Good points. I think majority of Goldman's IB revenue still comes from non-M&A activity, so I still view their financing practice be pretty healthy. I'll have to keep an eye on SVB, I only know them for their healthcare platform.
Same! I'm interviewing with a BB for their RE IB team soon. Would be great to know your insights on the career progression options there, REPE exits etc
The overall landscape is a bit different in Canada (because bulges and EBs have less presence than the Big 6). Evercore and Lazard have offices in Toronto. I don't think there are as prominent industry boutiques in Canada. Some big "regional" ones include Canaccord Genuity, Valitas, Osprey. I'm sure there are natural resources boutiques in Calgary, but I don't know of any.
I am assuming Guggenheim falls under the elite boutique category, with an additional focus on the advisory roles and opportunities to bring companies through IPO's?
Piper Sandler and Stifel are definitely not regional or industry boutiques Piper Sandler is a public company that consistently provides debt financing and does IPOs and SPAC deals
Well in my opinion, they're certainly not bulge brackets or elite boutiques. Piper / Stifel's M&A deal value is less then a quarter that of places like Evercore, Centerview, Lazard and they're clearly on another tier. Piper / Stifel definitely compete in the middle market and their marketing materials reflect that. I suppose a better label for them would be "middle market boutiques", but this fourth category is supposed to be a catch-all that covers all other firms. You can argue that Piper / Stifel are middle market banks, but I think their business model is still pretty different from the true lending-oriented middle market banks like RBC and Jefferies. I did check the latest Piper Sandler investor presentation and it does look like their debt financing is growing, but looks like greater majority is still M&A.
Very solid place to be, still doesn't have great PE / buyside recruiting. But if you're a career banker, it's probably the best middle market place to be for tech.
Hi did you ever heard about Seabury Capital? It seems they are ISB focused on aviation industry but I cannot find any info beside that. Any idea about there salary compare to bb or eb?
Thanks for the video Matt. I know this isn't your niche but have you considered covering commercial/corporate banking in a video? I know it may not grab the views that your IB/PE vids get but would be nice to hear your thoughts on career path/exit opportunities (if there are any)
I have indeed thought about it, but I don't know much about it. From my view, most people either switch into IB after a few years or just ride the corp banking ladder up.
They're not technically investment banks so wouldn't fall into any of these categories. There are a couple of other kinds of firms (merchant banks, commercial banks) that provide advisory services without technically being banks. Big 4 IB practices are pure advisory though (no lending), so the skillset you develop is probably closest to elite boutique.
We have a list of elite boutiques here: www.peakframeworks.com/post/elite-boutiques-primer And we'll be putting out one on bulge brackets soon. If you check a company's website it will be fairly obvious too.
Is there an acutal list of all Bulge Bracket Firms? Because i only found a list from Wikipedia. It lists: Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan Chase, Morgan Stanley and UBS. Im little bit confused because you did not mention Deutsche Bank as a Bulge and also not as Middle Market firm
There's a list in another video and in this blog post. www.peakframeworks.com/post/bulge-brackets-primer I would take out DB and UBS personally. Their deal volume is a lot lower than other BBs and their reputation in the industry is pretty mediocre.
Balance sheet firms are like bulge brackets (GS, MS, JPM) that have large balance sheets and do lots of lending. Non balance sheet firms are like Evercore, Centerview that don't do lending and focus more on pure M&A advisory.
Nah, never give up. Most finance people I know take the test 2-3 times before they get the score they want. Switch up your approach if you're not improving.
Their position in US is a bit interesting, they're probably on the cusp of being an EB. Definitely an EB in Europe, but they don't do as many deals outside of Europe.
big fan matt! I am interested in buying your course the valuation and finance starter kit to be specific is it an equivalent to the IB courses like Wall street prep and Adventis type??
It's not an IB course, it's more of prep for the actual job (like building DCF, AVP, doing comps) and also an overall primer for corporate finance. Would be good to do before your internship.
@@PeakFrameworks hey Matt. Thanks for always putting out quality content. How difficult would it be to transition from valuations at a big 4 to ib in Canada? I’m a sophomore right now and I’m pretty sure I’ll be able to land a valuations internship at a top 10 accounting firm, which should put me in a good position to have big 4 valuations as a backup incase i don’t get into ib. At a complete Non target btw.
@@PeakFrameworks I have received an offer (summer) for restructuring consulting(top 5 firm). I'm sure the opps are similar but just thought I'd ask, also thanks for the videos, great content, I recommend it to all my friends interested in banking/consulting
As a non US citizen, would companies/firms in the U.S be willing to sponsor a person like me with no green card/visa? While having all the necessary qualifications of course.
Hi Matt, I really enjoy watching your videos. I'm currently an equity research analyst at an Activist Asset Management Firm (size >20B USD). Was wondering how I can leverage that work experience into an opportunity in Investment Banking and eventually private equity? Thanks!
It seems like you're already in a pretty desirable position so you should try switching directly. Start networking and seeing if you can get any traction with applications. There's a chance you can break directly into PE if you have good experience.
Goldman doesn’t really flex its balance sheet as its rather small. Svb leerink should probably be considered an EB the way its currently going
Good points. I think majority of Goldman's IB revenue still comes from non-M&A activity, so I still view their financing practice be pretty healthy.
I'll have to keep an eye on SVB, I only know them for their healthcare platform.
Love your video ?
Would love your inputs on real estate investments as well. It’s a sector that has had my interest from a long time.
Same! I'm interviewing with a BB for their RE IB team soon. Would be great to know your insights on the career progression options there, REPE exits etc
could you give some examples of elite boutiques and industry boutiques for the Canadian IB landscape.
The overall landscape is a bit different in Canada (because bulges and EBs have less presence than the Big 6).
Evercore and Lazard have offices in Toronto. I don't think there are as prominent industry boutiques in Canada. Some big "regional" ones include Canaccord Genuity, Valitas, Osprey.
I'm sure there are natural resources boutiques in Calgary, but I don't know of any.
@@PeakFrameworks in Calgary there are a few primary energy boutiques (Stifel, Peters, TPH)
How about m&a advisory at big4?
I am assuming Guggenheim falls under the elite boutique category, with an additional focus on the advisory roles and opportunities to bring companies through IPO's?
Yes, Guggenheim is an elite boutique. I think they focus on M&A.
Piper Sandler and Stifel are definitely not regional or industry boutiques
Piper Sandler is a public company that consistently provides debt financing and does IPOs and SPAC deals
found the piper sandler analyst
Well in my opinion, they're certainly not bulge brackets or elite boutiques. Piper / Stifel's M&A deal value is less then a quarter that of places like Evercore, Centerview, Lazard and they're clearly on another tier. Piper / Stifel definitely compete in the middle market and their marketing materials reflect that. I suppose a better label for them would be "middle market boutiques", but this fourth category is supposed to be a catch-all that covers all other firms.
You can argue that Piper / Stifel are middle market banks, but I think their business model is still pretty different from the true lending-oriented middle market banks like RBC and Jefferies.
I did check the latest Piper Sandler investor presentation and it does look like their debt financing is growing, but looks like greater majority is still M&A.
where would you place Nomura? It seems a bit above middle market but not BB
Thoughts on William Blair? Heard they’ve been on fire as of late especially in tech
Very solid place to be, still doesn't have great PE / buyside recruiting. But if you're a career banker, it's probably the best middle market place to be for tech.
Hi did you ever heard about Seabury Capital? It seems they are ISB focused on aviation industry but I cannot find any info beside that. Any idea about there salary compare to bb or eb?
Thanks for the video Matt. I know this isn't your niche but have you considered covering commercial/corporate banking in a video? I know it may not grab the views that your IB/PE vids get but would be nice to hear your thoughts on career path/exit opportunities (if there are any)
Corp Banking Exit opps are IB: LevFin, DCM, Coverage, sometimes M&A; sometimes private credit (if you’re lucky, usually you need IB exp first.
I have indeed thought about it, but I don't know much about it. From my view, most people either switch into IB after a few years or just ride the corp banking ladder up.
In which bucket would the Big Four IB practices fall in?
They're not technically investment banks so wouldn't fall into any of these categories. There are a couple of other kinds of firms (merchant banks, commercial banks) that provide advisory services without technically being banks. Big 4 IB practices are pure advisory though (no lending), so the skillset you develop is probably closest to elite boutique.
How can I determine whether or not a bank has a balance sheet? Is there like a list of firms out there?
We have a list of elite boutiques here: www.peakframeworks.com/post/elite-boutiques-primer
And we'll be putting out one on bulge brackets soon. If you check a company's website it will be fairly obvious too.
@@PeakFrameworks thank you! Sorry if this a dumb question, but how can I determine from a website whether or not a bank has a balance sheet?
Is there an acutal list of all Bulge Bracket Firms? Because i only found a list from Wikipedia. It lists: Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan Chase, Morgan Stanley and UBS. Im little bit confused because you did not mention Deutsche Bank as a Bulge and also not as Middle Market firm
There's a list in another video and in this blog post. www.peakframeworks.com/post/bulge-brackets-primer
I would take out DB and UBS personally. Their deal volume is a lot lower than other BBs and their reputation in the industry is pretty mediocre.
Thanks for the great video. There is just one point can you help clarify? What do you mean by balance sheet and no balance sheet firms?
Balance sheet firms are like bulge brackets (GS, MS, JPM) that have large balance sheets and do lots of lending. Non balance sheet firms are like Evercore, Centerview that don't do lending and focus more on pure M&A advisory.
I guess its none of my business now as I failed over and over again on getting a 720 GMAT. Good luck to everyone who's still pursuing. Peace out.
Nah, never give up. Most finance people I know take the test 2-3 times before they get the score they want. Switch up your approach if you're not improving.
Definitely not true. Massive potential at any top 20 school to end up at a bank.
Sucks to be you
Great video man
ubs is bb
I can see that argument but I remain unconvinced...
@@PeakFrameworks so where would you place it?
Any thoughts of banks which have “passed” their prime like Greenhill. Or PWP even? Still EBs in your opinion?
They're still EBs, but I wouldn't pick them over any BB or the other EBs. I think PWP is still good in Europe, but a lot of key talent has left in NA.
very good ! all inside stuff where do i get a hold your personal contact. i work in invest bank in Toronto
Hey Matt great video. Just wondering, what category would you fit a firm like Rothschild (NYC) in?
Their position in US is a bit interesting, they're probably on the cusp of being an EB. Definitely an EB in Europe, but they don't do as many deals outside of Europe.
big fan matt! I am interested in buying your course the valuation and finance starter kit to be specific is it an equivalent to the IB courses like Wall street prep and Adventis type??
It's not an IB course, it's more of prep for the actual job (like building DCF, AVP, doing comps) and also an overall primer for corporate finance. Would be good to do before your internship.
@@PeakFrameworks hey Matt. Thanks for always putting out quality content. How difficult would it be to transition from valuations at a big 4 to ib in Canada? I’m a sophomore right now and I’m pretty sure I’ll be able to land a valuations internship at a top 10 accounting firm, which should put me in a good position to have big 4 valuations as a backup incase i don’t get into ib. At a complete Non target btw.
Hey, got any ideas on financial restructuring and turnaround consulting exit opps?
Restructuring often leads to credit / distressed investing. Turnaround consulting I'm not as sure, maybe more like ops for PE / VC firms.
@@PeakFrameworks I have received an offer (summer) for restructuring consulting(top 5 firm). I'm sure the opps are similar but just thought I'd ask, also thanks for the videos, great content, I recommend it to all my friends interested in banking/consulting
Matt do you consider houlihan lowkey to be an elite boutique?
It's been toeing the line for a number of years. Their restructuring practice is great, but I wouldn't go their for M&A.
As a non US citizen, would companies/firms in the U.S be willing to sponsor a person like me with no green card/visa? While having all the necessary qualifications of course.
Yes, depends on the country and firm though. Canada, Mexico, and UK are common. Europe and Asian countries a bit harder, but still happen.
@@PeakFrameworks do these companies hire people who are freshly graduated for their internship positions ?
Yes, all the time. I'm Canadian and had to go through the visa process.
@@PeakFrameworks interesting I find I am automatically DQ from internships since I am graduated already
Skin care routine please
Hi Matt,
I really enjoy watching your videos.
I'm currently an equity research analyst at an Activist Asset Management Firm (size >20B USD). Was wondering how I can leverage that work experience into an opportunity in Investment Banking and eventually private equity?
Thanks!
It seems like you're already in a pretty desirable position so you should try switching directly. Start networking and seeing if you can get any traction with applications. There's a chance you can break directly into PE if you have good experience.
This guy glows af