BB or EB: Heading into Associate Recruiting
Hi all,
Wanted to pick your brain with regards to career trajectory and overall IB experience from an Associate perspective. I'm heading to a target b-school this fall (Booth/Wharton/CBS) and wanted to know where I should focus my recruiting efforts.
I've done some research and am liking the EB model of more hands-on work, higher M&A focus and, of course, higher pay. However, I've also heard that it is easier to make D/MD at a BB, since you have a variety of products to offer the client. For those of you who are Associates, how has your experience been at your EB and/or BB? Do you wish you would've picked the other?
FYI, I am (at present) looking to stay in IB longer term and not exit to a relatively cushy Corp Dev gig in 1-2 years. Potentially open to hustling for buy-side opportunities at smaller PE funds, though I'm aware that it's rare to make the jump. Most BB/EB posts are from an Analyst perspective, so would love to hear from the Associate perspective as well. Thanks in advance!
In the same position. I also like the EB model and would like to focus on M&A but I also am interest in banking as a career and not a 2/3 year stint.
I've been reading the same things you mentioned regarding EB pay and odds of making MD at a BB. My thought process originally was "I'm gonna target BB to get the best possible learning experience and get a chance to be on multiple transaction types in my coverage industry." However recently I've read (on this forum) that the EB - BB pay difference is more much substantial than I thought it was. I thought it was maybe 10k-25k a year, the other day someone said the difference can be close to 50k-100k+ per year. Now I'm really stuck in the middle and could feel myself going either way.
After talking to some current students I think they are correct when the say "go where you feel the most comfortable" or "go where you feel the best culture is." You are going to be spending a ton of time with your coworkers and it would really blow to be around people you don't like.
Interested to hear others takes. My guess is that pay gap is smaller than what I'm reading but I really have no idea. If there really is that big of a pay difference, and I don't have a culture preference, I'm gonna have a hard time turning down EB for a BB and be able to tell myself "the experience is worth the 100k you aren't making" every morning.
Completely agree with the above poster. Also leaning towards EB for the reasons mentioned as well as, potential for increased client interaction at an earlier stage, better access to and mentorship from senior bankers, and yes - i've also heard that the pay difference is quite significant ($50-75$K in your first full year, and that gap only increases)
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