Top BB vs. Top EB - 2019 Future Prospects, Exit Opps, Branding, Etc.

Prospect in IB - Gen

Hey guys,

Current sophomore at target signed with top BB in IBD for the upcoming summer (GS/MS/JPM) in NY, not in the top groups. I have been getting really interested in the EB model and am thinking about recruiting for them as a junior with top BB on my resume, which would allow me to reasonably easily get a pull.

Would really appreciate advice and insight into the current BB vs. EB landscape when it comes to branding, exit opps, MBA, future prospects, because I think a few of the older posts may be out of date? Recently saw the 10% layoff at EVR and was wondering whether independent advisory prospects were plateauing, so I was considering to stay at my BB instead of recruiting.

I'd greatly appreciate any insight!

Comments (6)

Most Helpful
Feb 4, 2020

Not much value add here (incoming BB SA) but I have some perspective/opinions that might stir some good dialogue...

I was also concerned about boutique outlook in the coming years; someone reminded me that advisory is a lumpy business, and slowdowns are pretty normal for Q4.

This "plateauing" you are speaking about is not something going on at the independent advisory level, it is an industry wide trend right now as M&A activity has been growing slower and slower over the past couple years.

RE: Exit Ops
The EB's that are going to place as "easily" as GS/MS/JPM into MF are CVP/EVR/PJT. Beyond those and the top RX groups (adding HL & Laz to this discussion) you'd be better off at a top BB where you will get more exposure to a larger variety of deals, clients, products/coverage, etc.

RE: Branding/MBA
Any of the M7 will be a match, they know who you are. If you plan to stay in finance, you don't need to worry about branding; but if you plan to exit into industry one day, everyone knows who GS and JPM are.. can't say the same about any of the boutiques. Whether or not that gives an edge is probably only visible on a case-by-case basis. Not something I'd be too concerned about, to be honest.

RE: Exit Ops/Future Prospects
If you plan to pursue PE/HF, no doors will be closed to you coming out of an EB.

FYI the EVR layoffs were actually more like 5-6% in specific groups only and was to get rid of low performers; earnings report displays a very clear continued growth & solid performance to close out 2019.

Array

    • 11
    • 2
Feb 4, 2020

Do you all think EBs like CVP/EVR/PJT really do place better than the average GS or MS group (i.e GS NR, MS Tech)? CVP has the three year commitment, which discourages exits. Evercore, which used to place well has had pretty diluted exits recently due to the expanded analyst classes, leading to increased competition. Also, I've noticed a relative decline PJT's reputation since the BX spin-off, not only in M&A but also RSSG in addition to the fact that they have fewer alum on the buyside who pull for you as a byproduct o to their size.

Would really appreciate insight from analysts who have recently exited or others professionals in the field!

    • 6
Feb 4, 2020

Can't speak to all you've mentioned, but Moelis has been known to go to bat for guys when they're ready to move on. Center view is usually for people who want to stay in IB. RSSG PJT and HL has placed well.

    • 3
Feb 4, 2020

Was in the same position. Feel free to PM.

  • Prospect in IB-M&A
Feb 4, 2020

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  • Intern in IB - Gen
Feb 4, 2020
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