Applying to Boutiques/MM

@"dilemma008" I would like to provide a counter point (sorry if this confuses you/causes you stress). I went through recruiting, didn't land anywhere at first and then regrouped by networking with new alums. An alum at a bank that I had no previous contact and am not going to work for gave me some great advice that directly led to me getting an offer (at a different bank). One thing this alum directly asked about was how far I got in the process with other banks. I had been to several super days. The alum said this was impressive, validates my candidacy to a fairly significant extent, and was absolutely something I should bring up.

IMO (with the exception of a few stars or people who are extremely focused on a specific type of bank) anyone who is looking for SA and not dumping a resume in at every bank is not doing it right. Most people know this and employees at the boutique banks that you are now applying to will probably expect that you applied to the bulge brackets and bigger banks. If you do not mention it they probably think "this kid probably applied, got no or few interviews and screwed up what ever first rounds he/she did get." You still viewed them as a back up, but now you are a bottom tier candidate who viewed them as a back up. Luckily, you can say "I went through OCR recruiting at all the big banks in NY and actually went to a couple super days for IBD at Citi, DB, CS, etc. I really liked everyone I met their and think they were great places, but it just was not a perfect fit. I think your bank would be a great fit though because I actually grew up in a midsize city like this, we both played hockey, I will get much better access to senior bankers, etc." Now, again IMO, you are a top tier candidate.

The thing is, if you had been in contact with a bunch of boutique bankers all year saying "I hate bulge brackets and just want boutiques" then it makes sense why you did not make progress anywhere. It does not sound like that is the case though.

If you made it pretty far at BB's, then they know that you have the technical skills, abilities, basic likability to get an offer at a top tier place. Honestly, at the point of going to several super days and not getting an offer someone else probably just had a connection, networked harder, or hit it off better with everyone. You still emerge as a strong candidate (think of the hundreds of kids who applied for those jobs and did not make it to a super day or even in person 1st round). Now, if you can bring that up and still speak well of the bulge brackets, they will know that you are not a shit talker, that you are mature, and that if they hire you and things do not work out you are not going to slander their small and growing operation. If you can be upbeat after temporary defeat, it shows that you are not a quitter and very committed to becoming a banker, which is impressive. The last thing is that if you can convince them that you are not going to jump ship for a bulge bracket right away and actually might stay with them, I think you have it in the bag. Just ask a couple questions about room for full time offers, internal promotion and the career path.

Honestly, if you really did go to multiple super days at bulge bracket banks, that gives a ton of validity to you as a candidate and I am confident that most boutique bankers will feel the same way and look at you as a stronger candidate because of it rather than some kid who they assume struck out entirely in that space. Also, if this is just for SA the boutique is not making a huge commitment to you. If you opt not to return, they will still have plenty of candidates applying. Just make sure they get the sense that whether or not you really want to be there full time, you will use the summer to learn as much as you can and bust your ass to produce models, profiles, pitch books, etc. for them this summer.

Best of luck at the boutiques. Boutique banks are great places IMO and everyone knows that there are always bumps in the road. Plus no junior in college knows exactly where they will thrive. You would not be the first kid to try for bulge brackets, end up at a boutique and wind up having a great experience and building a great career there. That may be the case for some of your interviewers. Just my 2 cents. Good luck!