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There's been a few threads on this recently, but generally Houston does not exit anywhere near as well as it should for a coverage that grinds their analysts way more than NY groups
Would expect the "average" exit to be either 1) energy, 2) a fund in Texas or 3) LMM funds outside of TX. If you look back historically 1-2 people per year have randomly landed MM/UMM generalist offers in NY, but a lot of those were through connections and not because Houston is some real pipeline there.
MF infra has gotten less common because infra funds are doing less in O&G than they were 10-15 years ago. A lot of them got burned on energy deals and are investing elsewhere, so they'll pull from P&U or infra IB groups rather than O&G.
You'll always be the "energy guy/gal" in any processes outside of O&G. Some people move after 1 year to a P&U group and tend to be okay on exits, but obviously that is 1) very dependent on slots being open and 2) would majorly piss off your current group
Overall if you are set on NY I would really recommend not doing Houston
Thanks for the info– do you think this holds true for cleantech groups based in Houston too?
Yeah think you will still get a hefty recruiting discount there
I'm obviously not O&G's biggest fan either but I don't think I would join a renewables/transition group in this current political regime, just doesn't look like it'll be on the upswing as an industry in the next few years
Yea boss, MF infra is still a common enough exit for those who want to pursue it at top eb’s / bb’s. Don’t know anyone within several banks who wanted to go MF infra and didn’t get it for last several years.
In Houston or NY though?
why even go to NY lol. higher taxes, COL, mumdani, go dallas or austin. NYC has peaked in all aspects, literally anywhere else is better.
So you don’t have to work in O&G and get abused by seniors
good job intern. i do banking for money, i earn more money after tax in houston. end of story.
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