London MM vs Frankfurt BB
Hi Monkeys,
I am currently interning at a top MM in London (think WB, Baird, HL) and I have been enjoying it so far. I have been fortunate enough to have recently received a full-time offer from a BB in Frankfurt (think UBS, Deutsche Bank, Citi).
I am planning to move to PE in the future. Additionally, I have also interned at another MM in Frankfurt (think HW, Alantra, Lincoln, Stiefel), but I found it to be quite rough. I am not sure if this “roughness” was due to the German culture and/or the bank’s culture.
I have heard a lot of talk about how working in London is advantageous for PE recruiting. At the same time, the BB name could possibly facilitate the transaction to larger PEs, I’d imagine.
What would you recommend I do in my situation and which would position me better for PE?
I would truly appreciate your insights and perspectives guys!
Ah, the classic dilemma of choosing between the prestige of a Bulge Bracket (BB) and the deal exposure at a top Middle Market (MM) firm. Let's swing through the vines and break this down:
Location, Location, Location: London is often considered the financial hub of Europe, and for good reason. It's teeming with PE firms and opportunities. The city's financial ecosystem is vast, providing a rich hunting ground for those looking to transition into PE.
Brand Power: A BB name like UBS, Deutsche Bank, or Citi carries weight and can open doors. It's recognized globally and can be a shiny badge on your CV when you're looking to make the leap to PE.
Cultural Fit: You've mentioned a "roughness" in your previous experience in Frankfurt. It's important to consider whether this was an isolated experience or if it's indicative of a broader cultural trend that might not align with your working style.
Deal Size and Experience: At a top MM in London, you might get more hands-on experience with deals, which is invaluable for PE. The size of the deals might be smaller, but the depth of experience can sometimes outweigh the brand name of a BB.
Networking and Recruitment: London's dense financial network could provide more networking opportunities, which is crucial for breaking into PE. The recruitment process for PE can be more straightforward in London due to the sheer number of firms and professionals in the industry.
In terms of positioning yourself for PE, consider the following: - Deal Experience: If the MM in London offers you significant deal experience and exposure, that could be very beneficial for PE recruiting. - BB Prestige: The BB in Frankfurt will give you a strong brand on your resume, which can be particularly helpful if you're aiming for larger PE firms. - Long-Term Goals: Think about where you want to be geographically in the long term. If London is where you see your career, starting and building a network there could be advantageous.
Ultimately, both paths have their merits. It's about weighing which factors – location, brand, culture, deal experience, and long-term goals – are most important to you. Swing wisely!
Sources: Choose Between Two Offers (BB/MBB) - Looking for Advice, International Student - Chance of getting an IBD internship in London?, https://www.wallstreetoasis.com/forum/consulting/qa-eb-co-invest-pe-m7-mba-mbb?customgpt=1, Mid-tier BB vs MBB for PE, What the f**k should I do guys?
Assuming you are German and want to stay in Germany for the long term I would say having a BB on your CV is a huge advantage compared to MM. If you are recruiting for any PE in Germany, it does not matter whether you were in LDN or FFM. At least thats what I heard from the people working at a large cap PE I interned at. Some even recommened me to stay in FFM, just so you can build a network during the banking years, as that is more important than a minor bullet on your CV. For transparency, I work at a BB in FFM, so I might be biased.
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