Top Tier Bank vs Life Style Bank
If you were in a position where you have really good hours (50-70 on average) in IB with some decent MM sized deal flow (around 300-500mm) as well as good exit options potential (like UMM - Lindsay, AEA, probably not mega fund), would you choose to stay at that banking place or go to a top tier BB/EB group like Goldman TMT, MS M&A. You will have much longer hours and shittier culture but work on bigger deals and more options to megafunds.
Based on the most helpful WSO content, the decision between staying at a "Lifestyle Bank" with good hours and decent deal flow versus moving to a top-tier BB/EB group like Goldman TMT or MS M&A depends on your personal career goals and values. Here are some considerations to weigh:
Work-Life Balance: If maintaining a reasonable work-life balance is important to you, and you're currently satisfied with your hours and the work you're doing, staying put might be the better option.
Deal Size and Complexity: Top-tier BB/EB groups often work on larger and more complex deals, which can be exciting and prestigious. If working on high-profile transactions is a priority for you, moving to a top-tier group could be beneficial.
Exit Opportunities: While you mentioned having good exit options potential at your current bank, top-tier groups like Goldman TMT and MS M&A are known for their strong placement into megafunds. If aiming for a megafund is your ultimate goal, transitioning to a top-tier group might increase your chances.
Culture and Environment: You've noted that the culture at the top-tier groups might be "shittier." It's crucial to consider whether you're willing to sacrifice a positive work environment for potentially better exit opportunities.
Long-Term Career Aspirations: Think about where you see yourself in the long term. If you aspire to reach the highest levels in finance, such as becoming a partner at a megafund or a top executive at a major bank, the prestige and network from a top-tier group could be invaluable.
Personal Fulfillment: Lastly, consider what makes you happy and fulfilled in your career. Prestige and deal size might be less important than enjoying your work and having time for personal pursuits.
Ultimately, it's a personal decision that should align with your career objectives, personal life, and values. It's also worth considering that the path is not always linear; some professionals find success and satisfaction without ever working at a top-tier BB/EB.
Sources: Is it worth leaving banking if I have it pretty good already, Commercial Banking vs. Debt Fund, On Exit Ops, https://www.wallstreetoasis.com/forum/investment-banking/whats-so-good-about-evercore?customgpt=1, Best Houston Banks for Exit Opps?
Based on the most helpful WSO content, the decision between staying at a "Lifestyle Bank" with good hours and decent deal flow versus moving to a top-tier BB/EB group like Goldman TMT or MS M&A involves several factors:
Work-Life Balance: If you value your work-life balance and are currently enjoying reasonable hours (50-70 per week), this is a significant consideration. The increase in hours at a top-tier bank could be substantial, potentially impacting your personal life and well-being.
Deal Size and Complexity: Top-tier banks work on larger and often more complex deals. This can provide valuable experience and a more impressive resume, but it comes with the cost of longer hours and potentially a more intense work environment.
Exit Opportunities: While you've mentioned having good exit options potential at your current bank, top-tier banks typically have a stronger track record of placing candidates into megafunds. However, this is not a guarantee and often depends on individual performance and networking.
Culture and Environment: A "shittier culture" can significantly affect job satisfaction. If the culture at your current firm is positive and supportive, this is a substantial factor to weigh against the prestige of a top-tier bank.
Personal Goals and Preferences: Ultimately, your career goals and personal preferences play a crucial role. If your aim is to reach a megafund and you believe that a top-tier bank is the best path there, it might be worth considering the move. However, if you place a higher value on quality of life and are satisfied with the exit opportunities you currently have, staying put could be the better choice.
Remember, prestige is not the only factor in career satisfaction or success. It's essential to consider all aspects of the potential change, including personal happiness and long-term career goals.
Sources: Commercial Banking vs. Debt Fund, Is it worth leaving banking if I have it pretty good already, Best Houston Banks for Exit Opps?, https://www.wallstreetoasis.com/forum/investment-banking/whats-so-good-about-evercore?customgpt=1, On Exit Ops
Bump, would be helpful in choosing the options.
50-70 hours for an analyst role isn’t bad, if you’re still able to get good deal exp and exit to umm/mm afterwards, that’d be a good place to be. I never understood why people aspired to work at the larger groups where it’s often sweaty and people are less happy. Been at a lifestyle euro bank for a few years and it was some of the more relaxing times I’ve had.
Go where you feel the most welcome though. If you’re treated well at your current place and historically performed well, that’s a place you should stay at
Could you pm me as my situation is a bit unique?
I have no life anyway if I was at home I’d be jerking off or scrolling on my phone
So which would you take, the chill group where you could scroll on your phone or the sweaty group where you have less time to jerk off all day?
The one that pays more
From personal experience, the bigger name or else you'll likely regret it in the future. Depends what you value though
The future? You’re an intern. Becoming a full time analyst is in your future
This is an irrelevant question. There is no MM bank with good exits with little hours. I work at a MM with similar exits described and I can tell you the hours are not any better than anyone else's. LG, AEA type PE firms are not hiring some goobers who worked 50 hour weeks. Experience in top MM groups is similar to what you think of in BB or boutique IB.
After "wlb is better in PE," "wlb is better in MM" is probably the misrepresentation I see the most on wso. I know that everyone wants to find the closest they can get to a free lunch but thats not how the world works. If you want to land at top MM and UMM funds, you need to put the work in.
*as with everything, caveat that across all banks and groups there is fluctuation, remember outliers are not the norm
Can you pm me?
Definitely agree. Not sure why MMs have the rep of being better WLB. Maybe 15-20 years ago when IB was less competitive and only idiots went to MMs. Nowadays the kids going to MMs are just as competent as better banks.
Maybe the European commercial banks have easier hours but when I think MM I think WB/HL/Blair etc and these guys are equal if not harder hours than BBs (they typically pay more as well)
Its not an irrelevant question. I am at a good bank with those hours. We just have really good wlb as seniors value it a lot. I have the potential to go to a better place like top BB/EB but just not sure if there is a point when we have decent exits. I know its not traditional since our firm does deals pretty small like less than 7-800mm but for some reason UMM PE firms just like us
Agreed on the above, the ones who say "it's more like 50-60 hours" is definitely not the norm. You'll still get cranked in MM if you're at a good shop
Agree with everything else said before, but would add LG, AEA, other UMM funds are not exactly hiring kids working at LMM/MM banks doing $300-500mm deals.
General rule of thumb (not 100% accurate but) is that you will not place at a Sponsor doing deals larger than what you're doing during your IB stint, but rather in general a step down in size of deals (i.e. MF hire from the top BB/EB groups that do the largest high profile corporate deals, UMM hire from good BB/EB groups, MM/LMM hire from strong MM banks, etc.)
LG and AEA are generally doing deals $1bn+.
I understand that but its just the situation I am in, we historically place kids into really good pe firms (per capital basis) even though we don't do big sized deals
LG/AEA hire more from GS than they do MM. PE recruiting is extremely competitive. Need to go to the best bank you can for the best shot.
Update: Suppose you get AEA and you are at this lifestyle bank, but you still have the offer for this top EB/BB, would you still go for the experience even though your exit is secured, knowing it will be more grindy
How about top tier lifestyle bank?
Naxtis
My main goal is to make street pay, obv above average would be nice but I'm not picking as long as I get the coverage group I want. Obviously, WLB is nice to have (and at some point in my life will be a prio), but I love the work so I don't mind getting smoked rn
In a similar situation here. What did you decide?
The intersection between the groups that place well into UMM and MF is 100%. Even those in the top groups often end up at UMMs. I sincerely double there's a MM group that places consistently into UMM, given that most coverage groups at even mid-tier BB's don't average UMM placements. Don't buy into the hype of what people tell you and look at the data of placements from LinkedIn.
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