Your thoughts on transitioning from a *quasi* BB to a Boutique
Hey everybody,
This is my first post here (probably not my last) so first thing's first: hello.
Now to get down to it. Here's my situation:
I started as a 1st year analyst at Banc of America in Chicago early in '06, worked there for about 5 months, hated it and quit. For the past few months, I've been trying my hand at a couple entrepreneurial ventures (including a website with a respectable amount of traffic given its age) with some/limited success.
I'm now considering reentering the corporate world and have tested the waters a bit by responding to a few job postings for Associate positions at some VC's in San Francisco (ambitious, I know). So far I've heard no response, and I'm guessing that's because of my lack of experience. I've been tipped off to an opportunity at a small boutique investment bank (~10 bankers total) in San Francisco, and I'm trying to decide if I should interview. My biggest problems with BAS were the hellish hours and the senior people's utter contempt for analysts' time (I had one VP who required me to be in the office every Sunday at 3pm to take care of an hour long task that didn't need to be done until Thursday, which assured that my Sundays were always ruined whether I had any real work to do or not). I've been told by the recruiter (who may be full of shit, I know) that weekends are rare at this place and my position would be something of an amalgamation between analyst and associate.
Does anyone out there have experience with both boutique and BB's (or whatever BAS is)? If so, could you give me your thoughts on the differences between the two? Can someone who hated BB banking find solace at a boutique? What about the difference in exit opportunities? I know BAS is no Goldman Sachs, but how do BAS (tier 2, I suppose) exit opportunities compare to those of a good boutique?
Sorry for the long post. I promise not to do that again in the future. Replies are appreciated.
Well, in my opinion, and I've never had a job in ibanking (but I will), it makes sense to interview for the job and see if you even make the cut, and then make this decision.
It also seems that working for a boutique is better than not working at all. Do you even have the option to return to a BB?
If your end goal is VC a name bank will provide better exit... Operational work helps too in the high technology field
dec0y,
I really don't know if I have the opportunity return to BB, and since I have no desire to I haven't asked. My guess though would be no :)
BB.MandA, I think I would agree with you, and yes VC is a possible goal for me. However, I think my next step after the boutique (assuming that's what I do) would be a top b-school, which I think I could pull off given my academic record and GMAT.
Thanks for your responses. Keep 'em coming.
if the job interests you then go for it.
i dont have anything to add but im curios about the same question more or less. so come on guys, dont be shy!
okay so i lied in my last post. i do have a few opinions on the whole boutique vs BB thing.
from what ive heard and read, the boutique experience beats the BB experience. sure, your bonus is a bit smaller but you also tend to work way fewer hours and on an hourly basis boutique bankers seem to make more. as for exit opportunities, unless you are working at GS or something i dont think there's a huge difference, especially if you're coming from a second string bank like BAS. i think the advantage of a known BB name is comparable to the advantage of knowing all the MD's and possibly company founder on a first name basis at a boutique - you'd probably get much better letters of rec. and above all, at a boutique you at least have some semblance of a life - weekends anyone? anyway, i dont have any experience at a bulge bracket or a boutique but i have a lot of friends at BB's and it sounds awful. i think i'm gonna go for the boutiques.
I think it's important that we define "boutique". There are definitely different tiers of boutiques. Unless you are talking about the top tier, I don't think the boutique experience, exit opps are better than those of BBs.
Totally agree here, the name of the boutique matters, no one is going to pick a guy from No-Name Partners over a Bulge/mid market candidate, unless he/she did something extraordinary.
I haven't seen many non-recognized firms in PE shops, I've seen Harris Williams, Wachovia etc... But firms, 9/10 times shows bios and likes pedigree.
Secondly the better experience is bull, because most of your work is sells-side M&A of companies a better bank wouldn't represent. The technical skills do not arise from writing CIMs, compiling buyers lists and uploading documents into Intralinks/Datasite. The technical skills come from buyside and highly structured transactions with different capital structures etc. A small Brokeback Boutique is not going to give you those opportunities because at the end of the day you're nothing but a broker.
gpeters doesn't know what he's talking about. Not all boutiques pay less (eg. Gleacher), but most do (some pay in-line as well). Secondly, just because it's a boutique doesn't mean you will be working less. What that does mean is that you will probably have leaner teams, and therefore you must carry more weight. If the boutique does a lot of business then, you may find yourself working comparable hours, without a doubt. Lazard works their analysts like slaves. If they don't do shit, then you may find yourself with your entire fist up your rectum trying to do something other than be bored. Boutique does not necessarily beat BB (most of the time, it does not). Whether or not it does depends on the bank, the work, the deals, and so on. Either way, it's probably best to discount any advice from someone who ends his post saying "i don't have any experience at a bulge bracket or a boutique." My $.02
*bump
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