investment banking in Texas

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I will be a freshman at Rice university in the coming fall. Plan to double in economics and mech Engineering. Since Rice is not a feeder to the big new york based banks, i was wondering if there would be any investment banking opportunities in texas for Rice undergrads. If so, what are the names of the companies or firms so i can start looking into it.

any info or advise concerning ibanking (especially pertaining to engineering or Rice) will be appreciated.

Comments (117)

 
Dec 31, 2006 - 4:16pm

Check your career services for firms coming to your school particularly. I'm sure there is a good amount of banks recruiting at your school.

Banking > VC > Tech PE; PM me if you would like any advice I'm happy to help
 
Dec 31, 2006 - 5:09pm

some bulges recruit there and you can tell the recruiter you are interested in NYC, Chicago, LA, SF and they will usually help coordinate assuming you are qualified. I went to Penn and wanted to come out west for tech.

-- Interview Guides GMAT Tutors WSO Resume Review --- Current: Senior Analyst - Hedge Fund Past: Associate - Tech Buyout Analyst - Morgan St
 
Jan 1, 2007 - 4:36pm

I'm a senior at UT, and interviewed with all the banks in Houston. A lot of great guys there and you can't beat the cost of living. However, I decided to go to New York instead because the exit ops are without question superior.

One thing about Houston: Only a handful of Houston offices actually execute their own deals, and the rest simply source them to up New York. DO NOT get stuck in a place where all you do is pitching all day. From my experience, the places you want to be are Lehman, CS, and UBS. Don't use the "Vault" rankings to decided where to go if you're going Houston. GS and MS for example don't come close to Lehman in terms to oil and gas deal flow.

 
Jan 1, 2007 - 6:33pm

From what I understand the rankings in terms of deal flow for oil and gas are (approximately and definitely hearsay so take it for what it's worth):

  1. Lehman/CSFB
  2. JPM/UBS/MS/Petrie Parkman
  3. GS/Citi/ML/DB

ML bought Petrie Parkman somewhat recently, so they would figure to be on the rise. I got this info from a few bankers. Take it with a grain of salt I guess.

 
Jan 1, 2007 - 7:11pm

Bankerbot2007:
From what I understand the rankings in terms of deal flow for oil and gas are (approximately and definitely hearsay so take it for what it's worth):

  1. Lehman/CSFB
  2. JPM/UBS/MS/Petrie Parkman
  3. GS/Citi/ML/DB

ML bought Petrie Parkman somewhat recently, so they would figure to be on the rise. I got this info from a few bankers. Take it with a grain of salt I guess.

I worked in NR and I think that is a pretty bad ranking. In terms of M&A it is definitely off.

Again, you have to look at who is doing what kinds of deals and what their role was. Sure PP sold Chief to Devon and Crosstex, but what other really important sector deals have they done?

Just for example, a few of the big industry-changing deals GS has done in the last 12 months are:

1) $36bn purchase of BR by COP (December 2005)
2) $18bn purchase of KMG by APC (June 2006)
3) $5bn purchase of WGR by APC (June 2006)

One thing you'll learn is that if you're in a BB industry group, what matters is M&A. You will learn the most about the industry, learn the most in terms of modeling and will inevitably spend more time for any given deal on M&A transactions. I didn't know this going into things, but I wish I had. Thankfully I had older friends who helped me see it (which is why I took the job I did).

 
Jan 1, 2007 - 7:38pm

And the most recent Statoil/Norsk Hydro, announced Dec 2006.

Just curious..why are you an ex-GS banker after only 1.5 yrs or so.

Sound like you are still with us.

Everything you have posted, as well as BBMA3 has been spot on.

 
Jan 1, 2007 - 11:46pm

So what about GS's Houston office though? Also, I was told that JPM's Houston group was very small compared with some of the others. Also CS emphasized that they generally see deals through each phase instead of passing it between each specialized group. Was wondering if this holds true at the other banks?

 
Jan 2, 2007 - 1:46am

Worked in NYC, but worked with our Houston office a ton and other houston offices on deals.

monty09:
Last year and even this year (2006), a lot of GS MD's left to various HF's and PE's. They have hired away some of DB and JP guys.

This is not true. Not for the NR group at least. 1 power focused MD went to JPM and one power focused MD went to a PE shop, but no one from the oil/gas/energy side left.

Also, they did not hire any MDs/VPs/Associates from JPM or DB.

This is clearly an example where people who don't know what is going on try to comment and give people advice. As I said in my other thread, be careful of who you listen to, as very few people are right about things.

 
Jan 2, 2007 - 2:07pm

Simmons is a top notch oil and gas bank and has an amazing reputation. They have guys every year go to First Reserve, Riverstone, and other top energy PE shops. They don't compete with the BB's to get the integrated oil companies, but they own the middle market. Not to familiar with the other firm's Houston offices, but I do know FBR has been struggling as whole for the past year or so.

If you want to do oil and gas in Houston, I'd take Simmons over RBC, FBR, and BAS any day, as well as some BB's.

 
Jan 2, 2007 - 6:10pm

Texas Boutiques (Originally Posted: 03/29/2010)

If anyone who has knowledge of some of the middle market boutiques (Westlake, Gulfstar, etc.) in Texas could post something so I can PM them or if you could send me a PM I would appreciate it. I have a couple questions regarding some firms.

Thanks for the help.

 
Jan 2, 2007 - 6:14pm

TX banking is generally focused on energy (oil/gas), ive worked extensively with JPM on a variety of propsective transactons. Exit opps are great if you want to puruse a career in the energy industry. Chevron and a lot of other energy companies have a big presence in TX as I am sure you know. Other than that, there is nothing like being in NYC for banking

 
Jan 2, 2007 - 6:17pm

IB in Houston from a non-Texas target school (Originally Posted: 08/12/2014)

Hi everyone, i'm new to this forum and I need your help.

I'm an uprising junior at a tier one target school (Harvard, Stanford, Princeton, ... etc) and i'm really interested in energy IB. However, I noticed that most (if not all) students in my school get offers in NYC, Chicago, or SF. Not Houston though. How should I network with the houston office when all our networking sessions are conducted with NYC people? How do you guys network with Botigues in Houston if they don't come to your school (like TPH)? Do I have a lower chance of getting an internship than A&M, Rice, UT students?

Thanks for the help!

 
Jan 2, 2007 - 6:20pm

Your school should have a database with old job postings/contacts. Find the HR contacts and ask them to refer you to someone or ask them to set up an informational. Also, contact current alumni from other offices and ask them to put you in touch with the recruiter, if you don't already know, and the recruiter should refer you to the correct people. Typically, the BBs in Houston are not the same recruiters as for the NYC office.

PM me if you want to get more specific.

 
Jan 2, 2007 - 6:25pm

Tiny Texas Boutiques (Originally Posted: 04/29/2010)

Before you jump down my throat with "if you want the money, you have to work for it" comments, please hear me out. I fully understand what I am getting into in this industry. Long hours. But what about end of the spectrum opposite New York BB? Specifically, what kind of hours/lifestyle could one expect at some of the tiny (10-15 guys) boutiques in Houston? Would the hours be less? If so, by how much?

Again, I get it, IBers work a lot. But there must be some variation along the spectrum.

 
Jan 2, 2007 - 6:27pm

Depends VERY heavily on the culture.

I disagree with an uninformed minimum. It is completely dependent on the culture of the firm.

It could very well be a bunch of guys who are just happy doing whatever it is they're doing in the space they're doing it in. They don't desire any more or any less.

You need to get a feel for the firm culture which you'll get by meeting with all of them.

Array
 
Jan 2, 2007 - 6:30pm

Opportunities in Texas (Originally Posted: 10/10/2015)

To start off, I'm definitely a while off from having to look for a job in investment banking; I'm only in my junior year of high school right now. However, in a field as competitive as IB, I figure I can't get started too early. I currently live in Texas and plan on majoring in finance at UT Austin. I would love to stay in Texas, but I'll obviously have to go wherever there are job opportunities. That being said, what is the IB scene like in Texas? I've heard that the major firms have presences in Texas, but the likelihood of landing a job at Goldman Sachs straight out of college is pretty slim. So would I have a shot at getting a job in Texas? Or would I have to seek elsewhere?

Thanks!

 
Jan 2, 2007 - 6:47pm

No hours are not the same at all. It is much more laid back here. However, there are some energy groups that are sweatshops. You will also see alot of business casual here instead of suits. People are pretty smart here, and since Houston is a laid back city for the most part, you won't see as many d-bags in the industry.
What bonks said is kind of true. Everyone here believes you are a teller if you mention banking.

Array

 
Jan 2, 2007 - 6:51pm

Hours at any of the banks you mentioned are just as bad as they are in NYC. They all have plenty of analysts, so you'll have a bullpen full of guys to work with. If you're at a boutique it may be a little more isolating, but if you do a little networking / making friends in town, you'll probably end up some other finance folks.

 
Jan 2, 2007 - 6:52pm

I know that in one of the top-tier BB offices, nearly all of the analysts are married - not kidding. This is a cultural thing you'll likely never find in NYC. Had a buddy who was in the Houston O&G group and internal moved to the NY office because he found himself with no friends as his peers would go straight home to their wives (read: no drinking/partying). I doubt this is can/should be viewed as a generalization for BBs in Houston, but an interesting anecdotal experience nonetheless.

 
Jan 2, 2007 - 6:53pm

I would say the hours are pretty comparable to NY, but the culture is much more collegial in Houston.

For the specific banks you mention, hours are pretty bad at C, GS and CS. Hours are surprisingly pretty good at Barclays, given the amount deal flow. Simmons has great hours. There are several "prestige rankings" out there for Houston banks that you can look at.

 
Jan 2, 2007 - 6:57pm

I don't know where these guys are getting the idea that most are sweatshops. Don't get me wrong there are some crazy sweatshops here, many of which are smaller boutiques. However, I think 70-80 hours is common. Houston has a much more chill lifestyle so your MD and VPs tend to be laidback. Most energy deals require a fair amount of regulatory approval as well, so analysts are not in as big of a time crunch as they would be on non-energy deals.

Array

 
Jan 2, 2007 - 7:00pm

Hours in Houston are not better than NYC. Almost all of the BBs are all 90-100 hour work weeks. They are consistently sleep deprived. On the boutique side, the hours are less consistent but if you're at Lazard or TPH and you land a massive deal, you will most certainly be puling 110 hour work weeks.

I detect a major lack of culture in a lot of these banks. NYC is more "work hard, play hard" - but bars close at 2am in Houston and the city is suburban, industrial sprawl. It's frankly a much more lonely environment.

 
Jan 2, 2007 - 7:01pm

Texas - Any experience? (Originally Posted: 11/15/2013)

I'm thinking about looking for jobs in Texas with the hopes of moving there. Low COL and the finance job market's on the rise apparently.

Any experience?
Is Houston the place to go? How much cheaper is it than, say, Chicago?
Is the redneck factor really large or is that more prevalent outside of the cities?

 
Jan 2, 2007 - 7:02pm

Austin is more my speed as far living (and I think that goes for most young people). Is that your main concern or are you asking about finding a job?

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
 
Jan 2, 2007 - 7:05pm

Houston - Energy banking/trading/private equity firms, oil & gas corporate finance/risk/operations, etc.

Dallas - Wealth/Asset Management, hedge funds, private equity, mid/back office functions for BBs, random assortment of securities divisions of BBs, some boutique I-banks, etc.

Austin - Few boutique I-banks, quite a bit of small private equity shops.

 
Jan 2, 2007 - 7:06pm

In terms of lifestyle Houston is the worst of those three. It's mostly a city of transplants and not near as southern as you would think. Dallas is the most southern of the two. Austin is pretty southern, but at the same time liberal. (Houston is too) It has a good music and art scene, UT, and lots of pretty women. All three cities are growing faster than most cities in the US and have excellent job opportunities. COL is much lower in Texas as well. There is no state income tax, lower property taxes than suburban IL, lower gas (currently $2.89 in Houston), and rent is pretty comparable to Chicago. Overall prices are similar to a city like Chicago, except you'll save the state income tax rate + fuel costs.

Big difference between northern/older cities and Texas cities is public transit. Plan to live right where you plan on partying if you don't want to be DDing all the time. Houston has essentially zero public transit, while Dallas is better.

Redneck factor isn't really in the big cities. (Assuming you mean actual rednecks and not just people who sound very southern)

Overall I'd go Austin/Dallas > Houston. That's from my experience living in Houston for the past year, and from visiting Dallas and Austin many times. (Part of my family grew up in Austin)

If you want to work in something oil and gas related....Houston is 100% the place you want to be.

 
Jan 2, 2007 - 7:07pm

In all honesty you won't even find the "redneck" factor until you move into West Texas area. Any large city (Austin, Houston, Dallas, even San Antonio, Corpus, etc. aren't very redneck). Austin is the most liberal of the three big ones, largely thanks to the "Keep Austin Weird" mindset.

If you want good food and a more "mosaic" culture, check out Houston. Greater racial diversity means *really* good ethnic food and lots of interesting areas of town to visit. Horrible traffic though, and housing isn't that good. Austin is great for cheap real-estate, especially on certain areas of town - if you're willing to live outside Austin proper, you get REALLY cheap apartments and houses. I'm currently living in a 2-bedroom apartment in North Austin for $1100, split between 3 inhabitants. 1250 square feet, and it's one of the fancier complexes in the area. Houses are pretty cheap up here too if that's your thing. And if you want to go more "luxury", South Austin is really up and coming right now - lots of great developments happening (check out South Shore District).

You won't find many finance jobs in Austin. Banking is almost nonexistent. A few VERY small PE and VC firms, but chances of you getting a job with them are low as they are looking for very experienced hires. That said, if you want to go to the Big 4 or CorpFin/CorpDev route, Deloitte is pretty big in Austin, and some of the bigger tech conglomerates might have opportunities (National Instruments, Dell, IBM, etc.)

Currently live in Austin, so feel free to ask anything you want. Spent a summer briefly in Houston, and only been to DFW a couple times in my life.

Currently: future psychiatrist (med school =P) Previously: investor relations (top consulting firm), M&A consulting (Big 4), M&A banking (MM)
 
Jan 2, 2007 - 7:22pm

Set your priority,first thing first.
Unless you are born with a silver spoon in your mouth,you want a job first.
So what is your area of specialty,Houston is huge,bigger than Austin or Dallas/Fortworth,it is all spreadout,there is public transportation Metro bus is common but the light rail only serves certain area.
But it is better if you own a car and get used to driving,streets are easy to find,traffic is not any worse or better than other major cities during rush hours.
Folks from Dallas like to say Houston is a blue collar town,dont bring your idea to Dallas,TRUE there are many ethnic groups ,some work for multinational oil companies like the Nigerians and the Arabs,these are professioanls but there is also a large population of hispanic and South East Asians,mostly Vietnamese,many work in blue collar jobs or own their own business such as eateries and hair/nail salon.
Weather does get very hot in the summer,winter is okay,it may go down to the 30s for a few weeks in the winter,thats about as much winter you are going to find.
Some folks live and work downtown,I heard it is a vibrant place with bars and eateries and niteclubs besides condos,some prefer further west in Montrose area,or the Galleria area.
Houston does not really have one area for nite life,but plenty of good restaurants and a large Asian Town with mega size supermarkets and restaurants if you are into Asian cuisine
It sounds like you will be in finance and from reasing this forum where many of you work relentless hours,does it really make that much difference what kind of social life you have?There is night life and you will party and meet people,and good food and good weather and low COL and no income tax,you can go to Galveston and hop on a last minute cruise to the Carribean ? or go to San Anthonio ?or Dallas if you have expensive taste,they have some very nice and expensive boutiques there,or Austin for sushi and meet IT workers from Dell.
Some one mention beautiful women in Austin,I dont know,but I have been in Houston for 13 years now,and I may have met 2 beautiful women,may be one,it was so long ago.If you want beautiful women go to California or Tokyo,the girls enhance their looks with plastic surgery and if you want to have the same,hop on a plane and go to Seoul,they have the best plastic surgeons.you will look so young,the US customs and immigration may not recognise you,
So COME'ON DOWN ,we offer salsa lessons free!

 
Jan 2, 2007 - 7:23pm

I dont think the author of the thread means 'red neck' in a derrogatory sense,red necks are those oilies who work in the field and get their face and neck sunburnt.
They do texas 2 steps or is it 3 steps and all like to converge in bars after work and eat plenty of meat,aka BBQ ribs.
But you wont find many in the cities,they work out in oil fields,the ones who work in oil and gas co in Houston are the office workers,they dont get sunburnt.
They go to strip joints,we have plenty of them here.

 
Best Response
Jan 2, 2007 - 7:25pm

A decent chunk of my childhood was spent in a small town that was more rustic than suburban, and the sheer bigotry and zenophobia of many of the residents was just stunning. If my one data point is worth anything, there isn't anything humble or noble about small town America...just a bunch of under-educated, ignorant, self-righteous folks seething with contempt for any person that is different from or better than themselves or any point of view that differs from their own.

 
Jan 2, 2007 - 7:31pm

Yankees are a bit delusional, most of them think the south is a bunch of tobacco fields with slaves working in them and a bunch of white guys sitting on big porches sipping spiked lemonade. I guess this makes sense when you consider that the schools they went to are fraught with white apologists whom believe that former slaves are still alive today. /sarcasm

Follow the shit your fellow monkeys say @shitWSOsays Life is hard, it's even harder when you're stupid - John Wayne
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