HSBC An 2 or tiny MM boutique An 3? (London)
Currently at Big 4 M&A. Key points:
- At the boutque I'd probably be going to Ass 1 in Jan, at HSBC I'd be going to An 3 in March.
- Boutique are really great people/ great to work with (have come to know them well), but inflexible on WFH (like juniors to be in the office 4-5 days per week), whereas HSBC are very flexible on this
- Pay is currently comparable, but at the boutique is likely to be below what's standard as I went up the ranks (even to Associate, have heard As 1 is £75k from a recruiter, but then bonus for most people in the team at the boutique has historically been c.100%). HSBC likely to soon up Analyst pay in line with competitors, so base will be higher in time, currently pay 'street'.
- Work life balance likely to be better at the boutque, people are a lot nicer, day to day life probably more enjoyable
- Bonus likely to be a lot better at the boutique
- Boutique are hiring people from the big 4/ lower ranking accounting firms/ but also a couple from top target unis at the analyst level - a few people there went to Oxbridge & then Big 4, or came straight from e.g. Imperial but they are positioning themselves as mid-market. HSBC are hiring people into the team from EBs, BBs (plus me from the big 4). Lots of people have left the boutique recently & I'm trying to work out why - they've either gone to PE or good competitors though.
- Exit to a BB/ EB possible at HSBC if the market stays as it its now in a year's time - would not be possible from the boutique. PE exits are also probably better.
- Exit to a great small mid market PE house from the boutique is also possible in a year or so's time, by which point I'd be an associate (vs An 3 at HSBC). Already have a tiny PE house wanting to start a relationship with me, after I did some analysis for them a couple of months ago...
- There are a couple of women in the team at the boutque, including one senior (interviewed me), who I think is really great, has risen up the ranks quickly, and is just herself/ intelligent/ doesn't feel the need to be 'macho'. They also converted one PA who was interested in the work into an analyst, which I think is really cool. So culture wins at the boutque at the moment. This is unknown at HSBC as team is being built out.
What do you think?
What are your goals? Both can be great jobs it seems.
Tricky!
If my goals are prestige/ making the most money in the long term - HSBC wins. HSBC also wins on not needing move house & find someone to rent out the house I currently own ...! (because they're much more flexible on WFH, which is a pretty big plus, but all short term pain). The promotions at HSBC are also more 'guarunteed', whereas there's no guaruntee I'd go to Associate in Jan with the boutique, need to prove myself. The MD, so far, at HSBC doesn't seem that easy to get on with, which is a huge contrast against the senior people at the boutique.
One person who left the boutique recently went to an amazing small consumer-focussed PE house (where it would be my absolute dream to work), so there are great exits at the boutique too, but very much MM & probably lower pay. The other small PE house I'm currently developing a relationship with would probably be more likely to recruit me from the boutique (given they're seen as more mid market) than HSBC, but won't make too much of a difference.
The partner trying to recruit me at the boutique has given several personal assurances on working hours (which I know is strange for the industry)....it's a tough one.
Look, it seems that you are very very well aware of the pros and cons of each job, now my advice is to think through what you value more and what will get you to where you want to be - no-one can figure this out for you.
I, personnally always value more interaction with people over pay/prestige, but that is a personal preference - my thinking is that if I get on very very well with people i am more likely to go up successfully, enjoy my job and get paid well. But again some people will chase prestige and money and hate their life and burn out 5-7 years in their career.
Would go with the boutique (I'm 95% sure which boutique you're talking about and they're very reputable)! HSBC is a miserable place for M&A and you'll be looking for a way out rather soon. Your boutique is in a much better location in London and you'll be able to have more of a life - would take that any day!
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