DIY留学参考：The Best Investment Banks to Work For
by Jeff SchmittPoets & Quants Author on September 3, 2014
When you think of investment banking, you probably imagine beaten-down thirtysomethings, pulling 14 hour days in sterile high rises. They spend their days jumping on conference calls, conducting presentations, and poring over letters of intent. At night, they finish another round of due diligence, capping things off with a midnight call. It pays very well, you concede, but it must consume your life and crush your spirit.
These days, investment banks are undergoing quite the transformation. Forget the rough-and-ready, winner-take-all ethos of one-percenters constantly checking their smartphones. These days, bankers are encouraged to take evenings and weekends off. Heck, Goldman Sachs even promotes taking vacations (The horror!). In a 2014 Vault annual survey of investment bankers, work-balance scores rose from 6.90 to 7.09 in one year (on a 10-point scale). In other words, deal-makers may not have to make the same trade-offs as their predecessors – certainly a boon when recruiting millennial MBAs. As one survey respondent points out: “You get to workout and eat a relaxing dinner Monday through Thursday.”
But don’t think Wall Street is getting too lax, as one respondent pointed out. “You do need to work late Monday through Thursday,” according to one respondent. “I usually leave between 10 p.m. and 2 a.m.”
Alas, work-life balance is only a factor for MBAs to weigh with investment banking. Despite shifting expectations and cultural mores, traditional issues like compensation, prestige, and career development still attract some of the most talented MBAs. If you’re looking for the total package, the Blackstone Group is still your best bet for a lucrative and satisfying career.
HOW VAULT RANKS I-BANKS
That was the finding from Vault’s annual Banking 50 Rankings for 2015 published today (Sept. 3). The Blackstone Group retained its spot as the “best bank to work for.” When it comes to prestige, Goldman Sachs still tops the list.
Vault provides market intelligence, rankings, and ratings based on data collected from employers and professionals. Its annual survey was based on responses from roughly ,3600 banking professionals at all levels. Using a scale from 1 to 10 (with 10 being the highest score), respondents were asked to assess the firms where they had a familiarity on prestige (which carried a 40% weight in the ranking). In addition, respondents evaluated their own firm in the areas of firm culture (20%), work-life balance (10%), compensation (10%), business outlook (10%), and overall satisfaction (10%).
BLACKSTONE & GOLDMAN SACHS RANK #1 & #2
Four years ago, the Blackstone Group ranked 24th on the Vault Banking 50. Now, the firm has been #1 for two years running. What’s their secret? One employee cited their “executive team and its diversification strategy,” calling employee morale “probably higher than ever.” And that’s a big selling point to the Wharton, Harvard, and NYU MBAs that it targets.
Goldman Sachs continued to be the perennial runner-up, ranking either #2 or #3 over the past four years (after holding the #1 spot in Vault’s first-ever ranking in 2011). One employee touted recent tweaks to the firm’s culture, coupled with giving young talent meaningful responsibilities, as major factors in recruiting and retention. “All the new initiatives (such as no work on Saturdays for analysts and associates) have begun to change mindsets. Goldman is one of the best firms on the Street at giving junior bankers the ability to step up and have meaningful client interactions.”
In addition, Goldman Sachs scored particularly high in prestige and diversity. Ranking #1 for prestige in both North America and Europe, Goldman’s competitors describe the firm as the “cream of the crop” and “best in class,” along with lauding the firm for “excellent M&A deals and great exit opportunities.” Goldman also ranked #1 when it comes to populations such as the LGBT community and the disabled. As one Goldman banker gushed in the survey, “It’s rewarding to work at a firm that’s shown such a deep commitment to recruiting and retaining a diverse employee population, and that truly believes that its future success depends on its ability to attract a diverse workforce.”
So what’s the difference between the two firms? According to Derek Loosvelt, senior finance editor at Vault.com, it comes down to size and quality of life. “Overall, if you look at the quality of life score, Blackstone is slightly better than Goldman Sachs when it comes to culture, relationships with managers, work-life balance, and life in general. And that’s not surprising. Blackstone is a smaller firm and tight-knit. And that gives them an advantage.”
MORGAN STANLEY RETURNS TO PROMINENCE
Another big winner in this year’s Vault rankings: Morgan Stanley. Ranked #1 overall in 2012, Morgan Stanley had plummeted to #6 in last year’s rankings. This year, it rebounded to #3 on the strength of its changing focus. “Morgan Stanley had a great year,” says Loosvelt. “All of the firm’s reorganizing and focus on wealth management is paying off.” A survey respondent seconded Loosvelt’s analysis. “Morgan Stanley has made a large bet on its wealth management business, which I believe was wise. I have been fortunate to have a conversation with our CEO James Gorman and several other leaders of Morgan Stanley management, and I am very confident that we have the right plan in place.”
Morgan Stanley also jumped to #2 in prestige. After fumbling the Facebook IPO in 2012, Morgan Stanley lost some of its shine in the investment community. Since then, it has roared back thanks to some strong advisory and underwriting deals including WhatsApp, Kayak, and Rubicon Projects. “[They] now seem to be Silicon Valley’s go-to bank when it comes to equity offerings,” says Loosvelt.
When it comes to the 2016 rankings, Loosvelt offers a warning to Goldman Sachs: “[Morgan Stanley] is now back to competing with Goldman Sachs for the title of best full-service investment bank in the world.”
Rounding out the top five were J.P. Morgan Investment Bank (down one spot) and Centerview Partners (up two places). “Centerview has been on a tear as of late,” says Loosvelt, “winning several high profile and lucrative advisory assignments. Meanwhile, it offers bankers one of the best working environments on the Street, paying top-notch salaries and bonuses, and treating its junior bankers very well when it comes to work-life balance.” Even more, Centerview Partners maintained its #1 ranking in compensation, while finishing #2 in quality of life and #4 in diversity. However, the firm only ranked #13 in prestige, a lagging indicator certain to rise as it racks up the accolades.
On the other hand, J.P. Morgan, which ranked #1 in 2012 and 2013, is still experiencing the fallout from Bruno Iksil’s estimated $2 billion dollar loss, which exposed lax risk controls at the firm. However, one survey respondent was bullish on his employer’s future. “Morale is good, and I have high confidence in our leaders at all levels of the firm. The firm plans to be in its core businesses for the long term and does not overreact to short-term disruptions by exiting core businesses or cutting key personnel.” Like Goldman Sachs and Morgan Stanley, J.P. Morgan heavily recruits Wharton, Columbia, and NYU MBAs – and this upswing could be a tantalizing proposition to grads.
BOUTIQUE FIRM TOPS QUALITY OF LIFE & DIVERSITY RANKINGS
When it comes to quality of life, Houlihan Lokey ranked #1 with a 9.04 score. And one respondent attributes this lofty score to the firm’s egalitarian culture. “Everyone is treated as a valued member of the team and is able to take part on any aspect of the deal. Face time is not important, and everyone works hard to get their work done so people don’t have to be in the office when it is not necessary.” Right behind Houlihan Lockey was Centerview Partners (8.61), the Peter J. Solomon Company (8.50), Goldman Sachs (8.27), and Greenhill & Co. (8.13). Other notables include Credit Suisse (8.11), Evercore Partners (7.80), Morgan Stanley (7.62), and The Blackstone Group (7.62).
In fact, these results illustrate the emergence of boutique firms like Houlihan Lokey, Centerview Partners, Evercore Partners, Moelis, and Greenhill, which distinguish themselves by quality and service. “We do half the volume of deals as many bulge bracket banks with maybe less than one-tenth the number of employees,” said one survey respondent from Centerview Partners. “This translates into a better experience (in terms of both comp and exposure) for everyone working here.” And peers agree with this assessment of boutiques. As one banker quipped, “If you got a Greenhill offer, you should frame it.”
Houlihan Lokey also ranked #1 on diversity, scoring a 9.32 score on a 10 scale. Other high performers include Goldman Sachs (8.71), J. P. Morgan (8.44), Centerview Partners (8.38), Morgan Stanley (8.27), Evercore Partners (8.23), Credit Suisse (8.10) and The Blackstone Group (8.06). And this move to a more diverse workforce in investment banking is only accelerating. For example, Vault notes that in the past five years, diversity scores for the LGBT community have jumped by 12.1%. And scores for women and racial and ethnic groups have risen 8.1% and 7.7%, respectively.
GOLDMAN TOPS IN PRESTIGE, SAGS IN COMPENSATION
Some bankers don’t plan to work for one firm their entire career. And they know certain brands carry greater resonance than others in the job hunt. Prestige is easily Goldman Sachs’ domain with a mean score of 8.98 (nearly a point higher than Morgan Stanley’s 8.0 score). J.P. Morgan and The Blackstone Group earned identical 7.96 scores. After that, the scores drop off dramatically, led by Lazard (6.76), Credit Suisse (6.50), Evercore Partners (6.45), Deutsche Bank (6.23), Greenhill & Co. (6.21), Barclays (6.12), and Bank of America (6.01). Ironically, Houlihan Lokey, which topped the diversity and quality of life rankings, only scored a 4.73 median, good for 23rd in prestige. Deutsche Bank had the biggest jump in the top 10, moving up three spots with survey respondents praising the German bank for being “willing to take on difficult assignments.”
Despite the prestige, Goldman Sachs only ranked #12 in compensation. Among employees, Centerview Partners rated highest with a jaw-dropping 9.673 score, followed by Houlihan Lokey (9.32), Peter J. Solomon Company (8.87), The Blackstone Group (8.79), Greenhill and Co. (8.52), and Evercore Partners (8.44). Among big banks, Credit Suisse and J.P. Morgan averaged 7.17 and 6.94 respectively (and Morgan Stanley didn’t even crack the top 15). It’s good to work for the boutiques indeed.
Here are the top firms in other categories: Formal training (Houlihan Lokey and Centerview Partners); informal training (Houlihan Lokey and Peter J. Solomon Company); promotion policies (Houlihan Lokey and Peter J. Solomon Company); ability to challenge (Houlihan Lokey and The Blackstone Group); international opportunities (Houlihan Lokey and J.P. Morgan); internal mobility (Houlihan Lokey and Peter J. Solomon Company); satisfaction (Houlihan Lokey and Peter J. Solomon Company); firm culture (Houlihan Lokey and Peter J. Solomon Company); client interaction (Houlihan Lokey and Peter J. Solomon Company); supervisor relations (Houlihan Lokey and The Blackstone Group); work hours (Houlihan Lokey and The Blackstone Group); work-life balance (Houlihan Lokey and Peter J. Solomon Company); benefits (Houlihan Lokey and Perella Weinberg Partners); green initiatives (Houlihan Lokey and Goldman Sachs); philanthropy (Houlihan Lokey and The Blackstone Group); business outlook (Houlihan Lokey and Centerview Partners); firm leadership (Houlihan Lokey and The Blackstone Group); and selectivity (The Blackstone Group and Centerview Partners).
MBAs PARTICULARLY HAPPY AMONG THOSE SURVEYED
Overall, MBAs scored firms more highly than bankers with bachelor degrees. In overall satisfaction, MBAs produced an 8.01 average, compared against 7.76 against college graduates (and a 7.83 overall average). MBAs were also far happier with promotion policies, the ability to challenge others, client interactions, and supervisor relationships than bachelor’s degree holders (and the sample in general). Conversely, college graduates were more satisfied with benefits and formal training than MBAs.
For MBAs and business graduates, these numbers are particularly important. “They show which firms will be the more desirable to work for,” says Loosvelt. “As time goes on, you may not be looking at just prestige, compensation, making an impact, or having a life. Rankings have an impact depending on what’s important to you, whether it is rising up the ranks…or starting a family. These rankings indicate which firms are best for that.”
In particular, Loosvelt cites quality of life as a changing indicator on Wall Street. “It’s definitely getting better and it’s showing up in the rankings.”
To see how the top 50 investment banks scored, go to the next two pages.
To see how MBAs and business graduates scored investment banks in various categories, click HERE.
The Best Investment Banks to Work for (1-25)
|1||The Blackstone Group||8.673|
|2||Goldman Sachs & Co.||8.371|
|4||J.P. Morgan Investment Bank||7.914|
|8||Greenhill & Co.||7.639|
|9||Perella Weinberg Partners||7.337|
|10||Credit Suisse (Investment Banking Division)||7.304|
|11||Peter J. Solomon Company||7.095|
|12||Moelis & Company||7.003|
|13||William Blair & Company||6.858|
|15||RBC Capital Markets||6.609|
|16||Citi Institutional Clients Group||5.969|
|18||SunTrust Banks, Inc.||5.894|
|19||UBS Investment Bank||5.084|
|20||Deutsche Bank AG||2.492|
|21||Barclays (Investment Banking)||2.447|
|22||Bank of America Corp.||2.406|
|23||Jefferies & Company, Inc.||2.206|
|24||Guggenheim Securities, LLC||2.195|
To see 26-50, including PwC, Deloitte, and Wells Fargo, go to the next page.
The Best Investment Banks to Work For (26-50)
|26||Wells Fargo & Company||2.123|
|27||Allen & Company LLC||1.995|
|29||Oppenheimer & Co.||1.838|
|31||HSBC North America Holdings||1.776|
|32||Nomura Holdings, Inc.||1.756|
|33||BNP Paribas USA||1.751|
|34||BMO Capital Markets||1.750|
|35||Piper Jaffray Companies||1.725|
|36||Bank of New York Mellon Corporation||1.711|
|37||Royal Bank of Scotland Group plc||1.671|
|38||Deloitte Corporate Finance LLC||1.662|
|39||Societe Generale Corporate & Investment Banking||1.649|
|40||Brown Brothers Harriman||1.635|
|41||Robert W. Baird & Company (Baird)||1.627|
|42||Cantor Fitzgerald & Co. Inc.||1.586|
|43||KPMG Corporate Finance LLC||1.566|
|44||Raymond James Financial, Inc.||1.553|
|45||PwC Corporate Finance LLP||1.544|
|46||Cowen Group, Inc.||1.526|
|47||Sandler O’Neill + Partners, L.P.||1.472|
|48||Credit Agricole Corporate and Investment Bank||1.460|
|50||Tudor, Pickering, Holt & Co., LLC||1.440|
|50||Stifel Financial Corp.||1.440|
How MBAs and Bachelor’s Degree Holders Score Their Employers (Part 1)
Ability to Challenge
How MBAs and Bachelor’s Degree Holders Score Their Employers (Part 2)
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