Firm culture and compensation are the top deciding factors for investment bankers when choosing an employer
NEW YORK, Jan. 24, 2024 /PRNewswire/ -- Vault, the leader in data-driven employer rankings and verified employee reviews, today released its 2024 rankings of the Best Investment Banking Firms to Work For, highlighting the top banks in more than 25 categories. Vault's rankings include the Most Prestigious Investment Banks, Best Overall Investment Banks, Best Investment Banks by Key Employment Factor, and the Best Investment Banks for Diversity. The rankings were derived from Vault's Fall 2023 Banking Survey of more than 2,400 banking professionals who were asked to rate their firms in several categories, including compensation, culture, diversity, hours, training, work/life balance, and wellness. Banking professionals were also asked to rate firms other than their own, in terms of prestige.
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"Our banking survey and rankings provide incredible insider data and insights from bankers at all levels—from analyst to executive—about the employee experience at investment banks," said Eric Stutzke, SVP & General Manager of Vault. Stutzke continued, "The survey results also provide a snapshot of what is top of mind for investment bankers and what matters most to them. Internships continue to be a strong launching point for analyst roles, while firm culture and compensation continue to be strong factors for choosing an employer and in terms of overall satisfaction."
Key findings from Vault's survey, which were fielded in the fourth quarter of 2023, include:
Centerview Partners, which had a strong 2023, continues to be the #1 Overall Investment Bank to Work For. While most other banks saw a decline in overall M&A deal volume in 2023, Centerview saw its total deal volume increase substantially. Centerview also made headlines for its expertise in advising troubled financial companies, including Silicon Valley Bank and Credit Suisse.
For entry-level analysts, the entry point is often a summer internship. 61% of analysts in Vault's survey previously interned with their current employer.Vault also conducts a separate annual intern survey each summer and ranks the best investment banking internships.
For investment bankers, the top deciding factor for choosing an employer is firm culture, followed by compensation. This pattern holds true across all seniority levels. Many bankers surveyed mentioned that culture is particularly important as they spend long hours at work. Type of work/clients, prestige, and the firm's business outlook also rank highly.
Bankers' satisfaction with their compensation falls after a sharp rise last year. These results perhaps underscore the difficult deal market that Wall Street firms faced in 2023—global M&A deal volume dropped by 17% to $2.9 trillion, its lowest value since 2013.
Investment banking remains a male-dominated profession, especially at the top. About a third of analysts Vault surveyed are female and about one in five associates are female. Women are still rare in the top ranks—only one in six senior-level bankers (VPs, Managing Directors, and Partners) are female.
The Top 10 Most Prestigious Investment Banks for 2024:
- Goldman Sachs & Co.
- Morgan Stanley
- J.P. Morgan
- Centerview Partners
- Evercore
- Lazard
- PJT Partners
- Moelis & Company
- Bank of America Corp.
- Qatalyst Partners
The Top 10 Best Investment Banks for 2024:
- Centerview Partners
- Evercore
- Moelis & Company
- Lazard
- Guggenheim Partners
- Morgan Stanley
- PJT Partners
- Perella Weinberg
- Greenhill & Co. LLC
- Harris Williams
View all the Vault Investment Banking Rankings.
About Vault
Vault is the leader in career research, exploration and discovery for professionals and students. Through our proprietary data-driven Vault rankings, verified employee and intern reviews, and extensive network spanning more than 500 campuses and universities, we have been the trusted provider of career intelligence solutions for emerging talent for over two decades. Our exclusive company rankings, in-depth employer profiles, and valuable employee and intern reviews encompass a wide range of industries, including Law, Banking, Accounting, Consulting, STEM, and the top Internship programs.
SOURCE Vault
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