JPM vs MS vs CS vs Evercore

bigdecisions:

Hey everyone,

I'm looking to make a pretty big decision coming up between some different places, and I was hoping to get some advice since I'm not as knowledgeable about perception/reputation as others out there. :) My criteria for making this decision have been as follows, but please, if you think I'm leaving something out, let me know! 1) Culture - where do I feel I fit in best with the people? 2) Deal flow/valuation experience - am I just going to be doing grunt work or will I really get to work on models? 3) Exit opps - so far, I've been extremely interested in PE; what is the best way to break into that space?

My options are as follows: 1) JP Morgan - after talking to several different groups here and since a lot of people from my school work at JPM, I'd probably get a choice between M&A and FIG, which are two groups I'm particularly interested in. I've definitely clicked with the people in FIG quite a bit. 2) Morgan Stanley - I'm visiting the firm on Friday to get a better sense for whether or not I fit in well with the culture, and I'm meeting with people in M&A, FIG, and the global services group. 3) CS - I visited the firm last Friday and got a chance to spend time in FIG and M&A; not sure how well I fit in with the analyst class here... 4) Evercore Restructuring* - just had my superday here, so I'm definitely not sure that I have the offer yet, just wanted to put it on here if I get a call this week.

Would love to get thoughts/perspective on this - again, please let me know if you feel like my criteria is mistaken in some way/I'm not taking something important into account.

I'm not hugely familiar with JPM/CS FIG and M&A, but obviously MS M&A is awesome -- all these bulge brackets should set you up similarly for PE exit opps, but vary a bit depending on location

Something to keep in mind is that in recent years, it seems like many more buyside guys are advocating elite botiques over traditional bulge bracket internships. If you could swing Evercore, youd probably learn a whole lot more and have a much more meaningful role than you would at at BB. The prestige of an elite botique is equivalent to a top BB group. Also, the hours and culture will likely be better at a botique than at a bulge

Yingyangwso, thanks for the response! I agree that's true for elite boutiques as a generalist - my only issue with the potential Evercore offer is that it's specifically for their restructuring group - I'm concerned as to how much that will pigeonhole me so early on.

I've mentioned before that I have a mancrush on Jamie, so I vote JPM. That said, your culture and your fit, how the hell are we supposed to know. Beyond that, my understanding is that MS tends to be more granular on a deal by deal basis, with fewer total transactions, and it's supposed to be a sweat shop even by BB standards, but check with an actual MSer to be sure.

JPM.

Thank you!

I think distressed work could be incredibly fun - but I'm just not sure it's something I want to start off in. What's JPM's FIG group reputation like? Obviously MS M&A is pretty incredible, but how does MS FIG compare to JPM FIG?

The analysts I've talked to at JPM seemed to have a great comp culture.

Morgan Stanley M&A is one of the premier groups on the street. Firmwide, the strongest groups are: - M&A (literally one of the top groups on the street, the firm's golden goose egg is M&A; Morgan Stanley is M&A, and M&A is Morgan Stanley, so to speak) - Sponsors - Media & Comm - Nat Res / Industrials / GPUG (Global Power & Utilities is one of three industry groups to handle M&A in-house rather than farming it out to the dedicated team, they have fairly consistent and solid PE placement) - Real Estate (avoid if you don't want to be pigeon-holed, because they do excellent work and get great exposure and therefore their exits are exclusively RE-focused; premier group if you like RE, if you don't, then stay away)

The problem with FIG groups is that their exit opportunities tend to be very FIG-centric simply because the valuation is so different (regulatory capital, for instance, plays such a role). Goldman kind of breaks that stereotype, however; their analysts get consistently strong placement year after year. MS FIG does not enjoy that to the same extent, and furthermore, the group has a particularly brutal culture.

JPM M&A is a strong group at the firm, though Sponsors usually beats it in terms of placement (their MDs really go to bat during recruiting and the entire group is supportive during the process). You can't go wrong with either of those groups there. Unfortunately don't have too much info on FIG there to share.

CS is notorious for being a sweatshop, M&A in particular. I know it's always hard to quantify that, but there was a guy in that group a few years ahead of me out of school who I had lunch with once who told me how they underhired during the recession and therefore the analysts got absolutely murdered. He was also taking his 3rd analyst year and he wasn't a stupid guy, so from that I'm presuming their exits aren't incredibly stellar. Sponsors at CS has historically been their strongest group, but even then, placement seems limited lately. A guy from my graduating class spent his summer there and ended up lateraling to Goldman for full-time when he found out their last megafund placement was 2009.

Evercore is a great firm. Relative to the other three, it obviously has less cache with the average person since it's a boutique, but every single person I've met there legitimately seems to enjoy it. I also know that some guys at JPM were grousing about getting 30k this year while a classmate at Evercore was pumped about 55k. I think that's fairly typical; the elite boutiques can and do pay higher. I don't exactly know how well they place, but I imagine the strongest kids get the same look the studs from bulge bracket banks do when recruiting season rolls around.

I think you need to figure out whether you want to be in an industry or product group. That will help you answer the M&A vs. FIG question. If you choose industry, you're looking at FIG and should pick based off how well you feel you fit at each respective bank + what you know about how that group at that bank will help you in the next phase of your career. (Or you could consider Sponsors, based on what I've shared above). If you want a product group, that lets you pick between M&A at each bank (and EVR RX).

Show the love with SBs. Happy to answer any more questions I can.

JPM - FIG groups are BRUTAL. The hours are the worst -- period. In any bank.

MS FIG - See above. I'd say, from the several people I know in this group, that it's more brutal than JPM FIG. Very, very tough and intense group - not a very social group - has more of a get-it-done attitude. Smart guys

MS M&A - Sweet group -- see comments above. Top notch exit opps.

CS M&A - Analysts have a hate-love relationship with them. Dislike the work / hours, but the team gets along well ... if you're not feeling the group, then not sure if it'll be a good fit.

Evercore Restructuring - If you want to do PE, restructuring isn't the right place. Also not a "top" restructuring group (don't get me wrong, it's a solid group, but Evercore's prominent for its M&A team)

Hope this helps

Thank you, everyone! I really appreciate the insight quite a bit :)

Totally MS M&A, exit opps amazng for pe. Arguably the second best group out there after goldman tmt, and honestly i don't think you should be putting much weight on culture. After all, it's only a couple years till you move on to pe / college. even the dealflow shouldn't matter it's all really temporary although i don't know about either the culture or dealflow

i agree with vivaandave MS M&A easily second best group on the street

.....

MS M&A > JP M&A > Evercore Restructuring > CS

Sacadona,

I don't think FIG has the worst hours at JPM. Diversified Industries/TMT seemed to have longer hours, at least that's what I heard through my network.

J.P. M&A has a very strong reputation and places well.

Why are you guys replying to a 7 month old thread.

1: CV 2: MS 3: Evercore 4: JPM

easy.

Of your choices here are the tiers

1) Top group at MS, top group at JPM, EVR Rx

2) solid group at MS/JPM, CS sponsors

3) weaker group at MS/ JP

4) CS other than sponsors

Something to note, those discounting EVR Rx are clueless. RX arguably pigeonholes you LESS than M&A for buyside exits. If you want PE, NO ONE won’t consider you from EVR Rx. Rx also forces you to learn everything M&A learns, but then a shit ton more. EVR Rx will also work you to death. You’re Analyst comp will also be the best of your choices at EVR Rx fwiw.

Another thing to note, while MS M&A, tech, and HC are what I would consider “top groups” almost every group at MS is strong. More so than JP.