Secretive vs Universal Prestige?
Is universally/widely known prestige or secretive, in-the-know prestige more prestigious?
Take for example working at CVP where everyone knows you're THE top dog on the sell-side and renowned globally and universally even outside of finance.
Or working at Allen & Co where everyone in a select group knows you're THE top dog on the sell-side and people who bother to search your white-shoe firm up after you tell them where you work will be enlightened, but at the same time you can fly under the radar for non-high finance folks.
I think CVP is obviously prestigious to a much greater number of people (~8bn population VS ~50K in-the-know high financiers who recognize Allen & Co).
But there is a certain prestige associated with the fact that only prestigious people will recognize your firm for what it truly it (apex predator among independent advisory boutiques).
Which one is more prestigious?
Based on the discussions and insights from Wall Street Oasis, the concept of prestige in the finance industry can indeed vary significantly between being universally recognized and being prestigious within a knowledgeable, niche group. Here’s a breakdown of the two types of prestige you mentioned:
Universal/Widely Known Prestige (e.g., CVP):
Secretive/In-the-Know Prestige (e.g., Allen & Co):
In terms of which is more prestigious, it largely depends on one's career goals and values. For those aiming for wide recognition and opportunities across various industries, a universally prestigious firm like CVP might be more appealing. However, for individuals who value deep industry respect and niche networking, a secretive firm like Allen & Co could hold more prestige.
Ultimately, both types of prestige carry their own weight and benefits, and the choice between them can be subjective, depending on personal and professional priorities.
Sources: Does Prestige in Commercial Real Estate Development Exist? Google/Blackstone/McKinsey equivalents?, Is Prestige Really All That Important?, Most Prestigious Corporate Finance Company, Why so much focus on prestige in IB?, Rank these degrees in terms of prestige
When the people who know, know - that's a big deal.
1. The only thing "prestige" is good for is money. Go with whichever place will set you up for earning the most cash over the course of your whole career
2. There's nowhere close to 8 billion people who even know what investment banking is. You think Chinese factory workers, Indian farmers, Latvian priests all care about IB?
3. Among the laypeople who know what IB is, GS is way better known than CVP
nobody outside of finance knows what CVP is, but congrats on CVP
Is a shower better than a grower if the grower is bigger than the shower?
Look up what Buffett says about internal vs external scoreboards. After that, touch grass
Ullam quia est eum sapiente quae. Et eaque possimus quod non officia labore totam et. Qui minus ex quo aspernatur aut vel aut.
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