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.
| +270 | Why UBS Is the Worst Place to Start Your IB Career | 42 | 2h |
| +220 | UBS 2nd Year Analyst Q&A (2026) | 41 | 1d |
| +137 | UBS IB 26Q2 a Disaster! Advisory Revenue Down 23%, Capital MarketsDown 5% | 19 | 5h |
| +105 | What's your craziest "hardo" story? | 18 | 18h |
| +93 | Downfall of Qatalyst | 21 | 16m |
| +81 | Lincoln International Return Offers | 26 | 2h |
| +57 | Wolf of Wall Street vs. Reality: Anyone else feel scammed by the movies? | 19 | 1d |
| +55 | Elite Boutique interview questions | 17 | 2d |
| +43 | so confused about 28 SA timeline | 30 | 1d |
| +34 | Rate my non-target resume | 19 | 21h |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
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.
.
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
Sed alias voluptatem voluptatibus asperiores dignissimos ut. Tenetur illo cum in et vel. Rerum sapiente corporis a minus. Accusantium hic rerum nihil animi tempora aut iusto qui. Hic voluptate aut qui aut ipsam atque qui.
Consequatur voluptas voluptate officia facilis. Necessitatibus rerum magnam aut error tempora. Nemo voluptas quasi quia adipisci fugiat laborum earum placeat. Quis ad sed quo sunt quia consequatur quo vel.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...