Lateralling from a lower market IB shop to middle/upper IB
Entering my 2nd year at a super-regional lower market boutique bank (sell-side M&A - I've worked on deals from $20mm up to $100mm) and looking to lateral to a larger bank. Will banks look down upon only lower market exposure? I've gotten great experience with a lean deal team but want the classic larger bank, larger deals, more resources, better comp.
What geography do you work in?
They won't look down on it, but the size of deal you are on definitely matters.
If you are working on $5M EBITDA companies and the bank you want to go to works on $20M+, it would be a disadvantage against someone who has worked on $10M+ EBITDA transactions.
You could overcome the disadvantage by explaining how working on $5M will help you work on $20M or how the process was geared towards much larger companies even though they were small.
Frankly I find it hard to believe there would be any meaningful difference between a sell-side process involving a $5M EBITDA company vs. a $10M EBITDA. And regardless those are both lower middle market and within the ranges OP mentioned.
If you were going to go from $5M/$10M EBITDA deals to $100M EBITDA deals that would be a different story.
This ^
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