Hello everyone,
I've been an avid lurker here for the past year, reading up on as much as possible about career switching to investment banking. Fantastic site if you know how to sift through perception vs reality! My goal is now solidly within reach, as I will be matriculating to an M7 this fall. That being said, I'm trying to piece together some more recent information about employer options in the Midwest, specifically Chicago.
As I understand it, most/all BB have satellite offices in Chicago but with varying degrees of staffing and coverage. Additionally, William Blair seems to be king (as per WSO) for Chicago banking in general, despite being MM (or "global boutique"). Going purely from overgeneralized forum rankings, Baird and HL hold the #2 and #3 spots in the MM space. So my first question: could you all help me put together a list of the top investment banks with presence in Chicago who also take post-MBA associates? Added bonus would be which groups are in these offices!
Next, if one were to target Chicago exclusively, on the bases of total compensation and culture, and ignoring exit options and "prestige" (not concerns of mine), which banks/groups are the strongest in recent years? WB is said to pay above BB but below EB. Is this total comp or just salary? I'm asking because the wso database shows WB bonuses as being a little bleak by comparison.
Coming from an industrial engineering background, I would like to end up in an industrials or nat res group. I could see doing tech coverage as well, since there could be plenty of overlap with energy tech and industrial automation. In these spaces, which banks stand out? (William Blair > Baird, but is WB Industrials > Baird Industrials? Same bases as above.)
Lastly, how does Chicago total comp compare to NYC? Obviously it is firm/group dependent, but if you were to generalize. There is the lower COLA and taxation, which provides a huge offset, but do NYC offices offer outsized bonuses relative to Chicago that would negate these effects, or does your gross income look pretty much the same?
Thanks in advance for all the knowledge you've already provided!
Blair doesn’t recruit Post-MBA associates anymore. If you’re looking for MM presence in Chicago, I’d say some ordering of Guggenheim, Baird and Lincoln are the best options - depending on your coverage preferences and cultural alignment.
As you said, most BBs have a presence in Chicago, but I’d say the 3 that really stand out are JPM, BofA and Citi (maybe Barclays as well). Again, depending on cultural alignment and however you optimize your selection criteria.
WB not recruiting post-MBA associates is unfortunate news. The last I read, they had discontinued doing so, but then restarted the following year. Of course that information could be incorrect or dated. Does this simply mean no structured summer internship -> full-time process, or do you mean they prefer their A2As and experience-hire associates exclusively?
It is the latter. They do not currently recruit for MBA associates at all. A2A and lateral is how they fill their associate seats.
Is this true. I know the got rid of it two years ago then brought it back shortly after. So they got rid of it again?
They never brought it back. Summer of 2020 is the last time they’ve had MBA summer associates. So fall of 2019 is the last time they’ve recruited for MBA associates. Can confirm as I’m currently at Blair.
I know Gugg has summer associate positions for MBA people, and has then hired them for FT positions.
Seems like if you’re looking purely at comp/career progression/culture then Baird/Blair/Guggenheim/Lincoln are the move.
That is what my online research is leading me to believe as well. Do you know if total comp at these banks is in line with BB? I don't want to shoot myself in the foot financially over the long run.
At least in recent years Blair and Baird have paid as much if not more than the BBs and it’s all cash vs deferred comp. BB might be better if you want the name recognition to exit but it seems like these firms are great for career bankers (if you plan on staying in Chicago then it might not matter since everyone knows Blair and Baird)
This is a few years old but generally accurate:
https://www.wallstreetoasis.com/comment/1822585#comment-1822585
As people mentioned, changes since this post would be that Guggenheim has grown significantly. They brought over MDs from Blair and grea from 5 to like 60 people. Pracitce is under Gugenheim MM group and you work as a generalist in the middle market practice doing a lot of tech services work, some healthcare, and consumer.
Hopefully, you are going to Booth or Kellogg...definitely a bit tougher from a non-Chicago M7. Not impossible by any means, just tougher without the network and geographic proximity.
I don’t think that’s true at all. I see plenty of top15 MBAs represented at my bank in Chicago. Ross is well represented in addition to Tuck and Darden.
LOL, OP said he is going to a M7. I said "it will be easier to recruit from Booth/Kellogg than other M7s". You said "not true, there are Top 15 MBAs at my bank". Cool.
I've done MBA recruiting in Chicago. Booth is the place to be if you're serious about it. Still doable if you aren't at Kellogg/Booth, but you'll need to travel in-person multiple times to closed list events + interviews. I won't speak about things I can't personally confirm (rumors of how sweaty each place is etc).
BB
BofA - Automotive & other Industrials + Agriculture. Office does sourcing & execution. Office has 30-40 people (5 MDs). Hires 5-7 MBA associates per cycle.
Barclays - Tech-Enabled Services & Industrial Services. Office has 20-30 people (2 MDs). Hires 2-3 MBA associates per cycle.
Citi - Automotive & other Industrials. M&A team also sits here. Office does sourcing & execution. Largest BB presence in Chicago. Has 40-50 people (5 MDs). Hires 2-3 MBA associates per cycle.
CS - Automotive & Business Services. Office does sourcing & execution. Has 20-30 people (2 MDs). Hires 2-3 MBA associates per cycle.
JPM - Automotive & other Industrials (building materials, paper & packaging). M&A team also sits here. Office does sourcing & execution. Has 20-30 people (2 Industrials MDs, not including M&A head). Hires 2 MBA associates per cycle.
GS - Doesn't hire MBA summer associates.
MM (sell-side M&A specialized)
Baird - Great across sectors in the midwest, especially Industrials. Huge bonuses last cycle. Hires many MBA associates (has target and non-target recruiting days). You may end up in Milwakee depending on needs.
BMO - Great across sectors in the midwest. Hires 2-3 MBA associates.
Guggenheim - Tech-Enabled Services office (started by 2 MDs from WB). Hires many MBA associates.
Lincoln - Great across sectors in the midwest. Hires many 3-5 MBA associates (has target and non-target recruiting days).
WB - Great across sectors in the midwest, especially tech. Doesn't hire MBA associates. You can look to lateral here ASO2 if you're deadset on the firm.
EB
Evercore - Paper & Packaging. Small team 9 people (1 MD). Hires 0-1 MBA associate per cycle.
Moelis - Midwest coverage. Hires 2 MBA associates per cycle. Covers FIG, Paper, and Food/Bev.
PWP - Automotive & general midwest coverage. Smaller office, created by former Citi MDs. No longer hires MBA summer associates.
BofA only have ind and middle market IB. No C&R. You're probably referring to C&R investment banking credit, which is not the same as IB coverage.
You're right. Thanks for the fix - edited my previous post to not mislead others.
How is BofA regarded in Chi? Is it a top group?
Would you mind elaborating more on BMO groups in Chicago if you have some more info? Going there FT and trying to decide what groups I should preference. Thanks.
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