Looking into investment banking and specifically a summer analyst position.
When comparing a top MM boutique, such as William Blair or Houlihan Lokey, to a bottom BB such as Macquarie, BNP Paribas, or Mizuho, which would be a better option? Speaking in terms of PE/HF placement, compensation, work-life, overall experience.
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dude macq bnp and miz aren't bb. they're all mediocre mid markets. lower bbs are barclays ubs db rbc
Ok, either way that doesn’t help.
How is Barclays a lower BB? It is at least on par with Citi BAML and CS.
Source: US M&A League Tables
League tables are bullsh*t
BAML is a cut above but Barclays is on par with Citi and CS. Don't listen to interns, students and people in Operations (???)
Where would you say firms like Jeffries, WF, Lazard, etc. fit into those tiers?
Bump
Top MM boutiques will be much better in terms of experience and exit opps. Caveat being that I assume you are most interested in executing M&A deals. As an analyst at WB or HL you'll likely execute several deals regardless of which team you're on. Mizuho does essentially no M&A advisory work in the US (they primarily issue debt to investment grade companies which often lands them on the financing side of transactions), and I believe BNP does minimal M&A work in the US as well.
In terms of exit opps, a top tier MM would be better bet then?
Dude, a top MM beats a bottom BB nine times out of ten. Everyone I know who went to somewhere like Baird is way happier than my friends who went to some of the sweatier BB's.
MM banks are way better for early exposure to seniors and to client, and for your own personal ownership of a project. At a BB, you're a cog. At a MM, you're part of a team.
Now this isn't true for a mid-tier MM like Piper or Lincoln, those places tend to be hell. My friends have described those places as sweaty, shrinking, and paranoid. But if you get a chance to go to a top tier MM - do it. You'll be happier, you'll have great exit opps, and your girlfriend will actually remember what you look like.
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Arma is in another league compared to those you have mentioned and I would choose it over BNP hands down, but I’d choose BNP over the others because is a better known brand and gives you the opportunity to lateral to top MMs or tier 2 BBs
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