Why doesn’t Evercore M&A just take targets?
MBB and top quant shops exclusively take from ivies. Why should the “best” and “smartest” firms on the street do any differently?
Not even asking out of an emotional perspective, but on expected value terms, why don’t places like Evercore just hire from HYPW. What’s the point of finding a gem in the rough (which definitely exist) if they can just get pre-vetted gems? I know Blackstone tends to do this, but why is this not more widespread?
because there are smart people from other schools?
Foreign concept to wso, lol
So why do quant shops/consulting not take from non-targets?
Several MBB placements at my non target
Who came up with the idea that consulting firms don't hire non targets? MBB hires many, many, non targets.
For math specifically the level of rigor in instruction/tests is strongly correlated to the school’s “prestige”.
L ragebait
Because lots of time the most capable ppl go to a school in the top 15-25 on a full ride instead of an ivy + $200K in debt.
Nepo's and client kids go to non T20's all the time. You obviously can't cold network into a T20 firm as a non target but Evercore will take a client kid from Fordham over a 3.9 from Wharton any day.
Cold networking into a T20 firm as a non-target absolutely happens btw. This isn't the 90s. Firms want smart, likable people, and there are plenty of them outside the target list. I'm not even at a non-target, so I've got no horse in this race. What's interesting though is watching entitled Ivy League kids refuse to accept the fact that a kid from a “worse” school can simply be a better candidate than them. Better grit, better personality, sharper technicals, etc.
Also not at an Ivy but if you're aiming for NY/SF it 100% does not happen. The best firms I've seen non targets w/o connections land are Wells/Baird.
Because banking is a job for retards and actual intelligence is like 30% of the hiring process? At the junior level firms are looking for middle-class slaves who will work mindlessly for the decent risk/reward ratio, as well as client kids who can sustain business. HYP aren’t even the best schools for this, which is why they take drones from Wharton Stern and Cornell
- banker
Cool sign off bro🥶💯
Selection of non-targets is a combination of client/nepo kids and also a way to keep senior members of the firm happy through their alma mater
Someone's salty they didn't land EVR
They kind of do, they just have a different process. They heavily take from places like Northwestern where kids won't complain about the hours while still being on par with others
Have worked at an EB for a decade (and went to an ivy), it basically used to be like this. Over time two things happened: a few from random schools started breaking in and the recruiting team (both bankers and HR) got lazy in terms of wanting to do OCR events at targets. Also you have to realize that at Evercore in a class of ~50 (I'm not really sure how big they are these days), at least ~20 are nepo (direct kids of MDs, kids of clients, friends of MD families, etc.) and another 15+ are from the diversity programs. So real open spots disappear fast.
Now it's basically like chain migration, all these non-target schools alums pool together and heavily push through their best candidates. It used to be to my dismay that I could never get any of my fellow alum to care but now I don't really care because we end up in a good spot regardless.
Here's the part many of you will hate: with extremely few exception, these 'non-target' folks are top performers. It makes sense because we have a group of already top performers basically hand selecting the cream of the crop of University of Illinois (just picking a random school).
as someone in quant what this is just not true
MBB takes people from UC Irvine BTW. And Quant shops take people from ivies, numerous state schools, including shitty ones like Florida and Kansas
Would not put Florida in the same realm as Kansas (2 kids placed at evercore this cycle)
That was FSU not UF
There's someone from Mizzou in my office
As someone who doomscrolled while taking a 15 minute dump at work, this is just not true
Because kids at HYPSW are increasingly taking even better jobs - hedge fund / PE / AI-startups.
They realize ur little Evercore is DOGSHIT NOW
Bro really put AI start up in there with hedge fund
If I was retarded I’d be pretty happy if some VC gave me 10+ mil for a GPT wrapper
As someone who doomscrolled while taking a 38 minute shit on the clock (new pr, thanks papa Dimon), it's pretty much impossible to place at top firms if you're not from top schools i.e. Harvard, Princeton, Rutgers (only for Jpm LevFin), biology majors from VCU, maybe Stanford”
Pretty inaccurate... sure its harder but some SEC and Big10 state schools placed lights out across top firms this cycle
Add Ball State University to that list.
You might be living under a rock or just lacking a lot of self-awareness. People from shitty schools land EVR/GS/CVP etc. all day long. In recent years, IB has become a lot more democratized. Literally anybody can send 1,000 cold emails, memorize the 400 questions, take calls and make a good impression. There are more guides for breaking in than ever before. There is less prestige in this job now, and the big thing firms look for now is who can bite the pillow the quietest when the juniors hit their first 100 hr week.
Because it doesn’t matter dude. I’m A2VP and don’t know where my analysts went to school. Have seen people from Harvard who suck and state schools who are good. Completely dependent on the person.
Targets were historically over represented and they hired their own kind. So it was more to make an Inclusive class and provide Equity to those who didn’t always have access while confirming Diversity of talents like those who scored lower in SAT.
Harvard being 40% nepo/legacy is not what I’d call “pre-vetted gems”.
Target schools became increasingly focused on DEI, while not reducing the legacy / nepo baskets
As a consequence, kids who would have traditionally gone to a target, ended up falling through the cracks into other schools (in some cases state schools with a free ride)
Banks realized their target kids no longer went exclusively to their target schools, and thus they widened the net
The funny part is that the lack of meritocracy in the admissions of many ivy league schools have ended up creating very smart kids who had to grind 2x as hard to break in. Which only made them better profiles for the gig
I’ve encountered several prestige obsessed PE shops as a creditor whose whole investment team roster is made up of these so called pre vetted gems, senior and junior. The firms, however, are not in any way successful today. Maybe they were sought after by bright eyed young bankers several years ago. But the mindset they took to building the teams top to bottom got them to zombie status. Trust me, it wasn’t the macro like you read about
Any examples?
del
They do take ppl from targets? but evercore is known for their hardo analysts (for better/for worse), and many state school kids fit the bill. also the class size is huge so they're gonna spread acros schools
Why doesn't the NFL only draft kids from the SEC?
The reason this is not true across the board is because the #1 skill you can have in IB from analyst -> MD is self awareness. You need to have a good sense of how people perceive you and some people just socially do not have the ability to do that. Anyone who’s ever gone to college (whether it’s a state school, HYPW, or liberal arts schools) knows plenty of kids who just didn’t have that ability. If you are a bright student/thoughtful person IB is probably easier to break into, but it is not rocket science and the skills that get you into a top school are not precisely the same skills that get you into IB (although there is overlap).
Evercore's founder went to Georgetown, and they got a huge alumni base at the firm there. So it makes sense that they recruit heavily from the founder's alma mater.
Similarly, Bridgewater's new co-CEO went to Dartmouth, so outside of HYPSM, they also recruit heavily out of Dartmouth.
Evercore has hired more from Florida (UF) than Georgetown for SA25 and SA27. unsure about 24 and 26
The caliber of UF students at EVR much better than you really think
2 SA243 SA252 SA265 SA27
Back when I was analyst recruiting 10+ years ago, Evercore actually only recruited from a few core schools. They listed them on their websites I can’t rmb the exact list but it was along the lines of Wharton, NYU stern, UVA, Western Ivey and a couple others
Because ya'll some fuckin nerds
Why recruit from Ivies when you can recruit from Ivey (or at least used to)
Many firms are not really as interested in hiring the “billionaires and presidents of tomorrow” anymore. They are just, firms, and their product is slides and models that may generate a transaction fee, or management fees, etc. So they hire some non-target people. Now there is a non target network at that firm. And non targets are sometimes large schools. So now they take one kid each year. And then two. Etc this is how the tribalism builds into pipelines
Some firms are still very much focused on being the extracurricular activity of the elite. Goldman, for example. I think they are very target heavy across business lines.
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