Associate at small boutique vs analyst at GS/MS

Hello,

I’m a third year IBD analyst at a low tier boutique focusing on small cap deals, I’ve been given the promotion to associate effective this summer. Pay here is ok, a slight deduction from BB pay, but we have a great work life balance so on a per hour basis we earn more than BB and EBs.

I ended up receiving a graduate offer to join (GS/MS) as a IBD graduate / Analyst 1 starting a similar time to my associate promotion here and I’m unsure what to do. I tried negotiating coming in as an A2 or A3 but they got angry and said if I wasn’t comfortable starting as a grad again, I shouldn’t have applied, which is a fair point.

The things that come to mind initially are:

Negatives: - huge pay decrease, first year associates at my boutique earn around £120k + total comp where as first year analysts at BBs in London make about £75k total comp so I’ll effectively be taking a £45k pay cut. I have a mortgage so this isn’t ideal but it’s still manageable. - starting my career again from the beginning (I’ll probably be older than the associates there) - brutal hours so will have no life - I turn 27 this year so by the time I make associate if I take the BB offer I will be 30/31

Positives: - more interesting work and less boring crap (being at a boutique you often do all the admin and compliance work yourself which sucks!) - bigger more exciting deals - better exit opportunities - better learning - create new friends - the GS/MS brand, I.e opportunities to travel internationally within the firm later down the line

Would appreciate any advice and thoughts I don’t have long to decide. Thank you