WSO Elite Modeling Package

  • 6 courses to mastery: Excel, Financial Statement, LBO, M&A, Valuation and DCF
  • Elite instructors from top BB investment banks and private equity megafunds
  • Includes Company DB + Video Library Access (1 year)

Comments (35)

Aug 11, 2014 - 10:56pm

Let people debate the rankings all they want, I'm sure it won't completely devolve into a complex shitfest debate between equity and m&a advocates. Here's just a few objective pieces of info on the M&A side:

Facebook's banker is Allen & Co.
Google's banker is Lazard.
Apple's banker (if they were to ever use one for M&A) is Goldman.
Amazon's banker is Lazard.
Twitter's banker is Allen & Co.
Microsoft's banker is (probably) Goldman.

Edit:
Brief commentary about the banks conspicuously misisng (in no particular order):

MS - Definitely elite in the space, they don't happen to be the first option for this particular short list of clients, but they still have a shit load of cool clients. Equity is a really differentiated product for them in the space. Also, they did WhatsApp, so they're probably having the best year of anyone mentioned here on a purely monetary basis.

CS - Still relevant for sure, which is something I would have been surprised to say a couple years ago. Advised Lenovo on both of its mega deals at the beginning of this calendar year.

QP - Mostly differentiated for all its sell side work, where they get basically all the top VC funded mandates (except WhatsApp!). Definitely have access anywhere they want it. Haven't heard as much out of them lately, but I also don't keep track like I used to. In my mind, they'd be the second sexiest place to go of the companies I've mentioned

“Millionaires don't use astrology, billionaires do”
  • 2
Aug 11, 2014 - 10:51pm

Is that even true though? Most if not all of the companies you listed haven't hired any bank for an acquisition in a while. Most of them were sell-side advising the companies that were selling to those large tech companies.

Aug 11, 2014 - 11:44pm

RagingWolf:

Is that even true though? Most if not all of the companies you listed haven't hired any bank for an acquisition in a while. Most of them were sell-side advising the companies that were selling to those large tech companies.

Yes, it's true. What's your basis for saying this?

“Millionaires don't use astrology, billionaires do”
Aug 12, 2014 - 1:29am

There's no real reason to rank out of MS / GS / Q - all are top tier and you'll get the same opportunities out of all three banks. CS is a tier below with JPM in my opinion, though if I had to choose I'd most likely go with CS because they do M&A within the tech group (they recently moved the co-head of M&A to the SF office, and David Wah now sits in SF as well) and from what I've heard, JPM does not.

Regarding Lazard and Allen & Co., most of Lazard's tech is actually done out of Boston and the SF office does little to no work. And if this ranking is purely based off exit options, Lazard tech and Allen & Co. offer far fewer opportunities than MS / GS / Q and arguably not even better than the other bulge bracket tech groups in the bay area. Also a little misleading to call Allen & Co. TWTR's banker, considering GS led their IPO and Anthony Noto is now their CFO.

If you're interested in megafunds, then GS is your best best. If you're more interested in going to a tech company, growth, VC or MM PE, you'll be fine coming out of any of the BB tech groups in the bay area.
Just my opinion, so take it for what it's worth.

Aug 12, 2014 - 1:55am

[Edited/Deleted. Some glaring misinformation in his post, but fuck it, I don't care enough to get into it.]

“Millionaires don't use astrology, billionaires do”
Learn More

300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses.

Learn more
Aug 20, 2014 - 6:45pm

RagingWolf:

Well, wouldn't you say Qatalyst has been on most of the biggest tech deals this past year? Just looking at their website it seems as if they've done better than any other TMT group this past year.

Though Qatalyst has been successful for sure, I'd actually argue that they've been on very few of the top mandates in the last year, especially by comparison to how large a share of the top deals they used to do. There was a year where it literally felt like they did everything, now it seems kind of quiet by comparison. Off the top of my head and in no particular order, I'd say the most consequential deals in the tech space in the last year have been:

-Facebook/WhatsApp
-Apple/Beats
-Microsoft/Nokia
-Lenovo/Motorola/Google
-Lenovo/IBM x86
-Facebook/Oculus
-Google/Nest
-Oracle/MICROS
-Zillow/Trulia
-VMWare/AirWatch

Only a couple of these are QP deals.

“Millionaires don't use astrology, billionaires do”
  • 1
Aug 20, 2014 - 10:12pm

No OpenTable? LSI? Fusion.io? how do you define "consequential"? Also - tough to ding Qatalyst for deals that had no real banker involvement at all - which is a lot of those you list. They're doing just fine.

Aug 20, 2014 - 10:36pm

Rank the technology groups in SF Bay Area (Originally Posted: 01/06/2013)

I'm curious as to how fellow monkeys would rate the SF tech groups? What do you guys think of this ranking? Comments?

Morgan Stanley (Menlo)
Goldman Sachs
JP Morgan
Credit Suisse
Deutsche Bank
Barclays (Menlo)
Citi (Palo)
Bank of America Merrill Lynch (Palo)
UBS ...

Jefferies
RBC
Raymond James
Piper Jaffray
Wells Fargo
Houlihan Lokey
Stifel
Harris Williams

Qatalyst
Blackstone
Lazard
Perella Weinberg Partners
Centerview
Sagent Advisors
Pacific Crest
Union Square Advisors
JMP
Code Advisors

I don't know where Moelis would go. Their Palo office is extremely small.....

Aug 20, 2014 - 10:40pm

animalz:
ranking on what basis?

its a long list dude

I guess in terms where you would want to work for, in terms of these buckets. I know some elite boutique or MM could be better than some of the lower BBs. Just want to know where people would take an offer from if they got to chose.

Aug 20, 2014 - 10:42pm

hows Jefferies SF office?

I don't throw darts at a board. I bet on sure things. Read Sun-tzu, The Art of War. Every battle is won before it is ever fought- GG
Best Response
Aug 20, 2014 - 10:44pm

My take. Keep in mind not all of these guys are tech (some serious HC groups out here):

GS
Qatalyst
MS

CS (yes, really)
EVR
Centerview (HC)
JPM (could arguably be higher post Dell, but huge group and not as good "pound-for-pound")
Barcap
PWP
Moelis PA

Jefferies
GHL (not what they are in NYC)
DB
HLHZ (group in SF isn't what it is in LA)
Harris Williams
Wells / Stifel / RBC (ok advisory practice at Stifel ties with poor advisory but good capital markets banking at the other two)

William Blair
Piper
Sagent

BAML doesn't do a lot of advisory out here. Don't know much about Citi or Lazard. Moelis PA could be much lower, let's see how it goes.

Force rankings like this are highly inaccurate because they make it seem like differences are bigger than they actually are. For example, did you know that more kids made it to the buyside last year from Barcap than MS tech? Or that the Silver Lake associate who worked on the Dell deal came from CS? Ultimately, for a great analyst experience you want to go to a bank that's heavy on advisory work (you don't learn as much on debt/equity),with a culture of whatever exit opps you want (buyside, bschool, A-A), and highly talented associates and senior analysts you can learn from.

I only have my own perspective and what I've heard on the Street (California, not Wall) but let me know if you have questions. Also please don't flame me if you disagree with the ranking, like I said, this is a stupid exercise and varies heavily particularly for banks with multiple groups.

Aug 20, 2014 - 10:49pm

Best SF Groups? (Originally Posted: 07/25/2014)

Threads I dug up on Google are pretty outdated.

I don't think I'll be very interested in tech but it looks like it's the route I might have to go if my end goal is buy-side NYC. Let's keep it relatively simple. Who are the clear winners when it comes to east coast MF placement?

Obviously GS/MS TMT are top dogs but I'm curious about the others. Any boutiques worth mentioning?

Start Discussion

Total Avg Compensation

May 2021 Investment Banking

  • Director/MD (9) $911
  • Vice President (35) $364
  • Associates (192) $233
  • 2nd Year Analyst (109) $151
  • Intern/Summer Associate (96) $145
  • 3rd+ Year Analyst (26) $145
  • 1st Year Analyst (397) $132
  • Intern/Summer Analyst (326) $82