Help me choose BofA vs HL

Based on the most helpful WSO content, here's a breakdown to help you decide between BofA and Houlihan Lokey (HL) for M&A in the EU:

1. Culture:

   • BofA: As a bulge bracket (BB) bank, BofA typically has a more structured and hierarchical culture. The environment can be intense, but you'll likely have access to a broader range of resources and support.
   • HL: Known for its middle-market focus, HL tends to have a more entrepreneurial and hands-on culture. However, some threads mention mixed reviews about the culture, with certain groups being more demanding than others.

2. Workload:

   • BofA: Expect long hours, as is standard for BB banks. The workload can be heavy, but the prestige and deal flow often justify the effort.
   • HL: While HL is also demanding, the workload might vary depending on the group. Restructuring and Corporate Finance groups are known for high deal volume, which can lead to significant hours.

3. Exit Opportunities:

   • BofA: As a BB, BofA offers strong exit opportunities to private equity (PE), hedge funds (HF), and corporate roles. Its global brand recognition is a significant advantage.
   • HL: HL is highly respected in the middle market, especially in Restructuring. Exit opportunities are strong but may lean more towards middle-market PE or specialized roles, depending on the group.

4. Other Considerations:

   • Deal Size and Exposure: BofA will likely provide exposure to larger, high-profile deals, while HL focuses more on middle-market transactions, which can offer more responsibility early on.
   • Compensation: BofA, as a BB, generally offers higher compensation compared to HL, though this can vary by region and group.
   • Long-Term Career Goals: If you aim for mega-fund PE or HF roles, BofA might have an edge due to its BB status. If you're more interested in middle-market PE or a specialized career path, HL could be a better fit.

Ultimately, your decision should align with your career goals and personal preferences. If prestige, larger deals, and broader exit opportunities matter most, BofA might be the better choice. If you value a more entrepreneurial environment and middle-market focus, HL could be a great fit.

Sources: Houlihan Lokey NY Corporate Finance Groups/Culture/Outlook?, Houlihan Lokey reputation (2020), Moelis LA vs Moelis NY. How do they compare in terms of exit opps and career projection? What would you choose?, PWP LA, Lazard LA, and Houlihan LA (RX), Houlihan Lokey FAS Exit Opps/Reputation