How much does it matter which Bank you're at?
Before this board, I've always assumed to go for the big name banks (BB's) and I believe most college juniors/seniors do the same, afterall its the names they know. But for Investment Banking in our current market, how much does the bank reputation matter between: Bulge Brackets, Top MM's and Elite Boutiques?
Should you go by fit and which team you know and like or just totally off bank reputation? Would it be a big difference picking Jefferies over say Citi and vice versa? I would assume in this climate that all "bankers" at the 3 type of banks listed above would be able to attend a top MBA school such as a top 5 but I may be wrong.
Obviously exits to PE/HF depend more on the reputation (aka Goldman IBD for KKR) but what if the sole goal is to attend a top MBA?
Haha I don't think anyone would consider Jefferies over Citi. That comparison was so Piper Jaffray-ish of you.
But between BofA, Citi, UBS, CS, etc. you are probably right that there is not much of a difference in getting into a top MBA - but doing investment banking is not necessarily sufficient to get in.
Some people take BNP Paribas over BB's and whatnot.
this is funny... you have BB's , top mm's and elite boutiques and trying to make then sound different.
I think you should look at the whole investment banking industry.. so many firms out there and most people limit it to 2-5 places. Sure everyone wants to work at the best name brand firm and work within the best department but at the end of the day only x amount of spots. Does that mean you cant be successful? No, it means you just have to cast a wider net. Also, keep in mind that no one cares where you work. Its your life and your career so make some decesions for you not what your planning to do in the next 10 years. I know plenty of people at bb's and they have no dreams of a top 5 mba and also have friends teaching who only want to go to Harvard or Stanford for MBA. Everyone is different. While it is easy to follow the herd, may be more fun to make your own route.
I guess what I'm getting at is, does it make sense to lateral to a "more prestigious" bank even though Mergers&Inquisitions advises against it? Say from a BB like BoA to someplace like Greenhill/Goldman. I was always open to the idea until I realized how much I liked my team and if exit opps are around the same across most banks, I would much prefer to stay where I'm at.
What are your opinions on that?
PS: Someone PM'd me but no I don't work at jefferies. I don't even know how good that bank is I just hear its name sometimes around this board and I figured it was much smaller than the BB's. Its a pretty shitty bank I'm guessing?
I'm wondering how insecure some people need to be to constantly denigrate certain banks...
if you like your team and things are on the up and up...why leave?
Pretty sure it isn't a shitty place.
A few bankers from Jefferies came to an info session at my school a couple weeks back. One of them wore a beige suit. Nuff said.
one beige suit and now they suck? grow up kid.
^^Seriously, I hope you're not like this in real life.
Monty: Yeah that's what I figured too but if exit opps and MBA admissions really care about it then I guess I can forego my current team for the sake of my career, which is why I'm asking. If it is a BIG deal what bank you're at rather than just being an investment banker, then I guess I should look at moving. If not, I will definitely stay (I really like my current team and deal flow is good and increasing).
admissions does not give a shit. I have bear on my resume and they love it. why? cause it opens a question on how I dealt with a tough spot and grew from it.
your exit ops may care and I agree to that.
I think the biggest question and one you fail to bring up... is how do you feel about it? Do you feel you are "worth" a better name?
I had an offer at GS(exp hire) and turned it down.... took a lot of thinking and talking with the fam but at the end of the day it was not the place for me. two years later it was the best choice I could of made...
and never make a choice that could put your career at stake... never.. also keep #1(YOU) ahead of any choices you make... trust me it nice when you resign on your terms... sucks when its on their terms.
.
^ Nice Edit. I'm curious as to why inquisition concerning my career goes hand in hand with being a "douche"?
I apologize I am obviously not as prestigious as an asian nyu kid such as yourself who had to TRANSFER from a state school (aka //www.wallstreetoasis.com/forums/my-recruiting-situation) with 0 achievements worrying about getting a job but I appreciate your comment as well as the edit.
Monty: Thanks for the response. I will probably stay with my lower "BB". I agree that the people are really what's important and the bank is really growing so I guess I'll withdraw my lateral app.
he can't help it, he's nyu...
rofl hiit YOU GOT OWNED BITCh i hate you state skool transfer fags STAY AT UR OWN SCHOOL
I would not withdraw my ap as they may be able to offer something your current bank cant.... I also am open to interview and if an offer is on the table I think about it more. you can always not get an offer and all is good...you have a job.
for instance, I know people who wont apply for jobs cause they dont want to leave their current firm. how dumb is that? if an offer is on the table you can always say no thanks.
dont sweat it until an offer is on the table. then revisit it
Firstly, my post wasn't addressed to you in the first place; it was to banker88. Secondly, what I wrote was just as idiotic as the comments I was addressing so I removed it. And honestly, why would you include "Asian" as an insult? Closet racist or something?
People rip NYU but for some reason (prolly the size of Stern and the NYC location...) there are more kids from NYU on Wall Street than every school besides the actual baller schools - which include Wharton, Princeton, Harvard, Duke, and maybe a few other cool friends like Stanford
stern is the shit but i hate transfers. get in through the right way or dont get in at all!
this is funny... the right way...nice
If you like your team and it's a good environment to work in (i.e. you don't get the desire to sprint through the glass of your XXth floor window and jump every day), then you'd be pretty crazy to risk switching to another bank where you're not sure how you'll fit in with the culture. The SLIGHT improvement going from a BoA to a GS is absolutely not worth it. Adcoms will not care about which BB you worked at; banking is banking to them. The only thing that would be effected would be a greater shot at the TOP megafunds - KKR, TPG, etc. You can still get in from a BofA, but there's less of a chance. Then again, it's pretty damn difficult to get into any of those places.
Outside of the megafunds, the difference between a Goldman and BofA are minimal and not worth the switch. I'd advise you stick where you are - just my opinion.
I completely disagree. The advantage of Goldman over BoA is huge. Let's be real here guys. Goldman is Goldman. They are the gold standard in banking and can open up doors that BofA really can't. You're talking guaranteed HWS B-School admissions and the best of the best exit opportunities available. YES, you can get to the same place with B of A, but why not increase your chances tremendously for the top of the top PE firms? YES, you can get into banking from Cornell, but you're chances from Harvard or Wharton are just so, so much higher. (that's an analogy folks)
I'd have to agree with this up to a certain point. I feel like one's experiences at each of the banks also matters, at least for PE. As a random example, I'd venture to say that working in M&A/Sponsors at CS/BOAML/UBS/Barcap will yield "better" exit ops to PE than DCM/ECM at GS/JPM/MS. Basically my point is that I feel finance exit ops depend on group placement and individual performance as well as brand name. That being said, for the most part, the name will come out ahead....
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