So I think the biggest issue here is FT Partners reputation (Im sure you can Google them to find out more). -Target school German guy here, simple question: does moving from Rothschild to BNP Paribas makes any sense? Thanks for your answer! Hi Brian, Although they have advised on some bigger deals, I dont think there is much data on exit opportunities there. I have now 2 internship IB offers in continental Europe, both could potentially turn to full time offers. This is super helpful. But the MM IB in which I will soon intern at is looking for full time analysts. At BNP specifically, the groups most related to IB are the best for your goals. I am looking to get into investment banking and would prefer to stay in M&A work. All Rights Reserved. Thanks so much for the reply! Hi Brian, In the past 3 years (US only), screened for M&A and specifically financial advisory, these are the rankings of transaction value for theBBs. (correct me if I'm wrong in saying they are often considered the top 2). Good point Brian. Would an analyst at top merchant banks get the same looks at Megafunds and Top VCs similar to analysts at a bulge bracket? Thanks Brian. Any thoughts you have will be appreciated. Would slightly prefer to be in NYC, enjoy the tech/fintech space, dont necessarily know if I want to stay in IB >2 years but also not entirely interested in PE longterm/as an exit either. The idea that EB and BB banks only recruit top college grads is completely ridiculous because what happens if someone, or several people, quit in the middle of the year, and new grads are not available to join? Also, the buy-side recruiting process at mid-sized-to-large-funds moves insanely quickly, and its tough to get plugged in if youre at a smaller bank. But Paris is so close geographically that Im not sure it matters too much. Just curious if not I will just try and recruit for any off cycle spots at BBs. Hi Brian, I would like your view about moving into an EB (eg. Id dicta dolor aut nostrum quia. I would go with Evercore. Quick question . If I wait a year Ill be a third year analyst, after lateraling wont I eventually be promoted to associate and take myself out of recruiting? You are the man. 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. (Heard that SAI is the best way for FT conversion) Like others in the list, stronger in capital markets and financing deals and not as much in M&A. I dont know much about it, but sure, you could potentially use IB experience at Macquarie to eventually transfer to the bulge bracket banks. tech industry related. Based on its recent deal volume / size, and most importantly the fee share of the market its fair to say they are more EB-like these days in the same league competing with Moelis / Lazard / Evercore. Planning for an MBA is premature since you might not need it to get in, and business development isnt the most helpful field if your goal is a lateral move into IB (since its all sales applicable at the senior levels but not the junior ones). .and of course, do you think this will affect headhunters perception of the bank and have any impact on exit opps..? Most people change around the 1-year mark, but you can move whenever you want if you want to move, start now. And while its stupid to rank the banks, it is helpful to understand the trade-offs of working at firms in different categories. Perella obviously suffered from all the big hitters leaving to start Ducera. I would eventually like to move to a BB and possibly leave ib for a mega private equity. I am in the 4th year of studies at university of hong kong and I am about to get an internship offer at BNP paribus hong kong. Just kidding its a massive waste of time. Legal knowledge is important if you work in restructuring. From schools to restaurants to investment banks, whats the point of life unless youre constantly comparing yourself to others? I agree that Miller Buckfire and Greenhill havent been doing as well as the others. Don't think any of the others really do though. Lateraled from a boutique to MM bank in a better city. or Want to Sign up with your social account? My group had a lot of deal flows last summer and I was on two deals and they recently got closed. I am in the Philadelphia area but interested in working in NYC. Merchant banks, for example, operate as combined private equity firms and investment banks, offering advisory services and also investing in companies. I would not recommend that approach if youre aiming for IB roles because you need time to complete internships. It seems possible to win traditional PE/HF roles, but the probability is lower. But for me, if I am weighing top BB or EB, I would chose the EB every day of the week. ", 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. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). If you move to a BB, they will most likely knock a year off your experience. ^^ Any advice would be appreciated. A top BB or EB is almost always a better bet. GS is not ideal if you want to stay in finance. Hi Brian, Can you lateral to a BB or MM as a VP after being a VP there? I would pick Lazard just because the overall name is better, and youll be working on similar deals anyway. Would love your input. BAML is country coverage but lots of Emerging Growth (MM) deals and financing. It feels like the latter are making better headway in Europe than NMR are in the US. Finally, before you freak out and start wondering why I did not mention your bank, realize that it is impossible to mention every bank in the world. Before that, let me tell you that my goal is to end up at a MM PE, with AUM of more than 1B preferably). If you want to do any kind of PE in LA specifically, though, BAML LA is probably the best option. 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 would wait a few days and then go in-person to ask your staffer for more work. Different story if u end up in DCM or some shit or some random ass group but I know that some of the lower BB groups that are extremely good tend to place better than spots in GS for example. Credit Suisse, Deutsche, Barclays type). 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? There are also technical aspects to my role. Any thoughts on Keybank IBD? These firms are more common in emerging markets where people care less about conflicts of interest. So you usually have a higher chance of doing this if you accept the FT offer, work for 6-12 months, and then transfer internally to IB. I am waiting on a potential offer from Evercore. What would you do if you were in my shoes? Was wondering if you could give a bit of a description of RBCs position in London as it seems to be growing and it looks like a great upcoming investment bank? Currently an incoming summer analyst at Lazard. HW is typically regarded as the #1 middle market bank, so that certainly helps as well. 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. Or would my application get filtered out right off the bat? Would you please list the top ones (MSF program) that can be considered? exodus at rothschild rx is quite a bit overstated. Houlihan Lokey's Industrials Group has earned a reputation for providing superior service and achieving outstanding results in M&A advisory, capital-raising, restructuring, and financial and valuation advisory services. So, take the middle-market offer and lateral to a bigger bank if necessary. Im concerned though about timing. 3.6 GPA from a semi-target with good analytical internship experience but not investment banking. Brian, what are your thoughts on Foros and Raine? Im currently doing a Corporate Banking role at a Chinese bank. My age is on the older side as well. Hedge fund Brevan Howard hired NatWest's ex-head of euro swaps trading, Big banks might have slowed hiring, but boutiques have not. I read that BBs and EBs are too selective and dont hire anyone from smaller shops, they only need top college grads. Different classes of bondholders often come together to hire an advisor. 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? I dont know the firm, so I cannot comment on this one. I really enjoyed reading your article. Buy-side opportunities will be more limited coming straight from this boutique, but they do exist, especially if youre looking outside the traditional large PE funds. These are the largest global banks that operate in all regions and offer all services M&A, equity, debt, and others to clients. Its probably not worth it unless you have really good contacts at the top 3 BBs. However, I would much rather go the Undergraduate route. Thanks for the reply. Probably middle market to bulge bracket banks. 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. Rothschild, for example, is easily an elite boutique in Europe but isn't quite as strong in the U.S. I was just wondering how do you think about the rise of RBC in recent years? 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Does it make sense to lateral again to a BB in order to get a better shot at PE? In terms of % size of class, I would imagine they would recruit similar class size. What is your view between working at a BB outside of London (more specifically in Paris) vs. working at an IBAB such as RBC in London? Im trying to get into Investment Banking and Im curious what you think is realistic for a person in my situation, with a background in engineering and no serious financial background to speak of. Do you think Asians can make it to the top of investment banking in the future? So, please do not leave angry comments wondering why Socit Gnrale, Crdit Agricole, or the other Big 5 Canadian banks are not there. don't think they belong below jefferies which didn't really win any notable reps (outside of some UCCs) this past cycle. It will be almost impossible at this stage because junior-year recruiting now starts BEFORE your junior year even begins. I know you wrote an article on working on cross-border M&A deals before and not suggest readers to ask more work from staffer.