MOELIS LOOKS OUT FOR ITS PEOPLE
Moelis & Company improved its index by .076 of a point to again rank 3rd. Equally impressive, the firm climbed to 2nd in six dimensions: Benefits, Client Interaction, Compensation, Informal Training, International Opportunities, and LGBTQ+. In fact, Moelis & Company finished 2nd or 3rd in every Quality of Work and Life dimension – a feat that not even Centerview Partners could muster.
Located on Manhattan’s Park Avenue and employing over 1,400 professionals, Moelis & Company has advised companies like Anheuser Busch InBev, Hilton, and iHeart Media over the past 20 years. Among Vault survey respondents, the firm is feted by bankers for its support and flexibility.
“We have a protected time off policy,” points out one employee. “While the hours are long, we have access to a number of benefits that support us including Lyra, a behavioral health support system which has been really helpful in managing stress and work-life balance. The firm puts on regular wellness series with guest speakers, and we have a good time off policy that includes vacation, personal days, and sick time. I also feel like our parental leave is one of the best I have seen—20 weeks for primary caregiver with a graduated return to work.”
At the same time, Moelis & Company integrates ongoing technical training while dishing out increased responsibility in an environment that is refreshingly transparent, adds another survey-taker.
“Frequent opportunities for banking analysts and associates to have speaking roles in client meetings; we bring the full team to bear on opportunities with no ‘hidden’ analysts in the back doing work at the VP and Director level. Frequent offsites with senior bankers with dedicated training programs. Highlight of this is a week-long program in Philadelphia at Wharton with bankers provided a full week away from deals to focus on development.”
A SMOOTH TRANSITION TO A NEW CEO AT MOELIS
On the surface, Moelis & Company could be viewed as a company in transition. Last October, Navid Mahmoodzadegan officially succeeded founder Ken Moelis as CEO. While such news often stirs angst among the rank-and-file, Moelis staffers say it has barely caused a ripple. After all, the move has long been in the works – and Mahmoodzadegan has been part of the firm since its inception. Equally important, the firm carries a deeply-rooted culture – and a formula proven to work.
“I feel very confident about the future of the firm,” one employee tells Vault. “[Navid] has a clear and strong vision moving forward. It was a really seamless transition—even though it was a major change in leadership, it was not felt largely around the firm because it was very strategic and streamlined…Also, they are really investing in new technology, including AI, and outside support to give people more time to do the most impactful and valuable work. I definitely feel like I have a lot of great tools on hand to do things efficiently while also delivering strong work.”
Moelis & Company also caught the eye of Derek Loosvelt, the editorial director at Vault. He points out that the firm made strides in nearly every Quality of Work and Life dimension. “It saw significant gains in Benefits (No. 2 this year vs. No. 4 last year), Client Interaction (No. 2 vs. No. 6), Compensation (No. 2 vs. No. 5), and Informal Training (No. 2 vs. No. 7).”
Parsing through the Moelis employee surveys, Loosvelt found a common theme: the quality of peers at the firm. “Moelis insiders who took our survey raved about their colleagues, calling them “highly capable, collaborative, and supportive” and saying they “make demanding work more manageable and create a positive culture,” Loosvelt tells Poets&Quants. “The firm’s insiders also told us there’s “a real sense of shared commitment and professionalism that makes the experience rewarding.”
In addition, Loosvelt notes that the firm’s bankers harkened back to career developments as another reason why Moelis & Company stands out.
“Here’s one insider, for example, speaking about development: “There’s a strong learning environment, with the chance to work closely with experienced senior professionals, develop technical and client skills, and gain meaningful experience across a variety of situations. That level of hands-on involvement creates a steep learning curve in a very positive way and helps accelerate professional growth.”
MAJOR GAINS AT MORGAN STANLEY
The biggest shakeup in the Vault Banking 25 involves Morgan Stanley, which jumped from 7th to 4th. That’s a huge deal in a ranking like the Vault Banking 25, says Loosvelt, which rarely experiences any major ruptures. This three-spot move is indicative of something deeper, says Loosvelt.
“Morgan Stanley rose in several other key categories, including Firm Leadership (No. 5 this year vs. No. 10 last year), Business Outlook (No. 6 vs. No. 10), International Opportunities (No. 8 vs. No. 12), Work-Life Balance (No. 9 vs. No. 14), and Formal Training (No. 10 vs. No. 13). Those are extremely significant gains, and the comments we received from the firm’s insiders underscore those gains—and point to what makes Morgan Stanley such an attractive employer.”
Looking at the surveys, Loosvelt finds culture to be a common denominator in why Morgan Stanley carries such strong appeal to its bankers.
“[Insiders] say that “the firm’s incredible culture is its secret sauce and differentiating strength” and that “mentorship is available both informally and formally and is part of the culture,” according to Loosvelt. “Also, like at Moelis, career development is stressed at Morgan Stanley. According to one firm insider, “You have access to strong informal mentorship, interesting work, and great internal mobility. You’re also able to travel to different offices and they’ll support you in working for an extended period out of a different regional office. They want you to feel satisfied in your role and are willing to discuss mobility opportunities.” In addition to this, the firm’s bankers tell us there’s a “good analyst training program and associate rotational program” and “affinity group programs provide insight into the promotion process.”
A HUGE 2026 AHEAD AT MORGAN STANLEY
Add to that, Loosvelt continues, Morgan Stanley is performing well business-wise too. Loosvelt cites two employee surveys to back up his point.
“The proof is in the numbers,” says one insider. “We continue to invest in our business and deliver exceptional world-class advice to our clients, which has driven our revenue and stock price to record numbers.” And another firm insider had this to say about some recent changes in management: “The new investment banking leadership is extremely hands-on (in a good way) to help guide business origination and up-level the team. This has been a very welcome change of approach vs. prior IBD management that was more hands-off. We are well positioned to win with them at the helm.”
And the firm is clearly winning, Loosvelt concludes. “Morgan Stanley has landed itself as a co-underwriter on all three of what will likely be the biggest IPOs of 2026: SpaceX, OpenAI, and Anthropic. I’d say that’s a pretty strong client endorsement.”
GOLDMAN SACHS REMAINS THE BENCHMARK FOR PRESTIGE
Another move that stood out involved William Blair. The firm raced from 12th to 8th, thanks to ranking between 5th and 8th across 12 dimensions. By the same token, five firms moved up three spots to all make the Top 15: DC Advisory (11th), Loop Capital Markets (12th), Goldman Sachs (13th), JPMorgan (14th), and Qatalyst Partners (15th). That said, both Perella Weinberg Partners (5th to 16th) and Houlihan Lokey (11th to 23rd) lost ground. In both cases, however, the decline stemmed from the firms declining to participate in Vault’s survey, which left their ranking being based solely on Prestige.
Clearsight Advisors made this year’s splashiest debut at 10th. A Virginia-based firm operating in the tech and business services spaces, Clearsight Advisors ranked among the Top 10 across 14 Quality of Work and Life Dimensions – topping out at 2nd in Culture. Citigroup (18th) and LionTree Advisors (25th) also made this year’s list. In contrast, Greenhill & Company (9th), T.D. Securities (13th), and Citi Institutional Clients Group (20th) dropped off the Vault Consulting 25 ranking in 2026. However, Greenhill’s fate was tied to its acquisition by Mizuho, which didn’t participate in the survey (but still ranked 36th for Prestige).
Like previous years, Goldman Sachs continues to set the bar for Prestige. Here, Goldman Sachs scored an 8.810, which represents a third straight year of improvement. More than that, it is .632 and .712 of a point higher than JPMorgan and Morgan Stanley respectively.
Short of a grand slam celebrated in the Wall Street Journal, Prestige is a measure that often requires several years to shift. However, Gordon Dyal & Company made waves in the 2026 Vault Banking 25. Along with leaping from 38th to 27th in Prestige, the firm elevated its score by .659 of a point. That more than doubled improvements made by Allen & Company (+.300) and Wells Fargo (+.280) – and remained far ahead of the .400 of a point increase out of Qatalyst Partners. At the opposite end, Harris Williams lost .294 of a point in Prestige over the previous year.
BANKING’S FUTURE WILL BE DICTATED BY AI
Derek Loosvelt
Looking to the future of investment banking, Derek Loosvelt contends that every trend leads back to artificial intelligence. Already, Loosvelt has witnessed how AI has spurred “massive” changes in entry level work. He points to a recent post from Rob Porter, a Vault editor, on Rogo, an AI startup, that grabbed Wall Street’s attention. Call Rogo a Rorschach with a $2-billion valuation, one that reveals the threats and opportunities inherent to AI.
“[Rogo] was started by ex-junior bankers and its tools can spit out Excel models and pitchbooks in a fraction of the time it’s typically taken junior bankers to create them” Loosvelt tells P&Q. “Of course, the rollout of Rogo’s tools (and other companies’ tools) has led some observers to conjecture that entry-level bankers might be an endangered species. But others are predicting that this will just free up junior bankers’ time to perform more mid- and senior-level work. Still others are wondering how juniors will gain experience and knowledge (and be able to perform more senior-level work) if a machine is doing all the learning and research, gaining the background and experience for them. It is a fair point, with no easy answer.”
In terms of advice to business students looking to enter investment banking, Loosvelt harkens back to advice that Porter has been dishing out on Vault.
“Students and job seekers to make sure they not only have strong technical skills but also strong soft skills, such as professional judgment and adaptability as well as communication, critical thinking, and leadership skills. In other words, human skills, which AI can’t replicate (yet). This, along with an understanding of how to use AI and interpret AI results, not to mention use it ethically, will be key to junior banker roles going forward.”
Loosvelt also expects AI to make an impact on the Vault Banking 25 itself.
“I’d expect that soon our survey takers could be judging their firms on their investments in AI, specifically their firms’ investments in AI skill and knowledge development and their firms’ ability to innovate with AI. So, that could factor into some of our ratings and rankings, including Training and Quality of Work. Also, with AI likely leading to the ability to do more in a shorter amount of time, it will be interesting to see how Hours and Work-Life Balance ratings change, if at all.”
Click on the links below for more detailed Vault Banking 25 rankings:
VAULT BANKING 25: OVERALL RANKING
VAULT BANKING 25: PRESTIGE RANKING
VAULT BANKING 25: CAREER, QUALITY OF LIFE, AND DIVERSITY RANKINGS