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How concerned should I be if I join a small boutique (as an analyst) that does a lot of underwriting and not much M&A? How would this affect my learning experience?
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First you need to answer a few questions:
What do you want to do long term? Will you still be doing a lot of modeling? What will you be underwriting, debt or equity? Is this a regional boutique? MM?
Sorry, I should have given more info.
-Long term I want to be industry focused. Maybe corp dev. or industry-focused PE. BUT, this boutique I'm looking at (don't have an offer yet, btw, just good connections) is NOT in the industry I want long term, but I have few job options here (very non target). I was thinking I could lateral into IB for the indsutry I want later on, then move into corp dev or industry-focused PE, preferably outside of NYC in this industry's primary city. Long, long term I want to be fairly entreprenuial, perhaps upper management for in a small-med. sized company and have a stake in it. -I am not sure about the modeling. I think I'd have typical analyst responsibilities, just very little M&A -Underwriting would be all equity, mostly small IPOs -The firms has most of its bankers in NYC, where I'd be, and a few MDs in other cities. About 20 bankers total.
Hopefully that helps. Thanks.
excuse my ignorance. how does a boutique have the balance sheet to underwrite? thought most boutiques were pure advisory roles. for the record, i'm not talking about laz and such. they have cap markets arms...
They have equity capital markets.
placement agent / merchant bank / pipe fund
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