Elite Boutique-Deal Experience?
I know everyone has heard about the great deal experience analysts at Greenhill, Evercore, Lazard but these firms only do 5-10 big deals per year. Does that translate to a lumpier experience where half of the analysts get incredible experiences and the other half get relatively lackluster ones (dependent on luck and work quality at the start)?
IB Deal flow for analysts at Elite Botique Banks
The appeal of going to work for an elite boutique is the deal flow and the pay. Some of these elite boutiques are generating fees on par with bulge bracket banks. However these firms hire much smaller classes of analysts.
This a large amount of deals for a smaller class of analyst. The following is a breakdown of the deal flow for Evercore's 3rd quarter in 2017. Following he makes a comparison to the deals at another Elite Boutique PJT.
from certified user @AllDay_028"
Through the end of the 3rd quarter Evercore had 113 M&A deals announced in the US in 2017 with an average deal size of $1.2B.
Evercore brings in roughly ~50 analysts and ~30 associates in M&A yearly in the US.
So over the first 3 quarters that's 2.25 and 3.77 deals per class of analysts and associates.
PJT in the same time period had 28 M&A deals announced with an average deal size of $1.1B.
They bring in roughly ~15 analysts and ~5 associates nationwide.
So 1.87 and 5.6 respectively per class of analysts and associates.
From an analyst perspective, the size of the deal doesn't matter that much. It's more about the learning experience and what you're taking away from it
It's not uncommon at elite boutiques to have more than one analyst on a deal. But when it comes to elite boutiques, one thing's for sure: you will be very busy on mandated work (less pitching than BBs).
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