BB Commercial Banking or boutique IB? Junior Non-Target SA

Based on the most helpful WSO content, here's the breakdown:

1. Boutique IB Role:

   • If your ultimate goal is to break into IB, sticking with the boutique IB role is likely the better option. Even in a Tier 3 city, the experience you gain in deal flow, financial modeling, and transaction exposure will be more relevant to IB than what you'd get in a commercial banking role.
   • Boutique IB experience can serve as a stepping stone to MM or BB IB roles, especially if you can demonstrate deal experience and network effectively.
   • Many WSO threads emphasize that even smaller boutiques can provide valuable experience and connections that help you transition to larger firms later.

2. BB Commercial Banking Role:

   • While BB commercial banking (JPM/Citi/BofA) has prestige, the skill set and experience you gain there are less directly transferable to IB.
   • Networking your way from commercial banking to IBD is possible but significantly harder. You'd need to leverage the BB brand, build strong internal connections, and demonstrate your interest and readiness for IB through additional efforts like financial modeling courses or certifications.
   • If you’re not 100% set on IB and are open to other finance roles, commercial banking at a BB could offer a stable and lucrative career path.

3. Key Considerations:

   • Networking: Regardless of the path you choose, networking will be critical. Many non-target success stories on WSO highlight the importance of relentless networking, especially with alumni and professionals in IB.
   • Long-Term Goals: If IB is your endgame, boutique IB is the more direct route. However, if you’re open to exploring other finance roles or want the BB name on your resume, commercial banking could be a viable option.
   • Deal Flow: Boutique IB will give you more relevant experience for IB recruiting, especially if you can work on live deals and build technical skills.

Conclusion: Stick with the boutique IB role if your goal is to break into IB. The experience is more aligned with your aspirations, and it’s a more direct path to transitioning into MM or BB IB roles. However, if you value the BB brand and are open to a longer, more challenging route to IB, the commercial banking role could be considered.

Sources: A Guide for Switching From Commercial Banking to Investment Banking, BB Corporate Banking vs Terrible Boutique Investment Banking, https://www.wallstreetoasis.com/forum/investment-banking/do-i-stand-a-chance-in-investment-banking?customgpt=1, Q&A: MD in M&A and Capital Markets with Bulge Bracket and Boutique experience, A Guide for Switching From Commercial Banking to Investment Banking