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Rothschild- strong name, strong exits, if decide not to go FT could get into probably any other bank. NYC is where you want to be if you want the most options.
Baird- strong regional name, good pay, laid back culture, good Chicago exits, good place if you think you might want to do banking long term.
Wells Fargo- I would knock it off the list TBH. Large bank is about all you have going for you. Charlotte in my mind would suck, exits are pretty mediocre, thats about it.
Shouldn't be that tough unless you are particularly fond of Charlotte or Chicago. Rothschild is an elite boutique, Baird is a solid MM firm, and WF is a big commercial bank with a poor IBD platform that can provide solid debt financing- they are very different firms, and I would knock off WF immediately. Only way I would suggest taking Baird over Rothschild is if you either 1. hate NY 2. Love Chicago or 3. Had horrible experience with the people/culture at Rothschilds enough to make you absolutely not want to work there.
The one thing I am totally clueless on as far as Rothschild goes is placement- I believe SA is generalist and then from there think you are either placed in M&A or Restructuring? Patrick or someone else closer to their program might be able to correct me on that. I think it is kind of nice to have both options open to you depending on what peaks your interest more (obviously both have pretty different exits).
Thanks for your thoughts, Black Jack! SB for you. #3 certainly isn't it at all - the people at Rothschild are great, and I like them a lot.
I suppose I wanted to ask in terms of exit opportunities, since I'm not too familiar with Rothschild's.
I was thinking that Baird might be a better place to build a career in banking; additionally, some of the analysts that I met at Baird are heading off to HYPS business schools, and I met another who's exiting into a PE megafund. So I know for sure that Baird has solid exit opps.
It's not that I don't think that Rothschild is a solid place to build a career in investment banking, or that it doesn't have solid exit opportunities - only that I didn't have enough information on the matter.
From what I know, Rothschild has more of a 2 and out culture than Baird, but Baird is also somewhat of an exception in that they encourage the promotions from within. I think the exits from Baird are definitely solid, but the MF placement is most surely and exception and not common at all- I've seen/heard of (I spoke with a lot of people at Baird earlier in the year and got great impressions from them) most either staying with the firm, going to B-School and leaving the industry, or exiting to lower and MM PE firms in the midwest. In general I would say the exits at Rothschild will be stronger- it is much more of a brand name and you won't have trouble exiting to California, Midwest, and obviously NY/East coast. One thing to consider is that a lot of the people at Baird have grown up in the Midwest, went to Big-10 schools (or other local schools), and have no real intention of leaving IL/Chicago- this can be good and bad. Very laid back culture, but much less office diversity (in my mind). Training in the UK with Rothschild also could be something that appeals to you or is a turn-off.
Baird if you want to do MM. Although the CHI office is not the HQ.
WF is a place for lifestyle, better hours/culture from what I hear. But less deal work and def more DCM in the MM.
Rothschild if you want to do M&A and work on (maybe) bigger deals
The last point is definitely something that greatly appeals to me. Love Rothschild's global-ness. I think that out of the 10-12 people that I met at their office during my superday, at least half of them came from Rothschild's London, Paris, or Toronto offices. Even the guy manning the front desk (receptionist?) was a well-spoken Englishman. I'd probably be looking to join their RX group - I think they bill themselves as the 3rd-top debtor-side RX shop (after BX and Lazard, of course).
I'd definitely go with Rothschild. Their restructuring group, as you mentioned, is top notch and places well into many of the big distressed shops. If you go into the M&A side and stay with the firm a while, you'll get opportunities to possibly transfer to one of their international offices for a few years. If you want to leverage your internship and go to a different bank, on the other hand, NYC is the place to be to do it.
Anybody want to point out the adv/disadv of working in Baird Chicago vs. Baird Milwaukee.
Further than big city connections, vs headquarters and lower cost of living.
Should be pointed out that while the HQ is Milwaukee, IBD is larger now in Chicago (more bankers) than in Milwaukee- the Chicago office is very large and growing further.
Biggest difference I have seen is the people- hopefully nobody takes this the wrong way, but on average the talent pool in the Chicago office is stronger than in Milwaukee- more, stronger schools and it is easier to get people to come work in Chicago- Milwaukee you end up with lots of kids from UW-Madison, UW-Milwaukee and other (fine) but not exceptional educational backgrounds. Chicago is also a lot of local kids (Notre Dame, UChicago, Northwestern) but these tend to be more traditional 'targets.' Culture wise, Milwaukee tends to be more laid back (I had the chance to visit both offices), if only because it is a much slower moving city and really has no finance/banking presence. The people who work there love it- many try out the Chicago office for a year and are horrified by how much their COL takes a hit (which is ironic since Chicago is known as a pretty cheap city compared to NY/SF), but what you can get as an analyst with 100k+ in Milwaukee is astonishing.
honestly I'd go with Baird. Rothschild Rx is solid, but as an SA, you're just a generalist. If you end up in M&A, its not half as strong. Baird Chicago is sold across the board.
I'm assuming this is for SA?
I would take Rothschild hands down for both SA and even FT over your other choices. Rothschild has a strong global presence and you will be working on meda-deals. One of the smartest analysts I know works at Rothschild's RX group. Our common friend, Patrick, also was an Analyst at Rothschild from back in the day :). Also, unlike what someone else mentioned on here, they have a good analyst -> associate promotion opportunity and you can also ask to be placed into different groups/countries after your analyst stint. A quick search on LinkedIn tells you that a lot of the med-level/senior bankers have been at the firm right out of undergrad. If you find Rothschild isn't a good fit at the end of the summer you should not have a problem getting an offer with another top firm for FT.
If you want to continue in M&A, Rothschild is still a good place to be. Not as strong in NY as they are in Europe, but they do a good amount of work in the upper MM space.
Also, I wouldn't be worried about COL right now. Saving a few grand here and there will be chump change 5-10 years down the road if you continue in the same pedigree. What really matters is the quality of experience, exit opps, and networking.
Baird would be good if you were dead set on Chicago or MM PE. Please knock WF off the list. They are a shit show.
Thanks, OMS. SB for you as well. I heard today that Rothschild's SA class last year only consisted of 8-10 individuals. I'm not sure why, but I found that surprising!
Regarding the 2 and out statement: From a European perspective, I can tell you that Roth is keen on breeding career bankers and are very willing to provide you with long term options at the firm (if you're good and want to). Imho the people are extremely gentle and very well formed, I haven't met many douches at Roth. Their presence in Europe is pretty stellar but I can't comment on their US presence. According to people who are quite familiar with Roth, the firm is keen on expanding its business in the US in the near future, but take this with a grain of salt.
By the way, I feel like Roth Analysts tend to travel more than their peers (European perspective again). They regularly attend meetings and pitches which means your travel isn't as limited as at other shops.
^This is from my own experience and the experience of some friends from university, so it's by no means representative.
Another factor to consider is Roth tends to work you to the bone. They are known for brutal hours and lots of pitchbooks. Baird is probably going to be more around the 80 hrs/wk.
As others have said, Baird in Chicago is stronger than Milwaukee when it comes to IB. Good exit opps to MM PE firms.
Black Jack is dead on as usual.
FWIW, I have a friend that moved from Roth to Citadel b/c he absolutely hated it there. Not sure he likes Citadel that much better though.
Rothschild's M&A team in NY supposedly had really good hours.
Like other have said, toss out WF. For myself in your shoes, I would recommend seriously thinking about culture at Baird v. Roths. In Chicago, you will you be working in a Midwestern city, with more traditional, Midwest state-school, American-minded people. Now I don't mean to stereotype, but I think most would agree that in NYC you're going to be around a more diverse, international group of people, especially at a firm like Roths. So give some serious weight to the culture you are looking for.
FWIW, I would go Rothschild-NYC with the huge upside of being able to go to London down the road where Rothschild is a huge name and on every other sell-side M&A transaction.
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