How are boutiques really viewed?
Not just in terms of "prestige" but in terms of exit opps, lateral hiring, and grad school admissions.
Does it really all come down to your deal experience and not the name on your resume? Are you f*cked if you start out at a boutique vs a BB/EB?
Does simply working at an M&A advisory shop hamstring you vs working at a fully licensed bank of equal size and deal flow?
Is playing a bigger role in transactions/getting promoted faster at a smaller shop comparable to being a cog in a big shop?
How big of a factor is location for your first job in setting your career path?
Does any of this even matter?
How do you perceive a boutique?
I'm at one. I don't see anything wrong with them (may be biased), it seems like boutiques usually focus on a market/transaction type specific to the experience of the leadership of that firm. Of the 2 boutiques I've been at, both had solid deals/connections with all manner of PE shops, so an exit probably wouldn't have been tough from either of those. The skill sets were great, definitely more of a "baptized in fire" vibe as boutiques don't really have the time to hand-hold and teach you everything, also I believe I've taken on a much larger role in the deal-making process than my peers at larger shops, but on the other hand I know my transactions are smaller (20mm-1B) and are likely much less complex, so it probably evens out.
With regards to lateraling, I don't think it would be an issue. Seems like any bank you're lateraling to would only really care about your hard skillsets and how you can be value-additive immediately.
Grad school admissions: here I where I don't know. The big names obviously help, but I feel there may be a way to spin it to your advantage.
Personally, I prefer the environment as I am not a fan of much bureaucracy. I feel more autonomous and that my input matters.
Granted, these are only my thoughts based on limited experience, was hoping to hear what others had to say about it.
Cool. Gl
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Boutiques can be great, but don't expect some no-name to have the same pull as an EB or BB. if someone hears the name of your boutique and thinks, "ah, I've heard of that place," then you're in a different spot than if they think, "hmmm, I've never heard of that." Many small boutiques can go a while without winning a mandate, and pitching isn't deal experience.
Never thought of a drought, both boutiques I've been at have had consistent deal flow and my current one has a pretty sizeable mandate. I guess not all boutiques are created equal
I used to say the same things, until I got an offer at an EB. Realized I had just been trying to convince myself
I fear you may be correct
There's a big difference between a true no-name regional boutique that focus on local LMM deals and elite industry-focused boutiques (Qatalyst, Greentech, MTS, Liontree, etc). Exit ops from the latter will be significantly better than the former.
Boutiques are fine if you're not trying to join a BB PE shop. You do get good experience that can put you in a good spot to recruit for LMM-MM PE shops. It's all about what you want out of your career. It'll never have the name recognition, but ask yourself why that's important to you. It'll come with better hours and culture, and that's pretty important, especially in your analyst career. It'll come with less pay, but again, how much pay do you really need? I may be somewhat bias because I did my first year at a boutique than lateraled to an EB and have regretted it ever since.
Wtf is a BB PE shop lmao
megafunds
What made you regret the lateral to an EB? Do you feel as though your career is no better off from it?
My career is better off from it, but to me it wasn't worth the extra hours / lack of work life balance. I noticed that I don't really care / value prestige that much anymore, and I'd much rather work ~70 hours a week compared to the ~90-100. Yes, the comp is better, but I was already making over 100k+ my first year out of college. I don't think people in IB take that into consideration- that's an excellent comp. Sure, I make more all in at an EB, but I don't think the hours are worth the lack of life I have now. I know I'm not really looking to go to a MF PE shop, I'd like to hop to corp dev or be an associate at a boutique again. I'm not one to try and make it big on wall street my whole life, if you are like that then good for you! Just different life decisions, I suppose. Boutiques are good enough and I'll move back after my second year is up.
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