I recently started a thread ("Brief Introduction to Banking Recruiting at the MBA Level") about banking recruiting at MBA level and it seems like many people on WSO are interested in that topic. So I want to have another thread about BB vs EB choice and help other people in the same situation.
From what I have seen, most people here vote for EB at analyst level because of the exit opportunity and exposure to modeling. But I heard very different opinions as an incoming summer associate. Despite EB becomes very popular among MBAs, there is no overwhelming support on either side. I will appreciate if you could share your opinion as an experienced banker.
Pros of EB
-Higher base (150K vs 125K @ BB)
-Higher bonus (I heard the mid bucket is same as top bucket at BB)
-More interesting work (many EB associates think BB work is BS - a lot of memo/regulatory stuff)
-More client exposure (lean deal team - EB associates sometime will host client call or drive the deal process)
Pros of BB
-Better resource in career development
-Better in VP to MD transition (easier to build client relationship with a balance sheet)
-More diverse product experience (equity/debt vs only M&A)
-Better name recognition outside finance
Last question: since some EB will do accelerated recruiting for those who intern at other banks in the late summer, does it make sense to move to EB for full-time from a non-GS/MS BB if you think EB is better (basically give up the relationship you build during summer)?
EB associates are typically the leftovers from those who couldn't get BB. Base number might only be true for Evercore or Moelis. Very hard to move up the ladder and much lower % of MDs are organically grown at EBs - most come / are poached from BB background.
Your first statement is profoundly false. In my cohort, some of the most talented students signed at EBs over top BBs. It is about personal preference.
OP: I made the jump from BB to EB post summer. My reasoning was that (1) I would get to work with overall consistently more talented people (Analyst-MD), (2) I would get to work across products and industries for a period of time to find what I would excel in, and (3) less of my work would be for internal risk committees/bureaucracy. I also enjoy working with smaller organizations and having increased responsibility as early as possible, which was a personal preference.
Again, people have this notion that EBs don't grow talent organically. Where do people expect a fast growing company to produce talent? Banker orchards? Of course they need to pull from bulge brackets and other EBs to facilitate this growth.
I think BBs are a great opportunity for a certain group of people with different preferences. My preferences just happened to align with the benefits of an EB. People on here who have never worked at an EB will tell you the career development is poor, it is difficult to build relationships, and that there are less exit opportunities - just do the due diligence yourself by talking to CBS alums at EBs. I think you will find a different story.
This is a pretty silly comment...most of the EBs (Moelis, Centerview, Greenhill, Evercore, PWP) are 10-15 years old....just by that fact alone, of course most of the MDs at EBs have not started as jr. employees / grown organically.
I can't speak to the types of people post-MBA that choose to accept offers at BBs vs. EBs -- I will say, in my experience the lifestyle for an associate (both in terms of hours and comp) at EBs is stronger than at a BB. As mentioned above, it's too early to tell how many associates at EBs will rise up and become MD/Partner level (just too few data points). However, at a BB, the progression from associate to ED/Director (pre-MD title, whichever it may be) is pretty seamless if you aren't a total clown. The final jump to MD is much more difficult, and a lot of guys end up quitting on their own accord before then, but unless they are cutting people across the board, BBs historically are pretty reluctant to not promote a mid-level guy based on performance.
No fight in this game but isn't this misleading. Most EBs are relatively new - obviously to get MDs that are gonna be day one Accretive they need to poach. Can't comment on how Jrs and their career development is being handled.
was referring to MBA associate hires. Very few make it past VP/Director. There should be enough data points at Evercore / Lazard after 10 - 15 years to see who makes it past VP.
Kind of hijacking here, but what are people's thoughts on staying at an EB if given the associate promote? Would it be better to jump to a BB after your analyst years at an EB if you decide you want to be a career banker? If so, at what level should you jump ( take the associate promote and leave when you hit VP or leave right after you finish your analyst stint?)
Thanks!
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