IBD FT Offer Decision: Jefferies vs Wells Fargo vs Piper Jaffray
To the WSO community:
I have been fortunate enough to land offers at these reputable firms for a 2014 full time investment banking analyst position. Pretty torn between these firms since all the people I met were exceptional. I want to think non-subjectively about my decision so I'm putting exit opps, prestige, deal flow and skillset above culture in my pecking order (in no particular order). Would be great to hear everyone's insight so i can make a good decision. I'm interested in megafund PE and top long/short hedge funds. All offers are generalist, but I think I have good shot at the top groups at each bank (i.e., m&a, sponsors, LevFin).
My current mentality:
I'm leaning towards Wells Fargo because of its bulge bracket size. Ever since freshman year I always wanted to join the bulge brackets. I know that Wells Fargo isn't as reputable as CS, Citi, BAML, etc. but I think it'll be very beneficial due to the huge alumni network. Probably will give me great chances at megafunds along with the rest of the bulge brackets.
However, Jefferies has really been on the rise and i think its growth will come with a lot more prestige and more attention from headhunters. the CEO got paid the most on wall street so that has to say something about the firm's prestige. Also I like that the groups at Jefferies get more m&a and restructuring experience.
Lastly, I wasn't too excited about Piper Jaffray at first, but the people there were super smart and definitely knew their modeling hands down. Also, i think their deal flow is picking up too so great growth just like jefferies. I think their prestige is pretty good too since the firm was founded in 1895 and has been around since then (i mean look at what happened to Lehman bros so Piper has to be pretty good to still be around).
I really don't know and these offers are kinda equally strong so its tough.Please help me make a decision!!
depends.. what office for each?
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Not Piper for Exit Ops, prestige, etc.
I'd say Jefferies and WF are similar in those categories. I'd probably base my decision on the question of 'in which bank do I have a better shot at the top groups?' If you have contacts in groups you want or can get a feel for how many open spots there are, that should weigh on the decision.
e.g. Jeff - M&A, HC; WF - Lev Fin
I know a guy who went from Piper to Accel-KKR who would probably disagree
He went to a VC firm after being at a shitty shop known for flooding the market with small cap or OTC IPOs?
Do you see the connection?
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jefferies pretty easily. you likely won't get to a MF from wells
Jefferies!
Wouldn't be thinking megafund from any of these by any means. That being said, jef is the best firm of these.
Why not megafund? I recall reading that all BBs get looks at from megafunds. What about top middle market PE?
Wells isn't a BB. Sure, it does a shit ton of DCM and LevFin, but it would be highly unlikely to break into a MF even if you perform at the top of the class.
Have seen WF guys in MM PE and MM mezz/debt funds.
I would go Jefferies. Best M&A out of those groups. WF is second.
Don't even consider Piper. M&A practice is just horrendous.
I would rank them this way: Jefferies > WF > Piper Jaffray Since it's New York office I would go with Jefferies.
Dude, I don't mean to be a dick, but Wells Fargo would literally be my third choice of the ones you've given and Jefferies is the obvious answer. Jeffereies is an actual respectable placement, not some consolation offer. Piper and Wells is closer and I probably only differentiate Piper because my preference for M&A gives me a distaste for balance sheet banks, but still come on bro.
holy fuck my childhood. sb'ed. i wish i could sb you again and again.
Gif was certainly amusing.
Piper's M&A team is dogshit now. They are doing M&A deals sub $30mm in size. Lost all of the top talent to Lazard MM, GH&F, HW, etc. and the junior talent keeps leaving to MM/Mezz or Corp Dev (UHG takes several per year).
So, it clearly still has name recognition, but I would question the quality of M&A deals and the development he would get there.
That's fair, to be clear though, I meant my preference for M&A as a product in general, not necessarily as a product at PJ.
you wont get to megafunds from either of these banks. you wont get much at all from piper. your best bet is jefferies and go for mm PE
accel-kkr...quite a bit different from kkr. accel-kkr has about $2B AUM, far from a mega-fund bro
Jefferies places analysts at Carlyle every year (they're in the same building)
Jeff has a better IBD name among 3... Wells is growing but most of its ibd presence is in Charlotte Piper would be my 3rd choice...
So I ended up accepting Wells Fargo. People were great and I think I can get placed into a top PE firm if I join a good group. Care to explain which groups I should go for and which groups I should avoid like the plague?
Would have gone with Jeff in NYC. That being said LevFin is the beast at Wells. You'll be doing lots of debt deals anyway, so that's what you want your expertise to be. Lev Fin at Wells.
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