Hi there,
I received two summer analyst offers this past week, one from the Global Capital Markets division at Morgan Stanley, and the other from Lazard Feres. Both offers are for the NY offices. I haven't accepted either of the offers yet, and am leaning strongly towards the Morgan Stanley one. I'll list the pros of each below, and would greatly appreciate any advice/input.
Morgan Stanley:
Pros:
1) Great culture - My school (top-target) has a very strong network at Morgan Stanley, and the GCM division specifically. I have had great conversations with everyone from the GCM division, and feel as though the division would be a great fit culturally.
2) Cross between IBD and the markets - I want to work in a role that marries my interest of working in a client facing advisory role with my interest of being in a markets-centric role. Thus, my preferred group in the GCM division is the Leverage and Acquisition Finance one; I believe the Leverage Finance group engages in the type of work that I am most interested in (working with corporate clients and PE firms to finance buyouts and levered acquisitions, and conducting market analysis to determine returns for debt investors, etc), and working there will enable me to develop a skill set that will be relatively transferable should I decide to move to the buyside.
3) Hours - I don't mind working IB hours, but I feel as though there will be a significant differential between the hours at Lazard and Morgan Stanley.
4) Brand Name - I realize that the Lazard brand name is as prestigious (if not more) than the Morgan Stanley one in finance. However, should I choose to pursue opportunities outside of finance later on, I believe the bulge bracket Morgan Stanley name will hold more weight.
Cons:
1) Relevance of Work - I am not entirely sure whether the skill-set I will develop in the Leverage Finance group will be entirely transferable to a buyside context. The work could be more market-oriented (I have been told it varies by the projects you are staffed on) and less conducive to developing a traditional IB skill-set.
2) Pay - I am not sure as to this, but I believe the pay (bonus) will be lower. Of course, this is to be expected with the few hours worked.
Lazard :
Pros:
1) IB Experience and Buyside Placement- I'll start off as a generalist m&a summer analyst. I believe I will be able to develop a very extensive skill set in corporate finance and modeling that will set me up very well for buyside opportunities. Lazard is known to place very well into PE firms, regardless of what group one joins.
2) Size of the firm - I believe I will be given more responsibility at Lazard, since the deal teams tend to be smaller. This will translate to more client exposure, more exposure to senior MDs, and an all around more extensive learning experience.
3) Pay - Again, not sure as to this, but I believe the pay (base + bonus) will be greater at Lazard.
Cons:
1) Hours - I realize the hours can be brutal. I am ready for the hours, and am merely stating them as a con here since there is likely to be a significant difference between Lazard hours and Morgan Stanley hours.
2) Culture - I have had good conversations with everyone at Lazard, but I feel as though I connected much better with the representatives from Morgan Stanley. Lazard felt a little more cold and intimidating to be honest.
3) Brand Name - Lazard probably doesn't have the same bulge bracket prestige that the Morgan Stanley name carries. I know prestige should be the least of my concerns, and I am stating it merely to even out the pros and cons.
As I mentioned above, I would greatly appreciate any input/advice! Thanks!
Lazard, hands down. You won't get any buy-side exit opportunities from Lev Fin at MS.
I interned in Lev Fin at GS/MS and switched to an EB for full-time - PM if you want details.
Culture of MS is great, especially GCM, but again it really depends on what you want to do long term.
If you're still unsure I'd say pick Lazard because it offers optionality, meaning you will still get buyside looks down the line whether you want to pursue those opportunities or not. It's not too hard to explain what IBD is to someone who has no familiarity with finance. It's also pretty easy to say Lazard is one of the top firms in the industry. It's easier to transition to corporate development or another industry from banking than it is to make the move to the buyside, so go where you maximize your chances of getting the tougher exit opportunity.
Bump.
Lazard - second Newbie here. M&A gives most optionality for LT and for FT recruiting if you want to go down that route.
Lazard M&A is a top choice for sure you'll get some sweet exit opps guaranteed. But if you're solidly interested in something that's more markets centered and think you may like it better - take MS. At the end of the day you're not losing out on anything. MS is still a great name, you like the culture you won't be working sweatshop hours. You can't go wrong either way.
I would say it depends heavily on what you want to do after. If you are interested in buy-side recruiting, you absolutely must choose Lazard- maybe if you transferred to M&A at MS or a strong coverage group (Media & Comm), you would have a similar chance, but the long and short of it is: Lazard M&A places well for PE/HF, MS GCM does not.
If you don't want to do buy-side recruitment, it's a tougher choice. You're probably going to be more interested in the GCM work just based on your interests, so it might be a better fit for you.
Yep, this guy who's similarly doing recruiting now definitely knows all abuot buy-side recruiting... I honestly think you should go wherever you feel more comfortable.
What about the rotation program at Morgan Stanley? A lot of representatives at the firm have told me that it is very easy to move between the divisions, and there is also a rotational program where you essentially work 18 months in GCM, and the following 18 months in the IBD division. Switching over to the IBD side can be done even before that in some cases I've heard. Any thoughts?
No clue
Lazard if you're interested in buyside/finance -- brand name is as strong if not more prestigious than MS in the finance world
If you're unsure, go with MS -- understand the downside that GCM can be limiting in the finance world and you will be one in 100s of graduates working there
Congrats on both offers
Which did you end up choosing?
Which one did you choose?
Lazard > MS > DB>CS
Hey this is for Summer 2019, right? Just to make things clear.
SA Offer help!! MS vs LAZ (IBD) (Originally Posted: 08/27/2011)
Can i please get honest feedback on both IB divisions.. I think I want to get into the Healthcare Group if not M&A.
Rate em'!!
Morgan Stanley vs Lazard NYC Offices
What offices? New York?
Yes.. New York
GET. BOTH. OFERS. FIRST.
+1
I think I want to be either an astronaut or a cowboy, please give me honest feedback on which is better in case I one day get the offers for both??!
I think i want to be a millionaire or a star MLB player, oh wait i'm already both faggots.
Hahah
Obviously they're both top notch banks and you'll be surrounded by good people at either one. I don't work at either of them, but the big difference is going to be if you want to go boutique or BB. Only you can really decide that.
Yea, you should be applying to both and hoping to god you get called for a first, or second, interview at one of them.
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