I have SA offers from both. I'm primarily interested in PE exits, and would be most interested in Real Estate/Financial Sponsors/M&A in terms of group selection at either firm. Was looking for any advice regarding exit ops, lifestyle, and would appreciate other general info.
I enjoyed speaking with the CS folks a lot more and think I would probably have a better time there, though I'm not sure how much that matters. Would really love to hear someone with more experience chime in.
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I actually think this is a tough decision. Top PE exits at CS are in M&A and Sponsors, so everyone might be going for those.
JPM might have stronger exits across the board. If this is an SA offer, you could take JPM and see where you get placed and if you like the culture/experience. If you're unhappy, you could use the brand to recruit for a FT offer at CS after the summer.
It's close, but I'd probably go for JPM. The brand name is a bit better and they tend to be higher in the league tables.
In terms of perception/exit opps recruiting, JPM would probably be ranked third among the BB's while CS is fourth. But the difference between that third and fourth is pretty small, and no where near the gap it would be between GS/MS and JPM. In terms of lifestyle, your experiences are going to be about the same anywhere you go really. It's probably about the same as choosing between Yale and Columbia.
Tough one.
People: I personally loved everyone I met at CS when I went to their early explorer program, other formal networking events, and just through personal networking. JPM was just okay. So would say CS here.
Hours: Top groups at both firms with surely work you hard. The few people I know in CS M&A work a lot of hours and basically live there.
PE: Can't speak to it as I have no clue. I'd imagine the JPM name has more brand appeal for non-finance exit opps (mostly because of its retail arm)
I will say, this year CS did not do any full-time recruiting. All slots they had open in IBD were filled by internal candidates (mostly GCSG), so I wouldn't count on having the opportunity to lateral into CS.
CS FIG did FT recruiting this past year. My roommate accepted an offer.
Ah, I figured they did not fill 100% of their spots internally. Just what everyone from the firm has been saying on campus this year.
Most banks have FIG seats open full-time. This obviously doesn't apply for your roommate, but most people do not want to do FIG.
Preface: This is a totally uninformed QR's opinion, not an investment banker's.
1.) It's better to choose people over prestige. 2.) An internship carries optionality. Given a certain strike relative to spot, you want a higher volatility. Take the uncertain route that offers the most upside.
If it helps, I have a story behind my advice in #2. A lot of people have a story behind my advice in #1, but sharing it also involves throwing someone under the bus-- so a lot of people won't.
Will get back to this tomorrow morning.
Accepted an offer with JPM as an SA, so I'm definitely biased. Can't go wrong with Sponsors or M&A at either firm.
I definitely felt that I clicked better with the folks at JPM. Seems like they've also been on nearly every single large deal this past year.
Other groups within JPM are strong. HC and TMT are great places to be. Unless you could guarantee landing in sponsors at CS, JPM might be the safer choice.
CS sponsors is one of the best groups on the streets for PE exits. Let CS know you have the JPM offer and want to be in sponsors. Tell JPM you have the CS offer and want to be in HC.
Outside of sponsors at CS, M&A, hc and LevFin are all good options. Almost every analyst in each of those groups will have great exits at the end of their analyst program.
CS TMT is a great place to be too. Great culture, and the seniors are very open to analysts recruiting for their exit opportunities. JPM TMT in NY is predominantly M&T, while CS still has a number of MDs covering Tech in NY.
Any opinion on the M&A team at JPM?
Also interested in culture & hours at various CS and JPM groups.
I've heard from a friend that JPM M&A is tough.
Thanks. Any insight at the Associate level?
Generally, ANY group at JPM > CS, and it's not even close. Period. Only exception is if you are extra hard for sponsors, then go to CS for that experience b/c you can't get direct placement at JPM.
Here are my sources: 1. http://fn.dealogic.com/fn/MARank.htm 2. http://markets.ft.com/investmentBanking/tablesAndTrends.asp
Finally someone made some sense out of this thread
This isn't 2011, JPM is the better bank by a mile. Would not pick any European bank over a US one in this environment unless it was specificall for a very good group (e.g. Barclays energy).
Will JPM IBD NY run additional processes this month whether it is OCR or for non-target students? Thanks
Heard they're basically done. Went to a mid November superday and was told it was likely the last one they would hold (assuming there were enough qualified candidates in the pool).
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