Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex. I ask because the merchant bank normally only takes associates and recruiting for them later down the line seems really difficult. If you have a liquidity situation where you cant pay the interest on your outstanding debt, or you have a debt instrument coming to maturity and you cant afford to pay it back, then reaching a solution requires negotiating with the creditors who are owed the money. If its better than a middle-market bank, then it must be a bulge bracket or elite boutique if its one of those, then yes, a Structured Finance internship is probably better than an IB internship at a MM firm. Thanks for your answer! I would still say a bank is better because its very tough to get into PE from consulting, even MBB, unless you target more specialized/operationally focused firms. Would you recommend starting off your career at a top merchant bank versus a traditional good BB? Thanks. The overwhelming majority (85%+) of Harris Williams analysts place into PE, primarily because of the deep rooted relationships the firm has with PE clients (represent 75%+ of client base). Brian Trying to decide between Guggenheim and Lazard MM for IB summer analyst position Any thoughts? Where are they on those lists? Is it as good as being at a MM bank, but better than a RB? Deal size would be around $40mm of equity. DB is the best in terms of brand name/reputation/exit opportunities, even after those have fallen over the years vs. the other bulge brackets. Although they have advised on some bigger deals, I dont think there is much data on exit opportunities there. or Want to Sign up with your social account? What are your thoughts on Hines vs Eastdil? Also, I was separately wondering if you had any advice on which groups to join considering other factors such as culture, work-life balance, and bonuses. Free Exclusive Report: 57-page guide with the action plan you need to break into investment banking - how to tell your story, network, craft a winning resume, and dominate your interviews. Was unaware of that, just updated the post. Just kidding its a massive waste of time. I feel like the bank has been expanding fast in the US recently, and Im curious about how the bank is viewed now? Lazard.com | Restructuring Bain Capital is probably a better bet for an internship, at least if youre considering jobs worldwide. Eastdil has a great reputation for real estate (maybe the best RE-focused bank), so if you want stay in RE or move to RE-related exit opportunities, its a good choice. Hi Brian, Now the deals I am working on are super slow and barely have any update. Thank you. rothschild has picked up lots of high-profile debtor-side mandates on energy deals through their partnership with intrepid (boutique run by former barclays head of NR). Yes, the analyst class sizes and overall competitiveness are somewhere in between MM and EB firms. Hey Brian! Some people even argue that firms like UBS shouldnt be on this list anymore, but Im not sure I would go that far. DBO (big deal value,very hard to place this one as there is a little track records in terms of exit). I know they have been trending up and expanding in recent years, but do you think this is a sign of larger deals ahead, or a one and done? They make sure that a company's debt structure is manageable, and negotiate changes when it's not. So, good options for smaller buy-side firms, corporate development roles, etc., but not the place to be if you want to work at the mega-funds. I really dont know, sorry, because we dont track quant roles by bank. Hi Brian, Yes, theyre both middle-market banks, they even state that on their websites. I am an international student who started as an analyst 4 months ago. How would you choose between generalist programme at Barclays HK VS ECM at BofA HK? This is super helpful. Interest rates are still incredibly low, but as inflation starts coming through and rates rise you might see financial distress from consumers trickling down to corporates in the next few years time. But the MM IB in which I will soon intern at is looking for full time analysts. If you're new here, please click here to get my FREE 57-page investment banking recruiting guide - plus, get weekly updates so that you can break into investment banking. What recommendations do you have? If it has been months and you havent had good deal experience yet, yes, you should reach out to your staffer and say that you can help with other projects (but as you said, the market always slows down at the end of the year, so there may not be much out there). If youre getting good response rates from BBs and EBs, I dont think you need to apply to MM banks as well. We focus on careers and recruiting for students on this site, not comparing different banks in terms of industry or client focus. Atque officiis et quo quis tempora voluptates. rothschild also replaced millstein on puerto rico back in 2017. also on argentina, venezuela soseems like the place to go for sovereigns. I did a full linkedin search of current and previous employees of MM PE and upper a few weeks ago in both the US and the UK. BAML is country coverage but lots of Emerging Growth (MM) deals and financing. Many thanks for all the topics you have covered so far! Yes, there is, but more so for Asians who are not originally from the U.S. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. I dont know much about it, but sure, you could potentially use IB experience at Macquarie to eventually transfer to the bulge bracket banks. I have applied to a range of Advisory firms and have had a BB interview and a few MMs but despite positive feedback have been passed for more traditional candidates. Many of these firms also tend to be strong in one region, such as Europe for the French banks or Japan for the Japanese banks, but dont do as well elsewhere. I read that BBs and EBs are too selective and dont hire anyone from smaller shops, they only need top college grads. You could potentially move to EB or BB banks, but your chances are probably better at smaller firms. By the way, I go to a Big 10, non-target, school. The other option is to aim for Off Cycle roles in better places but that can be a risky bet plus it will delay my FT experience even more. Thank you. Somewhere between UCEB and ISB. What would you suggest? That sounds about normal. I would love to hear about your opinion. Anything that leads to less money in the consumers pocket results in a tightening of the belt that impacts the rest of the economy. Is it more of a corporate development role or a corporate finance role? Thanks Brian. Even at the BB banks, a relatively low percentage (< 50%) get in. You dont do much modeling work, and transaction experience is better in other groups. The only thing is that I will have near 0% chances of being able to get a full time offer back form these EB/BB as their offices is very small and they are not looking for full time hires (maybe itll change tho). Quae recusandae veritatis placeat rerum in. Back then, restructuring was very active and I found it quite interesting and asked to be moved into the restructuring group full time.. Last year, it added 15 bankers in Paris (bringing the total to 150) and 10 in London, bringing the total to 175. Patrick Curtis - CEO and Founder - Wall Street Oasis | LinkedIn Hard to say because so much depends on performance in a given year. Overall, had no life for 2 years (like most bankers). rep: one of the best restructuring shops in terms of deal flow (top3-5 depending who you ask), size: when I was there it was small ~20-30 bankers. If you want to improve your chances, work on a sales desk rather than a highly technical/specialized trading desk so you can say you have client/sales experience. We provide financial advice to companies in financial distress or to the creditors whove lent them money. What would you recommend for someone who is in there first year of school(data anylytics major)completely online (state school) since I have to work full time to keep the lights on and pay for tuition but will be finishing my entire four years worth of college in one year and a half. Leerink is well-regarded in its sector. Differing opinions here but would love to hear yours. I would not recommend that approach if youre aiming for IB roles because you need time to complete internships. Debt advisory and restructuring - Rothschild & Co FIG/RE) but was hoping to work in a more general group as I am interested in working at a private equity firm, with a strong interest in eventually focusing on healthcare. Reading your article it seems that LevFin in general, and especially a market-oriented role like MS/GS is really bad for MF PE and M&A at a top EB would be much better. They were both good independent firms before the merger, but no idea how the integration has gone. It takes a lot of effort to switch to another bank (https://mergersandinquisitions.com/investment-banking-accelerated-interviews/), and its not necessarily worth it unless youre laser-focused on mega-fund PE. as for the rx group as a whole, would say the type of caliber deals they do are similar (with evercore having a stronger tilt towards energy deals). Ut sit sit eveniet ut aperiam. Binladin's Debt Restructuring Is About to Get More Scrutiny Thanks! Which kind of UK investment bank do I have a realistic chance of working at? These firms are more common in emerging markets where people care less about conflicts of interest. Contact:sbutcher@efinancialcareers.com, Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Never even heard of Corinthian. In the past 3 years (US only), screened for M&A and specifically financial advisory, these are the rankings of transaction value for theBBs. The lenders that want a bigger say . I'm interested in restructuring, so let's assume I'm placed into that group (more than likely). I don't think there is an easy answer to this because brand does carry weight, but based on the strong exits out of Rothschild recently i would go with them (known entity). It will be easier to switch in from corporate development and more challenging from corporate finance. I have a military background as I was a submarine officer for 6 years. JPM followed by BAML followed by Barclays and CS, then Jefferies but there may be exceptions for certain groups/regions. Im learning about certain BB bank programs that offer tuition stipends, guaranteed summer and full time associate level offers if you commit early. The European banks have also moved away from investment banking and toward wealth management and other businesses, which has hurt their prospects. Thank you for sharing your insights on here. I was wondering if I should land a Finance Job and try again after earning an MBA (Top 20 college) to move directly into an Associate level. We covered elite boutiques in a recent article from a few months ago here (and tweaked this article slightly in response): https://mergersandinquisitions.com/elite-boutique-investment-banks/. UAE - Dubai - Debt Advisory & Restructuring - Long-term Internship. Most people change around the 1-year mark, but you can move whenever you want if you want to move, start now. Team has good deal flow, and active in M&A. I have the league tables in front of me via CapIQ. You could potentially get into a BB, EB, or IBAB with those stats, but another internship would help. Brian, What is the S.T.A.R. They have been gaining ground in recent years. I think it also depends a bit on which specific IBAB and which MM bank. :). Is it better to be and start in a MM IB or an MBB (like Bain)? I am starting at a T10-T15 ranked MBA program in the fall. What do you think? Hi Brian, and thank you for this article. Do you think its worth the lateral move from Wells to a top BB? Maybe you do have a higher chance of getting into PE from a MM bank, but the point still remains that your chances are much higher at an EB or BB bank. Its good to know how the banks differ, but its even better to know what fits in best with your plans and what the opportunities from each bank look like. Im not sure I know enough about all of them to provide a real ranking. GS is not ideal if you want to stay in finance. work-life: learned a ton and worked on 3 live transactions over 2 years (which is a decent # for restructuring deals which can last for 1-3 yrs+) -- pitched some but more live deal experience. Many Analysts from elite boutiques exit into the largest PE funds and hedge funds, and the success percentage tends to be high simply because there are fewer applicants. Also, as you mentioned, the work is done in partnership with intrepid so it's split amongst a big team. I am waiting on a potential offer from Evercore. I had a consulting internship in 2019 and my client was Coach. Many of our deals are resolved in a court process you need to comfortable with that and able to have really hard line negotiations when theres a risk that everyone loses out. BBs and Balance Sheet Banks (in order):Tier 1: GS, MS, JPMTier 2: Bofa, Barclays, Citi, CSTier 3: RBC, DB, UBSTier 4: Wells Fargo (maybe 3 they have solid outlook), Nomura, BMO, etc lol, (Citi gets on a lot of M&A because they have the largest balance sheet. Thoughts on Guggenheim vs JPM in Media and Comms team for MBA Summer Associate Position. I also have some portfolio management experience managing 200k for my school and am curious as to what the realistic tier of banks should be that I try to get a job offer from post-grad. The BBs are actually really, really good still and shouldn't be talked down so much (so I am somewhat being defensive) as they are on this site. Can I talk about these two deals for my interviews with other banks? Hi Brian, PE recruiting at mega-funds and most middle-market funds is based almost entirely on recruiters, at least in the New York market. However, I would much rather go the Undergraduate route. But I think you have to decide mostly based on what you want the next 2 years of your life to be like (moderately crazy vs. extremely crazy), and the location. I really enjoyed reading your article. This is pertaining to a mid level role (e.g. Its still better to start out by working at a large firm in the U.S. or U.K., but after that you should specialize in something tailored to your background. I dont really see many Asians make it to MD or above do you think its because of cultural and language barriers? Not everyone wants to do coverage work and work on hella balance sheet stuff at JPM while making $50k less than their counterpart at PWP that works on more M&A with a better culture, etc. I did a top 15 MBA shortly after undergrad (humanities major) and am now a first year analyst at a top MM. "We provide financial advice to companies in financial distress or to the creditors who've lent them money. But because this internship decision should be made quickly or I might miss it , I emailed you for an insight). Can I ask which opportunity would increase the chances of me landing a first round Ib interview at a BB? . Amet sunt dolorum omnis. Top 4 Greenhill Restructuring Interview Questions Deal sizes vary, but many of these firms work on deals worth less than $50 million USD, and sometimes ones worth less than $20-30 million. Do you think well see the MMs surpass some elite boutiques like NMR as a result? Cant find any info about brokerage companies? Will my background tell a good story in tech banking? I agree that Miller Buckfire and Greenhill havent been doing as well as the others. Goldman Sachs' analysts complaints about 100 hour working weeks during the pandemic triggered an industry-wide rethink both of working hours and of pay for analysts and associates, which has risen repetitively in response.. You have to be careful with Up-and-Coming Elite Boutiques (UCEBs); Im not sure I would recommend them over the others unless youre certain you want to stay in IB long term. Of course you want to go to a good bank, but just know that people and culture is a huge factor in day to day life. In the city where I am now, getting an internship at Lazard, Jefferies, BAML, and DB would not be hard at all after having the IBAB and MM IB internships. Barclays has better groups in terms of advisory, however, and they do M&A in-house so they get the edge for me. You are over-thinking this, but yes, in most cases. I'm hoping to avoid any quick conclusions from those who haven't worked in banking before (i.e. While brand name does matter, what are your thoughts about doing merchant banking at one of the BBs like GS, BAML, Citi, etc. But this also depends on your timing if this is your 3rd year internship, the MM bank might be better if it offers a real return offer possibility and you dont want to work in Structured Finance at all. You could also get great deal experience at Evercore, but if you are on the restructuring side I would argue that is a bit less certain. I havent seen firsthand examples of Analysts from these firms moving directly into private equity or hedge funds, but its possible, in theory. How Lazard and Rothschild & Co. are limiting junior - eFinancialCareers One huge caveat should be group placement. You can answer this type of question in about 5 minutes if you do a search on LinkedIn for people who worked at those firms and then moved to larger banks (yes, it happens). If you end up at Rothschild you should get some great live deal experience especially as the wave of bankruptcies keep coming the next 2-3 years. Restructuring Restructuring Successful outcomes for even the most complex restructurings We are one of the most active independent restructuring advisers globally. But if youve only done one 3-month summer internship, and you have EB and BB offers, you take less of a chance by going to the bulge bracket. I have an opportunity open to intern @BNP, but I can also stay @Rot&Co. Restructuring transactions usually last around 12 months and move through different phases of negotiation and implementation., For me, its the fact that while corporate finance is usually about value maximizing, in restructuring its about loss minimization. As someone looking for international exposure, Im particularly drawn to the Credit Suisse MBA Fellowship- do you have any thoughts on this program or others? How would you weigh offers from CS NY, William Blair Chicago, and BAML LA? Which part (e.g. I have now 2 internship IB offers in continental Europe, both could potentially turn to full time offers. The days of HSBC owning the largest balance sheet and running the levfin space are over but it's roughly in the broader Nomura/Mizuho/MUFG grouping, Liontree def tier 2 they've been killing it, Yeah man I saw them in that AT&T Discovery deal. Im happy to take back that statement if you can show evidence of why Harris Williams should be the #1 middle-market bank, or how well its Analysts have placed (e.g., 5-10 Team pages of middle-market PE funds that have Analysts from Harris Williams). You might be right about the non-North-American firms mostly hiring for NY, but part of that is also because off-cycle and 6-month internships are a lot more common in Europe, and those banks offer those types of internships. When I asked HR about it, they said the industry average of $10k was only available to their returning interns, and since I was a full time hire, I was only eligible for half of that. can you see my profile tag, no. Do you think this is possible and do you have any tips for a situation like this? If you have a mix of both cultures, the best option is to work in some type of group or firm where you advise on cross-border deals so that you have an advantage over local candidates in both countries. What is the S.T.A.R. See the article on lateral hiring here. They tend to work on the largest deals, usually those above $1 billion USD in size, though they sometimes go lower than that depending on the market. The thing is, MF PE recruiting now starts so early that deal experience is almost irrelevant and it all comes down to your bank, group, undergrad, GPA, etc. BAML LA is the best from a brand/reputation perspective, but the actual deal experience may be worse/less interesting than the others. Do you still consider Wells Fargo as an IBAB or a BB? Yes, if the offer from Evercore is for IB, you should definitely accept that instead. Turnover is high, its a crappy job for most people, and banks need junior staff to churn out documents. What about a regional bank (B. Riley financial). If you dont care, or youd be fine with middle-market or upper-middle-market funds, then a move is not worth it. I completely understand my GPA is very subpar and being from a non target doesnt help my case. Im curious about your characterization of Houlihan Lokey. 300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses. Great article and great site! Prior to joining Greenhill, Neil spent 17 years at Rothschild where he most recently served as Executive Vice Chairman and Co-Head of North American Debt Advisory and Restructuring. And how will your answer differ if I want to stay in Europe compared to if I want to move to the US, and/or Asia? How would you classify Cantor Fitzgerald? I would disagree. Ranking Investment Banks in 2021 | Wall Street Oasis 2005-2023 Wall Street Oasis. These firms have a smaller geographical footprint than the others above, and they work on smaller deals than the BBs, IBABs, and EBs. I have also heard positive things about Evercores culture and compensation at the analyst level when compared to GS, do you have any insight there? -Target school -Junior year Hopefully this doesn't attract vitriol but for some it may help them understand where everyone is placed in the market. Miller Buckfire should probably be considered alongside LAZ and BX for top debtor restructuring shops. I dont know the firm, so I cannot comment on this one. But even without one, you have a decent shot. Equity Advisory - Global Advisory - Rothschild & Co A top BB or EB is almost always a better bet. Blair would be Industrial tech or C&R. What are your thoughts? the name is Evercore, it must be better etc). I dont think that this process would be terribly difficult as I attend a top target and will have 3 good internships on my resume. In turn, this usually means one of two things. This isn't the only option on the table, but I'm hoping to get more information on this group specifically, instead of hearing age-old arguments surrounding whatever other opportunities I happen to list. by career move do you mean good place to be a VP and above/place to be long-term? Would you say working in a restructuring group at a top MM bank (excluding HLHZ) places you in a better position at medium to larger sized funds? Another option might be a Masters in Finance degree from a top school after ~1 year of work experience. I dont know what I want to do long term, and I have no preference with regards to tech vs. energy and Boston vs. Houston. Genuinely curious. Yes, you can talk about that deal experience in interviews with other banks. You've probably thought about M&A, but have you thought about restructuring? Its very tough to make that type of move without networking in the US, being on the ground there via a study abroad program, or something similar. Also which of these has the best skillset built for VC/PE/HF? Ah yes -- the great ranking thread returns again, closely watchedacross the street. UAE - Dubai - Debt Advisory & Restructuring - Rothschild & Co Also Id love to hear your thoughts on Leerink in terms of its reputation and exit opportunities. ", It'd be great to get more light on my last post though, the clock is really ticking, which is why I started this thread in the first place. Not sure if DB is still considered a good brand name (or a BB) ? I think some navet on your part on how good some of those groups really are and how people actually perceive them on Wall Street. That funding usually comes from new equity or debt issuance., Ive got a few live deals at the moment. Finally, these firms are very small and tend to operate in only one city, or perhaps a few cities outside of major financial centers. Theyre in the middle-market category, so exit opportunities would be about the same: Mostly smaller buy-side funds that opt out of the on-cycle recruiting process, other banks, and corporate finance/development roles at normal companies. Does New York get to work on any sovereign deals? Don't know much abt the group. I want to add that the In-between banks do not send more people to PE than MM firms. Eventually it will unless its offensive or libelous (in which case it wont. Thanks in advance Before that, let me tell you that my goal is to end up at a MM PE, with AUM of more than 1B preferably). On that note, can I get a quick assessment of which banks I should target? Our transaction quality and client work benefit from our company culture, where senior bankers are highly . In France, this policy stipulates now work after 8pm on weekdays and no work at the weekends. First, this article is less of aranking and more of aclassification of the top investment banks. Hi Brian, this article was super helpful for me.