Looking for some insight going into 2025 SA recruiting, how much do exits vary between these various banks?
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Based on the most helpful WSO content, here's how the exit opportunities might vary between the different types of banks you've mentioned:
Top BB (GS/MS/JPM): These banks are typically considered to have the best exit opportunities due to their strong brand recognition, global reach, and the variety of high-profile deals they work on. Analysts from these banks often have a good shot at landing roles in top private equity firms, hedge funds, and other prestigious positions in finance.
Mid BB (Citi/BofA/Barclays): While they may not have the same level of prestige as the top BBs, these banks still offer solid exit opportunities. They have strong platforms and deal flow, which can provide analysts with good experience and a decent network for moving into private equity, although the PE firms may not be as large or as well-known as those accessible to top BB analysts.
A&D (Jefferies/TPH): These firms, particularly in areas like energy, can offer unique exit opportunities due to their specialized focus. The exit options might be more geared towards energy-focused PE firms, infrastructure investment, or corporate strategy roles within the energy sector.
Boutique (Evercore/Intrepid): Boutiques, especially those with a strong reputation like Evercore, can offer excellent exit opportunities, sometimes on par with top BBs. They often have a strong deal-making reputation in certain industries or transaction types, which can be attractive to specific PE firms or hedge funds looking for that expertise.
Remember, the most proactive analysts who network effectively and align their experience with their exit goals tend to have the best outcomes, regardless of the bank's brand. It's also important to consider the culture and fit of the group you'll be working in, as this can greatly affect your experience and the skills you'll develop.
Sources: Middle Market Banking Exit Ops, what do they look like?, The Case for Elite Boutiques over any Bulge Brackets in 2022, https://www.wallstreetoasis.com/forum/investment-banking/eb-vs-bb-long-term-and-exits?customgpt=1, Top BB vs. Top EB - 2019 Future Prospects, Exit Opps, Branding, Etc., EB’s ranked by exits
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