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I could be wrong but I'm assuming at these shops due to their structure there isn't always room for more partners like the MMs and BBs. MD might be equivalent to BB across the board and maybe Senior MD is an extra spot below equity partner but above MD or maybe Senior MD is a junior partner level? Also each rank has different meanings depending on their firm for sure. Im thinking about it like when there’s not enough VP roles someone can become a “senior associate” from associate if they stick around.
Yeah once you leave the BB domain some titles just get so mixed and matched.
At a boutique bank currently, and from the different interviews i've done with other boutiques you are correct that MDs are equivalent to the larger banks, but SMDs are generally the equity partners/founders of the firm. Essentially whoever is the boss of the MDs of the firm is the SMD
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