Currently a second-year analyst at a BB and I am not having a good time lol. Don't necessarily want to leave finance but after a year at my current bank, I'm thinking of moving to another firm.
Was hoping I could get more color on Blair (and other MMs) in 2021 and beyond in terms of comp/prestige/lifestyle/exits. Thanks in advance.
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Close friends w a Blair analyst so I’ll give some insight-
Pay- very good. 110/115/125 as analyst with a good bonus. Probably not evercore money, but likely higher than BB comp for junior levels. All cash always
Exits- decent range of outcomes here. Some go UMM PE, lots go MM/LMM. Some VC/startup/corporate exits as well. Not a lot of MF exits. See later point on A2A as well.
Culture- if you ever meet someone from Blair, they always hype up how much they love the firm. Seems like a pretty close knit group. Just has a more Midwestern feel than most banks, so people are a bit more laid back overall. Note that this doesn’t mean the hours are better- they work hard- but just that the people are a bit nicer.
Promotion- this is where I think Blair is really unique. Blair has what I would argue is the most direct path to MD of any bank. Not sure of exact data, but a ton of Blair analysts go A2A. The firm is very focused on home grown leadership- pretty sure their head of IB (CEO maybe?) started as an analyst. Tons of current VPs+ started as analysts. No bschool requirement and it seems like the firm really is friendly to working up the ranks. Not sure what my plans are but if I decided to stay in IB, I’d definitely look at lateraling to Blair. It’s also one of the few remaining partnership banks, which means great economics at the senior levels.
Overall- Blair is a MM bank, but it’s a pretty clear leader in the space. In the right group you’ll see some decently sized deals (1b+), but some groups also crank out 300M sell sides constantly as well. The bank says they’re growing fast (but what bank isn’t saying that this year) and have hired tons of laterals this year.
Also keep location in mind- NYC office is small I think. Most bankers sit in CHI with some in SF/Bos/NYC, think theres newer offices in Charlotte and Atlanta as well.
OP here. Thanks for your thoughtful answer -- SB'd!
Curious, what don't you like about your BB experience?
Toxic group culture, working with assholes...I know I'm just 1 year+ in but my mental health has taken a nosedive.
In my networking around Charlotte I keep hearing that a lot of people have lateralled into their new office there. I think they've grown from like 5 people to 35+ in 3 years or so. Seems like they may be gaining some market share. Or wouldn't be surprised if it's also just some people wanting to get out of Chicago to a lower cost of living location.
Some more context: the office is primarily A&D but they are trying to build out HC. in HC there is currently 1 MD, a few VP-Assos, and 1-2 analysts? Numbers aren't 100% correct but that's roughly right
Currently work there. The amount of laterals from BB’s and EB’s is substantial. Outside of people poached that have left with MD’s, ive never seen people lateral to another bank from Blair.
At a certain point people need to realize outside of this forum, no one uses terms like EB or BB. What matters to many is the transactions you work on and people you are around. In a good group, you will get exposure to deals ranging from $120m- $2B and likely close 3+ Sell-side deals a year with lucky people getting closer to 5. From personal experience, I know people at Blair that have closed more deals and a larger amount of transaction value than friends at Qatalyst, Moelis, or Morgan Stanley, but that’s not a conversation this forum wants to hear.
Comp has been covered above. Only other points I’ll add:
Honestly, if you need a change of scenery or aren’t afraid of working in Chicago, Atlanta, or Boston, I’d lateral. The NY office I believe is more or less a remote office and I think you don’t get as many of the perks of the firm working there.
OP here. Thank you for your insights. Very helpful, SB'd!
Sounds like a good place. Where do these few MDs lateral to? Other places in Chicago?
I think they lost a couple to Gugg Chicago
One also went to Baird a couple years ago
what's the breakdown of analysts who go buyside vs a2a?
Qatalyst? Find this hard to believe
If you close 3 $B+ mandates and additional ~$500m sell sides in a year no matter where you are your experience is just freaky lucky. Also, no matter the bank there are analysts that just get unlucky and have busted or drawn out processes. Shouldn’t be even a remotely controversial statement for people that have seen how random deals and staffing can be. On average, certainly not, but that’s not the question here.
What are the group/team sizes like in Boston/Atlanta?
~20 in Atlanta, ~30 in Boston, ~40 in Charlotte ~45 NY, ~60 in SF, ~80 London, ~30 Frankfurt, way too many to count in Chicago (I’d guess > 300 at least).
Worth noting though, teams don’t divide by location. Most the time your team isn’t all in one location and deal team members are in various offices. Was that way pre-covid and is even more that way now.
Do you know if they plan to build out the Atlanta office? Are they hiring additional MDs?
Atlanta definitely has bankers now (MD through analyst). Know they hired people FT that just started and heard they’re looking for laterals too.
Looking for recent mba grads?
Do they hire FT out of college? I have a JPM IB SA gig and wondering if I can make the switch to Blair after the summer. I am looking to be a career banker fwiw.
Yep, Blair is looking to hire 20-25 more people for their 2022 FT analyst class. Not sure if/how many they will be hiring for the 2023 FT class.
Source: I have a friend who works there.
Applications are open
I also have a few close friends at WB (can only comment on Chicago and analyst/associate levels). From my understanding, strong emphasis on culture and A2A growth for juniors. Hours vary amongst groups (I’ve heard the HC team is one of the heaviest in terms of hours) but in line with the typical workload in IB at the analyst level. Very high compensation for the Midwest (comparable to established NYC MM banks) and 100% cash. Also heavy bench so deal teams are stacked with junior bankers.
From what I’ve heard on the street, some groups have experienced a boom in deal flow which has lead to tons of hiring and lateral moves. Lastly, in regards to exists, my understanding is similar to previous comments where most place in MM/LM PE/VC, with occasional placements at UM buyout shops and typically in Chicago.
Most of my comments are pretty much in line with others in the forum and I don’t work at Blair, however, hopefully gives some more color.
OP here. Thanks for your insights, SB’d!
Any views on London - saw they were hiring.
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