I'm deciding between SA offers for Wells Fargo IBD and a MM boutique in the Southeast. Hands down, I know I liked the boutique's culture and people more (at all levels, from analysts right up to the partners), and I'm fairly sure I would have substantially more responsibility there. They also claim to have excellent exit opportunities. I like the Southeast more too, but I'd be far away from friends, etc. and NYC probably positions me better in terms of exits.
At Wells Fargo, I would clearly see larger deals and have more industry focus. I also sense that my training would be better, especially because Wells Fargo has been hiring top people away from many of the BB banks. I do like the people I've met at Wells Fargo, but I just feel I'd fit much more at the boutique.
As some background, I'm from a top target, but I haven't had any previous ibanking experience. I don't know what I want to do in 5 years, so I feel I should keep my exits as open as possible.
Any thoughts?
I would say that it depends on the boutique (are we talking like a Brookwood? Fidus?), but it would be really hard for me to pass up Wells in this instance. If you really have no idea what you want to do in 5 years, Wells is a more recognizable brand and will likely open more doors. On the other hand, if you think you found a really great fit and can excel with the boutique, by all means go for it. I would just suggest reaching out to former analysts and associates (just do a LinkedIn search) to get their take first.
Have you done research into where people have gone after? You said they told you people go to top bschools, MM PE, top tier PE, but have you actually looked into it yourself? If what they say is true, there's a serious argument to be made to take it over WF (especially if exits are your focus).
Thank you all so much for the responses! The analyst classes at the boutique are very small (~10 people) so I've actually asked directly for where last year's analysts went. LinkedIn basically confirms it, so the exit opps are very strong.
If they place well and you like it, I'd take it. WF is going to have a big analyst class, and while some people may place pretty well, that's a big pond to be swimming in. A recognizable name will only get you so far, and actually enjoying your analyst years is a huge plus.
I'm 2 years into a similar situation, so feel free to pm if you want to discuss any specifics.
Take the boutique.
I don't think the WF name will grant you an advantage in this case (exit ops seem worse, if anything, and while WF is certainly a very broadly recognizable name, it's not particularly prestigious outside of finance), and if you're not sure that you want to be in finance, I don't think being in NY this summer is particularly important. If you decide that you want to stick with finance, you can probably snag something in NY during FT recruiting next year because you attend a top target.
Decision is up to you. You have laid out the pros (and cons) for both. You can get into MM PE from both. I know a few guys from WF that have moved to PE, Mezz, etc.
No way a Southeastern Boutique has MF exits. #Bullshitcity.
Boutique sounds like the route to go with. Average to above-average exits and you think you'd enjoy the culture there. Good chance for responsibility early on, but enough analysts where you shouldn't be spread dramatically thin.
About the exit opps - do those tend to depend on how you did in college? The MM firm traditionally recruited heavily from nearby schools (UVA, UNC, etc.) and they've only recently started branching into the Ivy League. My reasoning might be COMPLETELY wrong, so sorry if I come off misinformed, but I feel like you'd have to be pretty near the top of your college class to get into this firm from the nearby schools, whereas the top students at Harvard, Princeton, etc. usually go to places like GS. In other words, maybe the exit opps won't be the same for me because I'm from a top target, wasn't at the top of my class (I mean, good enough to get interviews at most of the BB, but I don't have a 3.9 or anything like that), and the fact that I didn't go to a place like GS is negative signaling. Any thoughts on that?
Depends, but my initial thought is that it may actually help you stand out more. First pro is that you are a female and everyone knows there is a lack of diversity in high finance, including MM PE. Then you throw in the fact that you went to a well-known, highly respected school that isn't a typical feeder for some of the MM PEs down in the SE. To me, that is as much a pro as a con (perhaps a smaller network to work with).
If you prove yourself and hustle, I see no reason you cannot make MM PE from either route.
I don't know if this will affect your decision or not, but UVA and UNC consistently send people to all of the BBs, including GS/MS/JPM. I'm pretty sure I know which bank you're talking about, and they are definitely high caliber people, but they won't all have incredibly high GPAs. The very top guys from UVA/UNC do go to the top firms. So I wouldn't worry if your GPA isn't incredibly high, the people who have exited from the firm probably weren't in that super high range either. I think you would enjoy similar exit opps as past analysts if not better since you did go to a target.
It's much easier to network in NYC than down south (Atl, Charlotte, etc.). Just sayin'
This is actually a tougher choice than I initially thought from just reading the thread title. You mentioned the PE exits check out on LinkedIn - how successful is the overall class converting into PE? A small class of 10 - are half of them going into PE? Or is it a few? And also how consistent is the move - i.e. is this a recent phenomenon or have they been consistent in moving analysts to the buyside year over year?
It actually sounds like the boutique is a place where the senior bankers are very open about helping their analysts make the move over, as opposed to analysts needing to hide the fact that they are interviewing. If the senior bankers are willing to go to bat for you and they are well respected, then that could really play in your favor - especially at lean PE shops where fit is big.
I'm not familiar enough with WF to see how often WF analysts go into banking, but I imagine it's not easy.
One thing - depending on how comfortable you are with this idea - is, can you possibly reach out to the ex-boutique analysts now in PE so to hear their side of the story? If they tell you they got great experience and they can match their colleagues who came from bigger BBs and boutiques, then that's a huge point for the boutique.
Lastly, can't stress how big a difference culture and fit makes in banking. If you're going to work 80-100 hours a week, it makes a world of difference if you like and respect the senior bankers you work with, and they in turn provide some form of mentorship. Morale and whether senior bankers look to give junior bankers more responsibility is huge - and can also determine the quality of your work and experience. It sounds like you'll have this at the boutique, but should you choose WF for the name/trajectory/location - hopefully the WF team you join does provide this element.
I was in the exact same situation (at probably the same firm) and it was an easy choice...the boutique for sure. PM me
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