Goldman, Morgan Stanley and JPMorgan have all moved down market and lead most IPOs these days. Everyone else is fighting for 30% or less of the fees. As a CEO,

Goldman, Morgan Stanley and JPMorgan have all moved down market and lead most IPOs these days. Everyone else is fighting for 30% or less of the fees. As a CEO, you can’t lose your job if they mess up your IPO. But if you choose Jefferies and they blow it, you can get fired. There is a term for this that is escaping me right now. There is also a potentially easier path to get an intro as the Goldman brand name carries a lot of weight. All this to say though, there is significant competition within there but if you work there for 3 years you probably work as hard as you would on your own company, but probability weighted income is higher and you have more exit opportunities. I think it makes sense to go work there if you can.