Was wondering what everyone would choose between elite local boutique (no international rep but well respected locally, work on large deals) or locally weaker BB (DB/Nomura)?
This is in IBD and in Australia for context. I would lean towards the EB but would like to keep the option of moving internationally (NY/London) open for later down the track.
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Not familiar at all with the Australian IBD space but large, international platforms like DB or even Nomura aren't bad choices (in principle). Always best to think on a case by case basis. Maybe DB/Nom are non existent on Australia and they don't stand a chance vs regional well respected boutiques in the region?
I'd say it depends on what you're looking for, but here's who i think wins in each category:
- Training (Lower tier BB)
- Work life balance (Lower tier BB)
- Working overseas (Lower tier BB)
- Debt experience (Lower tier BB)
- Prestige outside of finance (Tie, most people haven't heard of EB's)
- Senior exposure / culture (Tie, individual team much more important)
- Prestige in banking / PE (Elite Boutique)
- M&A experience (Elite Boutique)
- Pay/Bonus (Elite Boutique)
I'd say for me it was a no-brainer (I don't think i'd want to work at an EB given the WLB concerns and i want to work overseas) but others would prefer the M&A platform of an EB.
Cheers mate, interesting to see your perspective. Would tend to agree on all those but I've always been of the opinion that EBs are a lot less hierarchical/ have more exposure in almost every circumstance - but I can imagine that might deviate in some teams
Depends on the team: some low tier BB's run pretty lean, but others would be more hierarchical. I'd say hierarchy and exposure is a blessing as well as a curse: it's more efficient being told what to do in terms of getting things done as a junior, but it can be more rewarding learning and doing things yourself and taking ownership even if it takes more time.
nomura aint BB
Aus banker here. Definitely dependent on which local EB you’re talking about. If Gresham or Luminis, I’d pick EB. If Grant Samuel or Flagstaff, I’d pick lower BB. Would also note DB is far better than Nomura.
Thoughts on Moelis and Jefferies?
Both pretty good in Aus, and definitely better than the aforementioned lower BBs. Moelis is great because you have a generalist M&A / RX program (if thats something that interests you). Jeffries is still somewhat new, however, local CEO Michael Stock is truly one of the best bankers in Aus. Great place to go if you want to work with sponsors -- seems like they're on every sponsor mandate at the moment and are only getting bigger. Only caveat is that the culture isn't great from all reports.
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