List of Boutiques to Avoid
Hey guys, I know there is a list of Boutiques in NYC but I've also heard of many horror story internships where kids don't do anything but cold call and administrative work. I'd like to start a list of bad boutiques and reasons WHY the internship was bad.
Aleutian Capital - I hear you don't do any modeling work. I hear they only MARKET deals (no dates on deals on the website) but don't actually complete any deals.
Daroth capital advisors - Theres a WSO page on this that says all you will end up doing is cold calling.
Crucible Capital - need more info on this.
lets make a longer list so future monkeys not to get scammed.
You do realize most interns do absolutely no modelling, and it is even rarer for an intern to close a deal, right?
I understand the modeling part but I was told this group doesn't even work on deals. I was just quoting my friends advice telling me the place was a scam.
Ya I probably shouldn't have used the word complete as its pretty rare event.
then why do (according to WSO, it seems) most FT interviewers expect your internship to have involved robust modeling?
Interviewers expect you to know what's on your resume. If you put that you were lead analyst on a ten billion dollar buyout, you can expect to be asked questions on that. There is a difference between knowing basic accounting and valuation methods, and knowing how to walk an interviewer through an lbo model. You are expected to know the former. You're only expected to know the latter if there is a reason you should.
Moelis....complete dog shit
Macquarie....10k bonus for all junior bankers
Id love to hear more on this thread. good idea couchy.
Blackmore Partners
Rutberg & Co Livingston Securities
No time to explain, but much has been written about them here.
Moehlis had great exits 2 years ago. down the hole now.
Way to destroy any kid that has one of these banks on their resume...
they are already destroyed lol
I was about to post in before Moelis, but its clearly to late for that
Moelis blows
Avoid all of them minus Lazard/Centerview/Evercore/Greenhill/Moelis, duh. What kind of stupid question is this.
The partners at the PE firm I work for consider Blackmore an "A" intermediary. They rank above the big investments banks because they bring unique deal flow w/ top exec to run the company.
evercore centerview lazard moelis hhlz qatalyst blackstone
I KID I KID!
my first PE firm was a "fundless sponsor". Know resources and you loose many deals to real PE funds. I learned to make sure to go to a firm that has at least $100M under management. My current firm has over $1B
http://en.wikipedia.org/wiki/Homophone
You're welcome. I guess your extensive experience as a private equity professional hasn't taught you to spell "no" or "lose". Grammar probs isn't on the agenda in the McDonald's Management program.
nope! cannot spell, however, I can sure can model deals and my deal partner loves that!
Sweet, you have a deal partner?
Thank you! I have found out who I am! I am coming out of the closet as a "homophone".
as a 2nd year analyst, I report to a deal partner as a resource for the deals he brings into the firm.
Shut up Gerald. - L
In another thread you say you are an MD???
can you post the link?
Honestly, I think its ridiculous that other 19/20 year olds think you will be modeling at a boutique. Why the fuck would an MD make you complete a model without even knowing that you can properly create such model? Why would he give you, the barely out of high school young kid, the responsibility of making a model that he knows he will have to spend just as much time editing anyways? Everyone always thinks they will be modeling. That is 5% of what goes on in investment banking, and you definitely have to earn that responsibility. They are not going to blow a deal because they want to help you add a nice bullet point on your resume. I thought this was how it works too, but trust me it doesn't. Maybe at GS or an equivalent BB where you have a team of guys, but not at any boutique or MM
Lol what? You are waaaayyy off base here, I would only expect modeling at a boutique or MM. At smaller shops yes there are fewer resources, but you're typically not 1 of 50 kids in an SA class. You'll spend more time working with the deal team and they'll want to wring a little work out of you besides doing BS due diligence on CapIQ. I interned at a MM fund and had the glorious task of building all of the new Operating Models for LBOs. I created a basic 3-Statement Model, dropped in a B/S cap. structure and built all the toggles to switch the transaction structure, and cases. Then I got the fuck out of the way and let the Associate drive the model, but I saved him about 2-3 hrs of work every couple of days as new CIMs came in. I knew my way around Excel going into the internship and they threw me a bone and let me do the easiest parts of the LBOs, still it was helpful. Doubt you'd see this at a BB.
That's pretty sweet, well I can tell you from experience, most boutiques are not like this. They don't NEED the interns. They are doing the interns a favor really. Sure they don't have a large number of analysts/associates like other firms, but they got by perfectly fine with what they have. I think at assumption goes for "most" firms is what I meant. That is great that you got to do that, I think that is a lucky experience. Most firms around this size leave the modeling for the ones they KNOW are capable of it. A.K.A the analysts who are there full time regardless if the intern is there or not. Most firms have this ideaology. And to add to your point, the "BS Cap IQ work" is very important to the process whether you believe that or not. Someone has to do it. They give interns that stuff. You are very lucky to get any modeling experience.
Is this a joke? You have to learn modelling somewhere (and I'm not talking about BIWS or WSO - no offense Patrick). If your firm isn't willing to teach you, that says something about your firm. Our MD couldn't model for shit, so I learned from our VP and Sr. Associate in my group.
Cap IQ work is grunt work. You can outsource that shit for dirt cheap. You can get a basic comps value through CapIQ in literally a minute. A high school kid could do that. The important part is taking the result, understanding it, and implementing it properly into your pitch, process, etc.
agreed. I dnt knw wtf I would have done if I didn't have training for 8 weeks before I started full time lol BIWS is good but too academic and not as applicable.
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