ECM at Elite Boutique or IB at LMM/MM Bank? How much does brand name matter.
(Ignore title). Currently deciding between two SA offers. One is Elite Boutique (Evercore, CVP, PWP) ECM and the other is MM IB (Piper Sandler, Jefferies, William Blair). My end goal is to lateral to IB at a BB or EBB full-time. Which offer gives me the best chance of doing so? Trying to understand how much to value the ECM at a brand name vs. IB at a less "prestigious" bank.
Based on the most helpful WSO content, your decision should weigh heavily on your long-term goals and the specific dynamics of each role. Here's a breakdown:
Brand Name and Lateral Opportunities:
Role-Specific Considerations:
Exit Opportunities:
Recommendation:
If your primary goal is to lateral to IB at a BB or EB, the ECM role at the Elite Boutique is likely the better choice. The brand name and network will give you a significant advantage, even if the role isn't directly in IB. However, if you value direct IB experience and are confident in your ability to network and lateral from an MM bank, the IB role at the MM bank could also work.
Ultimately, the EB's prestige and network often outweigh the specific role when it comes to lateraling, especially to top-tier firms.
Sources: Deutsche Bank Offer, Boutique IB is a lie -- Experience Rant, SA Lateral, Post-Offer GPA Question for a BB FO Position vs. MM SA Position. Will SA Offer get Flagged/Rescinded?, Lateral from MM to EB/BB
bump
Bump
Congrats btw. I’d honestly say that if you’re confident you can successfully recruit for FT M&A/Coverage positions then take the EB ECM. You can craft a story about how there was a certain aspect of ECM you didn’t enjoy. That said, if you can’t land a FT position in M&A/Coverage and are working in ECM at an EB it’ll probably be difficult to lateral into an M&A/Coverage role once you’re a FT analyst. One summer internship doesn’t necessarily brand you as an ECM guy/gal, but starting somewhere full time in ECM does. Also, laterals often don’t get formal training so banks want laterals who know how to do the modeling and you’ll get modeling experience at the MM firm. With all of that said there are other things to consider, like the comp, culture, city/location, and the historical exits of the specific group you’re going to. Just my 2 cents
I’ll also add that I’d take the ECM EB for junior summer (assuming you can successfully recruit FT) because the brand name is strong. Not only will the brand name serve you well in FT recruiting, but in other areas of your career like MBA apps. I’ve been watching an interview series where Harvard MBAs talk about their backgrounds and a lot worked at GS or MS but in asset management (not necessarily considered super prestigious by the crowd on this forum), but the brand name is valuable. And I’m willing to bet HBS/GSB admissions officers are familiar with the caliber of PWP/CVP/EVR. I honestly think something similar can be said of attending UPenn CAS. It’s not Wharton (the most prestigious part of Penn) but it’s still an Ivy League school and that pedigree is valuable (UPenn CAS is still considered a target school)
Qui ut quidem aut quam inventore qui. Labore assumenda cumque fugiat magnam.
Vero dolores in et ratione. Voluptates consequatur repudiandae corrupti impedit. Saepe deleniti magni qui ut dolore sed. Facere doloremque sit aut consectetur et. Velit tempora deserunt vel. Sit deserunt temporibus architecto quis repudiandae.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...