Which to choose mid BB or top Rx
Hey monkeys,
I've been fortunate enough to get offers at a mid BB (BAML/Citi/Barclays) and a top Rx shop (HL/PJT). To be honest, I'm not sure what I want to do 5-10 years down the road but think it'll be something on the buy-side. Regardless I'd love some advice with the decision, so I've quickly listed some pros/cons of each place below. Let me know what you think.
mid BB
Pros: - Brand name, especially outside of finance - Large, full-service, maybe opportunities to switch groups if need be - Good culture and got along with the people - M&A (doesn't pigeon hole me like Rx might)
Cons: - Could end up in group I hate or doesn't place well - Bureaucratic - Overstaffed deal-teams - Placement for buy-side gigs(?)
top Rx
Pros: -Great reputation within Rx -Great placement for buy-side gigs -Great culture as well -Rx seems more interesting
Cons: -Will be pigeon-holed for distressed type stuff -Name is probably not super well known outside of finance
The RX position sounds like HL. While HL is not as renowned outside of finance/restructuring, I would still choose it over BAML, etc. for the pros and cons you mentioned as well as the current state of the economy. RX is on a upswing, while other products/industries groups are not. The best deal experiences in the next 1-3 years will be in RX.
If RX is PJT (or Lazard, Evercore, etc.), then definitely take RX.
I assume you're talking about HL, if not - definitely go with PJT.
Since your goal is to work on the buy-side, RX will not pigeon hole you as much as you think. You might need to hustle a little to get into classic buyout funds but it will open an entire range of options from distressed debt HF's to turnaround and distressed for control PE.
Appreciate the advice. Would anyone choose the mid-BB?
no
The bb job would be better if you want to be a career banker or pursue anything in the corporate or non-finance world
I chose the RX shop in case anyone was interested
what was your main reason to do so? :)
Thought Rx was more interesting and after speaking with people sounded like there were better exit opps for this role
I'm assuming this is for a summer internship?
I think you made the right choice. And if for some reason you don't like RX at the end of your summer, recruiting for M&A would give your story validity.
How is this even a debate? If it is PJT then answer is obviously PJT. HL if New York maybe could be less than a great group at one of the bulge brackets you mentioned, but if it is an average or below average group at the BB then obviously take HL. You need to accept that if you want a career in this industry nobody is going to know about what you do unless they work in the industry. No girl at a bar is impressed if you work at Lazard or Centerbridge or Trian or whatever, but those are the best places to work. You need to give up on this whole name recognition thing cross industry in my opinion -- if you work for a great shop doing $bn restructurings everyone will respect what you did even if they don't know what Houlihan is.
Absolutely true. In my experience most people who don't have a banking background will not know of Centerview, Evercore, Moelis, Lazard etc. This is great - at parties people automatically don't demonize me because I work for Citi/whateverbank AND I get to make a lot more money. Win-win.
agreed - sb'd
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