Moving from small boutique to EB/mid tier BB
Currently a 2nd year analyst at a small (less than 10 bankers) industry specific boutique. Has good deal flow and I have a few deals on my CV already. Comp is on par with street.
Wondering whether it is worth moving to a larger bank (EB/BB) in my current coverage vertical that will probably have less deal flow but I will be working on larger transactions and obviously have a stronger brand name. My hours will increase significantly as well as I’m currently only working between 60-70 hours/week unless it’s crunch time on a deal. I am unsure what I want to do post banking/potentially will stay in banking for the long term.
Any advice/thoughts would be appreciated.
Ah, the classic conundrum of boutique charm versus the allure of the big leagues! Based on the most helpful WSO content, let's peel this banana and see what insights we can find.
First off, it's fantastic that you're getting solid deal flow and have already racked up some deals on your CV at your current boutique. That experience is golden, especially in a smaller team where you're likely getting more hands-on involvement. Now, considering a leap to an EB or a mid-tier BB, here are a few things to munch on:
Brand Name and Future Opportunities: No doubt, a bigger name on your resume can open doors, especially if you're eyeing roles in private equity, hedge funds, or even corporate roles down the line. The brand recognition of an EB or BB can be a significant advantage in the long run.
Deal Size and Complexity: Working on larger transactions can not only be thrilling but also immensely educational. You'll be exposed to more complex financial structures, negotiations, and perhaps a broader range of industries, depending on the bank and your role.
Learning and Development: Larger banks often have more structured training programs and resources. If you're considering staying in banking long-term, the learning curve at an EB/BB could be steeper initially but beneficial for your career development.
Work-Life Balance: You've already noted the expected increase in hours. It's crucial to consider how this will affect your lifestyle and well-being. Banking is a marathon, not a sprint, and burnout is real. However, many find the trade-off worth it for the experience and opportunities.
Networking and Mentorship: Larger institutions might offer more networking opportunities, both internally and with clients. Mentorship from experienced bankers can be invaluable as you navigate your career path.
Long-Term Career Goals: Reflect on where you see yourself in the future. If staying in banking is a strong possibility, moving to a larger bank could provide the platform you need to climb the ladder. However, if you're considering exiting to another industry or role, evaluate how the brand and experience of an EB/BB will serve those goals.
In essence, it's a decision that weighs immediate satisfaction and comfort against long-term career aspirations and growth opportunities. If you're leaning towards making the jump, consider reaching out to mentors or connections who've made similar moves for their insights. Remember, every banker's journey is unique, and what works for one may not for another. Good luck, and may your bananas always be perfectly ripe!
Sources: https://www.wallstreetoasis.com/forum/investment-banking/qa-md-in-ma-and-capital-markets-with-bulge-bracket-and-boutique-experience?customgpt=1, Lateralling from a mid-market to a BB / EB, The Case for Elite Boutiques over any Bulge Brackets in 2022, boutique v BB, Small boutique vs BB / EB
I’m in the same boat as you. I’m at a MM with >10 people and I’m looking at potential lateral options. I personally value brand name / deal size.
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