investment banking in Texas

sharon7090's picture
Rank: Chimp | 9

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

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.

Dec 31, 2006

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.

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Dec 31, 2006

Goldman recruits heavily there. Most banks (from my experience only look for Houston office). Get a job at GS - Houston will provide you the same exit ops as the same job in NYC. People from the Houston office have gone onto to a bunch of awesome hedge funds, THL, etc.

Dec 31, 2006

I am a senior graduating from Rice next semester. All the major banks (GS, MS, JPM, Citi, DB, etc.) and a few smaller onesrecruit there for the Houston position in Energy Banking. This year Rice had ~10 people get full-time banking jobs, so it's definitely possible.

Dec 31, 2006

Based on last year's postgraduate survey, there were at least 12 people who went to major banks. It appears the Houston offices have been recruiting heavily lately.

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Jan 1, 2007

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.

Dec 31, 2006

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.

Dec 31, 2006
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

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.

Dec 31, 2006

How would you guys rank the oil and gas industry groups then? As I said, I just ranked them based on some hearsay.

Dec 31, 2006

Thanks John99. PM Sent.

Jan 1, 2007

ExGS, did you work in NR in NY or Houston? Just wondering if you could comment on TexasIB's statement about CS, UBS, and Lehman being the only ones in Texas who see the deal all the way through.

Dec 31, 2006

JPM is fully executional and Citi is moving much of its NY team down to Houston so Citi's NY office figures to be fully executional soon as well (if it isn't now already).

Jan 1, 2007

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

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.

Dec 31, 2006

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.

Dec 31, 2006

How many people are in the average group? JPM's Houston group is around 20, whereas Citi's is a bit more than half that, and currently moving toward 20 by the middle of 2007.

Dec 31, 2006

GS NYC and Houston NR group works together. People from both locations are staffed on teams together, which in my opinion makes the experience better b/c you work with more people (I worked with every MD/VP in both NY and Hou) during my tenure.

Jan 2, 2007

I am not talking about NR but energy.

One oil/energy banker from stanford/penn. left to join HF while taking a few people from his team.

Dec 31, 2006

We were talking about different time periods. The guy left over 1.5 years ago. Turnover in banking is quite high, so its not surprising. Also, the guy went to work on the industry side sort of.

I wouldn't knock the group for it.

Dec 31, 2006

Can someone who is familiar with the Texas groups discuss the strategic positioning of some of the smaller NR groups that are in the area? In particular, the ones I'm curious about are:

Simmons & Co.
RBC
FBR
BAS

Thanks

Jan 2, 2007
Don'tyoudoit:

Is anyone in this group currently in the Dallas or Houston areas? I'm in the middle of the two and rank them as my top desired locations. Would appreciate any advice/networking.

Pm me a link to your resume.

Jan 1, 2007

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

You can PM me.

Jan 2, 2007

Would like to know this as well.

Jan 2, 2007

.

Jan 2, 2007

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

that would be sick, the cost of living is so low as well

I'm gonna get that bish some binary

Bishes love binary

Kind Regards,

Bin_Ban

Jan 2, 2007

Find an Ivy League alum at one of the Houston groups and reach out to them. I believe the boutiques (TPH/Simmons) have contact info on their websites

Jan 2, 2007

I know TPH has ivy league analysts. Some BBs do too. If you can give a good answer to why Houston/why energy, you'll probably have a good shot.

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Jan 2, 2007

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

i went to an ivy and am in IBD in houston....had a bit of a roundabout way of getting here (via an original job in ECM in new york) - if you have any questions PM me.

Jan 2, 2007

Thanks a lot everyone

Jan 2, 2007

Also, although some banks will have offices in Houston for NatRes, the actual group may still be based in NYC. I know this is the case for GS. So if you have multiple opportunities in NYC, you can still get into a NatRes group.

Jan 2, 2007

PM me

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Jan 2, 2007

Depends on how much deal flow the boutique gets. Expect at least 70 hours minimum.

Jan 2, 2007

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.

Jan 2, 2007
Marcus_Halberstram:

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.

This could be very true, but keep in mind, it could be just as bad as BB IB in NYC, although not as likely. A buddy of mine worked for 2 years at a small boutique and put in a ton of hours because he was the only analyst. There was an associate, a VP and 2 MDs. He didn't mind the work so much but he said he felt like he was always the only one in the office because everyone left at normal hours and he was pulling all nighters to get the work done.

Like Marcus said, your best bet is to meet with some people and feel it out.

Regards

Jan 2, 2007

Like I have mentioned on this board before, I interned in Houston a few years ago at a BB. The hours are much less than here in NY. Average weekday for us was 70-85 hours a week. Average weekday in NY (granted I went to a different group) was about 80-110 or so. The additional 15 hours a week is HUGE.

Jan 2, 2007

You have got to be kidding........

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Jan 2, 2007

?

Jan 2, 2007

Search Houston Investment Banking. You won't be disappointed.

Jan 2, 2007

So obviously the opportunities are going to be focused on energy. Now, is Energy Investment Banking different in and of itself or does it simply mean the clientele is primarily going to be comprised of energy companies?

Jan 2, 2007

Dude, chill. Focus on getting into UT first (do they still have the top 10% rule??) then come back.

Jan 2, 2007

Yeah, it's top 8% for my graduation year and I'm in the top 3% of my class. I'm not worried about getting into UT, I just want to get started learning about my future as early as possible.

Jan 2, 2007

Go to NYC first if you can. You can always move back, but it is much easier to land the best gigs if you have NYC experience on your resume.

Jan 2, 2007
Mephistopheles:

Go to NYC first if you can. You can always move back, but it is much easier to land the best gigs if you have NYC experience on your resume.

I couldn't disagree more. NYC on your resume doesn't mean jack shit. Houston & energy experience is much more valuable if you want to eventually move back to TX.

Jan 2, 2007

OP, did your brother go to UH?

Jan 2, 2007

No?...

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Jan 2, 2007

Hours are the same. Women will think you're a bank teller.

Jan 2, 2007
bonks:

Hours are the same. Women will think you're a bank teller.

I think this applies everywhere outside of NYC. I don't even bother explaining what I do now - I just "work in finance". Then you have people that call me an investment banker...I want to say, "No, I'm in equity research" but that invariably requires an explanation of the entire front office at an investment bank. The media doesn't help - they refer to everyone from trading to compliance to banking as "investment bankers".

Jan 2, 2007

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.

Jan 2, 2007
TeddyTheBear:

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.

Which banks are thought of as the sweatshops?

Jan 2, 2007

Is there any sort of banking community outside of what you get in the office? I'm curious if it would be very isolating to work at a small boutique with only one or two other young guys...

Jan 2, 2007
White Lion:

Is there any sort of banking community outside of what you get in the office? I'm curious if it would be very isolating to work at a small boutique with only one or two other young guys...

There are organizations dedicated to PE/IBD, but nothing as big as NYC. If you are in banking here, you are a group of few compared to the population. However, if you end up working for a BB, there are plenty of analyst working with you.

Jan 2, 2007

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

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

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

What are "great hours" vs sweatshop hours? Are we talking like 80 vs 110+? I always thought Houston was supposed to be much more chill than NY

Jan 2, 2007

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.

Jan 2, 2007

Jefferies has awful hours (as in 100 plus a good amount of the time), according to multiple analysts. Although, with Aubrey leaving Chesapeake, Jefferies may not have to be Chesapeake's personal corporate finance team anymore.

Jan 2, 2007

How are hours at the top groups?

Jan 2, 2007

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

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?

Jan 2, 2007
D M:

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?

All aspects of life, including a job.

Jan 2, 2007
D M:

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?

That is a very interesting choice of words given that Austin has among the worst traffic in the county, and Texas in general has very fast moving freeways.

"He that hath a beard is more than a youth, and he that hath no beard is less than a man." -- William Shakespeare, Much Ado About Nothing

Jan 2, 2007

Houston is for energy banking
Dallas is for Asset Management
Austin has a mix of finance but lacks behind Houston and Dallas in quantity of jobs.

Follow the shit your fellow monkeys say @shitWSOsays

Life is hard, it's even harder when you're stupid - John Wayne

Jan 2, 2007

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

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

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

Which city would be best for trading/market-making?

Jan 2, 2007

Houston or Dallas, depending on what market you're working with.

Currently: future psychiatrist (med school =P)
Previously: investor relations (top consulting firm), M&A consulting (Big 4), M&A banking (MM)

Jan 2, 2007

Great, that's what Texas needs--more blue staters coming there to impose their views and lifestyles on Texas and turning it over 20 years into the same waste of space they came from. Same sh*t is happening here in Virginia.

You know you're starting off on the wrong foot when you open with your concern about "rednecks".

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Jan 2, 2007
DCDepository:

You know you're starting off on the wrong foot when you open with your concern about "rednecks".

Would you have preferred hillbillies or country bumpkins? Frankly, it's a valid concern. I've lived in Texas.

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Jan 2, 2007
DickFuld:
DCDepository:

You know you're starting off on the wrong foot when you open with your concern about "rednecks".

Would you have preferred hillbillies or country bumpkins?

You can also go with hayseed or yokel

    • 1
Jan 2, 2007

If you go to Texas, go to Plano.

"He that hath a beard is more than a youth, and he that hath no beard is less than a man." -- William Shakespeare, Much Ado About Nothing

Jan 2, 2007

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

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

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.

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Jan 2, 2007

Haha good questions OP. Who threw MS at you though?

Jan 2, 2007

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

Jan 2, 2007

Wow dont listen to any of these posters. I live in Houston right now and its a great city. I am actually from upstate NY and I saw more rednecks up there than here. Houston is incredibly liberal, to put things in perspective, the mayor here is a lesbian, so its not some extreme conservative place. Also there is a ton of migration from other states like NY and California since the economy here rivals that of emerging markets. Wealth is growing incredibly fast, there are a ton of six figure jobs here and a massive young professional population. Dallas has more Asset Management, but Houston has plenty of banking and PE firms, while most specialize in O&G, there are still some that are not industry focused. Keep in mind, TPG is based out of Dallas. Austin is probably the coolest city, not just in Texas, but the country, the atmosphere is just relaxed. However, not alot of finance jobs here, its pretty limited. My advice would be Houston for banking/PE and Dallas for asset management. So just to sum it up, Houston is not some poor redneck city, I live in one of the wealthiest parts in the city, there are Rolls Royces and Ferraris that frequently drive by and there is Saks Fifth Avenue and other major luxury brands within 2 blocks of me.

Jan 2, 2007
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