What’s everyone’s opinion on smaller boutiques that only focus on one industry vertical and execute well in that specific space? You don’t see a lot talked about in terms of pay, work life balance, and exit opps. It’s not likely that anyone outside of that specific focus will have heard of them, so I’m guessing exit opps will be weaker?
From what I’ve learned, they tend to be staffed by people that have prior background in that specific industry but not so much banking experience, plus a handful of senior partners that may have BB experience as an MD. Juniors often start there as an analyst and get promoted internally, but sometimes people lateral over from a BB / MM if they worked in the same vertical.
What about training opportunities? From prior posts on these boards, it seems like smaller shops are pretty hit or miss. On the one hand, you get more responsibility early on so you can develop faster. On the other hand, you’re kind of on your own and you won’t get much on the job training.
Can speak from experience here...
I love smaller boutiques. Pay is no doubt less than the high flying BBs, but work life balance is great and exit opportunities are unique.
In terms of opportunities, we see deals that we can't represent (because they are too small), but could either invest in or buy. It's great because we have flexibility to think about "what can we do with this opportunity".
Training is not structured. Trial by fire, my friend. That's actually one part I really like because it has taught me to think ahead, think strategically and just FIGURE THINGS OUT AND GET IT DONE.
Have seen a lot of colleagues transfer from boutique (specialized / generalist) to the BBs with ease.