Public Finance MM NY vs EB Houston
Have 2 offers, one from a MM in NY (HL/JEFF/RBC) for their Public Finance division and one from an EB in Houston (MOE/TPH/EVR).
Not sure which to pick... obviously Public Finance isn't dealing with equities, and I won't be making financial models, but it is in NY, and I don't really want to be pigeonholed in energy.
Would love to hear any thoughts.
You will be pigeon-holed in either of those spots, but at least you have the option to branch out into Industrials from Houston. I promise you, you will not get looked at twice (or even once, honestly) sitting in PF for PE and will always be second choice to someone working in IB if you look to lateral down the line.
Even from a firm standpoint, once you're in an EB, they are fairly accommodating of group/location transfers after a year or two (see Evercore obliging NY transfers of their Houston class this year).
Thanks for the context. In terms of recruiting for FT, would this advice change at all?
I’m not sure if I am placing too much weight on the NY location.
Maybe Evercore is accommodating. Moelis definitely isn’t and I doubt transfers from TPH to PWP would be well received either
2 cents from someone who started in and lateraled from Houston O&G to NYC - agree with above poster on Houston EB being the move here but disagree with the part about internal laterals. There’s a ton of friction making an internal move, and while it’s more common right now with the environment, a clean external lateral move is better IMO.
Think you’re placing the appropriate emphasis on NYC vs. Houston but the combined brand and product group difference is too large to overcome.
Take Houston. If you’re in any of those groups, you can lateral your pretty much any bank/office. Know people from those groups or similar caliber Houston groups who have moved to a variety of coverage groups and geographies.
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