The NY MM bank is better assuming she wants to keep her options open for other jobs. Wealth management jobs can be fine, but it’s somewhat difficult to move from WM into other/unrelated fields after.

Transferring anywhere in general for FT recruiting is very difficult because everyone else is trying to transfer at the same time. So it’s probably not the best idea unless you have extremely strong contacts elsewhere. It’s almost always a better idea to move in as a lateral hire once people start quitting and leaving for other jobs in the middle of the year.

Would transferring into a restructuring investment banking firm for FT be tough from a middle-market bank?

Thanks. I don’t know much about the group, unfortunately (but I believe they were absorbed or merged into Lazard as a whole within the past year or two?). If they’re still separate, you will probably have better recruiting opportunities than at an actual MM bank but worse than at EB/BB banks in non-MM groups. But you should be able to transfer pretty easily due to the Lazard name.

Thank you for an amazing article. I’m currently a rising junior who will be heading to Lazard Middle Market for an internship next summer. I was wondering if I could get your insight on Lazard MM, as well as traditional exit opps and opportunities to lateral into other elite boutique banks for FT recruiting.

Thanks!

Yes, it’s probably a good move even if you spend more time on ECM and less on M&A simply because you’ll be at a better-known firm. It will be difficult to move into PE at your current level regardless of the exact firm/group, so I don’t think that should be a major factor.

Very insightful article. I’m currently based in the U.K. working at a no name M&A boutique that focuses on small cap/lower mid market. I have a lateral offer to join an industry group at an IB (think leading mid cap corporate broker in the U.K.) I’m wondering whether it’s a good idea? There is a fair bit of ECM and broking involved and less M&a so I will have to re-adjust. I’m late to the industry and should really be at VP but lateraling as a senior associate will mean another year or two before promotion. PE is not high on my list of exit oops but want to keep the door open. Would really appreciate your thoughts. Thank you!

I know nothing about Rabobank, but I’d say it’s a better offer just because your title will be “Investment Banking Summer Analyst.” In practice, it’s very difficult to switch banks directly after an internship, so it’s usually better to accept an internship offer at one, convert it into a FT role, and then lateral.

The two offers that I am debating between are a corporate treasury position at a top BB (GS, MS, JP), and an IB summer analyst position with Rabobank (NYC).

I tried doing some research into Rabobank, but information is really scarce, so I was wondering if you knew anything about Rabobank’s deal flow and exit opportunities, and if the “superior” role with a lesser known company outweighs the name-brand value of a top BB. I understand that the two roles are very different, so I’m really just looking for more information about Rabobank’s NYC banking business. Thanks in advance!