Upper MM in Tier 2 city vs. lower MM in Chicago

Question

All,

I received offers from a top MM shop (Baird, HL, HW) in a Tier 2 City (Denver, Charlotte, Minneapolis) and a lower MM (Piper, Lincoln, Stifel) in Chicago. I was just curious what everyone's thoughts were about what would be a better career option. I enjoy the people at the top shop, but am worried about lack of exit opps coming from a smaller city.

Bullet-Tooth Tony · Accepted Answer

"track_day_bro"
All,

I received offers from a top MM shop (Baird, HL, HW) in a Tier 2 City (Denver, Charlotte, Minneapolis) and a lower MM (Piper, Lincoln, Stifel) in Chicago. I was just curious what everyone's thoughts were about what would be a better career option. I enjoy the people at the top shop, but am worried about lack of exit opps coming from a smaller city.

I would suggest checking where others have exited from the specific group. Piper, HL, HW in Minny all have placed very well in PE and CD, better than Lincoln and Stifel from the PE guys I've interacted with.

JBanksohn · Answer

Group fit and deal flow should be paramount in decision.

As someone who had strong experience from a MM just outside a Tier 1 city, I am always curious as to perception of MM banks.

Anyway, if your experience is strong and you knock out the role during your tenure in IB, you should not have much trouble in terms of exit ops. While it is more advantageous to be in  major metropolitan, there are plenty of people who have exit to strong funds or corporate roles from other cities.

Nightman Cometh · Answer

I would say that Piper isn't lower MM. It is a pretty middle of the road MM shop. However, if you're talking Chicago, I tend to believe you have Lincoln.

In all seriousness, if the location is super important to you, go with Chicago. If not, go with the better bank. I think that should really sum it up. The good will need to outweigh the bad.

AnotherFaceInTheCrowd · Answer

I think he means lower-tier MM, not lower middle market. Either way, I would consider Piper to be at least on the same tier as HW overall and quite competitive with Baird/HL on a group basis...

+295	Female bankers doing brand deals on TikTok (@emlywang)	78	4h
+134	Hot take: I’d rather be at Desjardins than UBS for investment banking in 2026	20	2d
+128	UBS rolling out Enhanced Clean Desk Policy, bans deal toys	16	1h
+68	Starting FT in a city 3 hours away, dad has progressing Parkinson's. Looking for advice.	6	1h
+54	JULY 2026 CHICAGO BANK RANKINGS	19	9h
+40	Restructuring is paradise (a completely unbiased account)	6	16h
+35	Handling frustration	5	21h
+26	Thoughts on Intrepid - Houlihan Merger	9	1d
+26	IB TikTok Influencers (wehave2wizards)	8	23h
+25	How casual to be with first year analysts?	11	5d

1	redever	99.2
2	Secyh62	99.0
3	BankonBanking	99.0
4	kanon	99.0
5	DrApeman	98.9
6	GameTheory	98.9
7	dosk17	98.9
8	CompBanker	98.9
9	Betsy Massar	98.9
10	Mimbs	98.8

Elite Career Bootcamp. Top Job Offer Guaranteed.

Elite Career Bootcamp. Top Job Offer Guaranteed.

Upper MM in Tier 2 city vs. lower MM in Chicago

Elite Career Bootcamp. Top Job Offer Guaranteed.

Elite Career Bootcamp. Top Job Offer Guaranteed.

Upper MM in Tier 2 city vs. lower MM in Chicago

Trending Content - Investment Banking Forum