Top BB Capital Markets vs Bottom BB Coverage
Currently have SA offers from a capital markets-focused group at a top BB (GS/MS/JPM) as well as a direct coverage group offer at a lower BB (DB/UBS/JEF). Does anyone have any opinions on which offer is better (name vs role), and can anyone also provide any insight to how internal mobility from Capital Markets to coverage is at top BBs?
If you want IB, go do IB. If you want capital markets, go to capital markets. Don’t start off a year behind just to get a better name on your resume. If you’re going to exit the finance industry after 1 or 2 years take the brand name. I work in capital markets and you don’t get any exposure to anything technical.
Most places require 1 year before allowing internal mobility. It’s going to be easier to lateral from DB IB to GS IB than from GS ecm/dcm to GS IB.
I actually disagree with this, GS has a strong internal mobility. Know several people in my intern class who switched from non-classic IBD to Classic IBD for FT or after two years it is very easy to switch groups as well. GS loves to keep people within GS.
But as a whole if your goal is 2 years of IBD and then PE I would go with the “lower tier” IBD offer.
It depends on a few factors such as which bank, which group, what your goals are. For example, lev fin at jpm is arguably more cap markets focus but an amazing group. Jeffries has great groups. With that said though, if you take the cap markets group you could maybeee try and switch groups after your SA but most likely your group will want you to do ≈2 years with the group before allowing you to switch unless there is an opening elsewhere and you get lucky.
Was in same position, take the banking job. Capital markets is not banking, and you'll realize that asap. Also, 1 year at any bottom bb will allow you to move to top BB/EB easily (lateraling is a non-issue right now, analysts needed). Seriously, don't overthink, do banking
Additionally, I have a friend at GS capital markets (financing) and he said it's a bit more difficult to move, takes 2 years. That is a very very long time when you think about it. This is an easy decision imo
Got it. Do you see the lateral market staying this hot over the next few years?
Yes
To provide more clarity I see lateral markets being hot for maybe 6 more months (some office mandates, maybe some WFH again) then at that point I see it being a crap shoot, raised salaries made a lot of people a lot happier. I think it will cool off to normal levels in the next 1-2 years.
If your a prospect today, I would fully expect a normal market after your SA stint, which I assume is next summer, and would pick your offer based on the team that interest you more, not your ability to lateral. If you don't know, you probably will have the opportunity to lateral down the line, Just know I think it will be harder in the future than it is today. But honestly from any of the names above you will have a good shot at exits or lateralling.
If you want more data on exits: this post has been floating around this week. https://www.wallstreetoasis.com/forums/the-magna-carta-of-pe-exits
Curious as to wdym when you say it’s not banking? Not saying you are wrong, just wondering
In capital markets at top BB (GS/MS). Take the IB offer. Seriously, you'll regret it
Same. Just finished internship at GS in financing. Take the IB offer and re-assess after you start full time. I would 100% take that over this. IB is IB. Capital Markets is capital markets, and there are virtually 0 exit opps
Curious as to why you don’t like your current role
Yeah, what was so distasteful about it?
Congrats on Jeffries offer haha
Is it JPM LevFin by any chance
Nope MS
What'd you end up choosing? I'd choose Lower BB IB
Chose lower BB IB!
Where does LevFin fall under considering capital markets vs IB?
LevFin is in Capital Markets
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