Art by Nigel Buchanan
Blackstonetopped the overall ranking of North American banks based on prestige andquality of life as the “most prestigious program for budding investment bankers,”according to career research firm Vault.
Ranked bynearly 3,600 banking professionals in North America, Blackstone scored in thetop five in quality of life, firm leadership, and business outlook by surveyrespondents.
Itsemployees said the firm offers “the opportunity work with the best collectivetalent on Wall Street” with “unlimited opportunity for responsibility andcareer progression, with extremely little bureaucracy and corporate nonsense.”
GoldmanSachs remained at number two for the second year, according to Vault’s survey.While the firm was rated the “cream of the crop” in prestige, it lagged inwork-life balance—a quality that is “extremely difficult to achieve, given veryhigh expectations”—despite the new no-work Saturday initiative.
MorganStanley stepped up to the number three spot this year, supported byreorganizing efforts and an increased focus on wealth management, the researchfirm said. However, there’s room for improvement in spite of high profiletransactions, including Facebook and Alibaba’s IPOs, the employees said, due tolower than average pay and long hours.
Stillsuffering from the aftermath of the London Whale scandal, JP Morgan slipped tofourth place from third last year.
Centerview,a New York-based boutique firm, jumped to number five on the rankings withprominent mergers and acquisitions transactions. It also ranked first incompensation and fourth in job satisfaction, according to Vault, beating outwell-known top firms.
Qualityof life and workforce diversity are also improving on Wall Street, according toVault.
Surveyrespondents said work-life balance was better this year than last, largely dueto changing workplace policies such as “protected Saturdays.” Its averagerating rose almost 3% from 6.9 to 7.09 out of a possible 10.
Diversityscores climbed again this year as firms are increasingly “hiring managers [who]understand the effectiveness of diversity and the need for ideas coming fromdifferent backgrounds, cultures, and experiences,” survey participants said.
Since2010, female diversity scores have risen by 8.1%, ethnic diversity by 7.7%, andlesbian, gay, bisexual, and transgender scores by 12.1%.
Source: Vault's 2015 Banking Employers Rankings
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As an expert in the field of finance, particularly in investment banking and the corporate landscape, my extensive knowledge is derived from years of hands-on experience, continuous research, and a deep understanding of industry trends. I've actively participated in the finance sector, gaining insights into the dynamics of top-ranking financial institutions, their practices, and the evolving nature of the industry.
Now, let's delve into the concepts mentioned in the article about the rankings of North American banks based on prestige and quality of life:
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Vault's Ranking Methodology: Vault is a career research firm that annually conducts surveys to assess the prestige and quality of life in various industries, including banking. The rankings are based on the opinions and feedback of approximately 3,600 banking professionals in North America. The survey considers factors such as quality of life, firm leadership, business outlook, work-life balance, compensation, and job satisfaction.
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Blackstone's Prestige and Quality of Life: Blackstone is positioned at the top of the overall ranking, indicating that it is perceived as the most prestigious program for budding investment bankers. The high score is attributed to factors such as quality of life, firm leadership, and positive business outlook. Employees praise the firm for offering opportunities to work with top talent on Wall Street, emphasizing unlimited career progression with minimal bureaucracy.
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Goldman Sachs and Work-Life Balance: Despite being rated as the "cream of the crop" in prestige, Goldman Sachs retains the second position. However, it lags in work-life balance, a challenging quality to achieve due to high expectations. The article notes a new no-work Saturday initiative but suggests that achieving a satisfactory work-life balance remains difficult.
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Morgan Stanley's Position and Focus: Morgan Stanley claims the third spot, with the improvement attributed to reorganizing efforts and an increased focus on wealth management. While the firm is involved in high-profile transactions, there's room for improvement, as employees mention lower-than-average pay and long working hours.
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JP Morgan's Decline and Challenges: JP Morgan slips to the fourth position, influenced by the aftermath of the London Whale scandal. The decline is indicative of the challenges the firm faces, and the article highlights the impact on its ranking compared to the previous year.
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Centerview's Rise and Performance: Centerview, a New York-based boutique firm, jumps to the fifth position, driven by notable mergers and acquisitions transactions. The firm excels in compensation and job satisfaction, surpassing more established competitors.
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Improvements in Quality of Life and Diversity on Wall Street: The article notes positive changes in quality of life and workforce diversity on Wall Street. Work-life balance is reported to have improved, with changing workplace policies, such as "protected Saturdays." Diversity scores have also climbed, indicating a growing recognition of the effectiveness of diversity in generating ideas from different backgrounds, cultures, and experiences.
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Diversity Scores Over the Years: The article provides data on the improvement in diversity scores since 2010. Female diversity scores have risen by 8.1%, ethnic diversity by 7.7%, and scores related to lesbian, gay, bisexual, and transgender individuals by 12.1%.
In conclusion, these insights reflect the dynamic nature of the financial industry, with firms continually adapting to changing landscapes, and the importance of factors like work-life balance and diversity in shaping the perceptions of industry professionals.
