I am currently at a no-name boutique (into my second year) and I have recently received an offer at a Tier-2 boutique bank (I consider Evercore, Greenhill, Moelis, etc. as Tier 1).
My current firm has given me awesome experience thus far but the experience is declining but I like the people a lot. The people I've met at the new firm are also great from what I saw. Do I make the move?
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-What is your ultimate goal (i.e. move to PE next, go to B-school next, etc.)? Will this position at the tier-2 bank give you a better chance to realize that goal than your current position? -Will you be losing a year, or will you become a 2nd year analyst at the tier-2 bank? -Is it a certain industry/product group? Do you like that group? -Do you like the people? -Will the hours be much better/much worse? -Will the pay be much better/much worse? -Will it require you to move to a different city? Do you like that city or not?
Once you answer all these questions and weigh them with what is most important to you, I'm sure you'll be able to decide on your own.
How are the people in your potential new firm? If they seem nice, definitely make the move.
Model21 has definitely got a pretty solid handle on the process - you need to consider the options vs. your anticipated career path/goals. If you are interested in going to B school in a year or 2, then I would probably lean towards staying where you are considering: 1) you like the people and I am assuming they will like you, which means they will write solid letters of rec, 2) you've got some quality from the group thus far that can be discussed in essays and 3) business school is looking for quality of experience over brand name - so if you can increase your responsibilities and show a solid path of growth as you have progressed from a 1st year to, eventually, a 3rd year, you will have a more compelling work history than jumping around to work for a bigger name, but perform the same tasks.
If, however, you are interested in sticking with banking, moving to buy side, etc, you may very well be better off moving to the new, more prestigious bank, since, unlike B school, employers absolutely care about Target schools, Target employers, and prestige/brand definitely plays a big factor in how attractive you are to other firms, not to mention the fact that you will probably have more networking opportunities with the bigger, more prestigious firm - which as we have to acknowledge pretty much makes up a sizable portion of, at least initially, how appealing you are as an applicant - your employer's prestige, school's prestige, and network willing to support you.
The other factors also need to be considered - I'm assuming the salaries are about the same, but how is the bonus at your current boutique - is it in the BB ballpark, or much less. How are the hours you are currently putting in? How do the people that you've met from the new firm seem in comparison to those at your current firm - personalities seem to mesh well with yours, or does it seem like it'd be a bit of a challenge to really make the fit. What group would you be moving into, as opposed to your current group? All of these factors should play into your decision, but, at the end of the day, I think the big decision is where you see yourself in 2-3 years - moving up with the bank, at a different boutique, buy side, B school, etc.
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