Not sure. Maybe some people view rbc is more of a Wells tier where they are a balance sheet bank with a more well built out m&a and coverage presence compared to that of something like a bmo/nomura. So not necessarily a BB but just the upper tier of BS bank. Idk why it deserved MS tho these are all subjective and made up tiers to act as heuristics 

 

RJ has good exits out of their tech group v solid into mm pe, not too sure of the other groups but fairly certain tech and services is their best for pe
 

Lincoln placed an analyst into audax past year and has solid placement into Chicago lmm/mm pe.
 

Hw is a top mm not lower, and places on par with the rest of the “top mm” banks. Arguably the most consistent pe placement of all the banks mentioned due to the outplacement program and culture on recruiting there.
 

Haven’t really seen many cowen analysts in pe. Saw one or two at lower mm shops in tertiary cities but that’s about it.

Just my thoughts and based on working in the space, conversations with friends at these shops, and looking through pe team profiles 

 

Does anyone know if Oppenheimer would be considered a "lower MM" or a "top MM", as well how the firm is viewed across the street?

 

Jefferies (and RBC / WF) don't really belong in this discussion. They're in a weird null-zone between EBs/bulges and MM banks. They do a ton of large capital markets transactions, have somewhat larger average M&A deal sizes, and will randomly get some larger M&A mandates. 

When I think true MM I think churning out $75mm - $250MM sellsides constantly, which is what WB/Piper/Bair etc. do

 

Jefferies (and RBC / WF) don't really belong in this discussion. They're in a weird null-zone between EBs/bulges and MM banks. They do a ton of large capital markets transactions, have somewhat larger average M&A deal sizes, and will randomly get some larger M&A mandates. 

When I think true MM I think churning out $75mm - $250MM sellsides constantly, which is what WB/Piper/Bair etc. do

You think WF is the same caliber as Jefferies or RBC? What crack are you smoking

 

Any insights into exits from non-tech groups at RJ? Know they have been growing the industrials practice a ton lately and have been doing some decent deals, but not sure if this is translating to strong exits?

 

Would definitely put WB in the top group, also Jef as arguably the #1 MM

I would classify top MM as ones that consistently hit 400m and top deals 800m+ or into the billions here and there.

Lower MM as ones that have top deal size below 300m. Middle tier sitting in between, many of the 'lower' banks you mention would be mid-tier by this standard.

 

You're right, I meant more along the lines of their *top* deals come in at that amount. I.e. Jeff/WB/Houlihan have top deals in high 100ms or in the Bs. If your top deal doesn't break 200-300m I think that puts you at lower MM.

 

Interned at a MM before switching somewhere else for full-time. Obviously it varies by groups and other individual factors but broadly I'd group mm (including mm space balance sheet) bank exits like this 

- top: HL, Jefferies - MM and UMM PE are well in reach and MF possible for best groups (hl rx, jeff healthcare). Generally, these two line up with places like UBS/DB/Rothschild/Gugg etc for exits

- RBC

- mid/top: Baird, HW, WB - great banks, probably the best culture and good exits into MM PE

- mid/lower: RJ, Piper, BMO/Nomura/Mizuho - LMM/MM PE exits and one-off great placements for some really strong groups (rj tech) but exits gets harder at this level compared to above banks

- lower: Stifel, Oppenheimer, Lincoln, Truist - LMM and some MM PE exits but again just gets tough compared to top mm

By no means would I pick an offer just based on exit rankings though, if you're a top analyst wherever you'll get love and if you're bad at wherever you won't

 

Would probably switch Lincoln and mizuho. Lincoln has definitely been getting better and mizuho does no m&a/has virtually no pe exits. Not too familiar on Nomura but have heard second hand it’s similar to mizuho.

Also HL has too much variation and would split it up as HL RX which is a top RX platform and HL m&a which is more in line with WB, Baird, HW 

 

Agree with the comment on Lincoln. Much rather be at Lincoln cranking out $250M sellsides than somewhere like Truist/Nomura/BMO where the M&A dealflow is extremely choppy or nonexistent and you're mainly working on lending and capital markets stuff

To be clear, I'd rather be at Truist or BMO where at least you have a chance to do M&A at some point. I have never come across Nomura, Mizuho or any of the other Asian banks, pretending to have M&A advisory in the U.S.

 

A lot of ppl consider HL to be elite bc of its prestige

 

I have also heard the M&A is very elite and ppl put it with EB banks. If u guys get an offer there take it!

 

Caveat that this is only for global advisory. Rothschild rx is much “better” for exits/prestige than their coverage groups.
 

I would say Rothschild is more like jefferies than the others. Avg deal size is roughly 800m whereas Blair/baird/hw are around ~400m. I’d say that exits in pe are slightly better, but there’s also the geographical advantage of the New York office compared to blair/baird/hw. Think they’re close enough that you would pick based on culture/geography than just brand name alone. Similar to jefferies 

 

I would also say 

top: Blair, HL, Jeff

Lower: Lincoln, RJ, hw,

 

Ton of misinformation on this forum. RBC isn't really a MM firm because they don't do high volume sponsor sell-sides. Not going to debate whether they're a BB but clearly unlike any of the other shops you listed here. Jefferies does more MM sell sides but wouldn't say it's their bread and butter. HL does do high volume MM sell sides

Top: HL, William Blair (may be the best shop in Chicago), Harris Williams, Baird in that order
Lower: Lincoln, RJ, Cowen >>> Stifel

 

I think their medtech team in minneapolis and their consumer team in san fransisco are right there with the top mm banks. The rest of their groups would probably be somewhere between lincoln and Baird

Not sure why you are getting shit on, this is actually pretty accurate. Piper has some really strong verticals (Medtech, HCIT, Consumer, FIG - Sandler) and the rest are very respectable, but not as strong as top MMs typically. Doesn't mean Piper can't win a mandate in an area that it has good creds/quals, but it isn't quite as strong top to bottom as Blair, for example.

 
[Comment removed by mod team]
 

Ut pariatur perspiciatis rem a. Labore rerum consequatur repudiandae.

Enim et corrupti nulla molestiae asperiores iure nam. Laboriosam corrupti at eveniet ducimus velit qui qui. Quos cumque iste veniam nemo quidem dolor quo.

 

Culpa nulla perferendis qui et sed. Voluptatem aut ut sint quo cumque recusandae quisquam. Sint at ad amet aut culpa iste.

Repellendus cupiditate a et id ipsam aut. Blanditiis ipsum officiis voluptas est mollitia eligendi et sit. Culpa quis reprehenderit ea. Est in similique vitae facilis accusantium explicabo.

Quae sapiente dolores qui rerum a ea. Voluptatem cumque officia aut optio. Voluptatem dolores quia velit adipisci rerum. Rem optio rerum doloremque ea mollitia laboriosam libero suscipit. Quia quasi quia excepturi voluptatibus vel illo eum.

 

Quisquam ea maxime officiis expedita sint sed officia officia. Ex quibusdam molestiae est modi architecto excepturi accusantium. Sapiente ut dolores est enim. Animi possimus et ullam animi eos quis odit.

Ut tenetur velit qui perspiciatis ut voluptatem illum. Eum sed eius vel ducimus nostrum non non. Laboriosam debitis ut enim consectetur qui pariatur quia dolor. Quia possimus asperiores tempora error quo in commodi. Consequatur est delectus amet et. Quas nemo ullam nihil delectus ea.

Mollitia dolores dolor maiores quia neque. Et cumque facere earum. Omnis corporis sed molestiae velit delectus maiores. Nemo odit vel veritatis rem enim dolores ipsa. Dolorem veritatis vitae et nobis velit.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
Betsy Massar's picture
Betsy Massar
99.0
5
kanon's picture
kanon
98.9
6
dosk17's picture
dosk17
98.9
7
GameTheory's picture
GameTheory
98.9
8
CompBanker's picture
CompBanker
98.9
9
DrApeman's picture
DrApeman
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”