Investment Banking in Philly

PhillyBound's picture
Rank: Chimp | 15

Firstly, you'll have to forgive me for not being an expert on investment banking opportunities/prospects. I'm currently a sophomore at Villanova (not a major target, but there is BB recruiting from Goldman Sachs, JP Morgan, etc.) and I'm a bit behind the curve, so to speak. But disregarding my specific qualifications for now, I'm interested in a bit of insight into the industry.

I have two major concerns.

(1) Assume I have a strong desire to stay in the Philadelphia metro area, for various reasons. Is it generally easier or harder to break into a BB investment bank at a satellite Philly office as opposed to on Wall Street? Again, I am unfamiliar with the workings of the industry, and I'm wondering whether these satellite offices employ a much smaller number of people (and therefore present tougher prospects for a job-seeker).

(2) On a slightly different note, assume I have no shot at a BB internship for this summer (as a rising junior). What other internships should I be pursuing? I know this has probably been covered in numerous other topics, but what I'm looking for is a ranking of internship types as they contribute to a career in investment banking (i.e. Asset Management, F500 corporate finance, etc.).

Any help with this would be greatly appreciated.

Comments (23)

Jan 15, 2012

I was in a similar situation last year so I can probably provide some insight here. There are some investment banks in and around philly most are very small. I net worked with about 4 of these and I got the same story from all of the the dont want people right out of college they told me they like to hire people who have experience from big 4 valuation or commercial banking. Beyond that they said and type of corporate financial analyst position is helpful. Net working is key though, start now it isnt too late you still have more than a year before full time recruiting. Sorry bud I dont know much about BB in philly.

Jan 15, 2012
almost_there:

I was in a similar situation last year so I can probably provide some insight here. There are some investment banks in and around philly most are very small. I net worked with about 4 of these and I got the same story from all of the the dont want people right out of college they told me they like to hire people who have experience from big 4 valuation or commercial banking. Beyond that they said and type of corporate financial analyst position is helpful. Net working is key though, start now it isnt too late you still have more than a year before full time recruiting. Sorry bud I dont know much about BB in philly.

Thanks for this. Are you aware if any of these smaller banks have intern programs? I'd imagine they don't, but maybe there is an off chance.

Jan 16, 2012
PhillyBound:
almost_there:

I was in a similar situation last year so I can probably provide some insight here. There are some investment banks in and around philly most are very small. I net worked with about 4 of these and I got the same story from all of the the dont want people right out of college they told me they like to hire people who have experience from big 4 valuation or commercial banking. Beyond that they said and type of corporate financial analyst position is helpful. Net working is key though, start now it isnt too late you still have more than a year before full time recruiting. Sorry bud I dont know much about BB in philly.

Thanks for this. Are you aware if any of these smaller banks have intern programs? I'd imagine they don't, but maybe there is an off chance.

I would say none have internships that they are going to recruit for. The exception might be Janney although I'm not sure. That isnt to say that if you net work you wont find something. A lot of the places in Philly are small 10-15 people. Check out SSG as mentioned above, Fairmount Partners (there is at least one nova grad there, email him that would be a good start), Curtis Financial. Hope this helps.

Jan 15, 2012
PhillyBound:

(1) Assume I have a strong desire to stay in the Philadelphia metro area, for various reasons. Is it generally easier or harder to break into a BB investment bank at a satellite Philly office as opposed to on Wall Street?

The BB offices in Philly don't do investment banking. They're probably all wealth management teams. MS has some FoF teams in the burbs. Check out the MM firms and boutiques. SSG Capital Advisors is a group with some sort of reputation.

Jan 15, 2012
ThaVanBurenBoyz:
PhillyBound:

(1) Assume I have a strong desire to stay in the Philadelphia metro area, for various reasons. Is it generally easier or harder to break into a BB investment bank at a satellite Philly office as opposed to on Wall Street?

The BB offices in Philly don't do investment banking. They're probably all wealth management teams. MS has some FoF teams in the burbs. Check out the MM firms and boutiques. SSG Capital Advisors is a group with some sort of reputation.

Ok, thanks. That clears that issue up.

In regards to wealth management, do you happen to have any knowledge of Goldman's summer PW analyst internship (I'm mostly interested in the sheer difficulty of being selected)? My career center has a specific listing for this for the GS Philly office. Also, is PWM in general something to not even attempt to break into out of undergrad?

Jan 16, 2012

PNC takes capital markets interns in Philly.They don't do M&A though.

Jan 16, 2012

Harris William, Stifel and Janny are the bigger names in Philly. BAML and JPM have sales trading in Philly. Citi has some trading and public finance. RBC, BBT, etc all have public finance offices. Brown Brothers has an office here. You have a bunch of VC/PE and smaller hedge funds also.

Jan 18, 2012

Is Stifel legit in terms of research and/or AM?

Jan 18, 2012

lots of public finance investment banking in philly

Jan 18, 2012

villanova

Jan 18, 2012

PNC Capitol Advisors (and I would guess other groups at PNC) also does a really amazing Co Op with Drexel.

Jan 18, 2012

Villanova is probably going to give you more solid options than Lebow at Drexel. I'm from Philly, and when I was looking at schools here, I came across this as well. The coop program is phenomenal for hard science kids and engineers, a really good friend of mine has interned at Lockheed Martin twice and Northrop Grumman as well, but for business majors, it didn't seem as stellar placement.

Jan 18, 2012

Thanks. Anything else for Drexel?

I Got a dollar and a dream...

Jan 18, 2012

Drexel places at both Janney and Boenning.

Smokey, this is not 'Nam, this is bowling. There are rules.

Jan 18, 2012

Came across several Drexel graduates at various boutiques in the region. So if you're aiming for boutiques versus BB, than it would be a better bet. Villanova is also pretty good and there are many M&A and PE shops close by in the Radnor/King of Prussia/Conshohocken area. I see a lot of graduates from there at boutiques as well, a long with Penn State. Of course UPenn trumps them all.

Jan 18, 2012

While on the subject of philly-area schools, how about Lehigh?

Jan 18, 2012

More of an engineering school really. If you plan on staying in Philly you will be fine with Temple, Drexel, Penn St, Nova, Etc. If you want to work in NYC I would most likely choose Nova.

With that said, Drexel is actually in the city so if you want that experience don't go with Nova.

Jan 18, 2012

Drexel Vs Rutgers?

I Got a dollar and a dream...

Jan 18, 2012

Drexel places a decent amount at SIG

Jan 18, 2012

Also, there are virtually no girls at Drexel.

Jan 18, 2012
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Jan 18, 2012
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I Got a dollar and a dream...

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