MS/GS/JPM S+T vs MBB vs BB LevFin for SA

If you were able to get all those offers, I dont think it really matters what you pick as you will have more than enough opps for grad recruiting. In addition, MBB is harder to get as a summer Ive heard.

I know you said stay away from the do what you are interested in comments, but that is what it comes down to lol. If you have some time (2-3 hours), just sit down with a pen and a blank piece of paper and just think without any distractions what you see yourself doing in 2, 5, 10 years down the line.

Thanks Derivs -- and I will definitely take today to think about where I see myself down the line. Also, I totally understand your skepticism all far as my offers (it seems people do often bs on this site), but I will say that I have been incredibly busy lately and would not waste my time posting were it not because I actually have these options.

I was wondering if anyone had any other thoughts on the 3 questions I mentioned at the end of my post. I understand that there are other forums on this site that deal with exit ops (and I have checked many of those out) but I wanted to see if people had specific insights based on my details.

And one more key question that I would love input on:

I have been told (by both recruiters, current people at the firms, and last year's summer analysts) the following ROUGH data on % of SA that get FT offers at my options: 1) S+T: 80+% at MS, 50-60% at GS 2) Consulting: 80+% 3) LevFin: 60% (FT offers into LevFIn, rather than another area within IBD)

I have also heard that not having an offer in hand is a major detriment to your candidacy at other firms during FT recruiting.

So should this be a factor?

I've heard that S+T at MS sucks hard

So, from your latest post, I am going to assume that you have an offer at MS and GS for S+T. While people always talk about Tier 1 being GS/MS/JPM on this board, this really more applies to IBD. Within S+T, MS isn't that strong of a franchise (obviously still a GREAT place to work at), but definitely not in the same range of GS/JPM. Besides being in one of the strongest groups/areas within a bank, my advice would actually be to "experience" something new. What I mean by this is, what of the areas do you find to be most exotic, perhaps most challenging? And perhaps most different from what you would see yourself doing in 5 or 10 years?

You didn't specify what group in S+T. Trading would obviously be the most extreme one and perhaps the least-related to the other areas. Sales is always a useful skill and research does have a lot in common with IBD and Consulting. If you like the market aspect, then try trading. I think for yourself, you at least ONCE want to make that experience, so that you can say this is really what you want to do or maybe not. It's just an area that has to be experienced and people either like/are made for it or not. If you didn't and maybe went another path, you might always keep asking yourself "what if" and I think that can be very annoying.

It's really only a summer internship, people sometimes do completely different things afterwards, and that's ok. So, I guess my advice would be to try something new. Honestly, whichever you choose, you can still do any of the other mentioned for full-time. If however, you really don't want to take that risk (because it is somewhat of a risk), take the middle path. Do GCM/LevFin, it definitely has aspects of banking and at the same time will still expose you the market side (and if you are ECM/DCM/LevFin at JPM, you are definitely golden either way).

LAgrad -- thanks for great perspective. And I think your concept of the 'middle path' with LevFin/GCM makes a lot of sense. In keeping with that point, what at the best firms for LevFin as far as you know? Was my top 2 of JPM/BAML correct?

LAgrad -- on the S+T ranking issue, just for clarification: does your comment on GS/JPM being a level above MS apply across the board, or is it only true in FI or Equity? Unlike GS/JPM SA offers, MS is division specific (Equity/FI) so maybe that is worth considering also.

Gekko I get your point on knowing how to compete -- but truisms aside, I think it is silly not to consider a significant difference in FT offer rates. From what I understand, if your end goal was FT at GS (which mine isn't), it seems like it would be easier to take MS SA over GS SA, get the MS offer and then let GS steal in FT recruiting. I am just saying that as far I learned how "the game works," needing to be in the top 80% is an important advantage to consider over needing to be in the top 50%. But I get the point - and I really like your point at picking a bank improving your odds to lateral within it.

Thanks again everyone -- and of course, any other input (especially on consulting exit ops) is much appreciated?

With regards to MBB, offer rate for summers is virtually 100%. Pretty near impossible not to receive an offer if you try and are social. Plus they don't work you too hard and pamper you like none other. On a board like this you're going to have people overly focused on the banking / S&T side, but I think MBB is a strong option.

Options (after 2 yrs in consulting) to get into pe firms are strong and hf is existent though rarer. Corp development and strategy is also a great option, and consulting will hands down beat banking for that.

For this fall, you can interview with Bain Capital PE and Sankaty Advisors for Analyst spots. Some other places may not take as kindly, though. I'm sure Blackstone PE would want someone from banking for an Analyst spot.

Some will say that way more pe options are opened by banking, and this is true. If your goal is to work for KKR, then banking may make sense as most megafunds focus on bankers. Also, a lot of middle market firms only look at bankers. However, if you're cool with Bain Capital and / or solid middle market funds (a sizable number of which take consultants heavily) with high rates of acceptance into Harvard, Wharton, and Stanford business schools, then consulting is solid. Also, you should remember that the pool of consulting kids who actually want PE or HF is going to be very small. A good number want to work for NGOs or corporate strategy etc. So you're not competing with as many kids. Arguably, you also have more interesting and diverse colleagues, in addition to (not arguably) time to enjoy the immediate post-college life. And unless you are one of the posters on this site who asks whether they should wear this or that Italian designer $5000 suit for a summer analyst job, the pay (75-90K) is more than enough to live comfortably.