EB in Paris vs MM in London

Ah, the classic dilemma of choosing between an EB in Paris and an MM in London! Based on the most helpful WSO content, here's a breakdown that might help you swing from the vines with confidence:

• Elite Boutique (EB) in Paris (Rothschild/Lazard/PWP):

  • Pros:
  • Prestige: These firms have strong reputations, especially in Europe. Rothschild and Lazard are considered top EBs in Europe, on par with the likes of GS/MS/JPM.
  • Exposure: At an EB, you might get more client exposure due to smaller team sizes.
  • Learning Opportunity: Being in a smaller team could also mean a steeper learning curve and more responsibilities.

  • Entrepreneurial Spirit: Some EB teams in EMEA are not fully built out, offering a chance to be a bit entrepreneurial.

  • Cons:

  • Location: If your goal is to work in London, starting in Paris might require an additional move later on.
  • Network: While the network in Paris is strong, it may not be as directly relevant if you're aiming for London.

• Middle Market (MM) in London (HSBC/Macquarie/Jefferies):

  • Pros:
  • Location: Being in London could give you a head start in building a local network and understanding the UK market.
  • Language: Working in an English-speaking environment might be preferable if you're aiming for a career in London.

  • BB Transition: London's market is unique, and transitioning to a BB might be more straightforward from a London-based MM.

  • Cons:

  • Brand Recognition: MMs may not have the same prestige as EBs or BBs, which could be a factor in future job searches.
  • Deal Flow: The deal flow and complexity at an MM might not match that of an EB, which could impact the experience you gain.

Given your short to mid-term goal of joining a BB in London and then exiting to a good PE firm there, it seems like starting in London might give you a slight edge. It's all about positioning yourself in the market where you want to end up. However, the prestige and learning opportunities at an EB in Paris are not to be underestimated. It's a tough call, but remember, either way, you're swinging through some pretty high branches!

Remember, this is just a guide. Your personal preferences, the specific teams you'd be joining, and the culture of the firms should also play a significant role in your decision. Good luck, and may your career swing from strength to strength!

Sources: https://www.wallstreetoasis.com/forum/consulting/qa-eb-co-invest-pe-m7-mba-mbb?customgpt=1, European Master in Finance programmes (pre-experience), BB vs EB in London, Q&A: EB -> Co-Invest PE -> M7 MBA -> MBB, Advice for London applicants