Help deciding between SA offers (Top BB vs Top EB) - Have to decide this week!
Using a throwaway: I have five SA 2018 offers in hand, and my deadline to pick is this week. I've narrowed my choice down to two firms. One big BB (think JPM/BAML/Citi) and one top independent advisory EB (think Evercore/Lazard/PJT).
I love both places, and they far outpace the other three firms that made me offers. It's sort of a classic EB vs BB question, but whats your guys thinking on experience, deal flow, exits. People I've talked to are very divided. Essentially little more prestige from the EB firm, but more deal flow from the BB. Early years comp isn't a consideration for me.
Thanks!
You clearly have offers from Citi and Laz. I would take Lazard.
haha you're absolutely not right but good guesses :)
Laz
i would agree with Laz. congrats on the offers!
Not sure it's accurate to say that the BB would have more dealflow in terms of classic M&A advisory mandates. You should think about dealflow on a % basis (i.e. adjusting for headcount) as opposed to pure volume.
That's definitely a fair point, but working at a BB in M&A, I definitely get to see a wider variety of transactions than anyone at an EB ever could. Sure, an EB analyst might get deeper into every transaction, but in terms of general flow and touching deals, a top BB is unparalleled. I have seen like 3 of the top 10 M&A mandates of the year and I spend literally zero time pitching. That's hard to match at an EB, even EVR/LAZ
Who cares if you get to "touch" a lot of deals...sure you can make a buyers list for 50 different sell-sides, but at an EB you're actually getting "deeper" into the transaction, which is the important part. Seems like you care more about putting as many deals as you can on your resume instead of learning about the nuances of each deal.
I would choose any of the EBs you listed over all the BBs you listed.
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What's your GPA, work experience like?
3.9+ at HYP, MM PE experience, lot of other work experience. Do you think that influences my experience at either firm substantially?
Would take any of those 3 EBs over Citi/BAML. It becomes trickier if your BB offer is from JP but would still take EVR/PJT over JP (LAZ vs JP would come down to what group you're in for JP imo)
Judging from the groupings, probably BAML / Citi vs EBs. Take the EB and run.
If JPM, I would still say the EB is better.
xxx
An HYP friend recently made a very similar decision boiling down to EB v BB (with BBs on par with if not slightly higher than the ones you listed, think MS/GS/JP). As previously mentioned, with BBs the group matters. Do you know what groups you might be able to get into?
Whereas all 3 of the EBs you mentioned are top-notch (assuming your EB offers are also in M&A). If it's Rx, no-brainer go with the EB...
It would be a top 3 group at the BB in question - either M&A or one of their two strongest industry coverage groups. Offer is for M&A at the EB. Concerned that the BB has a low return offer rate though, and the EB has a much higher rate
So which did you end up taking?
The BB offer. Really tough call but I think I can stand out there a little more, and I want to start at a bigger firm with more resources and seeing a lot of different types of deals including cap markets stuff.
I am not knowledgeable enough to know I 100% want to do M&A advisory only or that I want to exit into PE. I like the diversity of experience and lateral options the BB provides.
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