To all,
What are the strengths/weakness of choosing offers between a BB Commerical Banking Analyst Program, Boutique MM IB, or Boutique MM PE? Assuming the desired path is:
BB IB ---> Large PE Fund
After my reasearch, it appears that this is what I've come up with so far.
BB CB
Strengths: Stable and predictable pay, 50 hrs/week, recognizable name for exit opps, Possible internal transition into IB, Formal BB training program
Weaknesses: Lower pay than PE or IB (assuming those firms perform well), Less experienced co-workers, Less intellectual work, Less impressive work experience for top MBA program
MM IB
Strengths: IB skills, exposure to deals, thorough understanding of capital structure and modeling
Weaknesses: Sell-side exposure only, external networking need, job security, small firm, informal training program
MM PE
Strengths: Exposure to deals, flexible role, exit opps into consulting or IB, thorough understanding of finance and business, direct exposure to senior management, other private equity firms, and investment bankers
Weaknesses: Small firm, low job security, unstable pay, informal training program
I'd like to get some opinions on this from a diverse group of people.
Thanks in advance.
MM IB
Agreed, although granted my perspective is biased since i chose a solid MM IB firm to join FT
regardless, i wouldnt bank on the fact that getting into BB commercial banking would allow for easy internal mobility to the IB division within the same BB...if anything that's like trying to go from selling apples to oranges where as if you're at a MM IB its like going from tangerines to selling organges (im eating oranges right now so this is the best analogy i came up with lol sorry!). you'll be doing similar sell-side work at the MM firm (tangerines) than you would as at a BB that does bigger deals as times (oranges) vs the commercial bank does extremely different type of work and services
the skills you'll learn in commercial banking are very very good overall, but not as relevant for PE, MM IB will be better than commercial banking
but for whether to go straight to MM PE, i feel like this could be a hit or miss. if its lacking a formal training program and there isn't much office/deal team structure, i'd stay away, personally that is, and you said 'exit ops to IB'...then you might as well do MM IB and if you really want to move to BB IB network and make it happen.
none of these are bad/better necessarily than the other but with you goals listed id personally vote for MM IB. hope this helps
Agreed with analystmonkey, I am very glad I chose to do a training program as oppose to taking the MM PE offer I got. I am only 8 months in now and I already have recruiters calling me for interviews. I never thought this would happen to me, but it feels cool when people reach out to you for an interview instead of the other way around. Training programs are extremely valuable and the skills you pick up will not only allow you to do well internally, but will open many more doors for you.
Very good responses. I appreciate it.
Teddy, how long was your training program? I'm assuming it was with a MM IB? What if both MM IB and MM PE firms do not offer formal training programs but the BB Commercial Bank does?
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