Upper MM in Tier 2 city vs. lower MM in Chicago


I received offers from a top MM shop (Baird, HL, HW) in a Tier 2 City (Denver, Charlotte, Minneapolis) and a lower MM (Piper, Lincoln, Stifel) in Chicago. I was just curious what everyone's thoughts were about what would be a better career option. I enjoy the people at the top shop, but am worried about lack of exit opps coming from a smaller city.

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Comments (18)

Sep 20, 2019 - 12:28pm

imo, city/location can make a difference but you ultimately make or break the situation. Denver, Charlotte, and Minneapolis are still great cities, but I would say that networking your way into other firms may be easier in a larger city. You could also look into how easy relocation is at the top shop and go about it that way (hang out your shingle then jump to a larger city). I'm not too familiar with MM firms, but I would consider brand as well. I think this distinction is a little easier to make when looking at BB vs MM firms, but just something to keep in mind.

Sep 20, 2019 - 12:52pm

Group fit and deal flow should be paramount in decision.

As someone who had strong experience from a MM just outside a Tier 1 city, I am always curious as to perception of MM banks.

Anyway, if your experience is strong and you knock out the role during your tenure in IB, you should not have much trouble in terms of exit ops. While it is more advantageous to be in major metropolitan, there are plenty of people who have exit to strong funds or corporate roles from other cities.

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Oct 16, 2019 - 4:01am

Fyi none of those are LMM. LMM is Capstone, AGC, and Tobin & Co. shops

Oct 16, 2019 - 4:38am

I think he means lower-tier MM, not lower middle market. Either way, I would consider Piper to be at least on the same tier as HW overall and quite competitive with Baird/HL on a group basis...

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Oct 16, 2019 - 9:36am

I know you're kidding by including Tobin but I must say that Capstone and AGC are lightyears better than Tobin.

Oct 16, 2019 - 9:37am

I would say that Piper isn't lower MM. It is a pretty middle of the road MM shop. However, if you're talking Chicago, I tend to believe you have Lincoln.

In all seriousness, if the location is super important to you, go with Chicago. If not, go with the better bank. I think that should really sum it up. The good will need to outweigh the bad.

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Oct 16, 2019 - 11:49am

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