Hi all,
I fortunately received two full-time investment banking offers: one for (random coverage group) at a lower-tier bulge in NY (think: UBS, BarCap, Deutsche), and one for (tech M&A group) at a MM firm in SF (think: WB, HL, Baird)... In strictly analyzing PE/VC exit opps and career trajectory, which of these two would give me stronger leverage? I understand name value is strong for headhunters -- hence, I've been siding with the lower-tier bulge offer, given I'm also from New York. However, in terms of deal exposure, I'm definitely sure that the MM will give me more, as there is currently a shortage of juniors at the office.
If I were to go with the lower-tier BB, I'm not sure which coverage group I'd get placed in... could be FIG or Industrials, which are groups I don't really have much interest in. On the other hand, I would very much love to work in tech M&A given the markets these days, but also want to make sure I'm best suited for PE gigs down the line. Would really appreciate your thoughts here as the offer(s) explode in the coming week.
Thanks guys.
There's a lot to consider there. From having recently gone through the PE process - bank brand really does matter.
I think you need to sort out if you are more interested in VC vs. PE - if VC is your end game I'd go the MM firm in SF cause you'll be in tech and you'll be near the firms. That's just my thought though. If PE is the goal... I really don't know - if you want a bulge bracket PE offer you're likely not going to get it from any of those NY firms unless you have an outstanding quality about you or really strong connections in the finance world.
Appreciate the info. And the end goal isn’t necessarily MF PE, I’d be fine with MM PE in SF/NY.
Bump.
If you’re more interested in tech go to the MM obviously...
Especially if you want to go into VC later on
That’s exactly what I thought. But to what extent is it name brand vs actual deal involvement for exits?
Congrats! Sounds like you're in a good spot.
I would not categorize BarCap with UBS and Deutsche. They're in the Mid-BB tier with the likes of Citi, BofAML, and CS (See the latest post in April 2018 on this - https://www.wallstreetoasis.com/forums/bbeb-rankingtier-list-2016) BarCap sends several analysts to Mega Funds like Silver Lake, Ares, TPG, etc (and also MM Funds).
That said, it really depends on what you are interested in. If you want VC or MM PE, then the MM may be the best choice given the proximity to those funds.
Hope this helps!
Thank you for the answer!
My exploding deadlines are coming up soon, and after all the research I've done, I think I'm leaning with the MM SF option. For what it's worth, I have especially enjoyed the culture there - already have had multiple chats with the seniors, and I've been wanting Tech M&A for a while. Just hurts to know the potential opportunity cost of my decision - great spot to be in, but definitely lots of thought/pressure as well. Do you see any flaws in my decision if I decide to sign that over the next day or so? And to add transparency, the bank I was talking about is Barclays!
I think it's important to point out that doing on-cycle recruiting from the west coast to NYC is not as easy as it sounds. The logistical issues alone makes it hard to exit to the coast. I've had multiple friends who've struggled this year and the ones that were successful came to NYC early on the hunch that it was kicking off.
The ones who went to NYC after interviews came out were already behind as the process was so accelerated this year.
I appreciate that. What do you mean when you say "came to NYC early..."? Not really sure how the whole exit recruitment process works.
There was a rumor that recruiting was kicking off on a specific Monday. Some of friends took this rumor to heart and flew out the Friday night and arrived Saturday.
It turned out that the rumor had legs to it and recruiting actually started the Sunday. As they were already in New York, they were actually able to take the interview, whereas my friends who didn't fly out (and were on the west coast) had to interview on Monday (flying out Sunday) which was already too late for some places.
I would personally take Barclays. It's always easier to go East to West and you'll have both MF and MM recruiting open to you vs. just MM at the MM shop.
PM me.
Same as above, I wouldn't categorize BarCap with UBS and Deutsche. Personally, I would choose the BarCap offer despite the risk of not being certain of group placement, as from what I've heard, it's a lot harder to do buyside recruiting when you're at a MM firm as compared to a mid-tier BB.
Deal exposure at a mid-tier BB should also be decent, so I don't think the MM firm has any particular advantage regarding that.
One thing to consider. You say that MM firm is low on juniors- that means they will likely work you to a pulp (I'm guessing its Houlihan Lokey)
Either way, congrats on the offers, it seems like you are in a good spot.
Will being worked to a pulp not translate into better paper credentials / recommendations for lateral or PE recruiting though? I thought MM shops still have a good shot for PE recruitment, and my take was being the only junior would propel me forward there.
Your points are valid; exposure will be great, and will undoubtedly benefit your recruiting for PE/HF. It's just always nice to make sure people understand that this exposure does not come without its many all-nighters.
Take Barclays. They'll give you a shot at landing at a MF or good MM firm in recruiting next year.
Bump - thank you all for your insights. Any last minute info?
is db still a bb?
This Just in: DB is not a BB
Sounds like a fake news headline.
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