Thoughts on Moving from EB to BB?
I see a common path of VPs and up at BBs deciding to move over to EBs because their coverage groups get crowded, they don’t have a path to the next level or think it offers better pay (and maybe culture?) but I have not seen the reverse happen as often.
Can anyone provide color as to why? Is it because the move is much harder to make because BBs don’t want people from EBs that have a narrower set of experience (M&A only) or that BBs simply don’t have the need for more people since they tend to have been around longer and are overflowing with people?
I am finishing my last year as an associate and am considering moving over to a BB (or a different boutique platform) but want to better understand what others have been through and why they have (or have not) made the move.
I like the tight knit and less sharp elbowed culture of my bank but the hours are long and won’t get much better next year (would this improve at a BB that has more dedicated resources?). I am also unsure that I will be able to build my own client relationships here because the model is so top heavy (SMDs bring in the deals and even junior MDs are stuck executing, leaving very little room for VPs/Directors to form close relationships with clients).
Are things any better at a BB for junior VPs+? Or am I searching for something that does not exist? Is the pay at BBs that much worse?
I did not find anything similar through the search function but please let me know if there is.
Based on the most helpful WSO content, moving from an Elite Boutique (EB) to a Bulge Bracket (BB) bank is less common, and there are several reasons why this might be the case:
Narrower Experience: EBs tend to specialize in M&A and may not offer the broader product experience that BBs do. This can make the transition to a BB more challenging, as BBs may prefer candidates with a wider set of skills.
Internal Promotion: BBs have a high rate of internal promotions, making it easier for their own employees to move up the ranks rather than bringing in external hires from EBs.
Cultural Differences: EBs often have a different culture compared to BBs, which might be more tight-knit and less bureaucratic. This can be a significant adjustment for those moving to a BB.
Client Relationships: At EBs, the deal-making process can be top-heavy, with senior managing directors bringing in most of the deals. This can limit the opportunities for junior VPs and Directors to build their own client relationships, which might also be the case at some BBs.
Compensation: While EBs might offer better pay at the senior level, BBs can provide a steadier and more predictable career growth, which can be appealing for long-term career planning.
Work-Life Balance: The hours at EBs can be long and intense, and while BBs might have more resources, it doesn't necessarily mean that the hours will be shorter. It varies from bank to bank and group to group.
If you're considering a move, it's important to weigh these factors and consider what's most important for your career goals and personal satisfaction. It's also beneficial to network with individuals who have made a similar move to gain insights from their experiences. Remember, each bank and situation is unique, so what holds true in one case may not apply in another.
Sources: Why would any associate+ banker choose a BB over EB?, What’s Harder? MBB or EB/BB, What’s Harder? MBB or EB/BB
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