I'm about to finish university and have been shopping around for some FT offers (and some part time work during my final semester). I already have an offer from Big 4 CF, but would prefer something even at a no name boutique if it meant jumping straight into banking.
Anyways, cold emailed this three man shop, and the MD asked me to come in to meet him. Right off the bat, things seemed a bit off. He shares an office with another boutique, as he later explained that he shares their 'analyst pool' (meaning the interns). He asked me how comfortable I was with modelling and if I knew how to build LBO models. Told him I knew the basics but nothing high level (obviously, since I'm still at uni).
He then briefly describes how he's got some big deals in the pipeline and wants to bring on an intern for a couple of weeks, and then if that intern does well, convert to a FT hire. As for remuneration, he would pay me $90 a day, which I'll be honest is pretty shitty since I get the vibe he's gonna work the shit out of me. So I'll work 3 days a week until I graduate, and then he'll make me a FT hire.
"I can then put you on a graduate salary of $100,000". That statement both floored me and sent me bullshit alarm ringing. If he can only afford to pay me $90 a day, how can he suddenly afford to pay me $100k merely weeks after the end of my internship?
Another thing, he said he'd have "zero capacity whatsoever" to train me. I don't like the sound of that, since I would want training at the very genesis of my career. He also wants me to send him some models I've built in the past, and if he thinks I'm capable, to come back in for a technical test (guessing a paper LBO or something).
Forgive the lack of structure above, but what do you think of all this? Doesn't it sound pretty dodgy he wants to throw all these hurdles my way and work me pretty hard (he hinted several times he would) for a measly pay? And is it just me or is he trying to lure me in with the 6 figure salary (which could be completely bullshit).
Please help. I don't want to throw away a solid offer for something that might not be good for me start off with.
dude obviously go with Big 4 CF.
Even if the pay is almost double at this boutique? I don't want to be too hung up on money, because I'd rather be trained well and make money down the road. Then again I want to work in IB so I'm obviously confused as hell right now haha.
big established firm versus sketchy no name firm. there's no comparison really. besides you can always get an MBA then go into IBD or try to shoot for MM after 1 or 2 years at the big 4
Wtf, what kind of sketchy bs is that?
OP, your mind is telling you the right thing. Avoid that boutique like the plague.
Thanks guys. I think it's safe to say the boutique is a no-go.
Definitely a no-go. I joined a sketchy no-name boutique after a year of CB. Jumped at the opportunity. Left because quite frankly I was stupid and didn’t stop to think about all the major red flags. Big 4 CF, no brainer
If you have no other choice to break into IB then a no name boutique would be ideal, but this guy is overpromising and on top of that he wants you to share your past models (if he thinks you past the sniff test?). I would never share my past stuff unless its like a pitch deck and I cross names out but still. Its a shame because usually even at boutiques you would go through like a first round or two before you meet the professional but he just was too eager. A boutique with good dealflow will always be a good thing but there are too many red flags here. Run away and take the Big 4 offer and dont look back!
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