questions about boutique/MM banks
Hi, I'm looking at getting into consulting or investment banking, and I have a question about MM/Boutique banks. Yes, I did do a little searching (although I probably should have tried a bit harder), but it seems mostly people ask about BB that these get left out a lot. But anyway, here it goes:
- How much "easier" are these to get into than the BB banks? I know nothing comes easy, but comparatively, how difficult are they? If there is a tier list within this (i.e. some banks are more prestigious, how hard is it to get a job within these "tiers" so to speak of boutiques/MMs?
- Are the salaries between MMs and BBs comparable? They probably won't get as fat of a bonus, but is the total overall compensation including bonus similar, or do BBs blow them away?
- Can you still get into a top MBA from these MMs/Boutiques? How much harder is it to get into the top MBAs?
thanks
Good question, I'd also like to know the answer
Will give you a rundown as it relates to my bank, which is a top MM.
1 - Not as difficult, but there is a vastly different focus. We have our own set of target schools, but it doesn't mirror the same schools as the bulge brackets. Connections help and there are far less spots we need to fill.
2 - Salaries are comparable, though my cost of living is 1/3rd of New York. As for bonus, our top tier 1st years received $75k and I think our bottom tier was $60k. MMs are faring far better than the BBs in this market and I think it showed come bonus time. Last year it was about 10k higher across the board.
3 - A lot of it depends on where you go after your two years. Most of us will be moving into MM private equity shops and then onto top MBA programs. Lesser MMs and Boutiques will have a greater difficulty landing the next job, which is probably the biggest factor in determining your MBA.
Hope this helps.
When you say there is a vastly different focus, what exactly do you mean? Also, are these ones easier in the sense of GPA, or just overall greater % of hires?
Which are considered top MMs?
I've posted a lot about middle market firms in other threads, but wanted to chime in. I spent the beginning of my analyst stint at a larger firm (but not BB), then switched to a very small, growing MM firm, where I quickly became an Associate. After spending two plus years as an Associate, I just left to start at Tuck's MBA program. I also got in to two other "M7" schools, though Tuck was the best fit for me. I didn't have to go the MBA route, either: to echo what the above poster said, there have been lots of opportunities at MM PE firms and at client companies in finance / operational roles that have come my way over the years (I've been out of school for a little over five years now).
Check out some of the other MM threads on here, but in short, don't dismiss the MM out of hand. You can certainly have a great experience there--I did--but I think I had the right combination of circumstances. Just do your homework on the firm and the people, and if you like what you see, I don't think you have much to lose (unless you aspire to work at Blackstone or some other impossible-to-get-into kind of place).
Good luck!
We are very interested in fit -- more so than most other banks. If you aren't a great fit, you'll have difficulty getting an offer no matter how qualified you are. Having a very solid reason why you want to work in a particular office is also important. GPA matters less but if you can't demonstrate a high level of intelligence and ability to learn, you'll probably get cut as well. We don't have a minimum but 3.3 is probably a decent cutoff unless you bring something else to the table.
Could you give a few credible reasons of why a candidate would want to work in X office (maybe even examples you've heard)? Would it be as simple as having family in the area, or would a candidate need to go deeper than that?
If you've met a few people in the office, you could also say that you felt as though you fit in with those people/the culture of the office.
Also, you might be interested in a certain industry in a particular area. For example, San Francisco is probably the place to be for technology.
Honestly, this is the type of thing where you typically can't fabricate an answer. Things such as: "I grew up here", or "my family lives in a nearby town", or "my wife got a job here" are possibly the best reasons one can give. Less solid, but still important, reasons include: "I don't want to move to new york", "my friend went to college here and spoke very highly of it", etc. etc. Personal ties are always #1, but showing you've done your research is a big help.
"Why not?" usually hurts you.
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