Hi All,
I haven't seen any posts recently about Philly so I would like to get viewpoints on the job market for finance roles (all types) in the Philadelphia area. I live and work in the Philly area. My background consists of various finance roles at a F50 company (FLDP-->Sr. FP&A Consultant--> FP&A Manager). Decided to pursue an MBA part-time due to several factors (can provide more context if you'd like). Currently in a Top 20 MBA program (hybrid format due to geographical factors) and set to graduate next May.
My primary targets post-graduation are MBA LDPs but I will also be targeting CF roles at other F500 companies. I also feel like a have a good pulse on consulting roles as well but I don't think consulting is for me (can provide more context). Outside of these three areas I have not seen since much in terms of job postings and I know that for other types of finance roles the vast majority are not posted. I'm sure covid is a factor but I fear that other factors are at play as well. Philly is not NYC.
That being said, any feedback on the current job landscape for finance roles (All kinds, not just CF) in Philly, any trends you are seeing (Philly-specific, role-specific or macro-level), job security of Philly-based roles, and things of that type I would greatly appreciate it.
Thank You,
TP
Disclaimer: Yes, I realize that I should have targeted an M7 FT program in order to have the best shot at pivoting. I had my reasons and will provide additional context if you'd like.
I'm much more familiar with the banking/PE scene but I'll try to give you some ideas. Here are the F500 companies in the area - a lot of stuff will be out in the 'burbs to avoid the horrible city wage tax: https://www.phillymag.com/business/2019/05/29/philadelphia-fortune-500-…
Beyond that there are a handful of other decent sized companies with CF/CD roles. Off the top of my head: Ametek, TE Connectivity, Axalta, FMC, Sonepar, IQVIA, Bimbo Bakeries, Chemours, Teleflex, Vanguard, SEI, Urban Outfitters, Five Below, Braskem. We also have a decent sized pharma presence with GSK, Jazz, Teva, Endo, AstraZeneca etc.
Unfortunately I don't have too much insight into the CF world beyond anecdotes here and there, e.g. the culture/hours at Urban Outfitters supposedly sucks.
Hi Hugh Myron , Thank you for your comment, I appreciate it. I am familiar with some of those firms but others I will keep my eye on so thank you for that. Interestingly enough, Bimbo Bakeries is headquartered in the business park next to where I grew up.
From an AM standpoint I think my only shot is the Vanguard Investment Management Development Program. However, it has not been posted yet even though the undergrad version is posted - very weird. Morgan Stanley has a branch in Conshohocken but I haven't seen an MBA-level roles there. My b-school is typically better for consulting and tech than IB, VC, PE and HF.
I'd love to hear your thoughts on the banking/PE scene!
Morgan Stanley in Conshy is their Alternative Investment Partners practice (“AIP,” a part of MSIM). It’s where their PE/HF FoF, co-invest, and secondaries strategies sit. Don’t know too much about them other than hearing it’s a good group.
Wish I could be more helpful on the Corp fin side but should have more time in the next day or so and will post about the banking/PE landscape. I posted a Philly overview a few years back that’s mostly still relevant but I can’t find it at the moment.
As promised, a brief pe/banking overview. In general it's all LMM/boutiques but I'll try to give a little info on each:
Janney Montgomery Scott: biggest in the city, full service platform, excels on the PWM side. ~25-30 bankers in Philly and some in Baltimore (business services) and Atlanta (FIG) from acquisitions. Recently hired a few energy bankers from Baird. Mostly capital markets but close a handful of M&A deals.
Stifel: legacy office from the Legg Mason acquisition. Only a handful of senior bankers there, no juniors.
Mufson Howe Hunter: ~10 bankers, business services, tech, manufacturing, C&R.
PNC: think they do some DCM work here but not sure how big the team is.
Harris Williams: closed Philly office in 2015(?), RIP.
RBC and Piper: both have at least some muni finance here but I don't know much about them.
Baker Tilly Capital: small team that joined after being acquired (Curtis Financial previously).
Delancey Street Partners: in the suburbs, ~10 bankers, work on some interesting deals. M&A and small merchant banking component.
Fairmount Partners: in the suburbs, 15-20 or so bankers and do a good amount of tech/HC M&A.
SSG Capital Advisors: suburbs,10-15 bankers, focus on distressed M&A/financing/restructuring. Crank out a lot of deals every year, imagine it's going to be more given COVID.
Phoenix: suburbs, 40-50 total professionals, also focus on distressed but have three different service lines: turnaround consulting, TAS, and banking.
Griffin Financial: suburbs, ~50 bankers, probably the biggest shop here next to Janney, and focused only on banking. Surprisingly I don't know too much about them.
Boenning & Scattergood: suburbs, full-service firm but banking is a small part. Maybe 10-12 bankers spread across Philly and Cleveland. Focus on FIG (community banks, insurance) and infrastructure/industrials.
Marks Baughan: suburbs, 10-12 bankers, tech focused. Have a UK presence as well. Work on some legit deals with vc/growth equity firms.
Bryant Park Capital: suburbs, small shop with bankers in NY as well. Mostly specialty financing I think?
Falcon Capital: suburbs, this place is honestly a mystery to me. Don't know too much about them but it's a similar size ~10-15 as most of the boutiques here that works on tech, business services.
Capstone Headwaters: suburbs, I think there's still a few senior guys here? Believe it's a legacy MSSB office.
For PE there are only a handful of names really. First Round Capital is extremely well known on the seed/vc side and it drops off after them. LLR and NewSpring are probably most recognizable after that. Then there's Graham Partners, Inverness Graham, Milestone, Guardian, Susquehanna Private Capital, Susquehanna Growth Equity, Eureka Equity Partners, Boathouse (mezz), LBC (credit), Spring Capital has a small office, Versa (distressed), L2 (family office), Larsen MacColl.
Probably missed a few.
Thank you! This is very helpful!
I have heard of a couple of the suburban firms but the rest are all new to me so thank you for that.
I figure the answer is no, but would these firms hire an MBA without direct industry experience?
What would be the path to this scene for someone with mostly FP&A experience? If there isn't one I understand but wanted to ask the question anyway.
I will 100% be utilizing my network for sure and work on my modeling skills (have free Wall Street Prep courses available to me).
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