Wealth Management vs Corporate Finance vs IBanking

Hey Guys,
I am in a very complex situation. I interned at a wealth management firm in Seattle and they invited me back for full time. They manage $2 Billion and are expanding quickly. They are offering very low salary compared to what my peers at my school (top-tier) are getting. They said they need to hear by next Friday and the longer I wait the less dedicated my boss might think I am and the quick raises they said are in line might be at risk.

However, I also have a final round interview at Disney corporate finance in SoCal (sort of an in-house investment banking position) early next week. The Seattle firm is annoyed that I am going to take this. I should hear back about an offer just before Seattle's offer deadline.

I also have a final round at Montgomery & Co for an Investment Banking Analyst in Santa Monica. But this isn't until next Saturday (one day after my offer deadline). It seems like a great place, on the beach, in SoCal, nice people, and starting salary is $25,000 more than Seattle.

I would like to be in SoCal but am really looking for the best experience to help me in the long run. Anyone's thoughts are extremely valuable and I want to thank you in advance.

 

My role in Seattle is a research analyst doing both traditional equities and alternative investments. My would be boss is very good at what he does and has an impressive track record at a bulge bracket bank. So I would get good experience in a lot of different industries. But like I said, its very low pay, smaller firm (less exit ops?), and its in Seattle where I don't know anyone.

thanks for the reply btw

 

I've decided that if I get Disney I will take it. The question remains about whether to go to Wealth Management or Investment Banking. Based on my pros and cons outlined above, any advice? Please?

 

Regarding Wealth Management vs. IB, it depends on what you want to do with your career. The skills sets you learn are VERY different. IMO, having done 2 years of WM, I'd argue that the skill set you learn in IB will open the doors for many more opportunities down the line. Having said that, if you have a passion for Wealth Management and you have always dreamed about advising clients regarding their financial needs, then jump on the opportunity.

 

I think Tan has a solid point. WM is a great career, but like anything you have to enjoy it. Often you'll be a slave to your clients and until you get to senior level won't actually do a lot of the interesting stuff.

IB isn't any better though. The hours are long, the work can be boring and the people not the greatest. But the exit opps are great. Just make sure you know what you're getting yourself into.

 

I would take the Disney offer and continue with the IB interview. Out of undergrad, IB would give you the greatest amount of trajectory and mobility. It would not be a tough transition to go the WM if you decided IB is for you. Not to mention, an extra 25K in Soco sounds pretty good. Disney could be a good gig too given you do not get the IB offer.

IMO IB>Disney>WM

In the end, do what you are passionate about with the best people, but also consider the importance of a solid experiential platform at the beginning of your career. Good luck man

 

^ Not a bad idea, but these things sometimes come back to bite you. I was in a similar situation once, but both IBs and opted to take the more ethical route. Reason being, all that has to happen is the WM company calls the IB and notifies them of you reneging and then the IB drops you as well. I have heard this happening to multiple people. Unlikely but worth the consideration.

 

I like that idea too. I would say it is unlikely they would ever find out and if you never tell them the name of the IB, you protect yourself too. I don't think it is unethical at all. These companies could fire you on a dime or lay you off a week before you start, why should you be held to higher standards?

 

to the OP: anything turn up? how low is "low" for the job in seattle?

25,000 isn't that much more if you consider how many hours you'd have to put in for ibanking. people REALLY don't know how bad it is until they do it...which no one here has because its mostly people who have never worked before. trust me the nights you go to bed at 4-5 and wake up at 7 aren't really fun. at all. and not worth any amount of money after a while.

neither is working on saturday.

 

wow great input, thanks a ton everybody! So I got an offer from Disney yesterday and am going to the final round for the IB today. I am definitely leaning towards Disney and unless the IB absolutely blows me away, I am going to accept Disney. You guys are right about the WM in terms of excitement at the lower levels and I can always get back into it after either of these two jobs. Thanks again for all the advice everyone. If you have any questions for me about the interviews at these places feel free to reach out.

 

Take Disney over Montgomery. I would only take a BB or elite boutique and maybe a top MM over the Disney offer. Disney has a GREAT corp fin / in house M&A program and you will have more exit opps than coming out of Montgomery and Co. People from the Disney program move onto top MBA's, PE funds, VC's and if you wanted media focused IB. Congrats.

 

Are you interviewing with Disney M&A or what? I thought I read that they only hired at (IB) associate level experience for the M&A division. Is that not true? I would be very interested if they do hire undergrads-supposedly a great place, and you won't have as insane hours as IB probably.

 

I believe Disney only hires its corp dev guys from banking backgrounds. But it's great that if you could get a job there out of UG though

I would say take the offer for now (it's a job) then keep on interviewing

 

Disney... the brand speaks for itself I dont mean to poke around, but can you throw a range at us? 60-80k? Inhouse M&A sounds interesting

Did you try to target GE? Those corp dev there is world class...at the same time, they churn out leaders

Greed is Good.
 

id go with disney. possibly montghomery depending on salary. im kind of burned out with wealth management- pursued some positions with ML and UBS doing wealth management and they didnt seem to care so much about your analytical ability/intelligence as they did about how many of your parents' rich friends you can bring under the firm's management. i dont know if your seattle firm is similar to that, but id go with disney probably

 
Best Response

Don't know about the USA but in Europe it is as hard as any other front office group. Some banks make a lot of money with structured lending business and this includes both Levin and PF + commodity finance. Think SocGen, etc. Skill set depends on your industry focus, with oil & gas being different as compared to say classic infrastructure projects. Knowledge of players in the industry is not really important as you always work on deal-by-deal basis and as the structure is non-recourse the quality of the Sponsor is only one of the parameters to be analyzed. What you definitely learn is a lot of technical understanding regarding your sector (many, many technical DD reports…), ability to develop different financial structures (every deal is somehow unique and term sheet negotiations can become quite complex) and general understanding of key risks and possible mitigants. Exit ops are M&A or coverage for your sector, infrastructure funds, development banks or go work for some of the Sponsors.

 

Ut fugiat quia cumque et veniam illum perferendis. Iste voluptatem earum qui necessitatibus enim molestiae sequi.

Exercitationem eum magni ad est beatae. Dolorem maxime sed voluptatem reiciendis aut. Est dolor ut quod sed aut laboriosam dolores.

Omnis nihil dignissimos voluptatem sint consectetur qui. Necessitatibus ea explicabo ad sit eaque sed. Facilis laboriosam omnis numquam dolorum eveniet. Quod tempora praesentium nemo aliquam.

Excepturi non in quia non sunt. Placeat suscipit dolorum minus illo eveniet. Maiores molestiae quod nisi velit delectus alias cum. Ullam facere quia consequatur eveniet vero id reiciendis. Et nostrum illo enim eaque incidunt. Animi nihil unde cupiditate.

 

Labore sed commodi est eum et. Voluptatem possimus ducimus at. Qui qui repellendus voluptatum vero nisi. Voluptas doloribus optio amet magnam exercitationem reprehenderit. Magnam odit sapiente dicta enim autem. Repudiandae deleniti nam mollitia explicabo aspernatur dolorem vitae.

Ab illo quo necessitatibus quia qui temporibus cum. Ipsum corrupti facere incidunt consequuntur amet quam aliquid. Veritatis iste deleniti quasi sit omnis. Sunt voluptatibus est officia minus beatae laudantium libero. Quod sed aut facilis adipisci magnam cupiditate ipsam. Magni ipsum esse numquam alias aspernatur aut odit.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (85) $262
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (65) $168
  • 1st Year Analyst (198) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
BankonBanking's picture
BankonBanking
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
CompBanker's picture
CompBanker
98.9
5
kanon's picture
kanon
98.9
6
dosk17's picture
dosk17
98.9
7
GameTheory's picture
GameTheory
98.9
8
Secyh62's picture
Secyh62
98.9
9
Jamoldo's picture
Jamoldo
98.8
10
numi's picture
numi
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”