Top Investment Banks in the USA 2024

The work environment in most prestigious investment banks is often demanding and high-pressure. But not every top firm will require IB analysts to work 100+ hours a week. Instead, you'll find differences in several workplace categories from one firm to another, including culture, work-life balance, diversity, training, leadership, compensation, perks, and more.

Below, we'll share the most respected firms that are highly rated across the various categories, and give you all the facts you need to know to find the right ones for you.

What Is the Role of Investment Banks in the USA?

The services that investment banks offer have a massive impact on the national economic growth and global financial system. As they help companies raise capital quickly, through IPOs and bonds issuance, they indirectly support growth and job creation. Securing funding for startups and growth companies specifically supports innovation and technological advancement, which are key drivers of economic progress. Also, their advisory services like corporate restructuring, strategic planning, risk and asset management, and M&A guidance strengthens the corporations’ positions in the market.

Another crucial role for Wall Street's best advisory firms in the US is providing liquidity in financial markets to support smoother transactions and more stable asset prices. They also support cross-border transactions and attract foreign capital to the US, contributing to economic growth and international trade.

What Are the Best Investment Banks to Work for in the USA?

The household names or "bulge bracket" firms (Goldman Sachs, Morgan Stanley, JPMorgan Chase) might be every aspiring IB analyst's top choice, and understandably so. They boast long history, global reach, and high-profile clients. Not to mention how being associated with such brands on your resume can open doors throughout your career.

But there are several boutique firms that work on high-profile deals and offer a more balanced work culture. Let's explore each of the top investment banks below.

Top Firms for Your Career in Investment Banking

Goldman Sachs & Co.

Who wouldn't want the name of the largest M&A advisor worldwide in their resume? Unfortunately, getting hired in this bank is like winning the lottery as every open job receives about 300 applicants, and the internship acceptance rate is below 2%. Selected applicants also go through about 45 interviews before receiving an offer.

That said, it's an ideal workplace if you want to focus on high profile deals in asset and wealth management, mergers and acquisitions, and risk management transactions. The compensation and perks are mouthwatering as expected.

👉 Check out our Goldman Sachs Interview Guide for more information on the firm.

J.P. Morgan

This market leader’s revenue between Jan and June 2024 was 9.2% of the global investment banking revenue. Clearly, the firm hires the best using their rigorous hiring process and there's tough competition for open roles. But the attempt is worthwhile as it comes with covetable exit opportunities. Besides, most employees would highly recommended working at JP Morgan and consider the firm to have a positive business outlook.

The firm's investment banking solutions include capital raising, M&A advisory, and risk management for governments, institutions, and corporations.

Morgan Stanley

Another bulge bracket investment firm worth working for is Morgan Stanley which has headquarters in New York. The company offers career development opportunities through internships and full-time employment for students and recent graduates.

For the specializations, the company focuses on raising and managing capital for large institutions and governments.

Other services include M&As, wealth management, restructurings, IPOs, share repurchases, and debt offerings.

There are also attractive benefits including employee networking groups and student loan refinancing options for you, friends, and family.

👉 With our Morgan Stanley Interview Guide, you'll be perfectly prepared for your career at the firm.

Barclays Investment Bank (Americas)

There's no better place to work on landmark deals than Barclays. While its origin is the UK, this investment bank has a good presence in the US and typically handles massive globally influential deals.

In 2022, Barclays was the financial advisor for two Tech M&A deals. It advised Broadcom Inc $69.0bn acquisition of VMware. On another major deal, Barclays was the M&A Advisor to Elon Musk $44.0bn Twitter acquisition.

It also has a long history tracing back to the late 1800s and is considered UK's best investment bank. The firm’s off-cycle 3-6 months investment banking internship offers most graduates a good introduction into the industry.

Bank of America Corp BofA

BofA is considered a good place to create professional connections and gain valuable experience.

It's headquartered in Charlotte, North Caroline, and one of its notable strengths is diversity in the recruitment policies. In short, no need for an Ivy League college on your resume - though it's not the bank with the least employees from this premier university bracket.

The compensation and perks are also at par with the industry standards, with most employees highlighting an excellent working experience on review sites. For interns, the company offers numerous opportunities to learn, practice, and execute live deals.

Citi Institutional Clients Group

The investment banking division for Citigroup Inc, known as Citi's Institutional Clients Group is a great place to work according to most of its employees.

Getting into the company is highly competitive, but there's a lot of learning and career development opportunities once hired. City guarantees a commitment to training, mentorship and exposure to all its interns in this division.

The bank has received numerous Euromoney Awards, typically the most prestigious recognitions in the financial services industry. These awards include Best Investment Bank in Emerging Markets and Central America and Caribbean's Best Investment Bank.

Boutique Firms for Your Career in Investment Banking

Allen & Co

How about working on discrete deals with an “invisible” company? Allen and Co is a family-run boutique investment firm that likes to maintain a low profile.

It doesn't have a company website and most transactions are not publicly disclosed. As such, most clients that work with this firm prioritize privacy, ensuring the transaction won't leak. The investment bank offers summer internships and full-time positions for graduates.

Centerview

Headquartered in New York, Centerview is among the top boutique investment banks that rank high for business outlook, client interaction, compensation, work culture, ESG practices, training, and employee satisfaction.

The bank is M&A focused but also offers financial restructurings and valuations. Its deals are sometimes high-profile featuring clients like Time Warner, CBS, and CVS Health.

While there are great exit opportunities, Centerview focuses on hiring bankers who are interested in staying long after their analyst years. This makes it a good option if you're looking for long-term employment in the same company after a summer internship or a full-time analyst position post-graduation.

Evercore

Since its establishment in 1995, Evercore Inc has advised on over $5 trillion M&A and restructuring transactions. Its internship program is highly competitive but successful interns enjoy well-rated formal and informal on-the-job training.

There are also numerous career development opportunities for junior bankers. Interns and full-time junior analysts have a hand on live transactions alongside the seniors. But the work hours can be longer for the interns. Most employees highlight a great work culture and a good level of M&A exposure.

Greenhill & Co.

A former president of Morgan Stanley, Robert F Greenhill, founded Greenhill & Co. in 1996 and it was acquired by Mizuho Americas in 2023. The bank has been focused on M&A advisory since its inception to offer specialized and best-in-class services. Some of its clients include GSK, Aloca, and Tesco.

Graduates interested in gaining experience in Mergers and Acquisitions can join the firm by applying to the analyst position. The firm als offers summer Analyst positions for undergraduates. Criteria for entry in these positions include an outstanding analytical mind, ability to team-work in a fast-paced space, and strong interpersonal and communication skills.

Guggenheim Securities

This elite boutique bank might not be well-known as others in the list, but it's worth noting. Since its inception in 1999, Guggenheim Securities has witnessed $1.6 trillion in announced M&A and $418+ billion in financing transactions. One of the notable deals is Chevron's $3.2B acquisition of Renewable Energy Group, Inc. Recent high-profile clients include Verizon, Disney, IBM, and Pfizer.

The pay might be lower than in the popular banks. However, its past and current employees make it one of the most highly rated places to work, with its collaborative and great workplace culture in highlight. In Vault's rating, Guggenheim ranks top across various categories including quality of work, benefits, and firm leadership.

Harris Williams

The Virginia-based Harris Williams specializes in merger and acquisition advisory. It has been doing well in this space as the firm has been honored with several awards including Investment Bank of the Year by Mergers & Acquisitions, Private Equity Deal of the Year for advising Dwyer Group on its sale to Harvest Partners by The Deal, and Global M&A Network’s Outstanding Private Equity Investment Bank of the Year. While the firm is still up and coming in terms of prestige ranks, employees say it gives interns and junior analysts early access to senior bankers and clients. It's also rated high when it comes to client interaction and hiring military veterans.

Jefferies

This New York-based financial institution places emphasis on diversity and inclusion. As such, it has networking groups for employees of minority groups like Asian, LGBTQ+ individuals, Black Americans, Latino, and veterans. That hasn't gone unnoticed as Fortune named Jefferies “World’s Most Admired Companies''.

The firm's investment banking services include M&A advisory, capital raising, and equity-linked financing. Former anc current employees highlight a collaborative atmosphere and opportunities to work on live deals for interns.

Lazard

Lazard is a top New York-based boutique bank that's perfect for college sophomores who want to work in IB after graduation. The internship program is highly competitive with only about 1% of applicants making the cut.

On the brighter side, securing an internship offer almost guarantees a job at the bank. Analysts at Lazard have advised on some of the largest and complex M&A deals of the past 100 years in Europe and the Americas. The firm also focuses on other strategic services like capital raising, restructuring, and shareholder strategy.

Moelis

Established in 2007, Moelis might turn out to be the fastest growing investment bank.

Since its founding, it has handled $4 trillion in transactions with deals sizes between $100 million to $160 billion. Some of the notable deals include Hilton Hotels’ $26.5 billion acquisition by the Blackstone Group, Saudi Arabian Oil Company (Aramco) IPO, and Anheuser-Busch’s $61 billion sale to Inbev.

This top global elite boutique bank prioritizes an inclusive culture and ranks high for including military veterans. It's also highly rated across the benefits, LGBTQ+ Diversity, leadership, satisfaction, and promotion policies categories.

Perella Weinberg Partners

PWP is an elite boutique investment bank founded in 2006. It has gained a reputation for featuring among the US top 10 dealmakers over years and handling a sizable advisory transactions in Europe and the US. Some of its notable clients include T-Mobile, PayPal, and Kraft Heinz.

Perella Weinberg offers internships with the aim of converting them into full-time investment bankers. As a result, the company provides responsibility early on and invests a lot into interns’ career development. Its Advisory Summer Internship Program was even honored as the Best Investment Bank Internship in Vault's 2018 listing. Employees also rate the bank highly as a good place to work.

PJT Partners

This advisory-focused boutique investment bank has had $890 billion M&A deals announced and handled about 55 Fortune 100 clients. Other strategic services the company offers include shareholder advisory, capital markets advisory, and restructuring.

Rothschild & Co

Rothschild & Co is among the top largest and global financial advisory firms. Its parent company is headquartered in Paris, France but its U.S. business mainly offers strategic advisory services, not underwriting securities.

Among the notable deals include Apollo's take-private acquisition of Tenneco, Aeroméxico's chapter 11 restructuring, and Porsche's €9.4bn IPO. So, working in this firm can offer good exposure to high profile and global deals.

Solomon Partners

Founded in 1989, Solomon Partners is among the oldest investment banks in the US. The HQ offices are in New York City but the firm has more offices in Chicago and Miami.

The bank focuses on advising companies in sectors like energy, infrastructure, consumer retail, media, and tech. With its specialization, Solomon Partners has had middle-market and high-profile transactions including companies like Netflix, American Apparel, Brooks Brothers, Stein Mart, and Sears Hometown & Outlet. The long-standing history, a focus on inclusivity and collaborative nature of the workplace make it one of the best firms to work for in the investment banking industry.

William Blair

If the bulge bracket and elite boutique banks aren't on your list, try William Blair. It's a leading middle market investment banking firm that has a good reputation for its level. Headquartered in Chicago, Blair gets different deal sizes ranging from millions to billions.

The company has earned awards for creating an exceptional place to work. The most recent include New York City’ 2024 Top Workplace award for companies with 150 to 499 employees. It was also named in Barron's Top 40 Wealth Managers in the US list. Most analysts are satisfied working here, but there are also good exit and lateral opportunities if the firm wasn't your #1 choice or career expectations change.

How Can You Find the Right Firm to Work for?

You can't go wrong with any of the banks we've listed in this guide, but ultimately, the best investment firm to work for is a personal decision. After looking at the top companies, you can filter them by evaluating various factors and selecting the firm that aligns with your preferences. Here's an overview of what to look for:

• Firm size and reputation: Choose from large bulge bracket banks, middle market firms, or boutique banks. Each option has pros and cons in terms of deal flow, prestige, acceptance rates, and work-life balance.
• Industry: If you have interest in a specific sector like AI or healthcare, you can look for investment banks that get deals in such companies.
• Work culture: Think about what you prefer in an ideal work environment and compare to what the companies offer. Aspects to consider include collaboration, work-life balance, mentorship, growth opportunities, and firm's values.
• Deal flow and exit opportunities: Bonuses for IB analysts can be higher than their annual salaries depending on performance. So, it's crucial to check the company's track record of closing successful deals. Besides getting more bucks, it offers better learning opportunities.
• Compensation and benefits: Check the industry's standard pay for your position level and analyze the company's bonuses and benefits.
• Geographic location: Consider where you want to work and which firms have strong presences in those areas.
• Alumni network: A strong alumni network can be valuable for future career moves.

Key Takeaways

Market leaders like JP Morgan and Goldman Sachs tops the list of the best investment banks to work for if you get the opportunity. They bag the largest revenue in the sector and handle huge Merger & Acquisition transactions that can provide great learning opportunities and advisory exposure.

However, there are also seemingly low-profile banks that work on high-profile deals consistently. Some of these boutique banks like Centerview also offer great work-life balance and overall inclusive culture. Determine what matters most to you to choose the most ideal employer for you.

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