Blackstone M&A exit opps? - Rising junior

soccrkid8's picture
Rank: Monkey | 35

Hi everyone,

I'm a rising junior that is very interested in BX M&A for a summer internship. I just wanted to gauge your thoughts on the group in terms of exit opps, business school opportunities, deal flow, etc. and how it stacks up against other banks/groups on the street. Thanks!

Comments (102)

Aug 26, 2012

Exit Opps - amazing. 100% placement to excellent funds every year. Senior people vouch for analysts like nobody's business.
Deal flow - less than stellar. they get some good deals but not many. you'll definitely get a better deal experience at Lazard, Evercore, etc. (and if youre into larger banks, MS+GS)
B. School Opps. - very good, just as good as any other top shop. every business school knows how difficult it is to get a position at BX so it's well regarded

Much of the prestige here is just carried over from that of the private equity arm. people join BX M&A knowing that they're more or less guaranteed top exit opps. Not a total sweatshop like some others like LAZ, EVR, etc. (not uncommon for people to leave at 9-10 regularly). BUT you DON'T come here looking for a ridiculous amount of deal experience.

that said, BX Restructuring is fierce and gets you all of the above plus good transaction experience since they are one of the only elite rest. shops out there so not competing with the likes of the BBs.

Aug 26, 2012

I really hope you're at a target. Last year they completely pulled out of recruiting at my school for summer internships. Although they are back now recruiting for full time.

Aug 26, 2012

Applyingtobschool hit the nail on the head for the most part. Exit opps are fantastic, but that has nothing to do with "senior people vouching for you." That's totally overplayed. MDs will often make calls on behalf of their analysts, but the same is true at other big banks. Instead of an MD, however, it's usually a VP or associate. Funds understand that difference, so it's not like you're at any advantage because your MD makes a phone call. That said, if they're really adamant, maybe it will help, but they are not really adamant about every analyst. Again, if you have a strong relationship with a VP/MD at a bigger bank, they can also vouch for you very adamantly.

The only advantage BX offers--which appears to be changing in the near future--is that you can recruit whenever you want to without fear of being fired. GS & MS have both stated that analysts can't recruit until their second year.

Deal flow at BX is shit. Let's be real about it. If you actually want to learn, go to a bigger bank or a boutique with stronger deal flow. Those guys don't know jack relative to their peers at other top groups, and it's beginning to show now that the recruiting process is being pushed back. As a result, the group's exit opps aren't as elite as they used to be, though they're still great.

I would take MS M&A, GS TMT, GS FIG, and BX R&R over BX M&A. That said, that puts BX M&A #5 on the list of top groups, and that's pretty damn good.

If you'd really like all the benefits of BX culture coupled with deal flow, as applyingtobschool said, gun for R&R. Now THAT is a truly elite group. If I could pick any group, I would take BX R&R. All the guys there impressed the shit out of me.

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Aug 26, 2012
FernandoTorres9:

Applyingtobschool hit the nail on the head for the most part. Exit opps are fantastic, but that has nothing to do with "senior people vouching for you." That's totally overplayed. MDs will often make calls on behalf of their analysts, but the same is true at other big banks. Instead of an MD, however, it's usually a VP or associate. Funds understand that difference, so it's not like you're at any advantage because your MD makes a phone call. That said, if they're really adamant, maybe it will help, but they are not really adamant about every analyst. Again, if you have a strong relationship with a VP/MD at a bigger bank, they can also vouch for you very adamantly.

The only advantage BX offers--which appears to be changing in the near future--is that you can recruit whenever you want to without fear of being fired. GS & MS have both stated that analysts can't recruit until their second year.

Deal flow at BX is shit. Let's be real about it. If you actually want to learn, go to a bigger bank or a boutique with stronger deal flow. Those guys don't know jack relative to their peers at other top groups, and it's beginning to show now that the recruiting process is being pushed back. As a result, the group's exit opps aren't as elite as they used to be, though they're still great.

I would take MS M&A, GS TMT, GS FIG, and BX R&R over BX M&A. That said, that puts BX M&A #5 on the list of top groups, and that's pretty damn good.

If you'd really like all the benefits of BX culture coupled with deal flow, as applyingtobschool said, gun for R&R. Now THAT is a truly elite group. If I could pick any group, I would take BX R&R. All the guys there impressed the shit out of me.

Reiterate this. Shit dealflow, amazing exit opps. Helps that the analysts themselves have solid backgrounds and are smart to begin with. I wouldn't stress about the shit dealflow though, even with recruiting getting pushed back. Prestige will carry you much further than you'd expect, and you'd be fine at interviews.

Also agree on BX R&R. It'd be my top choice hands down were I to have to be a junior/senior again. Easy lifestyle, great dealflow, limited pitching, and ridic exit opps.

Aug 26, 2012

As an addendum, Re: target, if you want solid chances, you need to be at Harvard or Wharton. There's usually some random Michigan kid in every class too, but otherwise your chances look pretty shitty. Dartmouth also pulls a lot of interns in for what it's worth, but for whatever reason they don't tend to stay. Most have gone FT somewhere else.

Aug 26, 2012
FernandoTorres9:

As an addendum, Re: target, if you want solid chances, you need to be at Harvard or Wharton. There's usually some random Michigan kid in every class too, but otherwise your chances look pretty shitty. Dartmouth also pulls a lot of interns in for what it's worth, but for whatever reason they don't tend to stay. Most have gone FT somewhere else.

There's been 1 Michigan kid there, ever. They like Wharton, Harvard, and UVA. Restructuring is pretty much all Wharton.

Aug 26, 2012

Wow, so it sounds like BX M&A is one of the best places to work out of undergrad. Is the pay in-line with the other bulges as well? Also, does anyone know where recent analysts from the group have placed?

Aug 26, 2012
soccrkid8:

Wow, so it sounds like BX M&A is one of the best places to work out of undergrad. Is the pay in-line with the other bulges as well? Also, does anyone know where recent analysts from the group have placed?

Pays better. No tiering either, so everyone gets the same. Think it's something like 90-100 for 2nd years/60-70 for 1st years.

Specific examples for placement don't matter... really depends on you. If you go there and are a good analyst & interviewer, you can end up anywhere. Great PE and HF placement across the board.

Aug 26, 2012

There's been 1 Michigan kid there, ever. They like Wharton, Harvard, and UVA. Restructuring is pretty much all Wharton.

My bad -- confused with MS M&A, which has consistent Michigan representation.

Aug 27, 2012

Best boutique in the world.

Aug 27, 2012
MangoBanker:

Best boutique in the world.

Troll post? Let's not get into this prestige war you kids like to masturbate over.

Aug 27, 2012

Wouldn't it be more logical to receive an offer from these elite boutiques / firms, then talk about prestige, exit opps, deal flow? I really do not get these threads unless OP had already received offers from multiple places - which i presume will be extremely hard this year.

Dont know how this ended up on the main page

Aug 27, 2012

Former BX RR analyst here. I think the information above is pretty accurate. Amazing exit opps and good bonus, very solid deal flow at RR and less so at M&A but still enough. In my analyst class, there was not a single HF/PE firm that we applied to and didn't get an interview from.

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Aug 28, 2012
monki1:

Former BX RR analyst here. I think the information above is pretty accurate. Amazing exit opps and good bonus, very solid deal flow at RR and less so at M&A but still enough. In my analyst class, there was not a single HF/PE firm that we applied to and didn't get an interview from.

Good to have you on here, but just FYI, you're pretty easy to find on linkedin. May just want to curtail some of your profile info for privacy etc..

Sep 8, 2012
Oreos:
monki1:

Former BX RR analyst here. I think the information above is pretty accurate. Amazing exit opps and good bonus, very solid deal flow at RR and less so at M&A but still enough. In my analyst class, there was not a single HF/PE firm that we applied to and didn't get an interview from.

Good to have you on here, but just FYI, you're pretty easy to find on linkedin. May just want to curtail some of your profile info for privacy etc..

Wouldn't it have made more sense for you to PM him this type of information?

Aug 27, 2012

What the fuck is a "rising junior"?

Aug 27, 2012
ajg1137:

What the fuck is a "rising junior"?

Someone in the summer between their sophomore and junior years.

Aug 27, 2012
ajg1137:

What the fuck is a "rising junior"?

You, my friend, are what we call a fully-functioning half-tard.

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Aug 28, 2012

Someone entering their Junior year is not called a rising junior. Either someone is a Sophomore becoming a Junior, and thererfor not a Junior anything, or they are a Junior already. What makes a Junior "rising"?

That's cute rooster.

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Aug 28, 2012
ajg1137:

Someone entering their Junior year is not called a rising junior. Either someone is a Sophomore becoming a Junior, and thererfor not a Junior anything, or they are a Junior already. What makes a Junior "rising"?

That's cute rooster.

Proving my point.

This may come as a shock to you, but there is a period between your sophomore and junior years where you have completed your sophomore year but have not quite started your junior year yet. In America, we call this period summer and you are commonly known as a rising junior. This is because you are not a sophomore, but not yet a junior. However, since you will be a junior shortly, you are known as a rising junior. Please note, this does not mean you are rising as in levitation, but rising as in soon to be.

Aug 28, 2012

'Rising' must be an age thing. Nobody ever said that when I was in college.

May 14, 2015

Why is this conversation even being had... If you use the search function you will clearly find that BX is a top EB. They have all the exit ops that any other top bank would have. And stop focusing on the damn exit ops of one specific firm and focus on getting an offer from any BB, EB, or MM firm.

May 14, 2015
ChimpOnMyShoulder:

<

p>Why is this conversation even being had...

Because you replied to a thread that's nearly three years old.

May 14, 2015
Hugh Myron:

"ChimpOnMyShoulder" wrote:Why is this conversation even being had...

Because you replied to a thread that's nearly three years old.

Weird, this was at the top of my feed.

May 15, 2015

Out of interest when people say sh1tty deal flow what would be typical number of deals for an analyst to work on over the two years (in terms of active mandates and deals closed?)

May 16, 2015

If you really have all of these offers, congratulations. You're in a very privileged position.

MS M&A is a top three group. It would be the obvious choice, with the finest exit opportunities.

May 16, 2015
gibranmeng:

If you really have all of these offers, congratulations. You're in a very privileged position.

HAHA, right

http://www.drmarkklein.blogspot.com/

May 16, 2015

Well throw JPM and Lehman out. Blackstone, Greenhill, and MS are the best three choices. As for the ordering of those choices..I think you will have great opportunities no matter which of those groups you come out of. I'm not sure how much better one is than the other from a PE/HF perspective. From a b-school perspective, working at an elite place like Blackstone or Greenhill should give you an advantage as you'll be a unique applicant (Bstone and GHL take a few exceptional M&A analysts per year, MS has a huge ibanking analyst class). I think Bstone is more prestigious than GHL, though.

May 16, 2015

BX advisory is strong

May 16, 2015

I'm somewhat surprised to hear that Blackstone M&A is so highly regarded. I read many threads stating otherwise that Blackstone M&A is pretty much along for the ride of its PE brand name. Perhaps someone more knowledgable would come in and explain?
Thanks in advance.

May 16, 2015
curiousG:

I'm somewhat surprised to hear that Blackstone M&A is so highly regarded. I read many threads stating otherwise that Blackstone M&A is pretty much along for the ride of its PE brand name. Perhaps someone more knowledgable would come in and explain?
Thanks in advance.

I've heard the same thing. Apparently last year BX advisory didn't do much, especially compared to other boutiques such as Greenhill and Evercore (there was a wsj article comparing the 3). I would much rather take Greenhill or MS over BX

May 16, 2015

Blackstone m&a is trash.

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May 16, 2015

are they still looking to hire for full-time?

May 16, 2015

blackstone m&a is trash --> if BX m&a is trash than pretty much every job in finance is poop

@sum41 they are done will full-time, sorry

May 16, 2015

every other job*

May 16, 2015

Currently a rising junior interested in BX M&A...are exit opps to PE still on the same tier as MS M&A/GS TMT?

May 16, 2015

Yes

May 16, 2015
May 15, 2015

pretty low, I saw a WSJ article earlier in the year that said they were ranked in the 60s among M&A advisors
a friend of mine there leaves quite often around 8pm

Best Response
May 16, 2015

Had two phone interviews with BX M&A in Boston and was dinged right after that, tough process, heavily biased towards technicals. Their intern class is 2 SAs per year, and they currently have representation from schools such as MIT (2, I believe), UVA (1), and BC(1). 4 Analysts in total, and only about 10 bankers in the office. The office is focused solely on tech deals, and they will likely ask a bit about your knowledge in that space. The Menlo office also does tech deals, and I'm not sure how they split the mandates. Being from Boston / going to school there doesn't seem to be an absolute must for their process. My own experience: just applied on their website and got interviews for all of the divisions I applied to (BX M&A NYC, BX M&A Boston, BX PE NYC), also did a resume-drop (though they don't come to my school to interview) with my school's OCR site. As with all of the BX processes, you are contacted via e-mail for an interview with an analyst.

Good luck, hope this helps.

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May 16, 2015
thezone:

Had two phone interviews with BX M&A in Boston and was dinged right after that, tough process, heavily biased towards technicals. Their intern class is 2 SAs per year, and they currently have representation from schools such as MIT (2, I believe), UVA (1), and BC(1). 4 Analysts in total, and only about 10 bankers in the office. The office is focused solely on tech deals, and they will likely ask a bit about your knowledge in that space. The Menlo office also does tech deals, and I'm not sure how they split the mandates. Being from Boston / going to school there doesn't seem to be an absolute must for their process. My own experience: just applied on their website and got interviews for all of the divisions I applied to (BX M&A NYC, BX M&A Boston, BX PE NYC), also did a resume-drop (though they don't come to my school to interview) with my school's OCR site. As with all of the BX processes, you are contacted via e-mail for an interview with an analyst.

Good luck, hope this helps.

Very helpful, thanks. Would throw you a SB if I had credit left. Any idea of culture/exit-ops of Boston/Menlo compared to NYC? Heard NYC has amazing culture/hours but haven't heard much about the other offices

May 16, 2015

Menlo and Boston both have abnormally good exits. Maybe not as good as BX NY, but I do know that Boston frequently sends some to Baupost. When you're at a place such as BX, no matter what office youre in, your ops are amazing. It becomes what you make of them. Can you capitalize on your interviews? Did you reach out to a VP at KKR..etc.

That being said, Boston tech M&A is a sweatshop. I had a number of interviews with them and I focused all my questions on culture and fit since I cared way more about that at the time. The analysts made it clear that they are in the upper tier of sweatshops.

"Look, you're my best friend, so don't take this the wrong way. In twenty years, if you're still livin' here, comin' over to my house to watch the Patriots games, still workin' construction, I'll fuckin' kill you. That's not a threat, that's a fact.

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May 16, 2015

Exits are pretty great, though to be honest the office has only been around for a handful of years and only has 1-2 analyst hires/year, so the sample size is tiny. As with most all BX M&A, the deals they work on are tiny and not particularly impressive, and this is pushed to the extreme in the Boston office (dip down into 20mm types), which would be a turn off for me if I wanted to work in tech. I got an offer from the office last year (after accepting somewhere else, also didn't even get an interview with NYC, fuckers), and aside from having committed myself already to another firm, I would have turned it down because of the abysmal culture there. For one it is a tiny office (maybe 12 people total), and you need to really really like the people you work with. The analysts there work hard- there are very few places where I would say 100 hour weeks happen regularly or are the norm, and BX Boston is one of them- the culture in NY is great, not the case with the Boston office. Also the expectations there and responsibilities as a 1st year are very high- can see this as a good thing or a bad thing. Overall, if you want a 'prestigious name with great exits' then it is the place for you. But you aren't going to have much fun, and I didn't get the sense that the people there (at the junior level) really enjoyed what they were doing (obviously can be said for most banks, but this was to an even greater extent).

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May 16, 2015

Sorry in advance for hijack, but I found it interesting that a couple people mentioned BX NY has great culture. Can anyone please shed some more color? Particularly curious about hours. Thanks

May 16, 2015

One of my friends summered at BX NY - don't know much detail, but from what I gathered, they were really good about hours. Weekend work was not the norm, and not too many repeated 3 am nights.

dollas

May 16, 2015

Anyone have any updated thoughts on the Atlanta office?

May 16, 2015

I know an analyst there couldn't exit to pe after 3 years as an analyst.

May 16, 2015

lawl

May 16, 2015

Typical exit opp is POTUS

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May 16, 2015
May 16, 2015

Interview is heavy on advanced corp fin technicals, brainteasers, and mental math. The WSO guide will not prepare you well for it - I would definitely go with the M&I guide for an interview with this group.

May 16, 2015

Which office was this for? Thanks!

May 16, 2015

I'm pretty sure BX doesn't do M&A out of LA.

May 16, 2015

I agree with ss180, verryy technical. Walk me through your resume, why banking, why BX? and then all technical after that. The brainteasers are straight from the books though.

May 16, 2015

Total all-in comp is market at bare minimum.

Exit opps to the buyside or b-school are great. (TPG, Carlyle, Blackstone PE, Eton Park, HBS, etc.)

Offices in Boston and San Francisco (both of which are tech M&A) are better than the one in Atlanta, which does more MM-type deals, as can be expected of the location. The Boston office had a leading role in the recent $6.4 bn acquisition of ACS by Xerox. You should also check out London or HK if that's something that interests you.

May 16, 2015

Stay away from the Boston office.

May 16, 2015

Do exit opps differ depending on which office you work in?

Anyone have more details on comp (i.e. what is bare minimum?)

Thanks!

May 16, 2015
skype:

Do exit opps differ depending on which office you work in?

Anyone have more details on comp (i.e. what is bare minimum?)

Thanks!

Base is 70k. Bonus will be at least as great as if not greater than the next-highest paying banking on the street.

May 16, 2015

DontMakeMeShortYou, could you elaborate on why we should try to avoid the Boston office? Interviewing with them right now, would be interested to hear your thoughts.

May 16, 2015

PM-ed you DMMSY.

BX Boston also did the Microsoft-Publicis (Razorfish) deal over the summer.

May 16, 2015

You will get a great experience in Boston, at least as far as deal flow goes. Unfortunately, it's known as a sweatshop and none of their summers over the past few years have opted to go back. Comp will be the same. Exit opportunities will also be great. You just have to live and work like a dog for two years, making other bankers look like 9-5ers in the process.

This comes from a very reliable source.

May 16, 2015
DontMakeMeShortYou:

Exit opportunities will also be great. You just have to live and work like a dog for two years, making other bankers look like 9-5ers in the process.

This comes from a very reliable source.

Is it harder to interview with NYC PE shops if your not in BX NYC?

May 16, 2015

Blackstone hires into 2 groups. Their restructuring business and M&A business ... the M&A business is decent in NY ... the restructuring is the bomb

May 16, 2015
ejc317:

Blackstone hires into 2 groups. Their restructuring business and M&A business ... the M&A business is decent in NY ... the restructuring is the bomb

Nah, you're wrong about that. BX also hires into private equity and BAAM at the undergraduate level. I think they may also hire into GSO nowadays.

All the groups are great. Restructuring is naturally strong because of the environment. M&A is closing some great deals--Xerox and AIG anyone? PE is PE. Not as familiar with BAAM and GSO, but from all I've heard, each is tops for their category.

May 16, 2015

Dude he asked about Blackstone M&A ... i know they do PE, etc ... jesus i know plenty of senior ppl in Blackstone M&A to know the structure

And yes blackstone is mandated globally to restrucutre AIG and sell off assets ....

May 16, 2015

Dude he asked about Blackstone M&A ... i know they do PE, etc ... jesus i know plenty of senior ppl in Blackstone M&A to know the structure

And yes blackstone is mandated globally to restrucutre AIG and sell off assets ....

You sound like such a douche. If he asked about BX M&A, why did you mention both M&A and restructuring, genius? If you're going to mention the restructuring business, then you have to mention the other parts of the business that hires undergrads (PE, BAAM, GSO).

May 16, 2015

Restructuring sits under their advisory business ... its headed up by the same seniors ... sorry I thought he meant the advisory business - so my bad

As for calling me a douche - I'm sorry but umm ... I'd be careful of who you call names on the internet without knowing who they are ... you can call me whatever you want but you never know who you're talking to

May 16, 2015
pokersliar:

As for calling me a douche - I'm sorry but umm ... I'd be careful of who you call names on the internet without knowing who they are ... you can call me whatever you want but you never know who you're talking to

it gives me great pleasure to point out the obvious: you (probably) don't know who he/she is either.. so from his/her perspective, there is little incentive to censor his/her opinion.

Only two things are infinite, the universe and human stupidity, and I'm not sure about the former.

Only two things are infinite, the universe and human stupidity, and I'm not sure about the former.

May 16, 2015

Actually from his profile it seems that he's a 2009 who is just starting at an IB ... and indeed I don't know who he/she is and I haven't said anything offensive.

So I think my advice stands valid

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May 16, 2015
pokersliar:

Actually from his profile it seems that he's a 2009 who is just starting at an IB ... and indeed I don't know who he/she is and I haven't said anything offensive.

So I think my advice stands valid

From your profile I see you are a first year associate. So I really don't think you are in any position to be talking shit. You do seem like a douche btw

May 16, 2015

Dude you're fuckin weird.

May 16, 2015

Maybe my comment came off as douchey - i know plenty of people who've said stupid things in person / online and later regretted it - i just meant he should be careful what he says ... maybe I came off the wrong way.

Anyway, just trying to be helpful. And yes I'm an associate so I too have made some mistakes in my days ... (i.e have had people overhear me talking smack or said the wrong thing to the wrong someone) ...

May 16, 2015

.

May 16, 2015

^^ Agree with above however with the current mandate from AIG, you'll get a once in a lifetime experience if you do restrucutirng. PM me if you want more information. I've worked closely with those guys

May 16, 2015
pokersliar:

^^ Agree with above however with the current mandate from AIG, you'll get a once in a lifetime experience if you do restrucutirng. PM me if you want more information. I've worked closely with those guys

Just to clarify, the AIG mandate is an M&A mandate, not a restructuring one, although of course the two teams are working closely in tandem with each other. Out of the 5 partners officially retained on this deal, 4 are M&A. And the 5th, Art Newman from restructuring, was only tapped after the initial mandate.

Read more about it here: http://www.thedeal.com/newsweekly/dealmakers/aig-l...
Also scroll down to the bottom of this page: http://www.thedeal.com/newsweekly/dealmakers/moeli.... Those 4 partners are all M&A.

Either way, though, you can't really go wrong.

May 16, 2015

The mandate is an M&A mandate but its inherently restructuring. Many of AIG's businsesses need to have at least the corporate structures redone in order for businesses to be sold.

My friend just left to join them in Hong Kong and all they're doing is M&A but first they have to restructure parts of AIA, etc to be sold

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May 16, 2015

If it's an M&A mandate, that would mean that M&A bankers (i.e. analysts) are working on the advisory and restructuring work. Naturally, they would tap into the restructuring pool, but the deal team is mostly M&A.

May 16, 2015
Classic:

If it's an M&A mandate, that would mean that M&A bankers (i.e. analysts) are working on the advisory and restructuring work. Naturally, they would tap into the restructuring pool, but the deal team is mostly M&A.

Exactly. Restructuring is tapped on an as-needed basis, from what I understand, with the lead resting with M&A.

May 16, 2015

I suppose - i can only tell you from what i see and that at the analyst level they tap a junior in M&A and a junior in retsrucutring

maybe its different elsewhere.

May 16, 2015

... And the last time I checked selling a company's subsidiary can also be classified as sell-side M&A.....

May 16, 2015

bump...interested in this as well. I was told that all their analysts got interviews with all the top megafunds and HFs.

May 16, 2015

BX restructuring does some pretty big deals... Ford and Delphi that I remember off the top of my head. M&A--not so much.

Both their M&A and restructuring groups feed straight into PE. For M&A, you see you your standard fare... ex GS/MS interns, but also a good showing from other bulge brackets. The person who interviewed me used to work for the Treasury. Oddly enough, in the deals where I've worked with Blackstone, they've always hired an independent M&A advisor (though I fail to see the conflict of interest).

May 16, 2015

I'd take GS personally unless you favoured a boutique environment. Actually, to be honest - when interviewing there they said most don't go to Blackstone PEG because of hte partnership structure. There's no incentive to take cross hires vs. better analysts out of top groups on the street. However, ther was one analyst who made the transition this past year.

BS M&A has good exits but you won't work on many blockbuster deals from a leadership position. Lots of their groups are like sell side, private company, mm etc.

The Blackstone name would be the primary reason for chosing it, not the experience.

May 16, 2015
May 16, 2015

joefish, is this for internship position? are you at a target school?

May 16, 2015

PM'd you dude

May 16, 2015
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