MBA Associates - which bank is the best to stay til VP / be a career banker
MBA Associate recruiting only for NYC offices. Thinking about staying at least until VP level and wanted to explore the option of becoming a career banker. Which bank(s) are the best place to be if I want to avoid having to switch banks in the future? BB - JPM, GS, BOFA; Non-BB - PJT, Jefferies, WF In terms of:
feasibility of promotion (# years at each level, requirements from D to MD)
how much MDs/EDs have to hustle to get deals and build their own books?
pay - bonus %, equity, benefits (401k, medical, etc.)
how well/bad do their treat female senior bankers
how sustainable it is to have a family of 2 kids
Would appreciate any insights!
Based on the most helpful WSO content, here are some insights to consider for your questions about MBA Associate roles and staying until VP or beyond:
Feasibility of Promotion:
Hustling for Deals as MD/ED:
Pay (Bonus %, Equity, Benefits):
Treatment of Female Senior Bankers:
Sustainability with a Family:
Key Takeaways: - BBs like JPM, GS, and BOFA are generally better for long-term career stability, structured promotions, and benefits. - EBs like PJT and Jefferies may offer higher pay potential but with more variability and pressure. - Consider the culture, diversity initiatives, and work-life balance policies of each bank to align with your personal and professional goals.
Let me know if you'd like further elaboration on any of these points!
Sources: Questions about VP/D/MD levels at investment banks, Post MBA IB associates, how did you know you could handle the life?, Getting an MBA and coming back to IB, Post MBA-Associate Roles: As bad as People Say?, Long Term Career in IB | What is the Strategy?
bump
how well/bad do their treat female senior bankers
how sustainable it is to have a family of 2 kids
Most of the BB's treat female senior/mid level bankers with kid gloves...they need them to keep the diversity numbers up, so you can have several bad/zero revenue years and still not be fired. So to answer this particular question - all treat them well.
As to the question about kids.....assuming your husband has a normal job...it will only be sustainable with a full time nanny. Im not sure how any female could think doing IB with kids with a full time working husband would be sustainable without someone tending to the kids 24/7 outside the parents. You realize how often you will have to fly out to client sites, be late in office stuck on calls/at client dinners meaning you cannot pick the kids up from school and your husband is also facing the same issues. what happens why the kids are sick throwing up and you have to get on a flight to present in front of a board . what happens when the school calls and say someone needs to pick the kids up from school because they are sick. as somene with kids this stuff happens all the freaking time. only reason this works is because my wife is stay at home/works part time at her own pace.
Join a Canadian bank. They are essentially operating as charities looking to lift women out of poverty as mandated by Emperor Trudeau and the UN
If you're thinking of banking in the medium / long term, you ought to think about a few things here:
1. Best mentorship
2. Best culture
3. Best deal experience (not just M&A, but a whole suite of equity + debt products - this will significantly enhance both your coverage portfolio within banking, and potentially exit options down the BD/CFO path in the future).
The criteria you stated- promotions, pay, hustling - these are good things to consider, but these won't set you up for success (not in your associate and VP years, which are hardest in banking). Pay and success is the outcome of other things, not inputs. You have to grind hard and play your cards well with people internally to survive. Promotions is never a given, and wrong culture, lack of proper mentors, or questionable deal experience can all negatively influence your progress.
Whatever you choose- my best advice to people over the years (including myself) has been to work at a BB (with a good brand) at least at the start (not a hard rule, but "generally" true). The network that you build (within the firm and also generally just the clientele) will help you significantly. I've worked both at a BB and EB and can tell you that while i thoroughly enjoyed the focus of being in an EB and smaller team sizes, the amount of people that I met at a BB - during roadshows, M&A discussions, offsites, networking events (like the healthcare conference, or tech conference, etc), even the larger analyst class that ends up working for your clients - all these things help significantly over the years. You will get that at Q, probably most CVP teams, some EVR teams, but not anywhere else (RX is a different consideration).
Work life balance will come if you set yourself up for success. If family is your focus, even more so, get 1-2 years of solid experience out at a BB and leave the industry.
Best of luck!
Great insights, thanks for sharing! Which banking group do you prefer for a mid/long term IBD - BD/CFO pathway?
BB is the best choice as they pander to women the most. I know of several VP+ women at my BB who get away with ghosting their juniors, coasting, etc. You might have a bit harder of a time at a more meritocratic (and sweatier) EB. As someone else mentioned, a good BB is a great place to start regardless for the brand, contacts, etc and you can move downstream later in your career if you so choose.
Seconding the other posters regarding kids - you’ll need a nanny if you and your husband are working full time, no matter which bank you choose.
This guy has worked for women at a BB (can confirm everything)
Lol, I'm currently at a BB and can definitely relate to having a women as your VP... Most of them are slacking and it's not even funny at this point
These women are peak DEI
What are they like to work for? Do they power trip on you or are they decent leaders who provide good mentorship?
this thread be like
"Hey what's it like to be a senior banker as a woman"
Misogyny
More like, keep playing victim. Guilt trip senior execs and banks into offering hand outs by virtue of gender and not performance. Deeming constructive feedback as misogyny to maintain repute.
Well clearly not the banks these guys work at
If you care about developing a skillset / optimizing money, I think post-MBA to an EB, get paid fat and actually develop skills, then transfer to a BB at VP level to leverage the platform and build a network, and then eventually go back to an EB to capture fees.
If you want to do fuck all as long as possible, BB and ride out level just under MD until you get fired.
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