Strength of JPM - better than MS?
A little bit of a bait title, so I apologize for that.
Was pretty shocked to see a poll done by Matt at Peak Frameworks where JPM NY lost to MS NY 44% - 56%; I expected the margin to be larger. Because I'd assume that most of the people voting in the polls are pre-professional students, I wanted to hear from those who are in-industry about whether (or not) JPM lags behind MS/GS in terms of IB. For context, I'm in the market for a 2024 SA gig.
1) Really, how different are JPM/MS/GS from one another (esp. considering M&A league tables from LTM where JPM edged out MS)? Seems like distinctions aren't made too much on the basis of volume - is it more attached to exit opps and workflows?
and, 2) how should someone think about JPM vs some of the independent strategic advisory firms (PJT/CVP/EVR) aside from the classic BB vs EB considerations? At what point would it be well-reasoned to opt for the boutique model over a historically strong BB like JPM.
Would also be helpful if anyone has a more nuanced perspective about JPM groups (specifically their top teams, which I understand to be M&A, HC, and M&C) and if they maintain an executional focus.
Also, this is not meant to be a prestige question. Genuinely trying to understand the competitive positioning of JPM relative to peers and what it would mean for the exit opps/career of one thinking of a SA with the firm.
Also interested in seeing what people have to say
JPM has been light years ahead of MS for a while
Wym light years? Throwing off mad sarcasm vibes but unclear lmfao
yes because it's fucking stupid. ms has some groups that are better and jpm has some groups that are better. nobody gives a fuck lmao.
1) There are differences, but not much in the perspectives of junior investment bankers. All great shops and each bank has stronger and weaker groups over one another, but GS is typically considered the "better" than MS/JPM. And M&A league tables is a terrible way to gain sense of ranking/differences, bec of unreported private transactions, lack of distinction between actual M&A advisory work and financing play, disproportionate roles of multiple advisors on a single transaction, and actual fee earned. Would guide you to look at M&A fee comparisons. Exit opps will be fine from any of these 3 banks and the difference will be more nuanced depending on the group, not the bank.
2) Just like how GS/MS/JPM are considered in their own league, not all independent advisory firms are made equal as well. PJT/CVP/EVR are probably relatively similar in how they're perceived in the market, with EVR like GS and the other two like MS/JPM, although the first two are significantly smaller than EVR in headcount and product offerings. For analyst recruiting, the question probably should be flipped as in when would it be well-reasoned to opt for BB model over a top boutique model. Typical reasons in analysts opting for boutique/independent model have been on par or better exit per capita, higher pay, better technical exposure, more responsibilities, and culture. I was under the impression that top analyst candidates prefer top boutique/ind model > top BB, or so have my analysts from target schools told me. My understanding is that analysts typically prefer top groups at GS, MS M&A and Evercore, but have heard very few times where JPM groups are chosen over these. But this isn't to say JPM isn't a top shop. Of course it is and your exit will be just fine.
All groups at JPM do their own execution to a degree, but obviously their M&A group gets a large chunk of modeling/execution work and will vary per deal. There are M&A folks dedicated to HC M&A only at JPM M&A as well. Overall, would say you can't beat classic M&A + coverage combined experience at an independent/boutique bank with coverage-only group at JPM. Hope this helps.
Interested
It is fairly common for Associates/VP/Directors to jump from GS/MS/JPM to CVP/PJT/EVR, it is rare it happens the other way around.
I hear the guys who work at MS are mad fratty and chill and hang out with all the hottest dudes.
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