A > GS FIG >>> JPM M&A. All 3 are awesome options though so congrats!
GS if you don't want to stay in finance, EVR if you do, simple.
If it was GS TMT, then would maybe take that over EVR M&A. Not sure GS FIG is worth it, no offense. Go with EVR
JPM M&A, while a great team in a great bank, shouldn't really be in discussion (unless you really meshed with the people vs the other firms)
We're just finishing up our SDs at one of the target schools (Wharton/CBS/Booth) - Overall desirability across our and previous batches was EVR/CVP/PJT (whoever gets M&A at these usually takes it over top BBs) -> GS / MS (group / fit dependent mostly) -> JPM / MOE / LAZ (again, group dependent) -> Barc / BofA / Citi / PWP -> rest.
Obviously there are some nuances, so there are cases where some folks who got HL RX would take it over a JPM, but for the most part (for M&A or coverage), the above was the rule.
Some folks forget but at the associate level, the comp delta between the top EBs vs BBs can be ~$100K. That's quite substantial, especially when you factor in the debt levels a lot of MBA folks carry.
Also, I don't think the point about the chance of making an MD is that relevant in your first couple of years as an associate. First, most MBA folks enter IB for 3-4 years max, very few (if at all) knowingly join a firm to be an MD. Second, the experience you'll get after 2-3 years at a place like EVR or CVP will be much more valuable to that of an associate in a BB -> You won't have any issue lateraling to any BB if you really think your aim is to be an MD
Yeah so that last paragraph isn’t entirely correct. Case by case obviously but moving from an EB to BB as a senior ASO / junior VP isn’t simple unless you’re comfortable taking a year back. You’re moving from doing solely M&A work to a BB that advises clients across multiple products which you aren’t as equipped to speak to when you move over initially (thus taking a year back).
Hard to really know when you’re deciding on an internship but I’d look at it like this: you solely want to maximize comp then yes an EB is the way to go. If you want broader exits, the optionality of better intercompany moves if IB isn’t for you then GS/MS/JPM is the place to be.
Don't go to GS FIG (source: was SA at a different classic IBD group this summer). I get the lure at the analyst level given great exits, but at the associate level and up it's really a miserable place. Most verticals are boring af (I mean, do you really want to spread comps for banks or insurance companies at 3am?) and the only mildly interesting vertical is FinTech and asset management, but that vertical is just toxic and not too meritocratic (plenty of beckies). Also note that the cool FinTech deals are handled by the TMT team, FIG team would do the more boring stuff (think market infrastructure etc).
Go with EVR M&A if you really have an offer from them
Asset Management doesn't have beckies - has the exact opposite lol
That team is filled with incompetent Asian beckies lol
Can you explain a bit on what market infrastructure covers? Have seen a couple banks use that name or market structure & tech and not sure what exactly they do
Thanks all - ended up getting all 3 offers, went with EVR M&A. Felt like the comp difference and the overall trajectory of the firm better suited me compared to the other options (which are all great)
All 3 are great but personally I would have chosen Evercore unless you want to stay till MD level.Salary differential is too big till the SVP level between Evercore and BBs. I’m at a bank that pays close to street similar to GS and MS and my friends at Evercore earn 100K+ more than me at the A3 level and the delta continues to widen in the VP years. There are only 2 ways per me to justify the salary delta - 1) If you want to stay till MD level in which case GS/JPM could prepare you better (not necessarily though) 2) If you want to gun for a CEO position 1 or 2 decades down the line at which stage GS name has a special zing to its name (but who knows what the market perception will be after a decade or 2)
I'm at a lower ranked BB (Citi/BofA/Barc) but this imo. Comp delta between EVR and GS/JPM is around 80-100K a year in your associate years (probably more once you hit VP level). If it was a lower ranked EB like PWP or GUGG I would get why one would take a GS given the stronger brand name, but nowadays EVR carries as much weight as top BBs like GS/MS
Only scenario where I would take GS or maybe JPM is if I knew for sure I want to stay in banking long term and get to an MD level. In such a case, being in a bigger platform has its advantages to a certain extent
bump congrats on the offers
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