My friend has offers from decent MM boutique (strictly M&A) and BB IBD.

He believes that a MM boutique experience might actually provide him good exit ops: 1) he could move on to a BB IBD 2) PE 3) MBA

I would like to help him out, and my question is, "is it an industry norm for one to move from a MM boutique to a BB IBD?" "do you normally need prior BB IBD exp to break into PE?"


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Comments (6)


Why is he trying to lateral to a BB later if he can just take a BB offer right now? Can you be more specific as to which group of firms hes considering offers from?

Banking > VC > Tech PE; PM me if you would like any advice I'm happy to help


If your friend has an offer from a BB IBD, then why are they worried about exit ops in terms of moving from a MM bank to a BB bank? It is already an option for them if that is where they want to end up.

I would think that going to the BB IBD would increase their overall chance in moving into PE down the road, but you could definitely get there from a MM.


Well, he didn't get an offer from GS/MS...so he thinks that if his chances of landing a IBD job at a top BB such as GS were to increase by working at a boutique for 2 years...he would do it.

haha...I don't know if that's the right thinking




He should take the BB offer now and do it. This is like someone with a PE offer out of school asking if it's better to do IBD first, only even less logical than that.

GS/MS vs. other BBs make literally almost no difference... and he'd have a much better chance of getting into one of those by working at a BB rather than a boutique for a few years.

In general for FT offers it's almost always right to go to a BB if you have the choice... yes, sometimes MM/boutique experience can be better, but you have a better chance of getting better experience at a BB and it's all ultimately a numbers game.

That's not to say a MM or boutique is bad per se, as you can definitely get into PE from either of those. It's just you have a better chance with a BB name as your access to headhunters will be better.


i agree with the other posters. generally speaking, it is much easier to move from BB to MM boutique than MM boutique to BB. and while it is certainly possible to make the switch to BB as well as to PE from a MM boutique, it is certainly riskier and less probable.


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