I know these posts are tough but would really value some opinions on this... All generalist summer analyst programs in New York.
Thanks!
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I have a buddy who works at RBC, and genuinely loves it there. If I were you, though, I would probably just narrow this down to DB vs Barclays. Just my two cents. Good luck
The best way to do this is to bucket them. Major boutiques (Evercore, Lazard, etc.) vs. BBs vs. 'lower' boutiques (Jefferies, Rothschild, Guggenheim, etc.) Figure out which bucket you're most interested in, then look for the firm with the best reputation (dealflow, comp, exits, quality of life), and then look for the best fit where you're most comfortable.
Of these, Jefferies, RBC, and Guggenheim are all alike, while DB and Barclays are alike.
If you want a BB, Barclays will do more for you as an analyst than DB. Recruiting tends to be better.
If you don't want a BB, this will come down to Jefferies vs. Guggenheim. RBC is not on the same tier. Jefferies has the strongest reputation, but it's known to be sweatshoppy and have a tough culture depending on the group. Healthcare is notorious.
Congrats on five offers, if that's the case.
Assuming these are all IBD Classic roles as opposed to capital markets, would go w/ DB or Barclays and go w/ fit. Exit opps are good across both. The notion that you need to get GS / MS / insert elite boutique is one of the greatest misconceptions on this site. You'll be fine with those.
If DB / Barclays are ECM / DCM and you're interested in a more classic M&A role, I would go w/ JEF over RBC and Guggenheim.
How would you say exit opps at Jefferies are in comparison to Barclays/DB?
I wouldn't discount Guggenhiem so easily. Reuters reported that Guggs got on the Pfizer/Allergan deal and they really do rip it up in Telecom and Healthcare.
Still, with the horizon of opportunities, and being an analyst, I'd choose Barclays.
Would love to hear more people's opinion on Guggenheim... doesn't seem to get a lot of love on here but they've worked on some of the largest deals over the past few years
It's a good place to be and even if you end up not liking it, I know people there who have lateraled to top BBs, if that's what you're interested in. This forum, as has been said many times, doesn't always focus on the right variables to choose an employer. Everyone is different and has their own set of criteria. Choose a team at any respected bank where you feel like you will keep your sanity and get along well with your colleagues.
I'd choose between BARC and Guggenheim depending on whether you prefer BB vs. the boutique experience.
Would not recommend DB - morale is extremely low, and bonuses are really up in the air right now for them
Not familiar with Jefferies much.
I will say this: Out of the BB firms I would choose Barclays. The reason why is that Deutsche Bank is in bigger trouble than most people think. You ever wonder why they didn't release the results of the European stress tests? It's because DB failed(and yes, I do have that good authority).
Barclays has a similar global footprint and similar reputation. All other things being equal (esp. your fit).
Out of the Boutique firms I can say that my interactions with Guggenheim have been great. They also have advised on some extremely cool deals(such as Disney/Lucasarts and verizion) And the culture is much more collaborative than at BB firms. As one associate put it to me[paraphrased to protect identity], "You're still going to be as busy as any other banker for the most part, but we also think that the idea of "face time" is stupid" so it's better in between deals.
Personally I've worked both in small, agile teams and in extremely large, bureaucracy driven organizations and I've consistently found that working in smaller, flatter teams is a much more pleasant experience. You have more room to grow, usually better mentorship, and it helps train you to be a self starter. In big organizations there's always a dedicated department for that, while in smaller teams once you identify a problem you generally own the solution as well.
What's your long term goal? Where do you see yourself in 5, 10, and 20 years? Working for Barclays will probably give you access to a more structured recruiting process for the buy side, but Guggenheim is going to be a much better day to day experience from what I've seen.
Good call on DB.
Also worth noting is that I do take my own advice:
I've chosen my desired firms based on their long term prospects. We're long overdue for an economic disruption, and my #1 firm is also the one that I think is most likely to survive.
Could anyone provide anymore insight on Guggenheim vs. Jefferies?
Can't really comment on Guggenheim but I know a lot of people hated working at Jefferies because of how genuine of a sweatshop it can be.
In general JEF does not have the pedigree of the BBs cited. One of my best friends worked at Gugg, and I'm not knocking it at all but the reality is that when it comes to recruiting for buyside jobs (if that is what you want to do), these recruiters from Vassar, Williams, etc care most about the big name firms (see BBs / elite boutiques), and I don't think Gugg is there in their minds for whatever reason.
My experience w/ JEF was w/ a lot of friends in HC and Lev Fin. HC is a sweatshop but it peaked right before Sage left. HC analysts actually had trouble recruiting because they could not find the time to sneak out for interviews or prepare adequately. When the HC analysts did recruit, they generally got taken pretty quickly. Buyside PE guys know that JEF HC is BR's legacy UBS group, which was right up there w/ Moellis' tech team back in the day. It still carries weight but maybe only 15% of the analyst class gets into HC and those exit opps are more or less on-part w/ Barclays / DB... mayyybe slightly better depending on the group. All things considered, would go w/ BarCap / DB.
In the prime, JEF HC analysts were closing about 15-20 deals throughout the 2-year program - it was a definition of a volume shop. Yes, there were some ECM / DCM deals in there to boost this total but after your first year, you were basically closing 1-2 deals / month. I know 1 analyst that closed 40+ deals within 2 years (no exaggeration).
Completely unrelated but "never date a Vassar chick" - Patrick Bateman (American Psycho - the book)
The Guggenheim guys I know had some trouble getting exit opps. One lateraled to GS and the other is still looking.
I would echo Barclays. Jes is trying to put priority on the investment bank again which can only be good. No dedicated M&A group means that whatever industry team you end up in, you'll get more modeling exposure too.
Have you already finished interviewing with Guggenheim? I submitted my application just a week or so ago and I am wondering if I am too late.
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