MS Generalist in New York vs Goldman TMT San Fran?
Which one would you take?
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gs tmt
This would be my thought process.
Exit opps = comparable, no advantage. Both of these firms are great and are known to give comparable exit opps (at the highest level relative to peers).
Location = different, but no advantage. In general, taking NYC offers over regional is encouraged given that it facilitates recruiting and often equates to better dealflow, better exposure to key senior people, and broader networking opportunities (as if there's that much free time during your analyst stint). However, in this case, you're weighing a generalist offer from MS which means you have essentially no guarantee of which group you're going to place into vs. an offer from GS specific to their best group. There's high potential upside to MS (you could get into M&A or Media/Comm) but vastly greater variance, whereas with GS it isn't going to get any better. Plus, it's not a podunk regional office either, it's their other largest U.S. office, which means you're going to get the senior exposure there as well.
Industry preference = GS. TMT is one of the sexiest industries. People want to be in that group at every bank, and it's a well-regarded group at just about every BB. Out of GS' SF office, it is almost exclusively tech (whereas NYC handles the other verticals). It is a hot time to be in tech, and while that may not be true a year from now (I doubt it will change though), when you're looking at exit opps (and therefore a timeframe of 18-36 months), this is a strong move. At MS, you don't know where you will be.
Analyst experience = MS. You get a contract at MS, it's that simple. At GS, you no longer get a contract, which means that you get a stub bonus for the last portion of that first calendar year you're with the firm and are paid on an annual basis on the same schedule as Associates on up. That means that if/when you get that coveted buy-side offer and want to bounce in July, you forego the accrued bonus for those first 6-8 months of the year when you leave. If your new firm isn't buying out your bonus, you're screwing yourself out of $30-40k.
I could go on and on here, but the gist of this is that you ought to be pretty well-reasoned in how you approach this. Identify each element that matters to you (location, pay, exposure, industry preference, exit opps, quality of life, culture and fit, etc.) and map out how the two firms/groups differ. Then figure out which element(s) matter(s) most to you, see which firm has an advantage on a weighted basis, and go from there.
I will say this. The two firms are comparable, but there's no knocking the GS brand. Further, given that TMT is considered the holy grail of the firm, you could make a far simpler decision and simply take the offer to the group that's universally considered one of if not the single most well-regarded bulge bracket group(s) ever.
Good luck. It's a champagne problem to have, and I hope you are happy with whatever decision you come to.
Assuming you have both offers, you could also inform MS of your GS offer and say that unless they can get you a spot in M&A or in M&T that you will be heading to San Fran. It isn't bluffing because you actually have the offer and will take it. They would likely try to place you into a choice group if they know that you are going to go to GS TMT if they do not.
This would only solidify which group at MS you would fall into but it would not make the choice for you. GS TMT is a fantastic group, but it isn't crazy to turn it down for MS M&A if you would prefer to be in NYC and would prefer to have an easier time with recruiting.
GS TMT in SF
@APAE
Excellent post as usual - I second his analysis.
Which group has the better people and culture? Or, more importantly, which one do you fit in better with?
I did a joint deal with GS Healthcare earlier this year and I have to honestly say that I would never consider lateraling to that bank in general or that group in particular. Honestly, I was just really not that impressed and their junior team took a relatively long amount of time to put out work that was not that impressive.
I know this is a single sample, but the point is that you should pick the group that has the people you most want to work with and fit the best for you. If you are in that environment, you are best set up to do well.
Very helpful posts - thank you for the reasoned insight.
I have a good feeling about getting MS M&A (based on my communications with the firm), Were I to get it, which would be the more prestigious bet - GS TMT SF or MS M&A NYC? I am basically looking at the IB->PE->H/S/W route.
Also does anyone have any info on the MS M&A culture?
Stop obsessing about the most prestigious choice. It makes you sound like an immature fan boi. Choose the offer that is the right fit for you.
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