Regional Boutique Analyst vs MSF?
Hey all – I’m a graduating senior at a non-target. I didn’t receive a return offer from my internship last summer at a reputable bank. Luckily, I was able to land on my feet at a regional boutique in a non-core city as an analyst. The comp is pretty good and they have a relatively robust deal pipeline in industrials. I’m thankful I’ve been given another shot at IB.
Would the analyst job be better than a top MSF? I have some applications I’m yet to hear back on for some top programs. Additionally, how viable would it to be to lateral from a regional boutique to a top MM bank (HL, Baird, Piper, etc.) after 9-12 months? I have prior internship experience across both IB/PE. Would love to hear thoughts.
It’s way easier to trade up than break in, in my experience. An MSF is unlikely to do that much better as most seats are filled via summers. My advice, take the offer, network hard and either move up or potentially go to the buy side at a lower MM fund. Also, can you give a sense of non-core city? There’s a big difference between Charlotte and Memphis.
For sure – it’s much more closer to the latter. Decent sized and known city but definitely not known to be a finance hub whatsoever. How much of a factor is location in lateraling?
It’s a factor, I was in a tier 2 finance city and it’s far easier for coffee chats and networking when you can meet up in person. With that said you can always move and do informational interviews on the phone.
I’m familiar with the MSF and FT recruiting. If you get into Vanderbilt MSF, and you have a really good resume (interned at a BB or EB), and you’re very prepped for FT recruiting, there’s a very good chance you can get a MM or satellite office BB offer for next year. Not guaranteed though, and the risk might not be worth the money (75k tuition, but a lot of people get 10-30k scholarship, and remember there’s the opportunity cost of salary at your boutique). You are probably better off working at your boutique, making money, building a resume, and trying to lateral with 6-12 months experience, but the Vanderbilt brand is great coming from a non target and you’re buying a strong network especially in the south.
The other programs I’d say you’re definitely better off just working and gaining the experience. Georgetown / UT / Villanova are good programs, but it’s really meant for people pivoting into finance and the ROI is much lower than just doing boutique IB for a year and lateraling. You already have an IB offer; don’t overthink it.
You also may find you enjoy living in your smaller city or like the firm. The grass isn’t always greener :)
Vandy is my #1 program choice, I'm still waiting to hear back from them, depends solely on how much financial aid they give. I was at a top MM last summer for my internship, the thing that stresses me out the most is the cost (probably close to $100k all in including tuition and living expenses), and it's like a 50/50 shot I land something FT, since I don't have an internship lined up this summer, and going up against everybody else who is FT recruiting.
My all-in comp for the boutique is like $120k-$130k, and it's in a LCOL city. I'd take Vanderbilt if the downside of not getting an IB job didn't mean racking up $45k - $75k in student loans, I'm sure being in Nashville for a year would be fun. If I find myself wanting to lateral sounds like I can do it in a shorter amount of time while making money than going the MSF route.
That comp is phenomenal, take that and don’t look back. Accept the offer, then close your laptop and go enjoy your summer.
People don’t understand how valuable being in a LCOL with high finance comp is. You will more than likely save MORE money than your peers working in New York with a better lifestyle and probably much better hours. Do 6 months at your boutique, and if you miss the grind you can lateral. The MSF (even Vandy with a decent scholarship) would be a step backward right now.
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