Tier 1 Houston Group vs Non-NY MM
Currently holding offers from a tier one Houston group (GS/EVR/JPM) and a non-ny MM (WB/Baird/HW/HL).
From a Houston target school and knew that my best opportunity to get into banking was through one of these groups, though I don't have a strong interest in energy. I'd like to get to MM/UMM PE in NYC or Boston after my analyst years, so curious about where I will have the best opportunity to do so.
Should I go in looking to lateral to a NY IB shop, or can I successfully recruit to NY PE from one of these two; if so, which one will be best?
Thanks
Depends on what your buyside goal is. If you’re okay with doing energy buyside, there are a lot of shops here in NY you can recruit for while being in a Houston bank.
Personally I’d take GS/EVR, would avoid JPM Houston at all cost.
Probably the only time you’ll see the South agree with the North. Given the MM isn’t in NYC, would go with brand in Houston. Just lateral after your first year if you don’t like it
also JPM Houston is criminal
What’s the issue with JPM Houston?
If you don’t have an interest in energy don’t work in Houston energy IB. IB junior years are hard enough and if you aren’t passionate about the work it makes it worse and being around people who are passionate about energy makes it harder to connect with people who can tell you don’t care.
This
Do Houston for a year and then lateral internally to a NY group
Houston exit ops will be VERY energy focused - you can definitely land NY opportunities in energy/infra, but it's very rare to go to non-energy NYC PE and most of the people you see who got non-energy opportunities had connections.
If the MM was in NYC I'd say take that, but you will have better optionality at the BB/EB and can do oncycle once you're in NY in your second year if you want to (or just chill and be pickier in offcycle)
How tough is that lateral process? I assume it is probably pretty market dependent and I'd have to take an extra analyst year on.
Not that hard - GS is the only one of those three that will give you any trouble about the lateral, and even then I've seen it done.
You will be first up for any internal spots, it's usually a pretty easy process as people always leave. You can also land externally if the market improves
To do oncycle you'd have to take an extra analyst year, but you can also just shop around in off-cycle and you'll land something without doing the extra year
Take the Houston brand name and then lateral in a year if you want to. You will be a top lateral candidate for whatever is available from one of those shops.
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