Tier 3 Bank IB V.S. Tech Boutique IB

Hi! Need help deciding between two choices a Tier 3 Bank (Mizuho/Nomura/HSBC/BNP) or a tech boutique (USA/GCA/FT Partners). I know the tech boutique has better deal flow but worried about being pigeonholed in an industry I am not really enjoy. Any advice on what to take or how to decide? Thanks in advance!

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I would personally take one of the tech offers, but that's probably biased because I work in Tech IB. I know that Union Square and FT Partners are incredibly active and you would get a lot of great experience, especially in M&A products. I really haven't heard great things about most of the groups at the "Tier 3" banks (as you call them) you mentioned. But it really depends on what group you'd be looking at within those larger, foreign banks. I will say that your chances of having a bad experience (in terms of deal flow) are probably higher at a Tier 3 bank than at the tech firms. The hours are likely worse at the tech firms, however.

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If you're not set on tech as an industry, I'd still take the T3 bank. This is because:

  • The banks you mentioned are still quite reputable names and can help you either move up to T2s/BB or to tech boutiques like those mentioned if you end up liking tech
  • The tech boutiques you mentioned are good, but not top of their league. You aren't picking between a T3 bank and Qatalyst or LionTree where the boutiques are at the absolute top of the industry
  • You aren't fully convinced about tech. Even after just 2 years, people will start to pigeonhole you to that industry. If you can land a generalist role, then do so. Have a friend in the FIG group of a BB and he is only getting looked at by FIG PE teams (which he doesn't want). Tougher to move if you stay in an industry for too long from the start.
 

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