Asking for an advice on choosing among summer associate offers - I'm a first year bschool student at an M7 school and have been recruiting for banking. I need to decide fairly quickly on those offers and I'd appreciate any insights.
Through my own research, there have been a lot of discussions around Moelis from analyst's standpoint, but not necessarily from associate's. Regionally, I'm indifferent between NYC and LA as I do have strong ties to both cities.
Not 100% set on long-term career goal, but wouldn't mind banking if that works out.
Thanks in advance for all the inputs.
Depends which group you got an offer for at CS
Retail & Consumer
Tough call. In a similar situation as you.
Not sure how big Moelis office is in LA or what kind of work you'll be doing there, but everyone I have known that had Moelis on their resume was able to exit to anything they wanted. I really liked everyone I spoke with from both CS R&C and Jefferies, but can't speak to culture at Moelis. I think you'll get more hands on deal experience at Jefferies over CS if that's what you're looking for, but I imagine Moelis is similar. It also seems the LA vs NY argument is a little less valid with EB's.
At the end of the day you just have to go with your gut, I don't think any of them are a bad choice over the other. Go where you think you fit in the best, especially coming in as an associate.
I heard Moelis LA is pretty tough on associates (not many of them and they work more than analysts(?) I can't really remember).
CS is big but dying some what.
Jefferies depends on what you want to do but I think generally they are scrappier. Should get good deal flow (and see all products) though.
FYI Moelis LA offer rate last year wasn't good. Exactly 50% for associates last year and they are tough on them. I've heard repeatedly the NY office is a better landing spot for the associates as they value them much more. I wasn't a big fan of the people I met at CS, but I didn't do CR. It's a historically good shop that's been on the decline. Personally, I'd probably do Moelis, but I am EB biased (and heading to one this summer) and very confident in my abilities to get a return offer. But 50% is bad so CS is the safer choice. And I know several people who were able to rerecruit full time from there and upgrade shops. Take all that for what it's worth.
Wouldn't do Jefferies.
I heard about the situation around 50%. It's a small class to begin with (4) and looks like they did have some reasons for not extending.
Anyways, thanks and good luck with your internship.
In addition to what everyone has posted and what @allday_028 hinted a bit at is you need to really decide whether you want to go to a bulge bracket bank or a more establish EB. Differences in training, team size, opportunities, familiarity outside banking, etc.
But as others said, I think Jefferies shouldn't really be in the discussion, esp since it's not M&A or Healthcare.
Thanks! Leaning toward EB experience. Should be solid as an associate.
Moelis touts its great exit opps for a reason... you will want to exit. If this appeals to you and you don't really want to do banking long term, I guess that's fine. They pay very well, you will work much harder than anywhere else, and you will exit to do something else cool. If you are considering banking for a long term career, it is a long shot that you will ever make it to the VP level at the firm. (Seriously, ask the people there how many VPs are homegrown up from post-MBA Associates versus laterals, the answer might surprise you)
EDIT: For those MS'ing, full disclosure, Moelis is among the best banks on the street in my opinion. Still doesn't change the fact that working there as an Associate may not be the most fun you could have in LA banking.
In NY the majority of Moelis VPs now are homegrown (either from analyst or after b school).
Can't speak to LA, though.
"EDIT: For those MS'ing, full disclosure, Moelis is among the best banks on the street in my opinion. Still doesn't change the fact that working there as an Associate may not be the most fun you could have in LA banking."
Relevant given user name, where's the best place for an associate to "have fun in LA banking"? Do you work there?
Yes, but if I gave a list long enough to conceal my identity then it would become meaningless. But anyway, certain very good banks headquartered in LA nevertheless have a well-earned reputation for acting more like they are on the East Coast. Most all of the others get deals done but have lives outside the office. If you are recruiting in LA then your informational interviews should illuminate this very clearly. PM me for more detail.
Its not that straightforward. Moelis is one of those firms that has a very bad record of promoting internally (like ever single one of its peers), and why would you bet your reputation on Swiss regulation. Totally different call if you are an analyst but for your career, only one of the shops is going to be promoting MDs in 9 years internally, which is the only thing you care about at this point in your career. Leaving earlier is just a stupid move.
You say this in every thread and yet I haven't seen a single data point that supports this and no one at any of these shops are worried about it or don't believe they have the opportunity to be promoted. The fact that a firm that is less than 10 years old has a majority of MDs hired from the outside is not evidence they don't promote from within, it's just evidence of not existing for very long. And quite frankly, the only people with clout I've heard push this narrative are BB MDs, who are mostly concerned with the talent drain because more of the top candidates are choosing the EB route. Also at Moelis specifically almost 25% of their MDs were promoted from within. Which is pretty high number considering it's a firm that has existed for less than 10 years. Quite frankly, this narrative comes across more like a scare tactic that the BBs are using to protect their piece of the talent pie than anything else.
Evercore has been around for 20 years, Lazard in the M&A business for 50 years, Blackstone / PJT for 30 years. Elite boutiques are not a new thing. Look at the number of successful homegrown MDs at those places. Its a fraction relative to the people who have failed. Take a look at a place like Lazard - with one major example (Antonio Weiss, who could be the greatest banker of our generation), every single senior MD made their bones elsewhere. Or look at the SMD roster at Evercore, there are like three internal promotes and every real rainmaker there came from elsewhere. And ask yourself at Moelis, are any of the 25% really successful MDs or are they guys who make $1-2mm a year but keep the title.
Just so you're aware, Moelis LA has seen quite a bit of Associate changes the past year. 1 associate left to Lazard NY TMT. Another left to Wilshire Construction. Someone else left to a beverage company. Pretty sure all this happened in past 6-12 mos.
Good intel. Thanks. But it also sounds like it IS possible to lateral from LA to NY. I thought it would be near impossible given the distance and how much people work at Moelis. Quite a few VPs and SVPs there in LA started out as an associate and moved up though.
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