If I do receive an offer from Evercore should I take that instead? What do you think about Macquaries ECM (namely Equity Capital Solutions team)? Restructuring rankings (in order): Tier 1: PJT, HL, Laz , Moelis Tier 1.5: EVR Tier 2: Centerview, Ducera, Guggenheim, PWP , Greenhill, Jeff (see comment below) Tier 2.5: Rothschild (lost their top dog and it remains to be seen how they compete) Tier 3: Miller Buckfire, PJ Solomon (MB is in decline unfortunately) Wells Fargo is better than the actual MM firms (again, a significant difference I would say) but maybe not that much different than UBS/DB/RBC. 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. I would disagree. But I havent looked at a recent league table either. Do you know how that could affect FT offers for me? But for growth equity it might work since the work you do is more qualitative in both. Im graduating in the spring having accepted a Big 4 advisory FT offer, but Im going to try to make the jump to IB. Perella obviously suffered from all the big hitters leaving to start Ducera. Nomura Greentech (Greentech, heard good things about exit), 7. I dont know enough about them to say much, but theyre definitely in the In-Between-a-Bank category. There are also technical aspects to my role. Actually I have one last question: how would you compare Paris and London? .and of course, do you think this will affect headhunters perception of the bank and have any impact on exit opps..? I am waiting on a potential offer from Evercore. Thanks! However, at the MBA level it is extremely difficult to move into PE/VC because you have to network on your own and cannot rely on recruiters or a set process to the same degree. Barclays has better groups in terms of advisory, however, and they do M&A in-house so they get the edge for me". So we dont rank specific groups/firms for exit opportunities or the other factors because all of that can change very quickly (months, not years) based on senior banker headcount and turnover. Also Id love to hear your thoughts on Leerink in terms of its reputation and exit opportunities. 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. Although they have advised on some bigger deals, I dont think there is much data on exit opportunities there. Honestly no clue what I want to do after IB; I kind of just stumbled into my SA at the IBAB. Which would have me in a better position if I tried to re-recruit for FT? You can win the traditional exit opportunities coming from these banks, but its safe to say that fewer Analysts get into the largest buy-side funds, and more tend to move to other banks, smaller funds, or normal companies. Also culture of group is top notch. After one month training, Ive been working here for 3 months. Great article. Do you think is reasonable to aim for 1/2 years max as an analyst there and then lateraling to a BB/EB/solid MM or the non-IB image and possibly weak dealflow will have a negative impact? Im in a bit of a conundrum that I was hoping you could help me with. Would Citi be between CS and Jefferies or between BAML and Barclays? The problem is that excpt for some Top Target Unis in Germany (e.g. Im applying to FT roles at BBs and EBs, but do you think I should consider MMs too? You would probably have to focus on smaller funds that opt out of the on-cycle recruiting frenzy. From schools to restaurants to investment banks, whats the point of life unless youre constantly comparing yourself to others? can you see my profile tag, no. Do you think Asians can make it to the top of investment banking in the future? FTP (Fintech, execution only, mix exit), 6. The best bet is usually to join a fairly broad, non-specialized industry group such as tech/TMT, healthcare, industrials, or consumer/retail that works on all types of deals. Do that, and youll quickly realize the silliness of rankings. Raine is well-known among merchant banks and has advised on some pretty large/high-profile deals. Don't think any of the others really do though. Some people even argue that firms like UBS shouldnt be on this list anymore, but Im not sure I would go that far. Would love to hear your thoughts: What would be better? Sorry, Im not really sure of the dynamics there, as its exceptionally rare to do an MBA and then join as a Year 1 Analyst. Without an internship, getting into IB at the undergraduate level is extremely difficult. I'm interested in restructuring, so let's assume I'm placed into that group (more than likely). Corporate development or corporate finance at a normal company, has mostly worked on equity and M&A deals for less than $500 million USD, with a few larger M&A deals, small PE firms that might be open to off-cycle interns, Take the BB offer because it will give you more options outside of finance, https://mergersandinquisitions.com/analyst-to-associate/, https://mergersandinquisitions.com/military-to-investment-banking/, https://mergersandinquisitions.com/military-investment-banking/, https://mergersandinquisitions.com/how-to-get-into-investment-banking/#Step1, https://mergersandinquisitions.com/mba-investment-banking-recruiting-process/, https://mergersandinquisitions.com/investment-banking-masters-programs/, https://mergersandinquisitions.com/investment-banking-accelerated-interviews/, https://www.mergermarket.com/pdf/MergermarketFinancialLeagueTableReport.Q12017.pdf, http://dmi.thomsonreuters.com/Content/Files/1Q2016_MandA_MidMarket_FA_Review.pdf, http://dmi.thomsonreuters.com/Content/Files/2Q2015_MandA_MidMarket_FA_Review.pdf. I'm hoping to avoid any quick conclusions from those who haven't worked in banking before (i.e. Updated! What are your thoughts on Allen & Co? 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). We deleted it. For people work in middle market firms such as Jefferies and Houlihan Lokey, is it possible to get into mega fund (such as Silverlake) directly? I am currently a Junior at University of Michigan-Dearborn (non-target school), however University of Michigan-Ann Arbor is a target school (I am not sure if this helps my case since I attend the sister college). Yes, GS FIG is in a bit of a different category than other FIG teams, but there is still a chance of getting stuck there and not being able to recruit that well outside FIG. For example, if youve done four off-cycle and summer internships at banks of different sizes and concluded that IB is your passion, sure, accept the EB offer. 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. http://dmi.thomsonreuters.com/Content/Files/2Q2015_MandA_MidMarket_FA_Review.pdf. Not that much of a difference, but the M&A boutique is probably better because the work will be more relevant. derivatives, project financing, etc) do you think I will benefit the most if I want to eventually be an analyst in the investment bank or fund manager at asset management? If overall deal activity falls by 50%, an increase in distressed deals will not make up for that lost volume, especially once you factor in all the $10 billion+ transactions that get canceled. Thanks. Would you still consider Greenhill an EB? You generally do not want to be in ECM unless youre aiming for a better lifestyle / reduced hours (and Im not even sure how true those are in HK). 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? Thanks. I am wondering how you would choose Mizuho IBD in NY vs DB IBD in NY? Placeat dolores et ut illo voluptas pariatur. I have a potential opportunity with an industry-specific boutique that would be a perfect fit with the niche theyre in and culturally, but all the advice Ive gotten is to maximize optionality out of school. One of the live deals didnt require I do much and the other one is very quiet. My question is if it would be better to after this summer try and lateral to a different group for full time (which would be tricky because of the politics) or try to recruit during the summer to another BB HC team or an EB M&A team. How does an offer from Barclays and CS compare, reputation and exit ops wise, for generalist NYC? Thanks! Can you lateral to a BB or MM as a VP after being a VP there? Rothschild Restructuring restbanker IB Rank: Monkey 44 Hey all, New to the boards. A GPA in that range at a non-target school will make it very difficult to win IB roles. Never even heard of Corinthian. So, the most likely exit opportunities from here are: As the name suggests, these firms focus on one specific industry, such as healthcare or FIG, and often on M&A advisory deals within that industry. Land investment banking offers with 578+ pages of detailed tutorials, templates and sample answers, quizzes, and 17 Excel-based case studies. I would go with Evercore. Hard to say because so much depends on performance in a given year. 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). I recently secured my junior year internship summer analyst position (summer 2023) at a large US bulge bracket for Sales & Trading in NYC. Its possible that the rankings will change over time. So, you want to work in an advisory role in an investment bank? Hi Brian, thank you so much for your post. 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. This site mostly focuses on deal/client-based advisory roles with only a few articles on quant careers. I would try maybe a 50% / 50% split between MMs and EB/BB banks. Miller Buckfire should probably be considered alongside LAZ and BX for top debtor restructuring shops. As youll see, many of the groups rank at about the same level. also curious your thoughts on some of the local (what I consider, EB), in UK / aus / CN / HK.. happy to provide a list. Repellendus nihil vel sit qui. I would probably pick RBC at this point due to DBs uncertain outlook. Analyst / Associate - Leveraged Finance Debt Advisory, Investment Banking M&A Generalist - Senior Analyst Position, "Andrea Orcel is an excellent banker but his pay rise is extreme". I would eventually like to move to a BB and possibly leave ib for a mega private equity. Dont try to time the market because the process always takes more time than you think. See: https://mergersandinquisitions.com/investment-banking-masters-programs/. Placeat dolor perferendis autem asperiores possimus. Eventually it will unless its offensive or libelous (in which case it wont. Does working directly in an FSG role with PE firms give good experience and chances for a PE exit after two years? Restructuring Investment Banking: How to Get In and What You Do Deutsche Bank vs RBC Capital Markets in London for SA IBD. One offer from an In-Between-a-Banks (think ING, ABN, SocGen) and another from a very respected MM M&A boutique (think Baird, William Blair, HL). Would you say they are on the same playing field as the Raine Group or LionTree? See: https://mergersandinquisitions.com/mba-investment-banking-recruiting-process/ I would still say DB if you are deciding based on exit opportunities or post-banking career options. We spoke to Simon Lalande, an assistant director on Rothschild's debt advisory and restructuring team, about what his job involves. What do you think? Ut sit sit eveniet ut aperiam. Impedit sint non rerum ad architecto necessitatibus. Really enjoy the articles. With this experience and a back-office finance experience at top banks such as Morgan Stanley/GS/JPM, will I have a shot at BB banks IBD? If your other option is going for more off-cycle roles, I would accept the OpCo role because in EMEA they love to give people never-ending off-cycle internships that do not lead to full-time offers you immediately put yourself in a stronger position by accepting that FT offer. I really want to start looking for other positions and start networking, but my current company will sponsor my visa (the visa process will start next April and if you get the visa lottery, you cant move before October when the visa gets effective).