Think MS Global Capital Markets DCM vs. a solid (but not top top) boutique- Lazard MM, William Blair, that type.
Considering 3 main things - Exit opps - Comp - Culture/hours
While on the topic- in general what are the exit opps for someone at a BB in capital markets (non-lev. finance) ECM/DCM
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IMO I would take the M&A boutique over something like ECM or Investment Grade DCM at a bulge bracket. From those groups you really aren't prepared for PE (if that is your intended goal) and your full time offer will likely be to return to that group - not switch to Sponsors, M&A or a coverage group for FT.
If the M&A gig is the any of the ones you mentioned comp will be the same of better for FT.
Hours will likely be better in BB capital markets.
^ agreed. IG DCM is a very different animal.
Weighing your 3 factors: - Exit ops will be better at the m&a boutique, but it depends what you're looking for at the end of the day. I think DCM roles transition well into corp treasury/cfo office type - Comp may be better at the m&a boutique, but depending on deal flow and the bank, comp could be decent at the BB DCM. DCM groups are some of the only money makers within IB right now. - Culture/hours will be better in DCM IMO. I worked in DCM for a bit, and the culture/hours was definitely better than IB, but more than S&T. I also found that groups within DCM mesh well and culture was definitely a sell for me.
I disagree with all of the above.
As a summer intern, your ability to move to another group or another bank (other than capital markets) is unlimited. In fact, some banks do not even give out group specific offers.
Easy. Depends on your exit opps.
PE/VC: M&A
CorpFi: ECM/DCM
DCM is not great for exit ops. I worked at a BB and most people in DCM were miserable with no exit ops. Those that exited either got an MBA or did something unrelated to finance.
If your motivation is to keep working in finance or go on to PE/HF, I would take the M&A role at a non-BB.
M&A at boutique vs. capital markets at BB (Originally Posted: 02/19/2007)
For someone interested in working at a BB doing M&A for full-time, what's a better choice for a summer internship? M&A experience at a boutique, or something unrelated, such as Capital Markets at a BB? Which gives you the better chance of getting M&A BB?
boutique
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