Bulge Bracket

How bad did you manage to mess up on your first few interviews? Anything silly you uttered without intending, or did you choke completely? Share your experience fellow bankers and aspiring bankers.

11 Oct 2020

I am at a mid-tier BB looking to lateral to another BB with a very strong TMT group. Currently in a great retail group but am staying on A2A and looking to change sectors. From research i've done it seems like this is the consensus in terms of deal flow (M&A) and street reputation. 1.) GS 2.) JPM/MS -Know that the Media Com group is extremely strong at JPM, don't know a ton about MS 4.) Citi/BAML 5.) CS 6.) DB/Barclays/UBS Appreciate any insight anyone has into top performing TMT groups (BB).

11 Sep 2020

Open to questions of any nature related to Investment Banking / Advisory fields as well as general finance industry. Background: - BS in Mathematics (Russia) - MA in Economics (Russia) - 6 months in leading Russian, state-owned investment bank - 8 years in European Bulge Bracket bank, including first year in Russia followed by internal transfer to London - Focus on clients in Industrials and Natural Resources sector - Broad experience across the key Investment Banking products (sell-side / buy-side M&A, large public take-overs, IPO / Follow-ons, LBO / Leveraged Finance) Please feel free to ask

30 Jul 2020

Hi, hoping to see if anyone has insight or access to information that sheds insight on the top healthcare groups on the street? Are there certain firms that outperform in this area over others? I understand there are various verticals and sectors in Healthcare and some firms may outperform others in that particular area but was hoping to see overall wise, which firms would be the strongest in the Healthcare space for an overall healthcare investment banking experience. From research and previous threads it seems top groups HC overall: BB: 1.) GS/JPM 2.) Barclays/BAML 3.) Citi 4.) MS 5.) CS 6.)

02 Jun 2020

I've noticed that UBS/DB both get so much shit from all over this site, but it seems like when I talk to folks who work on Wall Street and at several different BBs, they always talk about how they're still very respectable firms with good culture and people - great places to start a career for an ambitious 22-year old, even today. Is all the hate on this website justified? Is it not? What are your experiences at these banks and/or working with these banks? I accepted an SA offer at one of these two banks. Also: Please don't comment on here if you're in high school, freshman/sophomore, or not

04 Dec 2020

I have heard mixed thoughts on this from senior people. Some seem to say they don't care about your GPA once you have interned at a firm/got the job...and it should not be included on your resume after you graduate...some say it should be included on your resume after you graduate? There is no requirement from the firm saying you need to list your GPA on your resume after you got the job. This probably isn't that big of a deal but once you graduate should you just take your GPA off your resume and just list your degree and honors / cum laude/honors/deans list/societies whatever applicable etc

03 Jun 2020

Hello! I was hoping that someone could shed light on which group would provide me with the best learning experience for exits into PE? Will any of these groups pigeon hole you? As in if I am in TMT, will I not get to work on bigger deals because of the nature of the industry compared to Industrials where there are many established, big companies (more of them)? I have read that Industrials provides you with a very good transferrable skillset from a modeling perspective, is this more so true than TMT or FIG? It seems like in the TMT space a lot of the deals are ECM/IPO deals and there is not as

13 May 2020

Any opinions on best (rankings welcomed) Consumer/Retail groups for both BB and EB? Any other information on specific groups within a BB or EB (hours, pay, culture, etc) would be appreciated as well. Thanks!

19 Feb 2020

Hey there, all you cool cats and kittens, it's NetworkingNinja here, and it's story time. Background: East coast non-target. Third-year analyst at a west coast LMM PE shop. Below market pay, demanding hours, all-around toxic culture. Needless to say, I'm looking for new opportunities, especially given the increased flexibility in my schedule while working from home. I've cast a wide net of PE and IB positions (yes I would consider IB given the potential to join as an associate and take a significant bump in pay). While I have strong experience and 5+ deals closed, I still haven't gained much

30 Jul 2020

Hi! I wanted to see if anyone knows how to get or view rankings of each particular industry group at each Bulge Bracket. We are always discussing which groups are best at each firm, is there a database that logs all this information or where we can see concrete results like Bloomberg or something? Does anyone have any insight to the following groups at the following firms? Firms: BAML, BARCLAYS, CITI ** **Groups: Healthcare, Industrials, TMT, Consumer/Retail ** **Healthcare: ** 1.) BAML 2.) Barclays 3.) Citi **Industrials: 1.) Barclays 2.) Citi 3.) BAML TMT: 1.) Citi 2.) Barclays 3.)

25 May 2020

What is the impact of following transactions on P/NAV multiple of mining firm: 1. Borrow debt 2. issue equity 3. an acquisition funded with debt 4. an acquisition funded with equity Also, if P/NAV < 1 and firm issues equity to raise capital. Will it be accretive or dilutive? If so why ?

10 Mar 2021

Both industries are interesting and have a lot of developments happening within them. I know that Technology and Healthcare go hand in hand often - does this mean that the Healthcare group will cover a healthcare technology company or would that be covered by the Technology group, does anyone have any insight into how this works? Is one industry better for PE/VC than the other? It seems as though with TMT you could transition into a startup/tech company/VC/PE, it seems with healthcare it is more common that analysts would go into PE? Does anyone have any insight into this or could argues pros

01 Jun 2020

Hoping some of the older guys can provide guidance here. I have the chance to accept an analyst offer for a CMBS Originations role at a BB in NYC. Eventually, I would like to pursue an Associate role in REPE. Will taking a job in CMBS alter my chances of receiving an offer at a MF or top-tier shop? What are common exit ops for an CMBS analyst at a BB?

14 Aug 2020

What things would you consider items that constitute a bad group culture versus just being the "culture" of Bulge Bracket investment banking? 1st Year Analyst I am sure this list can go on and on but I am going to stop here. I think that this is 80-90% bad culture and sweatshop/crappy group and maybe 10-20% weighted to just banking being banking... What do you guys think? Do you guys have similar experiences? Bad culture or normal for BB banking? 1.) Getting staffed with new people you have never worked with and they don't take any time to introduce themselves, tell you about what the project

12 Feb 2021

Hey everyone. Longtime reader here; first-time poster. Thank you in advance for taking the time to check it out. Scenario: I'm 25 years old working on my bachelor's degree. I used to be a degenerate as a kid and I had immigrant parents who didn't know about the school systems here in US. I had a 2.5 GPA in HS and 2130 SAT score (no prep). Started over from scratch at community college and transferred. I found IU Kelley was ranked like top 10 in the country for Finance (I believe Poets and Quants had it ranked at #8 worldwide at the time). I kind of thought top 10 finance translated to 'target

10 Feb 2021

Curious as to if most BB analysts leave after their 2nd or 3rd year for PE. Is it better to leave after your 2nd or 3rd, does it matter? Are most full-time analyst programs 2 or 3 years? I seem to see mixed things on this, I have seen many analysts stay 3 years then leave, or stay 2 years an leave. It seems like 2 years it the most common, but I am curious. Do most BB's just assume that analysts are going to leave after 2 years or do analysts staying usually always get promoted if they are good? Is it better to leave after 2 years to get the best chance at PE placement - as in do PE firms

30 Jul 2020

WSJ just reported that BofA is planning to change the marketing name of its investment banking unit "Bank of America Merrill Lynch" to only Bank of America (Securities) and reduce the wealth management operations' name to Merrill. How will this affect the reputation of the bank and its ability to win clients and recruit young, often prestige-focused, college students? I think this will radically reduce the appeal of the brand and will even further destroy the performance legacy of Merrill Lynch.

03 Mar 2019

I've heard great things about UBS's culture and global presence, especially in LevFin/TMT/Industrials as well as FX/Rates on the floor. However, in the league tables they seem to take a big hit across M&A, ECM/DCM, and S&T. Even banks like RBC, BNP, SocGen, HSBC, and so on, tend to have an edge on them in the Americas on recent league tables. Is there something I'm missing here? Are league tables inaccurate in determining whether a bank is a "BB" or not, or is it because UBS is a smaller-sized bank that focuses mostly on PWM?

17 Jan 2021

Fellow aspiring monkeys and experienced gorillas, I'm currently weighing the options on whether to pursue an MBA or a Master degree in order to break into Investment Banking (BB, EB, MM) and would like to hear your thoughts. I graduated in 2018 from a non-target on the east coast with a few finance internships (PE and IB) and a 3.6 GPA. Upon graduation I returned to my home country (developing country: not yet recognized as an emerging or frontier market) to work in a small (10 people) family owned government supplies business. I'm planning to give my GMATs soon in order to apply to the

12 Jan 2021

Hi All- Was considering Deferred MBA programs. I am a senior undergrad who interned within an IB group at a BB and will be returning full-time this summer. Was wondering what others thoughts are on Deferred MBA programs - especially for a college senior who will be an IB Analyst after grad. A lot of these deferred programs allow me to work a while before i begin the MBA program so my thought process was stick a few years in IB (2 or maybe even more as an associate).

05 Jan 2021

On Linkedin, I see a lot of people--even outside of the schools like Dartmouth where you can take an off term during the school year--who have internships at BB like BAML and MS and I was just wondering how they do that? It seems like they only intern from Dec-Jan, during winter break. Is this simply through networking and just asking people (after building up a relationship of course) if there are any possibilities for these type of opportunities? I can't seem to find any of this type of stuff on the official websites so if I want to go about doing so, how would one do it?

03 Jan 2021

As an Econ/Math double major at a university with a target business school, what GPA do I need to get interviews at the elite bulge brackets like Goldman and boutiques like Evercore? I just finished up my freshman year with a 3.74 and I'm involved in 3 orgs on campus (1 finance related and 2 that are not). Would pushing for a higher GPA (3.8 overall) in the semester before recruitment begins really going to help me that much?

03 May 2019

Hi I am a little confused. Please advise me. I'm an engineering undergrad student in the US on a visa. Does it make a difference if I work as a Tech summer analyst (IT back office ) at Credit Suisse ,Citi (North caroline offices) or if I work at Deloitte , Pwc (Silicon Valley offices) in Cyber/Technology consulting? If I'm front office role then I would have chosen the former for sure. I'm just confused about future opportunities in IT roles at these BBvs Tech cyber consulting at big 4. I know big 4 almost guarantees full time offers while banks might not. I'm not that good at coding also. I

19 Dec 2020

Hi I am a little confused. Please advise me. I'm an engineering undergrad student in the US on a visa. Does it make a difference if I work as a Tech summer analyst (back office) at Credit Suisse ,Citi (North caroline offices) or if I work at Deloitte, PWC (Silicon Valley offices) in Cyber/Technology consulting? If I'm front office role then I would have chosen the former for sure. I'm just confused about future opportunities in IT roles at these BB vs Tech cyber consulting at big 4. I know big 4 almost guarantees full time offers while banks might not. I'm not that good at coding also. I want

18 Dec 2020

when applying for diversity/women events and internships offered by BBs and EBs (i.e RBC's Women Advisory or Guggenheim Sophomore), do you have to network beforehand? if so, how do you go about doing so--do you just reach out to past participants that you find from Linkedin? Or does connecting with any individual that works at those firms good? thanks!

15 Dec 2020

I've just went through a very tough interview process at a top BB - the hiring MD wants to call me tomorrow. I think that's a good sign, but am unsure... Any ideas? Additionally, I'm also recruiting for a top PE shop. If given the chance, I'd perhaps take the PE offer, but am afraid that if I receive an offer from the BB, it may expire before I finish the process at the PE shop. How should I respond to a (hopeful) offer given by the BB tomorrow? What would be a good strategy to let the MD know that I'm still super enthusiastic about the offer, but need some time to think? Any advice would be

14 Dec 2020

In the world of college sports, top athletes from high schools all over the country compete to join the best programs for 2 to 4 years. Just like college sports, banking takes the absolute cream of the crop of their pool, sometimes less than 1% of those who want it, simply because there are not enough spots for everyone. In this article I will be comparing the recruiting process of investment banks to recruiting for college sports In the beginning of recruiting, candidates start by reaching out to coaches, or if they are high level enough will receive attention from top universities/banks

01 Aug 2019

Thought I would create a discussion on my experience interviewing for an IB position at BofA in London for SA 2021. Unfortunately I did not receive an offer to join the team, but I gained a valuable experience and learned a lot about myself as I made it to the Assessment Centre (no Superday due to Covid). Although all SA jobs are more than likely full, feel free to ask any questions regarding the interview process, lead time etc.

02 Dec 2020

I'm looking to generate some ideas for the next few years as my bank only promotes some 30% of Analyst level salespeople to the associate level. Everyone else either moves around the bank to other groups/areas in the front office or goes to the buy side. My question is, what roles would be available to someone in Macro Rates Sales at various buy-side firms? Any firms in particular and general positions that come to mind would be helpful. As a preface, I'm at a Bulge Bracket and have some Investment Banking experience as well from 2 prior boutique internships back when I was at university

21 Jun 2019

Could somebody please make a bulleted list of all of the bulge bracket banks and include the core competencies for each bank at what they're best at? This would be to everyone's benefit who wants to learn the "scoop" on each of the big players

30 Jul 2018

JPM and Goldman are clear leaders among BB FIG groups. But how do second-tier banks like Morgan Stanley, BAML, Citi, Credit Suisse and Barclays stack up when it comes to FIG? Particularly interested in strength in depositories and specialty finance coverage.

15 Nov 2020

Hey everyone, feel like we haven't had a good ol' argument/friendly discussion in a while. What would you say is the current tier list of investment banks in 2016 based on overall brand strength? If you have real balls, rank them with no ties (1a, 1b). Ranking the Bulge Bracket and Elite Boutique Banks Before looking at any rankings, it is important to note that these are subjective and can change at any point based on the deal flow at a given bank. These can also vary by group. Below are rankings contributed by our users. Tier 1a: Goldman Sachs, Morgan Stanley Tier 1b: JP Morgan Tier 2a: Citi

08 Apr 2018

Hello WSOers - I'm a junior at a semi-target and also an international student. I had a superday back in May with a MM IB (Think HL, Jefferies, Lincoln) and never heard back but the office has made offers so I'm guessing I was dinged. I had another first-round with another MM bank but didn't make it past that. All banks are done recruiting on campus (at least those that sponsor) so I am in a tough spot. For a quick background, I have a 3.65, good amount of IB & PE experience and leadership exp as well. Also I submitted most of the applications with my old gpa 3.80 and I was wondering if I can

12 Sep 2018

Hey all. I am currently a first year credit analyst working at a BB. I went to a huge state school and graduated top of my class. I've been trying to break into Investment Banking for about three years now. In an effort to rebrand, I have decided to pursue a Masters in Finance. So far, I have been accepted into a handful of programs, including Oxford's Masters in Financial Economics. I am still waiting to hear back from MIT's Masters in Finance. I would really like to work in M&A at a Boutique Investment Bank and would prefer to be in Los Angeles, CA. I feel as if I'm all over the place. My

08 Mar 2020

I know this site obsesses over GS/JPM/MS a lot, but how much "better" are they compared to other BBs (C/CS/BARC/BAML/UBS/DB) on the street regarding (1) culture (2) workload (3) pay (4) structure? Is the difference just blown out of proportion on this site, or are the banks actually a lot more similar than people like to describe? I've heard mixed reviews, where some say it's night and day, others who say most banks give similar experiences. Minus prestige, are "lower-tier" banks really that different from "mid-tier" and "top" banks? Would love to hear from anyone who has experienced both

25 Oct 2020

People often tell me it's better to work at JPM Markets or Citi Markets than GS Securities because of the difference in the balance sheet and revenues, but I feel like this figure isn't normalized with respect to how many people work at each bank... If one bank made 10 times the revenues of another but had 100 times as many people, for example, I feel like you have more potential in a career at the bank with fewer people. I know the revenues of each BB and I know the total number of employees (e.g. JPM is 250k+ and Citi is 200k+ where GS is around 36k), but I feel like this is very much

02 Mar 2019

obviously most people here are IBD or bust, but for those of us happy making a decent living and prioritize work and family time, what are some of the better roles in the BO and MO? the only real BO/MO role i am familiar with is Trade Support so i am interested in knowing what else is out there. i am prepared for the snarky comments but i do know there are a good handful of people with the back office/operations experience that will chime in. thanks all!

07 Jan 2018

Hey all, just wondering where associates/2nd year analysts typically exit to from shareholder activism type IB groups. I know activism defense advisory is offered by some BB and EB banks and was curious if most stay in IB or eventually try to land at an activist fund or in PE.

26 Jan 2018

A2A at a BB with ~5yrs of experience in Healthcare Investment Banking coverage. Current focus towards the Biotech/Biopharma subsectors. M&A focus; transaction experience across all common product groups. To preempt, I do not have a medical degree but do have a natural sciences background.

13 Nov 2017

Hi all, This has been something that I've been wondering for a while. If a VP at a top BB or EB like GS / MS or EVR / PJT / CVP, and they've grinded up since 1st year analyst, do you guys still think it'd be near impossible for them to find a decent PE role as a senior associate at a 1~3bn PE fund? They'd be taking at least 1~2 years of pay cut and seniority cut, esp at an EB, but have 6+ years of solid transaction experience albeit not PE, competing with presumably 2+2 candidates if there's an opening. Outside of if it's worth it for the VP or not, do you still think this is a once in a blue

17 Sep 2020

I just got a summer analyst position at a BB bank and I'm extremely happy with the position. But I was wondering how it compares with smaller prop shops in terms of comp and lifestyle. I know, for example, a first-year at Optiver can make 300k. And this is in Chicago, where the cost of living is half that of NY. When you compare it to a BB first-year analyst, I don't imagine they break 120k even in NY in their first year. I've also been told that the lifestyle at these smaller firms is great, not just for work-life balance, but the facilities in the office. Can anyone make an argument for a BB

24 Feb 2019

Hey guys, I'm wondering if you all could tell me frat I should tell my friend to pledge. He's trying to maximize his chances at getting into a BB and wants to use the vast network afforded by fraternity life. tldr: are there any target frats?

06 Dec 2019

I am a junior studying finance and information systems at a non-target. I have a 3.61 GPA and a decent set of extracurriculars. This semester, I am joining a few more finance/professional clubs in order to boost my resume. I have an internship with Big 4 doing risk consulting this summer. I'm grateful for the opportunity but it isn't finance related and I am worried that I won't be able to land a FT Corporate Banking offer at BB in the following summer. I haven't had any financial internships prior so I feel as if I am in a very bad spot for senior recruiting. I can attempt to get a Comm

21 Feb 2019

Hi everyone, Wanted to know how you guys talk about this question in an interview? I know there is a bunch of stuff to talk about but what do you think is the best and most effective structure to answer this question with? Also, what's a good resource to use to grab a topic from? Would love to know. Thanks

11 Jun 2019

Which summer internship would be better for landing a FT at a BB the year after? The Investment SA is specifically under Merrill Lynch, the PWM arm of BofA (but not doing PWM). Thanks!

09 Feb 2019

I have spoken candidly in the past and will gladly do so again, about my misadventures in the world of marriage. It's a world many foolish men enter, but few ever leave financially unscathed. Today, we look at yet another nail in the coffin of this once noble and righteous institution. One year ago, Stacey Napp founded Balance Point. Not surprisingly, with money from her own divorce settlement. Balance Point is a divorce investment fund. It essentially ponies up its legal services for free (under the guise of a financial investment) and takes a percentage of the winnings, pardon... settlement .

04 May 2017

Hi, Background: I'm a rising junior at a top target (think Harvard/Wharton) and I'm looking to get a 2019 summer internship at a bulge bracket bank. In highschool, I had solid extracurriculars (a lot of student government, debate, and continent-level recognition for leadership) and grades (2350 SAT, 44IB, etc). In college, I messed up my first semester GPA really badly so rn I'm resting at a 3.33 going into junior year. I still have quite a lot of extra curricular activities in college and I'm currently a private equity summer analyst at a firm with usd2+billion aum in Singapore right now

07 Jun 2018

Was just offered Summer Analyst position (rising Junior in Liberal Arts school) at MM bank, would like to end up there full time but want to be exposed to BB bank eventually as well. It is an exploding offer, and most of the BB recruiting happens in the fall. If I decline this offer I will likely burn my bridges with them, but I want to eventually end up there because I get more exposure to MDs, client facing meetings, etc. It's a reputable firm that I admire a lot but don't know if I'm making my mind up too soon. Any thoughts?

14 Jun 2017

Great news. I finally landed a spot in DCM for the leveraged finance team of a very prestigious BB on the street. I literally started from the bottom, working my way up, and have been working at a mid-size to small boutique firm for the past year and a half. My old firm was super short on staff, so I am already use to working 100+ hour work weeks, working multiple assignments with tight deadlines. My question is what should I expect job/work wise going from a smaller shop to a top tier BB? What are some of the big differences that I should prepare myself for? I want to prepare as much as

16 May 2017

I'm currently at a lower semi-target, thinking of transferring to a target school next fall. How big is the difference in exit opps, business school placement, and 15 year career trajectory from a major BB/EB/Upper MM in NY (BAML to Jefferies range) compared to mid and lower MM banks in regional cities (Ex. SunTrust in Atlanta, Brown Gibbons Lang in Cleveland, Tripletree in Minneapolis)?

18 Feb 2019