MBA Associate: Evercore vs. GS

Ultimately, I think this is one of those where there is no correct answer. While GS definitely has its advantages (mainly better internal mobility and name recognition), the decision really depends on your personality and career objectives.

Personal opinion, I know 2-3 people this year alone who are turning down GS, and in this post dodd-Frank age (regardless of what the Republicans do, capital restraints aren't going away) being at a bulge certainly has a lot of downsides. I didn't end up with a GS offer, but I did tell an EB I would pick them over GS (and meant it and would have).

I would think about 1) What type of experience do you want in terms of product mix? 2) Where do you fit better with the people? And 3) What group are you likely to be in at GS and is that as appealing to you as the generalist program?

Once you answer those, that should help you determine where to go.

As an analyst it's a toss up but I would avoid EBs for Associate and up entirely if you're going in to be a career banker or move to corp dev. Not a great platform to build a career vs a BB.

First of all....congrats on the offers. Both are great first.

I think some of it depends on if you had banking experience before business school. While you'll get training at both places, the learning curve at EB's tends to be even higher than at BBs--EBs have razor thin teams so often you'll be working without a VP or Director between you and the MD, plus they tend to invest less in training/support sources, which tend to benefit from scale. This can be pretty difficult if you're a career switcher like a lot of people from B school. You'll also work longer hours than your counterparts at BBs.

If you've done banking before and understand the dynamics of a deal without needing someone to guide you as much, the above may not be an issue.

I'd also consider that at EBs almost all the MDs are former BB guys. While on one hand, EBs tend to be newer, which is part of it, but a major reason for this is at a BB you get a much more rounded experience, advising not only on M&A but also debt and equity. You'll also have time to build your client book, which is your key as an MD--and often easier when you can incorporate debt offerings, which happen much more often, with M&A.

The points for an EB over a BB are the ones you always hear--you get paid better (more cash bonuses, pay is about a year above your counterpart at a BB). But you also earn that extra pay--it's not the same job.

At the analyst level I'd say Evercore (better pay, seniors will help with exit ops, advisory only/no financing so more interesting work), but at the associate level I'd take Goldman. It's much easier to start a post-MBA banking career at a large, global platform like Goldman. Commonly, guys will use a BB as a base for their career then eventually move over to an EB where they can earn a lot more and aren't bogged down with the red tape that comes with a BB.

I would pick GS as it gives you more options for the future should you want to pursue other opportunities

^above hits the nail on the head. Sure, at a BB you'll have exposure to financing deals in addition to advisory work, but how does that extra exposure help in preparing you for selling pure-play advisory services at an EB?

This is obviously anecdotal, but I've seen several senior bankers who grew up in bulges that are just completely incapable of adopting the commercial mindset necessary to cut it in an advisory shop. When your bank offers every service under the sun, it's pretty easy to stay in front of clients and demonstrate your worth. When all you can do is advise on a merger, things get a bit more difficult.

Even larger EBs like Lazard and Evercore are limited in what they are selling, and their senior bankers need to be scrappy to win deals. I can't imagine how growing up in that environment under senior bankers that are successfully applying the skillset necessary to sell advisory services isn't the best way to eventually become a senior banker yourself.

Good luck with the decision. I had my super day with Evercore MPK on Friday with a GS super day this upcoming friday - hopefully will win both offers and be in your position (congrats).

This is the post I've been looking for. I have a offer for GS as a summer internship and will probably get a full time return offer but I was debating taking 1 more year and getting my MBA then starting work. Anyone have any thoughts on this? I have expierence from a BB on my resume already so I don't think taking a extra year to get my MBA would hurt me that much

Congratulations! both are great firms.

I think the small team environment at a EB gives you more exposure as a junior.

I think one important point that many people ignore is the general exit opportunities. You wont know what you want to do 10 years later. Outside the financial world, Goldman is much more famous and will surely open more doors for you.

Congrats - what was your experience pre-MBA?

I would choose GS for their internal mobility. You can move to their MBD after 2 years if that ever appeals to you.

Good thread on this exact topic from last year: https://www.wallstreetoasis.com/forums/mba-sa-goldman-vs-evercore

"But I am told by a few unbiased people in finance that turning down GS is not really an option"

I would question the judgement of these people, you can argue fairly that GS is a better option but not by much. In my school (target in UK), there are at least 3+ who declined GS in favor of Evercore/PJT/Lazard/Rothschilds and this wasn't viewed as shocking by anyone.

The only reason GS would be the clear better option is if you know that IB will be a short term thing for you.

Edit: Did not realize this post was old, apologies!