Middle-market banks advise on deals that usually range from about $10 million to $500 million, often for smaller, privately owned companies and private equity funds. Most are American, and many only hire in the US.
Which hire in London or have big European businesses
- Jefferies, which has really outgrown the label
- Houlihan Lokey, a world leader in restructuring
- Macquarie, infrastructure
- Lincoln International
- Harris Williams
- William Blair
- Baird
- Stifel, which owns KBW
Mostly US routes
- Piper Sandler
- Raymond James
- TD Cowen, formerly Cowen
- Citizens JMP, formerly JMP
- Solomon Partners, formerly PJ Solomon
- Needham & Company
- Oppenheimer & Co.
- Stephens
- Truist Securities
- Wedbush
- Janney Montgomery Scott
- Brown Gibbons Lang
Why the middle market is underrated
- Lots of deals. Mid-sized deals are far more common than mega-deals.
- Small teams, so analysts do more of the real work.
- Private equity clients, which makes it a common route into private equity later.
- Less competition than the bulge brackets.
What the CV needs
The same as anywhere: one page, a grade, finance experience with numbers. For US firms, follow the US format and timeline: GPA if strong, and apply in sophomore year for junior summer.