Hello fellow monkeys. Recently, I decided to give up on buyside recruiting and stay on as an Associate in IB. I realized I simply didn't want it enough and just ran out of energy to dedicate to the search. I've also frankly enjoyed my time in IB a lot and look forward to continuing my path here. A big shoutout and thank you to everyone on WSO that gave me advice and helped me throughout the process. Feel free to AMA. A few months ago, I said I would drop the technicals I got throughout my process, so I am keeping this promise. I've gathered a bunch from myself and fellow friendly analysts
11 Feb 2021
Hi everyone, Rising senior from a nontarget here. I wanted to get some data points on my situation: I spent this summer at a MM investment bank (HL, Blair, HW, Lincoln, Stifel) with their technology group in SF. Was reaching out to other shops throughout the summer, but seems like lateral processes are really only beginning to kick off now. I signed my FT offer with said MM last week because I had no clarity on whether I'd be able to generate any actual leads for a lateral. As luck would have it, I've heard back this week. I had a first round with a larger bank (Barclays, Jefferies, CS, UBS)
18 Aug 2021
Happy to answer any questions about recruiting (being a non target and from a non top tier IB), first few months on the job in PE, pros / cons, things I like and don't like. Brief bio below on my background below: Non Target Undergrad Investment Banking Analyst for 2 years Current 1st Yr Associate at MM PE Fund New York based WSO Mentor Want to work with me? Check out my profile here.
12 Nov 2020
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
Hello All, For some background, I'm currently working in restructuring consulting and i am expecting an offer from an MM IB Group. My current compensation structure is $140k base and approximately $30k bonus. I'm lining up for promotion so expecting atleast another $10k in salary. An external recruiter I've been working with on this investment banking associate process has communicated to me that I will be receiving an offer. When we talked comp she mentioned average for IB Associate is $125k (seemed low). When I consider the offer I'm hoping at-least $150k which I read is street for A1. Given
25 Dec 2020
Hi, I currently work for EY within their Tax team and I have been trying really hard to transition into M&A. After 9 months of rigorous search, I got an offer at a boutique corporate advisory team specializing in M&A. I wanted to work for a bulge bracket bank but it seems way too competitive with my limited experience in M&A. I just wanted to know would it be hard for me to jump to bulge bracket bank later on, lets say after 2 years of working for a mid-market bank? I just need some advice. Thanks guys!
22 Sep 2021
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
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
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
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
Hello, I am a recent graduate and currently interviewing at four MM IB firms for analyst roles. I wanted to gather thoughts and insight on what some would think the best choice is. - Baird (Government & Defense) - Stifel (Diversified Services) - Janney Montgomery Scott - DC Advisory Any information would help, I have done research but would love to hear opinions on what would be the best route to take. Thank you for your time!
04 Oct 2021
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
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
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
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
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
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 the day of the BB finally come and gone? For decades places like GS, JPM, Bear Stearns and Lehmans represented the pinnacle of banking. These giants once stood proud, now out of these only 2 are left. The street is strewn with Drexel Burnham Lamberts and the like. It is becoming increasingly clear that BB is dying. UBS has been laying off analysts. Recruitment is down. It's time to face it, just like in law, big sprawling one stop shops are on the way out. The decline is multi-factorial. Trading, due to draconian regulations is out for most BBs, the era of mega mergers and LBOs is past us. Companies need to be nimbler, small banks can do that better. In addition, the partnership as opposed to LLC model makes people take a much more long term view.
08 Oct 2010
Hi, I know that middle market banks get a lot of bad press on this site. Obviously, most of the people posting are just college students who think that the world of banking is Goldman Sachs or bust. I would love to hear some real (honest) insight from someone who knows and is not speculating as to what working at a Middle Market Bank really entails. How is the comp as you work your way up? Is it similar to BBs then trailing off as you move up the ranks? How much does an average MD in banking earn at one of these banks? Are the exit opps really as bad as some kids like to crack them up to be? I'd love to hear some insight and I think it would be a valuable wakeup call to a lot of people on this site. Thanks for your knowledge in advance.
12 Nov 2009
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
I'm interning at a MM bank this summer for their LevFin group. From what I've heard, they're a pretty strong debt shop with less M&A activity, so LevFin is the strongest group. But also I've been reading a lot about how LevFin exit opps are limited compared to M&A and coverage. My question is if a small number of M&A reps are better than a greater number of LevFin reps for PE. Also very interested in VC and growth equity. Thanks!
03 Jun 2021
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
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
How does Raymond James Canadian IB team compare to other MMs in Canada in terms of reputation? What are the top performing groups in Toronto? Would be great if anybody could provide some insight on culture, total analyst and associate comp, and/or hours? Any input is greatly appreciated - thank you!
25 May 2021
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
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
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
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 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
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
What would you all consider the roughly 5 to 15M space in the commercial real estate market as? It technically overlaps the lower middle market and what I call the micro market space. Does anyone use any other lingo to refer to this area of the market?
31 Aug 2021
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
I recently received a couple of offers for analyst positions with MM firms (William Blair, Jefferies, etc.) as well as some for equity research positions (Fidelity), and am having a difficult time weighing the pros and cons of each because in some ways they are very different. In 3 or so years, I could see myself attending business school, and am wondering which path would better prepare me for admission to one of the top business schools? At the same time, I am not sure that business school will definitely be my next step following this job, so I am curious which position (MM ibd at a place like William Blair vs. equity research at firms like Fidelity) would give me a wider range of exit opportunities?
09 Nov 2010
Hey everyone, I'm a rising senior at a top 20 non-Ivy target who's interested in middle market iBanking FT jobs post-graduation (think Houlihan Lokey, Jefferies, Harris Williams, etc.) Please review my resume! Thanks so much everyone! http://www.razume.com/documents/21318
10 Aug 2011
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
Quick question for those in the industry: What should an Associate (first year) at a lower middle market PE shop be paid? He thinks he's underpaid and I'm not so sure. By way of background, the fund he's at is ~200 - ~300 million in size. He makes either 85 or 90K in salary, with bonus being some % of that. I thought it sounded about right for the fund size, but I can't be sure. Anyone that chimes in with good info is in line for a silver banana.
10 Nov 2010
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
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
I am speaking with a MM firm whose biggest business is ESOPs, but also does other traditional IB activities such as M&A, recaps, etc. I would like to hear thoughts on the skill set, exit opportunities, etc on firms who specialize in ESOPs and fairness opinions. Thanks.
08 Feb 2011
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
I am a rising junior at a non-ivy semi-target, where I have a 3.9 GPA and strong extracurriculars. I'm home working a corporate finance internship this summer, and I've been networking at some of the middle market investment banks with alums. Consequently, I've actually received an offer from an elite MM boutique. The offer is for an SA position for next summer, but the deadline they gave me to accept is early this fall. My intention was to interview with the BB firms this winter, as I would like to get a sense of the Wall Street scene next summer, but I know those positions are coveted and highly competitive. At the same time, this non-NYC bank gave me a nice offer, and I am flattered at their interest in me. Any advice would be appreciated.
22 Jul 2011
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
Wanted to get some feedback on this. I interviewed with a few MM firms within this past week for FT IB analyst jobs. How long does it normally take to hear back? A few days, a week, 2 weeks. Do they even get back to you if you didn't make it? Probably depends on the firms, but would like a consensus if possible. Also, If you feel it was a good interview, is it a good sign if they say "We'll be in touch in the next couple days." Just uber paranoid in these times.....
01 Oct 2008
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