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Big names get all the attention. Goldman Sachs, JP Morgan, Bank of America: They are global and prestigious. Diverse and influential. And they also boast a long history, well-known names, notable clients, and highly regarded alumni. They undertake the largest services and boast all the resources and benefits.
Who wouldn’t want to join their special ranks?
Well, there are trade-offs. Think punishing 80-hour work weeks, frantic work pace, and endless stress. In some cases, life can go sour that analysts and associates eventually burn out before their huge paychecks roll in. When you work in an investment bank, your commitments are determined by your environment.
Don’t get me wrong. We see wide variation in the quality of culture, leadership, training, and work-life balance among top companies.
Which investment banks have the happiest employees with the best support, opportunities, and benefits? Since 2007, Vault has been answering this question with Banking 25. This ranking is a ranking of the top investment banks in North America by the bankers themselves. Centerview Partners tops the list for the fifth year in a row by receiving the highest scores across 16 workplace quality categories. Evercore and Moelis & Company again placed him in second place and he in third place, with Lazard and Guggenheim Securities rounding out the top five.
How to build rankings
Vault, an information-based platform, collects employee reviews to create rankings and company profiles in banking, consulting, law, and accounting. In addition, Vault offers career advice on everything from internships to jobs, as well as 24 careers covering industries (including hospitality, real estate, media and entertainment), job hunting (resume, networking, interviews), and education. We also provide guides. (University preparation, graduate school, MBA).
In our latest banking survey conducted in fall 2023, Vault received responses from more than 2,400 banking professionals. This is a decrease of 600 members from the 3,000 member sample that responded the previous year. To evaluate employers, Vault uses a 10-point scale. 10 reflects the highest possible score. As part of the survey, respondents answer questions across 20 workplaces and six aspects of their diversity (the latter not considered in Banking 25). For example, workplace facets might include benefits, customer interactions, promotional policies, etc. In contrast, diversity evaluates companies on areas such as race, gender, and even military service. Additionally, Vault conducts a survey on Prestige where respondents rate the companies they have done business with on a scale of 1 to 10.
Overall, Prestige carries a 40% weight in Vault’s ranking formula. Corporate culture accounts for his 20% of company rankings. Compensation, business prospects, and overall satisfaction each carry 10% weight. The remaining 10% is split evenly between work/life balance and training. Vault’s weighting system is the same as last year.
Look inside our Centerview partners
What’s the secret to Centerview Partners’ No. 1 ranking for so long? Simple: This company has top scores almost across the board and in the workplace dimensions that matter most. These include company culture (20%), compensation (10%), business prospects (10%), overall satisfaction (10%), work-life balance (5%), and informal training (2.5%). This includes important areas such as: . In other words, Centerview Partners holds the highest score across 57.5% of Vault’s ranking weights. Overall, the company ranked No. 1 in 16 of 26 categories and was in the top 3 in each category except Prestige (4th), International Opportunities (5th), and LGBTQ+ Diversity (4th). I am. This is in line with his 2023 rankings, where Clearview Partners topped rivals in 15 areas. In this year’s rankings, the company rose to the top for benefits and manager relationships, but dropped in customer interactions.
In less than 20 years, Centerview Partners has been involved in transactions totaling more than $3 billion. Most survey respondents are bullish about their company. One employee calls this “the highest salary in the industry.” It also highlights perks such as an on-site gym and “free breakfast, lunch and dinner,” which reduces stress and makes the atmosphere “more sociable and comfortable.” At the same time, a third respondent praised the company’s commitment to maintaining a winning culture in a tough business.
“At the end of the day, M&A is a customer service business, which means schedules are fluid and days and weeks can be long. But for those who stay in this job, this is what you’re signing up for. There’s no better place to spend those hours. There’s a huge focus on having a strong culture within the company, The team is closely monitored to ensure that life balance is promoted. There is a wide range of internal programs to build connections within and outside the team, and the company maintains a “small company feel” even as it continues to grow. Very maintained. ”
Center view aiming for further growth
One program is partner-run Centerview University, which takes a long-term, big-picture approach to employee development and decision-making. One respondent said that junior bankers are trained to focus on the future of the company and their place within it, rather than chasing ad hoc solutions. “From a career standpoint, this is a win-win. Our customers and our employees benefit by developing our employees to be the best bankers who stay at Centerview. Businesses will also flourish.”
JW Marriott is famous for his words. “If you take care of your employees, they will take care of your customers.” Centerview Partners epitomizes this approach. One survey respondent noted that despite a slow year in 2023, Centerview Partners remains one of only two publicly traded companies to enjoy revenue growth last year. And this commitment to our people shows up in far more areas than just the bottom line.
“Companies are getting stronger,” another respondent added. “Few people quit. Our market share continues to grow. We continue to expand into geographies and industries where we have not had a footprint before, creating more opportunities for young people.” I often tell young people to start a career where they can grow. For Wall Street, that growth area remains boutiques, and Centerview is at the forefront of that.”
evercore edge
Evercore, ranked No. 2 overall, has been trading large-cap stocks for nearly 30 years. Most recently, Evercore has advised clients ranging from US Steel to IBM to BlackRock. Known as a “boutique for brains,” he was ranked number one in Vault’s formal training survey and ranked in the top three in 13 work and life aspects. When it comes to diversity, Evercore took first place in his four dimensions: disability, women, LGBTQ+, and overall diversity.
“We have made strong efforts to improve our focus on DE&I,” one Evercore survey respondent wrote in 2023. “Each business unit has created annual initiatives around these efforts and has presented and reviewed progress throughout the year with the company’s senior leadership.” The company has established a Global Diversity Council and four diversity networks focused on women, traditionally underrepresented minorities, LGBTQ+ employees and veterans. ”
Unlike Centerview Partners, Evercore doesn’t have an on-site gym or free lunch. However, another survey participant said the attire is relaxed, allowing bankers to enjoy a protected Saturday while working from home on Fridays. “Everyone is respectful and honest in every way. Sure, there are bad apples everywhere, but Evercore seems to have the fewest of them. Plus, it’s better to do things right than to do them the easy way.” There is a spirit of integrity that pervades us. If you are in trouble or need help, you can always ask anyone without judgement. I couldn’t imagine working anywhere else.”
Evercore is also centered around apprenticeships, with senior bankers “focused” on embedding the culture and building the skill sets needed for long-term career success with the company. Similarly, Evercore includes a flexible model that allows bankers to move between different industries and product groups, all with high customer contact.
“Another great thing about career development in a company is how much freedom and latitude it gives you in interacting and dealing with customers. This gives you great opportunities to direct your work and build relationships with customers. It is given,” added another respondent. “It’s about getting the job done in the best way possible without hierarchy, creating an environment for learning and growth.
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