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Banking Industry Guide

JP Morgan

Intern Class Size 314
Average Intern Salary $4,000
Average Starting Salary $66,786
Intern Hiring Seasons Summer
Specialties Small business and commercial banking, asset management and private equity.

JP Morgan interns got in a bit of a kerfuffle in 2011 when an intern sent out a mass email urging the entire intern class to meet them at a bar to get wild whether or not they were 21. Apparently underage drinking is not condoned at JP Morgan. Who knew? That said working here will give you the intense, high stress environment typical of a Wall Street firm. It will also provide you with above-average salaries, benefits and a starting bonus if you take an entry-level job. This company is known for killing it during the week, then letting it loose on the weekends and winding down with a beer or two come Friday evening.

JP Morgan offers M&A, corporate finance, sales and trading, capital markets, research, prime brokerage, and risk management. It is part of JP Morgan Chase & Co., a financial services firm that provides investment banking, small businesses and commercial banking, financial transaction processing, asset management, and private equity services to clients across the globe. Internships here are only rivaled by Goldman and perhaps the small-set of hedge funds that offer smaller teams and a more personalized experience than this big bank.

JP Morgan encourages their interns to work hard, and recognizes when they do. Interns say that extra effort is rewarded and standing out, though difficult, is very much worth it. Although negotiating salaries is hard here because it is a corporation, entry-level jobs are extremely well-paid with benefits and some paid vacation time. As in any large companies decisions take awhile to make because they have to go through various levels of management, but once you’re in it isn’t impossible to stand out and move up within the company.

JP Morgan is an investment bank that offers M&A, corporate finance, sales and trading, capital markets, research, prime brokerage, and risk management. It is part of JP Morgan Chase & Co., a financial services firm that provides investment banking, small businesses and commercial banking, financial transaction processing, asset management, and private equity services to clients across the globe.


The Blackstone Group

Intern Class Size 21-50
Average Intern Salary $4,000
Average Starting Salary $65,000
Intern Hiring Seasons Summer
Specialties Alternative asset investing (private equity, real estate, credit, and hedge funds) as well as financial advisory and restructuring advisory.
Top Schools They Hire From Harvard, Wharton School of Business

The Blackstone Group is one of the world’s largest private equity firms/alternative asset managers. Its holdings include Hilton Worldwide, Equity Office Properties Trust, SeaWorld, and The Weather Channel.


Goldman Sachs

Intern Class Size 350
Average Intern Salary $4,160
Average Starting Salary $63,848
Intern Hiring Seasons Summer
Specialties Investment banking, mergers and acquisitions advice, securities underwriting, asset management and securities services.

If you know what a college fraternity is like, you might have some idea of what banking culture is like. If you know what a college fraternity at an Ivy League school during finals is like, then you’ll have a pretty good idea of what Goldman Sachs is like on an average workday.

Late nights, ridiculously early mornings, and long, high-stress work hours are the norm at this top tier firm. But so are above average salaries and incredible networking opportunities. Goldman Sachs also has top-notch CSR/philanthropy programs. Although Goldman took a blow during the financial crises (and Greg Smith’s scathing op-ed in the New York Times didn’t help either) the investment bank continues to be one of the most coveted (if not the most coveted) places to work among MBAs and undergrads alike. Students say that work-life balance is difficult to accomplish here, but it can be done. Working here is an enormous opportunity to get your foot in the door of the highly competitive finance industry and the experience is just about guaranteed to hold prestige no matter where you apply.

Goldman Sachs provides a wide range of investment banking, securities, and investment management services to a substantial and diversified client base that includes corporations, financial institutions, governments, and high-net-worth individuals.


Houlihan Lokey

Intern Class Size 62
Average Intern Salary $0
Average Starting Salary $0
Intern Hiring Seasons Summer
Specialties Advisory services, corporate restructuring.

Houlihan Lokey is an international investment bank that provides advisory services for mid-market companies in M&A deals and corporate restructurings. It is one of the top M&A advisors in the US. Vault ranked Houlihan Lokey #1 for satisfaction, culture, relationships with managers, and client interaction in 2012.


Morgan Stanley

Intern Class Size 101
Average Intern Salary $2,880
Average Starting Salary $65,215
Intern Hiring Seasons Summer
Specialties Institutional securities, global wealth management, financial planning, and asset management
Top Schools They Hire From Harvard, Yale, Princeton, Stanford, Wharton School of Business

Morgan Stanley is one of the top investment banks in the world. It operates in three primary business segments: institutional securities (capital raising, corporate lending, financial advisory services for corporate and institutional investors); global wealth management group (brokerage and investment advisory services, financial planning for individual investors and businesses); and asset management (services and products including alternative investments, equity, fixed income; merchant banking; investment activities).


Greenhill & Co., Inc.

Intern Class Size 6-8
Average Intern Salary $0
Average Starting Salary $75,000
Intern Hiring Seasons Winter, Spring, Summer, Fall
Specialties Mergers and acquisitions advisory, restructuring, and financing for corporate clients around the globe.

Greenhill & Co., Inc. is an investment bank focused on providing financial advice on mergers, acquisitions, restructurings, financings, and capital raisings to corporations, partnerships, institutions, and governments. Because Greenhill & Co., Inc. is not owned by another corporation they are able to provide unconflicted advice and assistance on strategic issues. They do not have investing, trading, lending, or underwriting branches, nor do they have products to sell. Focus and independence are their main philosophies, and it shows in the work that they do.


Evercore Partners

Average Intern Salary $0
Average Starting Salary $0
Intern Hiring Seasons Winter, Spring, Summer, Fall
Specialties Corporate advisory, mergers and acquisitions, restructuring advisory, and capital raising, with an emphasis on large multinational corporations.
Top Schools They Hire From Columbia University, Harvard University, Massachusetts Institute of Technology, New York University, University of Michigan, University of Pennsylvania, University of Texas, University of Virginia, University of Western Ontario

Evercore is the first to say that it is one of the most demanding investment management firms to work for. It is also one of the most rewarding. “Being best-in-class is the promise we make to all of our clients.” Their website says, “If you are best-in-class in what you do, we want to hear from you.”


Perella Weinberg Partners

Average Intern Salary $0
Average Starting Salary $77,444
Intern Hiring Seasons Winter, Spring, Summer, Fall
Specialties Mergers and acquisitions, financial restructuring, capital structure advisory, private capital raising, pension matters, strategic advisory, independent special committee advisory, and government services.

Perella Weinberg Partners is a leading independent financial services firm. Established in 2006, Perella Weinberg Partners provides advisory and asset management services to a global client base.


Centerview Partners

Average Intern Salary $0
Average Starting Salary $0
Intern Hiring Seasons Winter, Spring, Summer, Fall
Specialties M&A advisory and private equity.

Centerview Partners is a leading independent investment banking and advisory firm. Since 2006 they have advised over $500 billion of transactions. Their clients include over 20% of the 50 largest companies in the world by market capitalization, and they have worked on several huge deals including Altria's $113 billion spin off of Philip Morris, Kraft's $22 billion acquisition of Cadbury, PepsiCo's $21 billion acquisition of it bottlers, InBev's $52 billion purchase of Anheuser-Busch, Google's $12.5 billion acquisition of Motorola Mobility, and Pfizer's pending $11.85 billion sale of Pediatric Nutrition Business to Nestlé.


Credit Suisse

Average Intern Salary $3,840
Average Starting Salary $67,917
Intern Hiring Seasons Summer
Specialties Investment banking, private banking, and asset management.

Credit Suisse is one of Switzerland's top financial services groups, providing investment management, private banking, and asset management services to clients around the world.


Lazard

Average Intern Salary $5,667
Average Starting Salary $78,000
Intern Hiring Seasons Summer
Specialties Financial advisory and asset management.

Lazard is the world's leading independent financial advisory and asset management firm. The firm was founded in 1848 and has since spread to 40 cities in 26 countries across the globe. They avoid structural conflicts of interest by focusing on advice and solutions.


Jefferies & Company, Inc.

Average Intern Salary $5,755
Average Starting Salary $71,320
Intern Hiring Seasons Summer
Specialties Investment banking, sales and trading, research, asset management, and wealth management.
Top Schools They Hire From Boston College, Brown University, Columbia University, Cornell University, Dartmouth, College, Duke University, Georgetown University, Harvard College, Massachusetts, Institute of Technology, New York University, Providence College, Rice University, Stanf

Jefferies & Company, Inc. is an independent securities and investment banking firm that prides itself on their lack of bureaucratic process and dedication to clients. Their motto is “clients first, always.”


Moelis & Company

Average Intern Salary $5,103
Average Starting Salary $73,875
Intern Hiring Seasons Winter, Spring, Summer, Fall
Specialties Capital raising and asset management.

Moelis & Company is a global investment bank that provides financial advisory, capital raising and asset management services to a broad client base including corporations, institutions and governments.


Citi Institutional Clients Group

Average Intern Salary $2,400
Average Starting Salary $68,573
Intern Hiring Seasons Summer
Specialties Merger and acquisition advisory, debt and equity underwriting, restructuring advice, transaction services, and alternative investments.

Citi Institutional Clients Group’s comeback is due in large part to its CEO Vikram Pandit who has spearheaded its recovery after huge losses incurred in the financial storm of 2008 and 2009. Pandit took a $1 salary until the firm regained profitability, which it did in 2009.


William Blair & Company

Average Intern Salary $0
Average Starting Salary $0
Intern Hiring Seasons Winter, Spring, Summer, Fall
Specialties Middle market, executing mergers and acquisitions, growth financing through public or private markets, special situations and restructuring, and general advisory projects.

William Blair & Company’s motto is “Rigorous pursuit of your success. Every transaction. Every time.” And although they are talking to their clients, the same could be said of how they treat their employees. Although the hours are long much like any investment banking job, the firm ranked 10th on Vault’s 2011 “Guide to the Top 50 Banking Employers.”


Gleacher & Company, Inc.

Average Intern Salary $0
Average Starting Salary $44,000
Intern Hiring Seasons Winter, Spring, Summer, Fall
Specialties Investment banking, sales and trading.

Gleacher & Company is a New York-based boutique investment bank. It is a team-oriented work environment that promotes work/life balance, although the lack of HR department is a substantial downside for some employees.


Robert W. Baird & Co.

Average Intern Salary $2,500
Average Starting Salary $65,000
Intern Hiring Seasons Winter, Spring, Summer, Fall
Specialties Brokerage, asset management, and investment banking services to middle-market corporations, institutional clients, and wealthy individuals and families.

Robert W. Baird & Co. is employee owned. The bank brings midwestern values to investment banking. It was founded in 1919 as the securities branch of the First Wisconsin National Bank. It also one of Fortune Magazine’s “100 Best Places to Work For.” Different from other banks, Robert W. Baird employees report a culture that promotes work/life balance, although the intern program is said to favor those in the Milwaukee area.


RBC Capital Markets

Average Intern Salary $4,755
Average Starting Salary $59,500
Intern Hiring Seasons Summer
Specialties Commercial banking, wealth management, insurance and capital markets services.

The Royal Bank of Canada is Canada’s largest bank. It has one of the highest credit rating of any financial institution in the world. It is one of the 15 largest banks in the world, and in the top five in North America. RBC is known as the "Goldman" of Canada, although employees cite its extreme risk-aversion as being a downside of working there.


Cowen Group, Inc.

Intern Class Size 12
Average Intern Salary $0
Average Starting Salary $72,000
Intern Hiring Seasons Winter, Spring, Summer, Fall
Specialties Alternative investment management products, investment banking services, M&A advisory, equity and debt financings, private placements, and restricted security sales.

Cowen Group, Inc. is a diversified financial services company with two main business units: Ramius, which provides alternative investment management products; and Cowen and Company, which provides investment banking services. As Cowen Group is a smaller than other firms in the banking industry, employees have considerably more access to senior management. The downside is that the bank boasts a less prestigious name than some of its larger competitors and is not very well-known outside of the IB community.


Royal Bank of Scotland Group plc

Average Intern Salary $0
Average Starting Salary $43,188
Intern Hiring Seasons Winter, Spring, Summer, Fall
Specialties U.K. corporate banking, U.K. personal banking, U.S. retail and commercial banking, global banking and markets, EMEA retail and commercial banking, and RBS Insurance.

The Royal Bank of Scotland was chartered by King George in 1727. Internships here will give you the freedom to take charge of your own projects, while giving you excellent oversight and management in the world of banking. The summer internship program also involves an orientation week to learn the basics of the financial markets. RBS’s rotational program gives you a chance to try many different aspects of the banking industry.


Piper Jaffray Companies

Average Intern Salary $0
Average Starting Salary $72,000
Intern Hiring Seasons Winter, Spring, Summer, Fall
Specialties Investment banking, asset management, institutional brokerage, and equity research.

Piper Jaffrey is headquartered in Minneapolis. Its services include public finance, advisory, and fixed income sales and trading. The firm has a strong training program for entry-level employees, but there is a lack of work-life balance that is typical in the banking industry.


SunTrust Robinson Humphrey

Average Intern Salary $0
Average Starting Salary $69,610
Intern Hiring Seasons Winter, Spring, Summer, Fall
Specialties Corporate, institutional, and wealth management debt and equity capital raising, strategic advisory services, and financial risk management.

SunTrust Robinson Humphrey is a subsidiary of SunTrust Banks. Based in Atlanta, Georgia, the bank offers consumer banking, commercial leasing, mortgage banking, and asset management, among other services. Employees have said that it is virtually impossible to get fired here (although we don't suggest you try) but there is a certain lack of networking opportunities as the firm is not based in New York.


Keefe Bruyette & Woods, Inc.

Average Intern Salary $0
Average Starting Salary $0
Intern Hiring Seasons Winter, Spring, Summer, Fall
Specialties Mergers and acquisitions advisory, equity capital markets, fixed income markets, mutual thrift and insurance company conversions, general financial advisory, and structured finance.

Keefe, Bruyette & Woods was on the 88th and 89th floors of the south tower of the World Trade Center on September 11th in 2011. Over ⅓ of the companies employees were lost in the attack. Today ¼ of the 104 surviving employees continue to work at the firm, and it is continuing to rebuild and regain its prior prestige. The low-levels of bureaucracy and friendly employees make Keefe, Bruyette & Woods an enjoyable place to work, although employees have sited a lack of diversity as one downside to the company culture.


Deutsche Bank AG

Average Intern Salary $3,840
Average Starting Salary $64,429
Intern Hiring Seasons Summer
Specialties Corporate and investment banking, private clients and asset management, and corporate investments.

Deutsche Bank operates 1,000 branches in over 70 countries around the world, and over 1,000 in Germany alone. Its US based companies include Deutsche Bank Securities, RREEF, and DWS Investments. Students report that the level of responsibility they were given at Deutsche made it an interesting and dynamic place to work, and the above-average pay was an additional benefit.


Barclays

Intern Class Size 50
Average Intern Salary $5,600
Average Starting Salary $66,667
Intern Hiring Seasons Summer, Winter
Specialties Strategic advisory, financing, and risk management services.

Barclays is headquartered in London with operations in retail, wholesale, and investment banking. As one of Europe’s biggest banks it has 1,7000 branches in the UK, as well as the United States, Africa, and the Middle East. Today this bank serves over 48 million customers in more than 50 countries. Barclays internship program is one of the strongest in the banking industry with exit opportunities that help their students rise up in the banking industry.