Top Bank in Satellite Office or Mid-Tier BB in NY
I have a summer analyst offer from a top bank in a satellite office (Chicago) and a mid-tier BB in NY.
The top bank is a group specific offer for industrials, while the mid-tier BB in NY is a generalist offer with a placement day in spring.
What should i take? The top bank has the brand name for business school and everyone goes to PE and corporate development as well as a mobility program to move locations/groups.
That vs. the generalist offer in BB NY. Thoughts?
If this top bank is Goldman Sachs, forget the speal on internal mobility.
Which BBs have good internal mobility from regional offices?
I graduated from a mid-west school and I know a bit on the lay of the land in Chicago. I'm assuming you're talking about GS/MS/JPM? The best BB there is by far MS. That office is like the worst culturally (I've heard like hospitals bad), but in terms of dealflow and exits, there's no question. GS and JPM are actually like satellite offices (ie. p(b)itch shops) and I know at least at JPM, internal mobility is not very good. Both GS and MS have like formal secondement programs for your third year analyst stint but I think mobility between SA and FT are iffy.
Feel free to PM for more details.
Regarding the formal secondement programs for third year analyst stint, is it easy to transfer locations and groups?
Also, how does pe/hf recruiting work with that
Don't know for sure how it works out of Chicago but I assume so. I think it works pretty well at MS at least, I think they encourage you leaving for the 3rd year.
Lol if you're doing a secondement it's unlikely you're doing PE/HF recruiting. More likely staying at the firm.
It really depends how you see your career going forward and what mid-tier bank you are talking about. If you want to do PE in NY after two years and you have an offer from BofA, Citi, Lazard, etc. and you are sure you will not end up doing ECM or DCM, you can consider the NY offer. If your game place is to be in banking in your third year, or you are talking about Barclays, Nomura, Wells Fargo, etc. I would go with the Chicago offer all the times. With regards to JPM mobility, I talk from experience and, on a Global basis, is working well. I am rotating myself from a regional office to a main office across geography for instance.
What if someone wanted to place into a PE fund in Chicago? It seems obvious that Chicago banking would be fine, but I've heard the NY analysts have it easier in terms of recruiting. Is that only true for PE in the northeast?
Do business schools care if you worked for a satellite office in Chicago? How does that affect b school chances
It's pretty silly to say that this would have an impact on business school. Dealflow is what's going to have an impact on bschool if you come straight from banking.
For PE, I don't know for sure but my friends who work in Chicago and want to stay have a pretty easy time. Problem is there's not a ton of spots at the top level with only three really large funds (MDP, GTCR, BDT) being HQ'ed in the city. If you want to go to NY PE from Chicago, it depends on the shop you're at. For example, I've heard Moelis, MS, Greenhill, and Credit Suisse are the shops there that do pretty well in place analysts nationally. Other shops can have a bit more of a difficult time. It's not usually harder, it's just that you have to make it more clear and be a bit more aggressive with the headhunters about why you're interested in opps outside of Chicago.
Mid/lower-tier BB in NYC or Elite Boutique in Regional Office? (Originally Posted: 02/26/2012)
Just wondering what you'd choose if you had to choose between an IBD position at UBS or BAML-type BB in NYC versus an IBD position at a elite boutique (think Evercore, Lazard) at a less-prominent regional office (e.g.: Chicago)
there's a difference between UBS and BAML. some kids would pick BAML over an elite boutique even if both were in NY
I'd prefer the boutique... although it comes down to the person
Make sure that if you should pick the boutique,You like the people.
this isnt Lazard MM in Chicago is it?
captainkoolaid: I'm talking about elite, non-MM boutiques, thanks.
firefighter: Yes, I consider BAML to be a mid-tier BB, not on par wit GS/MS necessarily.
When you say "less-prominent regional office" do you mean an office that isn't a group HQ? Or just any of the regional offices? Because if you're in Tech or Energy, you can obviously make the case that the regional office is better anyway.
Congrats on the offers, this is a good dilemma to be in.
Who do you like more? Which region do you like more? Does the regional office focus on an industry that you're interested in, and does it have good deal flow?
^all relevant questions.
BMO dominates in Canada so worst you could lateral into their Canadian offices
Nobody even mentioned BMO in this thread son.
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