Does anyone know what the culture is like in the Chicago office? Does it vary at all by coverage groups? Work-Life Balance? Have heard RX is sweaty but haven't heard much about the other groups...
13 Sep 2020
I'm looking to lateral and even talking with alums from my school, I'm having trouble putting a finger on the pulse of these firms. Obviously it's tough with the coronavirus, but how have they done recently prior? Obviously for the merchant banks, I'm sure they have other revenue streams, but how have the M&A focused banks, like Dyal, MKlein, and Foros done, versus other smaller banks with other avenues of strength, like Rothschild (in the US)? Any bankers from these firms here?
03 Aug 2020
As the title suggests, these are two options that I am currently considering. The Capital Markets group primarily syndicates loans for LevFin, and the boutique M&A shop,well, does M&A. In terms of exit ops, which group would line me up best for growth equity or private equity? I am aware that it would be an uphill battle either way. Any other factors to consider?
28 Sep 2020
Hi all, I've been doing some digging through past threads but all of them are really subpar. What are the expected exits opportunities for working in IBD at places from HL, Blair, Baird, Macquarie, Stifel, Jefferies, Piper Jaffray, Harris Williams, SunTrust, Raymond James, etc etc? I feel like there hasn't been a great discussion on this and it it probably more relevant to a lot of users instead of comparing GS TMT vs. EVR M&A...
24 Oct 2019
WSO obsesses about the BBs and same boutiques like Lazard and Moelis over and over again. For the students that miss out on the top well-known banks, what are some strong MM or boutique shops which pay close to street and have solid exit opps that don't get mentioned much?
16 Apr 2019
WSO Community, I wanted to take the opportunity to leverage my experience to be helpful with a Q&A. By way of background, I attended a state school, broke into MM IB as an analyst, left banking to work at multiple private equity firms, then returned to banking. Currently, I'm a VP at the MM IB firm I worked at immediately out of university. More than happy to answer any questions you have. It's been an interesting journey to say the least, which is chronicled in the posts below from the last seven years. Looking forward to your questions and the discussion. Fire away! Thank You, Broke In
26 Jan 2019
Maybe I'm just cynical, but at my MM, we have rarely seen family offices compete for deals in auctions and it seems there are more and more being formed weekly, if not daily. I'm astounded at how much capital is now going into the market to try and compete with traditional PE and strategics, particularly in the MM (I see some value in the LMM and even more in the sub $10mm EV space). Now, one pitch from some family offices has been "we aren't trying to compete with PE because we are different (e.g. longer holds, less transactional, more passive ownership, better people, etc.)". But, let's be
12 Dec 2018
I'm trying to learn more about the above firms to know which I should be focusing on. Are they all in the same tier (mid MM IB)? What's the order of the above firms based on comp, prestige, exit opps, business school placement and culture? Assume main NY/Chicago offices. I understand KeyBanc and Cain merged but I think they act separately recruiting for now.
17 Apr 2019
This question pops up in almost every private equity interview. It's not something that will land you the job, but the wrong answer will get you dinged. Why Private Equity Career? This section is to shed some light on private equity as a career. For information on answering the interview question "Why private equity?", skip to the next section. For those of you undecided on whether you want to work in private equity or not, here are the typical reasons people find private equity appealing: The magic word: carry. It's true that a chosen few make 10-100s of millions through carry in private
18 Feb 2018
What are some of the best middle market banks in San Francisco? I have heard Blair has a great reputation but what about Lazard MM, Baird, Piper Jaffray, Lincoln, Raymond James?
14 May 2019
For starters, I am not in IB but in Commercial Banking as a credit analyst in a MM group. My problem may seem simple to most of you but thank you in advance for taking the time to read. I am looking for advice and/or examples of how to take financial statements of a company and test them against various debt scenarios. For example, how would this company look if they had a $500MM TLA or TLB, or a $200MM RLOC with various levels of usage. End goal would be to create a template that can take statement inputs and show debt scenarios based on user input (term loan, rloc, subordinated notes, usage
26 Jul 2018
Hey all, Just received an offer from a top MM investment bank, and the offer is in NYC. They gave me an offer expiring next Thursday, so have less than a week to make a decision. While I'm confident I want to do investment banking, I'm a bit hesitant about taking the offer for two reasons: Firstly, I am not confident in their exit opps after 2-3 years. While they have done well on the league tables (regularly top 5 MM bank for deal value as well as deal volume), it has been hard to gauge their relationship to PE firms/what the exits would look like. I am hesitant to give their name since they
19 May 2018
Wondering about everyone's thoughts on the following three banks and locations for a 2019 IB Analyst Internship: Baird Milwaukee, William Blair Chicago, FT Partners San Francisco. I'm interested to hear people's thoughts and experiences at the companies, cities, and advice you may have on deciding between them.
17 Jun 2018
Hi guys Have been offered opportunity to interview for an MM IB as senior analyst and wondering whether to take the opportunity. It's a North American MM player with name recognition and good deal flow in UK (volume wise alongside Top10 accountant firms but not big value wise). The pay is around 62PS & significant bonus (recruiter says upto around 100%) with potential for rapid progression to Associate level. Currently earning 60PS & 15% in my large corporate. End goal is to be CFO of SME type business most likely (or be more of an interim CFO for portcos at PE). Other options are to go down
12 Dec 2018
Was wondering if anyone had any in-depth information about Parthenon Capital Partners. They recently posted that they're recruiting Analysts right out of undergrad, for summer 2017 start, on my school's (target) job board. This is apparently the first time they're doing an Analyst class, probably following the PE trend in recent years. I find this timing somewhat odd because most seniors with the qualifications to be a PE analyst have already started BB/EB banking jobs, or something similar. They seem like a very respectable MM shop, with 20 years of existence and ~$3Bn AUM. Started by the
14 Jun 2017
Hi all - there has been a lot of talk on WSO about the deal flow and exit opps of top groups like RX, Consumer, and Industrials at Houlihan. Would you say that exit opps for the other groups (Business Services, Aerospace & Defense, Healthcare, TMT, etc) place just as well in PE funds / give as good deal experience?
29 Jan 2018
Was recently promoted at a traditional MM bank and have the opportunity to move upstream/upmarket to an elite boutique (Evercore, Moelis, Greenhill, Centerview, PWP), but was told I would likely go in back at my prior level. I have a strong desire to move upmarket and get better deal flow from where I am, but I'm concerned about going backwards in hopes of doing this. It aligns with my long-term goals, but if I leave IB in the future, will this be looked at negatively by employers? Also, where would you draw the line for accepting a demotion to move upstream? In other words, if I decide to
20 Apr 2017
Title says it all. Looking for the best MM tech funds in NYC. Of course the list is likely far and wide, and in this day and age mostly every firm considers a portion of their focus to be on tech related investments, but who are the most competent and successful of the bunch?
17 Jan 2020
Very straightforward question for everyone. Usually, at BBs, you'd climb the ladder to MD and then have a chance at Partner. Is it the same process for non-BB banks such as the Big 5s (RBC, BMO, TD, Scotia, CIBC), MM banks and EBs? Thanks
16 Apr 2018
Hello All, Thanks for taking the time to read and comment. Looking for a profile review of sorts as well as general B-School advice. Any advice/constructive criticism is welcome and appreciated! Academic Profile: Non-Target University in the South Finance Major 3.83 GPA 710 GMAT 2 Honors Societies Relevant Coursework - Advanced Logic (Mathematical Philosophy), Statistics, corporate finance, Economics I, Economics II, Investments Analysis, Accounting I, II and Intermediate Accounting, a few others that are similar. Extra-Curricular: --President of two organizations (1 special interest & 1
27 May 2015
Hey guys, I'm a junior at a non-target and I had a horrible freshman year (a lot of personal problems), which is reflected in my GPA. I'm going to try hard and network my way into a MM IB SA position, but i'd just like to know all of your thoughts on my chances given that I do network. I assume BBs are off the table, even though my school does have a fair amount of alum to network with. Would it even be worth my time to network/apply to BBs? My resume is attached without my name and such on it. **Updated Resume now attached, reformatted, few new bullets, thoughts? **
17 Oct 2015
Hey guys, wondering if anyone has any context on Capstone Partners (Boston HQ)? Are they a serious shop? Culture? Are comp and hours on par with the rest of the street? Thanks!
15 Dec 2016
Hey guys, I'm an incoming junior, and I'm about to start my summer internship at a small (around 20 employees) middle-market investment bank tomorrow. I really don't know much what to expect, but I'm very eager for it to begin. It's an unpaid gig, and l have no previous finance internship experience. I believe I will be one of 2 summer analysts at the firm. My goal for the summer is to learn as much as I can and to try and leave the summer with some great experiences. Does anyone have any general advice as to how I could best make a good first impression as well as get as much out of the summer as I can? I truly appreciate any advice!
01 Jun 2014
So, through the most grueling 6 weeks of my life I was able to land two full time possibilities come graduation (with a third option potentially in the mix). I'm really having trouble weighing the pros and cons of each, and would appreciate some feedback. I'm beyond stoked on both offers, and would gladly take both, but would appreciate some non-biased opinions outside of the recruitment cycle.
02 Oct 2014
Hey monkeys. I spent the last 5 years working at a pretty private single family where we did both PE and VC, and I left as a Vice President. I got good experience but it isn't a well known or particularly respected firm. I came up through the military, not banking, and as such don't have quite the industry connections and ties to the headhunting community. Top 3 MBA. I'm Trying to figure out how to get seen by the recruiters, short of contacting them and sending resumes (which I have done). Are there resume books I should be getting into or groups I should be following or attending? I heard
11 Oct 2017
I'm currently interviewing with BMO Sponsor Finance for an Analyst role and would probably get brought in as a 2nd year. I've spoken with contacts at Golub and Ares and they said BMO has a solid MM group but didn't have much detail. Wondering if anyone has additional detail or any idea of comp? I'm currently in Broadly Syndicated Loan group in a Portfolio Analyst (3rd year) role trying to make the jump to the credit side.
08 Feb 2016
All, Once again, I would like to express my gratitude to the admins, users and interview guide authors for their commitment and consistent assistance to the WSO community. In 2011, I was thanking the community for the help breaking into investment banking (Thank You - BROKE IN!). Now, I am back to thank everyone once again for their support and assistance that facilitated my entry into private equity! I am coming from a top MM bank and just received (and happily accepted) my offer with a strong, $1B+ fund with a great culture and proven track record. Over the past two years, I have had a great
20 Sep 2014
Hey, I'm in my last semester of my undergraduate Finance program at a good business within the state of Illinois (Northern Illinois University), but no where near a target school. My end career goal is to work at or create a private equity firm. I was wondering what are the different ways to break into a private equity firm? I know most of the PE associates and analysts are from an investment bank, public accounting or consulting firm. Are these the only ways of breaking into a private equity firm? Also if I were wanting to go into Investment Banking, in a Boutique or Middle Market, is it
30 Dec 2015
So I have an interview coming up with Lazard MM and couldn't find much here specifically about their middle market practice. I just want to know some basic info about culture, hours, interview as opposed to Lazard the parent company. Is is that much different? or are they similar for the most part? I know there isn't as much prestige compared to the parent company. Also would like to know the hours because I am currently at a small boutique and want to know how the transition will be going from working normal hours to how the hours will be there.
17 Sep 2013
Has anyone interviewed or interned with Guggenheim's ECM division? Have a phone call getting set up with someone in the division, would love to hear more about them.
01 May 2018
Hi guys, Can anyone opine on which of the top MM's and E-Boutiques are best? Especially the top MM's vs the boutiques that target the large deals. In terms of exit ops into PE, VC and top MBA's. I am looking in to firms like Harris Williams, Baird, SunTrust, HLHZ compared to firms like Evercore, Jeffries, Perella Weinberg. Thanks!
30 Dec 2012
I've done a search, yes, but there's not too much info around here about Rothschild in NYC. I know that their RX is top-notch. But what about M&A? Pay, culture, learning experience, exit opps? Strong/best verticals to cover? Could one work at Rothschild 2-3 yrs as an analyst and go into PE? Or will one have to lateral? How do they compare to other top MMs (HL, WB, Stifel, WF, RBC, HW)? I know that they poached some Barclays bankers a couple months back and I may express an interest in that group (consumer retail). Any thoughts? This is for FT. Thanks
17 Oct 2013
Hi guys, I haven't found a thread about middle market Er reputations posted within the past 5ish years, so I'd appreciate some updated thoughts. Some background: I'm looking to enter the industry as a summer associate, and I've gotten offers/made strong inroads at a bunch of MM firms. I'm specifically interested in which firms have a well-respected research brand, will give me good exit-ops (specifically relating to the buyside and business school), will still exist in 10 years, and will pay decently well. Based on networking calls/interviews/industry awards, here's my impression of MM
20 Jul 2019
I know many have been following ValueBanker14's excellent recent posts ("106 Rejections, 1 Success & Unquantifiable Perseverance", "3 lessons from 106 rejections", "5 Steps To Effective Networking") and since I have a pretty similar story to him I would like to add my thoughts for those non-targets seeking advice. I'm not as good a writer so bear with me. I come from a school that has zero OCR and I did not have a banking internship going into my senior year. Still, via extensive networking, I managed to get four MM superdays (as well as one with a smaller boutique) and one offer. While
13 May 2014
At the moment I work in a non banking finance function. After a lot of hustle I finally secured myself an interview at a middle market firm. One part of the interview is a modeling test in which they want me to build an LBO from scratch. I have been practicing like crazy so while I understand the mechanics of building the model, I don't really know much about the current debt markets. To make matters worse, the prompt doesn't really offer much detail on how the transaction should be financed. I did some searches and everything I turned up either seems old or applicable to larger deals. I don't
01 May 2016
I have an offer at both firms (NYC) and trying to make the decision. - Both banks have same growth story and are strong in the MM - RBC acts more with their balance sheet and can support larger financing - Jefferies name is stronger than RBC in the U.S. - Both banks have pulled a lot of top MD talent from BB through the financial crisis - RBC is headquartered in Canada, which will always have an effect on perception - Both banks will have smaller groups than BB which will be better for developing skills and having more responsibility With both being a generalist offer, which would you take, and why?
05 Oct 2011
Hey all, Most of the stuff I have read has been focused on top tier bulgebrackets or elite boutiques in New York..Was wondering the payout structure, more particularly how the bonuses are typically for quality middle market shops in other Cities like Chicago. Thanks!
05 Jan 2012
Hi, I was wondering if you can help me analyze the probability of me becoming an Analyst / Associate in % Background - Master in Finance from semi-target. 4.0 GPA with honors (MSF, not MBA) - 1.5-2 year experience as a Real Estate Asset Management Analyst - Bontique - CAIA charterholder - CFA Level 2 passed - CMT Level 1 passed
04 Sep 2014
I've spend a decent amount of time on WSO...mostly during my job searching days. I'm not a power user/reader/poster (I wonder who has the time...but the forum is like reading a morning paper to some folks). Anyway, I feel its time to pay-it-foward a little bit, with any advice I can give. I like to give advice (realizing my advice is might be shit) and mentor the junior guys I work with. I currently work in a MM shop. Non a boutique, but not too far up the league tables. I'm happy to answer any questions that I can about the job, the lifestyle, the realities (good and bad), etc.
19 Mar 2013
Where is this firm headed? They have built an extensive IB/Restructuring practice in last one decade and have been well placed in the league tables. Can anyone talk about the opportunities and how things are for real?
02 Nov 2017
Inspired by a recent employer attractiveness survey, Jorge, an obscure yet devastatingly handsome writer for the world's premiere finance community, Wall Street Oasis, has decided to run a survey on who are the most attractive CEO's in Wall Street to work for. Choosing from over 20 nominees from the world's top banks, consulting, private equity, and fund management firms, monkeys from all over the world will vote in the comments section which 3 of the top CEOs, fund managers, or directors they want to work with the most. The winning CEOs will most likely not be notified of their victory, but
10 Nov 2010
At what point is a fund considered middle market? Is it fund size or portfolio company EV (or both)? I have a feel for what people consider to be megafunds, but I don't have a great idea of where the MM starts.
24 Jun 2012
12 Jun 2013
So this summer I networked with a recently graduated analyst at a top MM (think Harris Williams/HLHZ/etc.) who just finished his 2 years and was on his way to PE. He was really nice and helped set me up with a phone interview with 2 of the recruiters at the bank, the phone interview went very well. The problem is, I am just starting my sophomore year now so I don't really know how I should approach this relationship in the future. I may as well try to submit my resume for SA consideration for next summer but that would be when I was a sophomore, not a junior. Or should I just keep in touch with the recruiters every now and then until this time next year when it would be more useful? Would they consider someone for an SA spot in their soph-junior summer rather than junior-senior?
03 Sep 2012
I was recently offered an Associate position out of grad school at a mid-market IB for M&A. They indicated the bonus will be competitive and significant, but didn't really give an indication as to how much that would be. Any ideas what I could expect? 25, 50% of salary? More, less?
21 Mar 2012