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Bump , which is a better option: Jefferies Ib or mid tier BB DCM ? considering exit opps
See my comment below
Is Jefferies IB good in terms of PE exit opps?
If you want traditional ib exit opps (PE), Jefferies IB, don't clout chase blindly
if you want IB do IB
Prestige- MS Exit Opps- MS if you want to exit into coverage and then go anywhere you want essentially- I think this is the best route because you can get a taste of banking with the option of doing a career in IB (capital markets) and if you feel like its not a good fit you can easily go to coverage (I've seen it happen a lot) and then work your way up or exit out.
Congrats on these offers btw!
Note: if you want the quickest path to PE then probably RBC will get you to some smaller PE funds
Thanks! To your point about seeing it happen a lot, I’ve talked to GCM people who say it’s not easy at all - you have to get great reviews and they only allow a few to switch every year. This is the main concern that’s holding me back from taking MS and trying to back door my way into IBD from GCM after 2 years - seems like I could easily get stuck if I’m not a top performer
I see your concerns, that was not what I was told when I spoke with people from Morgan Stanley who transitioned from Lev Fin and ECM into the IBD side. However, if that is what they are telling you then you should take the advice you have heard and make your decision knowing that.
This is so tough. I honestly think Cap Markets gets massively underrated because you can’t exit. If you’re at all interested in banking beyond the analyst level, consider MS GCM. MS is a top bank, their lev fin group is in GCM, you can always move to IB after 2 Analyst years, you’ll receive IB-level pay for less hours, etc.
That said, RBC would be solid for MM/UMM PE if that’s what you want to do
I’d take MS
Thanks for the perspective. From what I understand however you can’t just assume you’ll be able to switch to coverage after 2 years, you still have to internally apply and they only let a few switch over every year out of tons of apps from GCM people. Do you know if this is accurate?
Yeah certainly not automatic but a lot of people do it and it’s the most common time to do so. Doesn’t mean it’s easy
Depends on what you want. Generally, IBD offers variety of exit opps. Also, you could leverage that RBC position to transition into BB banks.
If you want to do PE after 2 years, then RBC is the no-brainer. If you want to use the brand name and do something outside of finance or more vanilla corporate then go MS. That’s simple. Don’t assume you can switch over to IBD after just a year or two. Even then you’ll have to put in another 2 years there before heading to PE. RBC would also give better lateral opportunities if that’s your thing no doubt.
Is this for MS ECM or DCM? Not sure if you are aware, but unlike their M&A and ECM divisions, MS is really not a top bank for DCM.
MS GCM has a totally different app from their MS IBD app, and if u get GCM offer u have to do group placement later between ecm dcm and levfin I believe
Gotcha. I’d take the RBC offer if I were in your shoes and then lateral to a EB or a top BB after your first year. If you want to end up doing IB at a top place, this is a much more feasible plan and relatively easy to lateral from a solid bank like RBC to the top ones after your first year. It is extremely common to see kids from RBC, Jefferies, etc end up at Goldman/Evercore - I personally know at least 5 kids and you’ll get hit up with lateral opps all the time and this is much easier than going from capital markets to IB internally
The transition to IBD isn't exactly easy but it's also pretty common. A decent sized handful of people do it every year. I'd imagine PE recruiting at that point would go better than RBC. If not, a career in GCM is probably pretty chill in terms of pay/hours ratio and at MS you'll get to on some pretty high profile deals.
RBC is fine. It's a solid bank and you'll get some PE looks but the name won't stand out on your resume the way Morgan Stanley well, even if it's IBD vs. GCM. I suppose it's a matter of risk tolerance but in the event you don't have a job coming out of either analyst program, the MS name will help.
Edit: I guess the decision comes down to how hard it is to lateral from MS GCM to IBD vs. from RBC to GS/MS/JPM/EB.
Having networked quite a bit with MS GCM, do NOT go to MS GCM if you want traditional IB exit ops. Even if you are thinking of going from GCM to MS IBD, you will be at no advantage compared to someone trying to do ft recruitment/lateralling from RBC IBD.
This is completely false. Internal candidates always get first look for open spots, especially from strong FO groups: IB group changers, GCM, S&T, etc.
Also, it's extremely hard to lateral "upstream" as a junior banker, especially to the extent of RBC to MS. I'm not saying it's impossible and hasn't been done, but I would much rather try to do so coming from MS GCM than RBC IB.
Even in the case that you spend 2 years in GCM before you're able to lateral, your exits as an analyst 3 from MS will be markedly better than the average RBC analyst exit.
This is a no brainer for me. MS
I thought lateraling upstream is the norm. since junior bankers are cheap and do a lot of the dirty work
This is actually so wrong... I don’t think you realize how common it is to lateral up especially from a place like RBC. In the lateral market, rarely anyone from Citi/Barclays/CS/BAML will actively recruit to leave for GS/JPM/MS. Why? Because your exit opps are already solid from those places and analysts don’t want to leave their teams. From a place like RBC, people are always willing to jump up to the top/mid tier BBs and EBs because it is a big enough of a jump to make it worth your time interviewing.
I work at an EB and just in the past year, Ive seen RBC analysts interviewing in the office all the time. I personally know 3-5 Analysts at my bank who came from RBC. Just did a quick LinkedIn search and youll see that RBC first years lateral all over the place, with a strong presence at Evercore and GS
OP: I really hope you didn’t go with MS GCM. Let me tell you why this is the wrong choice. With MS GCM, your only shot ever at getting into IB is internally with MS. No other top bank will look at you for IB roles because you have absolutely no experience/skills you need to be a successful analyst in IB. No DCF/LBO/M&A valuation experience, no experience making CIMs, handling data room, diligence, etc. Would you rather have a tiny shot at lateraling internally to MS IB or would you rather have a very good shot at lateraling to GS/JPM/Citi/Evercore/PWP/CS and so on? Easy choice here
lol @ 'completely false' and then provides patently untrue advice.
I love the username change from goldmanorbust to rbcnumberonefan, truly shows character development
Shows that he went bust
RBC unless you can do internal mobility with MS.
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