Worth it to climb up the ladder?
Currently a SA at a 30 banker boutique IB in MCOL T2 city. Culture is great, people are great, hours are great (65-70 for AN/ASO regularly, 80 max) , pay is of course lower than street but overall not bad for the hours and city - 100k base + 30-50% bonus. Firm is growing fast and deal flow is ramping up.
Sounds like the dream right? Except there’s always that thought of going to NYC and working at a BB/UMM bank. Those that have been at boutiques and lateraled, how was that experience? Was it difficult to do? Do you look back and think it was the right decision? I know some BBs have already opened apps for FT roles and recruiting for those few FT spots will be hard but I’m not concerned with that, just want to know if it’s even worth it.
Also, only a few people from my firm have gone to the buy side which is something I’m definitely considering in the future. Any advice/opinions are appreciated.
Based on the most helpful WSO content, here’s what you need to consider:
Lateral Moves from Boutique to BB/UMM Banks: Transitioning from a boutique to a bulge bracket (BB) or upper middle market (UMM) bank is possible but can be challenging. The difficulty often depends on your network, deal experience, and how well you can position yourself during recruiting. Some threads highlight that while boutiques offer great experience, the jump to a BB/UMM bank may require demonstrating strong technical skills and deal exposure.
Is It Worth It?: The decision to move depends on your long-term goals:
Career Progression: While boutiques can offer faster promotions and more responsibility early on, BBs/UMMs provide a broader platform, larger deals, and a more structured career path. However, as noted in WSO threads, the advantages of boutiques (e.g., higher comp at junior levels) often diminish at the VP level and beyond, where BBs/UMMs may offer better long-term career prospects.
Recruiting for FT Roles: If you’re considering a lateral move, start networking aggressively. Many WSO users emphasize the importance of reaching out to alumni, attending events, and leveraging LinkedIn to connect with bankers at your target firms. Highlight your deal experience and boutique background as strengths.
Reflection from Others Who’ve Lateralized: Some professionals who’ve made the move to BBs/UMMs report that it was worth it for the buy-side opportunities and prestige. However, others miss the better culture and work-life balance of boutiques. It’s a highly personal decision.
Key Takeaway:
If buy-side placement or working on larger, more complex deals is a priority, making the move to a BB/UMM bank could be worth it. However, weigh this against the potential loss of your current boutique’s culture, hours, and lifestyle. If you decide to stay, focus on excelling at your boutique and building a strong network to keep future options open.
Sources: David and Goliath: The Boutique and The Bulge Bracket, https://www.wallstreetoasis.com/forum/investment-banking/why-go-from-elite-boutique-to-bulge-bracket?customgpt=1, David and Goliath: The Boutique and The Bulge Bracket, https://www.wallstreetoasis.com/forum/private-equity/going-from-mm-investment-bank-to-mega-fund?customgpt=1, A Guide for Switching From Commercial Banking to Investment Banking
Is "UMM bank" gonna be the next WSO term, like "top non-target" or "low top-target?"
>work a job that pays well with upside at the firm with people you enjoy
>hate your life and half your coworkers for a marginal bump in compensation
Which path finance boy?
Not to mention that marginal bump in compensation gets eaten by the ridiculous COL of NYC
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