Comments (49)

Oct 4, 2017

You have to tell us which groups...

Oct 4, 2017

Unfortunately, they were all generalist offers, so can't say much more on that front.

Oct 4, 2017

No as in Capital Markets, Classic, Financing, etc. Are they all IB/Classic?

Oct 4, 2017

I got placed in FIG. They give generalist offers??

Oct 4, 2017

Classic for GS, general for both MS and JPM (edited for clarity)

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Best Response
Oct 4, 2017

I know this sounds rote but just take GS. Their return offer rate is a little lower than MS or JPM, but it's not terribly bad, and if you got offers at all 3 you're probably more than capable enough to get a return.

The culture at GS is a little bit cut-throat and competitive, but it's Goldman and being there will open more doors down the road all things being equal. Also, the Classic offer guarantees you won't get stuck in Capital Markets groups, unlike JPM. And since their M&A is done mostly by the coverage groups, you're much more likely to get quality M&A exposure than if you didn't get M&A at the other firms. Also, the building and area downtown is much quieter and nicer than midtown, especially MS which is right in the middle of the Times Square cesspool.

MS has a very bro-ey, athlete culture and isn't doing as well lately in terms of deal mandates, overall performance, etc. Obviously still very top, but isn't giving GS/JP/BAML as much of a run for their money as they typically have.

JP is cool, good firm in general. Some groups have amazing culture, some have absolute shit culture with asshole MDs who have a stick so far up their ass I'm surprised it's not coming out their mouth. But idk, GS is better in pretty much every way unless you really want to be at a big universal bank.

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Oct 4, 2017

@cipranis Go with GS. It will play the best if you don't get a return offer and it's the best place to go FT when that offer comes. GL.

Note: other shops are very very good and you may get a better overall experience. But that's not really the point at this stage.

Oct 4, 2017

Both are generalist positions

Oct 4, 2017

How did you get a generalist offer? I got placed into a specific group at one of them and I really don't like the group

Oct 4, 2017

How did you get a specific offer? Did they let you know over the phone? They didn't specify anything on my end.

Oct 4, 2017

Wtf I wish I have a generalist offer. My offer says Financial Institutions

Oct 4, 2017

All three of these firms hire generalist for NYC

Nov 5, 2017

They're not. JPM and MS both have separate M&A product groups. The coverage groups do get to do some of the M&A and offerings in their industry, but they work with the product groups (M&A, capital markets) to execute the deals. GS does not have a separate M&A product group, meaning M&A is all done in-house in each industry group.

Oct 4, 2017

My offer says FIG

Nov 5, 2017
moneymogul:

They're not. JPM and MS both have separate M&A product groups. The coverage groups do get to do some of the M&A and offerings in their industry, but they work with the product groups (M&A, capital markets) to execute the deals. GS does not have a separate M&A product group, meaning M&A is all done in-house in each industry group.

Yes, it seems that MS has its ECM, DCM, Lev. Fin. in one unit (called Global Capital Markets), and then the rest of its IB activities in another (called Investment Banking). But then, if you click on the investment banking unit, they talk about "underwriting of equity and equity-related transactions, corporate debt issuance". But isn't that what ECM, DCM, and Lev. Fin. does?

Here is the link:
http://www.morganstanley.com/about/careers/ourbusi...

Nov 5, 2017

So, for MS and JPM, M&A has its own division where they do all M&A across all industries, and then they have coverage groups for the rest of their IB activities like ECM, DCM, etc.? What does coverage group do then?

And just to clarify, GS does do what I thought, above? They have industry groups that focus on one industry such as Healthcare that does everything IB that relates to Healthcare, right?

Nov 5, 2017

They also break down coverage differently. It's subtle, but could be substantial based on where you want to go. For example, JPM covers chemical companies out of Natural Resources, but at MS/GS it's out of Industrials I believe. Little things like that.

Nov 5, 2017

Even though JPM and MS have M&A groups, many groups still do their M&A in house. For example, FIG at JPM and M&T at MS do their own M&A.

Nov 5, 2017

Everyone will tell you they do their M&A in house on their coverage group.

From what I have heard, most of the times the reality is that (in the case of a platform with both M&A groups and industry coverage groups) they both share the work, with M&A taking the lead of the execution and the coverage group managing the client relationship.

The degree of execution that the industry group will handle depends on the workload of the M&A group at the moment of the transaction.

Nov 5, 2017

This is true.^

But I know what Mossy said about MS M&T is true as well. Some industry groups actually do their own M&A 100%. Things differ by bank and group so you're best off asking directly.

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Oct 4, 2017

GS, JPM and MS keep saying they're the best but GS doesn't even care

Oct 4, 2017

Damn man, congratulations on getting all 3 offers... that's insane

Oct 5, 2017

Whichever keeps you closer to industry/advisory rather than financing. There isn't that much of a difference in compensation, but there's a big difference in content.

Oct 5, 2017

GS TMT OR BUST !!!11

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Oct 5, 2017

don't go to Chase or Mitsubishi... go to Warren Buffett!

Jokes aside, I would reach out to groups you are interested in at each bank. See if you will fit in well, then pick your offer accordingly.

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Oct 5, 2017

I agree that you should probably just take GS. The whole idea of seeing which groups you get along with doesn't seem to make a lot of sense to me. I don't think there's that big of a difference and frankly think you'll find it difficult to differentiate in such a short period of time anyway.

Oct 6, 2017

It's a bitch to recruit out of Goldman. You really got to do the whole repeated doctor appointments or family illness thing

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Oct 6, 2017

All I can add is that as a former GS employee, it does make a difference. I started there out of college, and people are more interested in that than in any other career stop that I've had, and I left GS in 2004. As an entrepreneur I get asked about my background all of the time so it comes up pretty regularly.

Oct 6, 2017

It's a cliche, but I'd recommend that you go for the group with the nicest people. Assuming all else equal, GS continues to hold the best brand value, and so I'd go for that.

Congratulations on your offers and best of luck.

Oct 6, 2017

MS

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Oct 6, 2017

First off, congrats - it's amazing you got all three. If you like them all equally in terms of fit, then I would suggest GS, just for the reasons some folks have listed already (universal name, opportunity to join GS full time, still have the name of you don't get the offer and need to look again after...).

I suppose it's a bit difficult to pick based on culture/fit if you got a generalist offer and you haven't been slotted into a team yet... But if there's some way to ascertain what teams you are able to join (or if you have some say in that), then people on the board with exp or Intel on those teams can comment on culture. Had you gotten to know the specific teams you would be working with, given all three are top BBs, I would have said choose based on fit - because you want the place where you are best equipped to succeed and get along with everyone to secure that FT offer.

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Oct 8, 2017

Congrats... must feel good right? Some of us are feel elated even if we make it to the interview.