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uh, what do you think?
I don't know the definitive answer.
I hope it's a yes, but I don't know to what degree.
Mark Klein - Yes, I get it, you're already in IB. There is definitely something to be said for that. I'm looking for help.
Yes, the term "boutique investment bank" is very general and covers a large spectrum. Banks under the category of boutiques can range from a 2 person XXX LLC to a couple hundred+ person firm. That said, obviously a 2 person LLC is a lot easier to get a job with than a better boutique. It may be competitive in the sense that there are a lot less open positions at these smaller firms, but the actual interview and hiring process will be a lot more lax than compared with a BB. If they aren't generating much deal flow and aren't very well known, they can't have too high of expectations about who they hire.
Does "MD" stand for Managing Director? I've never heard of any managing directors signing their names like that...seems a bit insecure...
doctor most likely
jman - Thanks for the response.
So because they are easier to get into, is it hard to lateral into a BB when it comes time to move on to Associate after 2 years?
Is compensation at, say, a Seattle or San Francisco boutique bank much less than a BB in NYC (figure some adjustment due to high cost of living in NYC)?
Do business schools necessarily prefer BB experience? I wouldn't think so.
Mark Klein is a nom de guerre. His user name. This is the real Dr. Mark Klein. http://klein4change.in2006.us/page.php?D=Biography
********"Babies don't cost money, they MAKE money." - Jerri Blank********
Anyone else have any insight re: my second post.
top bschools obv. prefer BB. Difficult to get into HBS from ibanking if you're not coming from GS/MS.
HBS is not my goal so that's not a huge concern of mine. Thanks for the info.
Why is it easier to find a full time offer from a boutique bank? (Originally Posted: 12/20/2011)
Wouldn't boutique not be able to offer expensive training?
The boutique I am interviewing with offers no formal training, only on-the-job training. I think it's easier to find full-time offers from them because they are willing to take on less-polished "non-targets" and generally people that have to network harder for the positions. Most boutiques probably don't do OCR and hire on an ad-hoc basis, so if you've built up relationships with them over weeks/months, you may be on their short list of candidates to offer an interview for.
This is merely my personal experience, but it seems to be somewhat the norm for boutiques.
It's easier because there are a lot more boutiques than there are BBs, remember the analyst class in NYC at a BB is what, 100? MMs in the true sense of the word have maybe 10 to 20 analysts in their HQs. There are thousands of boutiques and many will hire 1 or 2 analysts a year. They can't afford to be as selective i.e. top candidates want BB/Elite Boutique/MM. In some senses it's harder to get a role at a small boutique, not in terms of pedigree, but in terms of fit. Culture is a lot stronger at a 10 man shop than a BB often time.
They have a lot of options in how to train you to do DCFs, Comps, Pitch Books etc. Where I interned (a smaller MM), there wasn't a formal internship, 2 MDs lead informal training i.e. they would show you how to do a pitch book from front to back, explain formatting and the like. Modeling courses are available online and there are plenty of texts on valuation.
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