elite boutique advice?

Hey WSO,

Is there anybody currently working at an e-boutique who wouldn't mind schooling me on the differences in approaching these firms vs. bb's? From all the people I've reached out to so far, I think I'd much rather work at an e-boutique than a BB. Centerview, Qatalyst, Greenhill are three in particular that I really liked the people so far (even though I probably have low odds of getting in due to my shitty GPA).

Anyways, look forward to anybody willing to answer a few questions. Really appreciate it.

BankingWaffe

19 Comments
 

Not much difference in approaching elite boutiques vs BB's. Reach out, be presentable, blah blah blah network your way in. When it comes to interviews, the main difference is that they'll be much more rigorous, so expect to be tested on stuff beyond just the M&I or WSO guides.

Be aware that there's not too many slots open for these guys too; LAZ is the largest elite boutique, with an analyst class size of ~25.

 
CHItizenNot much difference in approaching elite boutiques vs BB's. Reach out, be presentable, blah blah blah network your way in. When it comes to interviews, the main difference is that they'll be much more rigorous, so expect to be tested on stuff beyond just the M&I or WSO guides.

Be aware that there's not too many slots open for these guys too; LAZ is the largest elite boutique, with an analyst class size of ~25.

Lazard is not a boutique...

MM IB -> Corporate Development -> Strategic Finance
 
Best Response
SECfinance
CHItizenNot much difference in approaching elite boutiques vs BB's. Reach out, be presentable, blah blah blah network your way in. When it comes to interviews, the main difference is that they'll be much more rigorous, so expect to be tested on stuff beyond just the M&I or WSO guides.

Be aware that there's not too many slots open for these guys too; LAZ is the largest elite boutique, with an analyst class size of ~25.

Lazard is not a boutique...

They don't consider themselves one, but they're certainly not BB and they're not MM (except Lazard MM). They focus almost exclusively on M&A and restructuring, as do most of the other elite boutiques, so for the purposes of this forum, they fit in fine with GHL, EVR, etc.
 

Really depends on the boutique and group, how you approach them. Greenhill, know your technical stuff really well like all kinds of financing questions, case studies, how you would market a company you're trying to sell. Qatalyst, know your tech inside out. Etc etc. When it comes to boutique, it becomes much more important how you position yourself. And since the class sizes are so small, you really need to have a good fit.

As for your other question, it's hard to get into both as I'm sure you know. Boutiques are self selecting and youre competing for fewer slots, BBs get tons of applicants.

 

No matter how you look at it, getting into boutiques seems harder. Harder interviews (they have to really like you AND the technical questions are hard), less spots available, and less people to network with (not as likely you will know someone or an alumni from your school who works there).

 

i don't think the elite boutiques are easier or harder to get into than equivalent bulge brackets. sure they have a lot less positions but a lot less people drop resumes at greenhill than jpmorgan. i do think the boutiques are more focused on technicals, so a very well rounded candidate who doesn't know the technicals inside out might get a top boutique but not a bulge, while a kid who has a lot of finance knowledge but might not be as well rounded might get the boutique. just my guess

 
firefighteri don't think the elite boutiques are easier or harder to get into than equivalent bulge brackets. sure they have a lot less positions but a lot less people drop resumes at greenhill than jpmorgan. i do think the boutiques are more focused on technicals, so a very well rounded candidate who doesn't know the technicals inside out might get a top boutique but not a bulge, while a kid who has a lot of finance knowledge but might not be as well rounded might get the boutique. just my guess

So you're saying both might get the boutique? Think you typed that wrong.

 

I'd be careful about saying who gets where. Bottom line is it's just two different experiences when it comes to recruiting. Everyone has to be competent to some degree when it comes to technicals. But to work at a top boutique you really need to know why you want to work there and how you fit with that specific team. When west coast teams like GHL, BX, Q, etc bring in just a few heads a year and sometimes only 1 (for the really small shops like GHL SF), you can imagine how they look 99.9% at fit whereas at a BB, being a well rounded, accomplished, and enthusiastic person is often more than enough.

 
-.-I'd be careful about saying who gets where. Bottom line is it's just two different experiences when it comes to recruiting. Everyone has to be competent to some degree when it comes to technicals. But to work at a top boutique you really need to know why you want to work there and how you fit with that specific team. When west coast teams like GHL, BX, Q, etc bring in just a few heads a year and sometimes only 1 (for the really small shops like GHL SF), you can imagine how they look 99.9% at fit whereas at a BB, being a well rounded, accomplished, and enthusiastic person is often more than enough.
I disagree a little bit. At the regional elite boutique offices, yes, fit is very important, but they're a lot more selective as well. When you're only hiring a few or a single analyst, fit is definitely a big consideration but so is that candidate's financial aptitude. In these cases, hiring a dumbass could really screw over that office.
 

I have often times seen that boutiques and independent financial advisors also prefer people who already have had BB experience for SA for example.

I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing. See my Blog & AMA
 

I really don't have relative experience but I think e boutique would be harder for a few reasons:

Cannot dedicate the capital/ worker as much as a BB. Expect way lower turnover rate. E.g. a BB can hire 100 analysts, usually let 33 go, repeat next year. E boutique expect to hire a few analysts >20 and keep them over time.

I recently spoke with an MD from an e boutique and A. She was a total bitch. B. Told me they only take approx. 5 interns per year. C. Blatantly told me they typically look at Target/Ivys only.

"History doesn't repeat itself, but it does rhyme."
 

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