CS vs BoA

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How do the two stack up for Investment Banking? I am trying to decide for next summer. I am interested in sponsors and M&A.  My main criteria:

1) exit opps 

2) deal flow 

3) culture/ overall experience

Comments (24)

 
  • Analyst 1 in IB - Ind
Oct 16, 2020 - 6:06pm

Exit opps are similar at both. BofA has stronger deal flow now, CS still has the legacy strength of when it was arguably the number 3 bank on Wall Street. More group dependent: BofA sponsors / levfin / M&A / C&R and CS sponsors / M&A / TMT / industrials are all solid groups (sorted in rough descending order of exit opps). Dealflow is group dependent, leans BofA but CS is the #1 LevFin and PE bank on WS. CS and BofA are both known for overall better cultures than the average BB but again, group dependent. Sponsors in both are very difficult to get into. I think people might underrate CS for PE and overrate BofA for PE placement, but similar enough. 

 
  • Analyst 1 in IB - Ind
Oct 17, 2020 - 8:47am

CS has stronger exit opps, take a look at linkedin and see the recent placements every year and it is even more impressive as CS has one of the smallest analyst classes of any BB so per capita it is even better than it looks. 

Deal flow I would say BofA has been doing better recently but not such a big difference

Culture and experience is very group dependent at each bank

 
  • Intern in IB - Gen
Oct 17, 2020 - 7:11pm

Congrats on having two great options. I think much of what has been said already is largely accurate – CS and BofA are two of the leading leveraged finance and private equity banks on Wall Street, and I would lean towards BofA LevFin or CS Sponsors if you can get either. 

I am not as experienced as most on this site quite yet, but having recently faced a similar decision to yours, my best piece of advice is to seek out and extract as much wisdom from those around you who have more knowledge and experience. Reach out to directors, former analysts who've left for PE, or anyone else in the industry with years of experience under their belt. Be quick to listen and slow to speak. This helped me tremendously when I was deciding, and for what it's worth I ended up choosing one of the aforementioned groups at over an offer from a coverage group at a "top tier" BB because I am really interested in private equity and wanted a modeling-intensive experience with a lot of execution work, which both of those groups offer. 

Best of luck with whichever you decide!

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