Declined MM Equity Research Over Boutique IB did I make a mistake?
Recently accepted an offer for IB FT to a regional boutique that I interned over the past summer. Pay is good for a smaller boutique (15-20k less than street and in LCOL area). Once I got the offer I notified a MM bank (William Blair / Baird / Jeffries )that I had an interview scheduled to withdraw myself from the process. My thoguht process was that it was for an Equity Research role and I preferred doing IB but now looking back I kinda have some regrets. The Equity Research position is at a significantly more reputable and well known firm which could've opened some doors in the future. Any thoughts on my decision and how big of a mistake it is?
Not sure why you’re regretting this? I was in a similar position 2 years ago - interviewing at a well known IB for equity research and another small firm for M&A.
I ended up dropping the ER role for the M&A role cos I really wanted M&A experience and not ER.
It’s been 2 years now and I’m on my way to a BB as my 2 years M&A role was directly relevant to what the BB team wanted.
Ultimately, it comes down to what you want - if you really wanted ER, then you should have stuck with that role. If you want to be a career banker, then I’m fairly confident that you made the right choice.
Good luck. I’m sure you’ll smash it
Assuming it's a legit firm and doing decent deals, I'd much rather be in M&A than sell side ER. It's a tough business these days.
You absolutely did the right thing.
Firstly, you interned there, so you know the culture and what the job entails. Presumably, you liked it.
If you accepted ER, you don’t even know if you would enjoy the role. You also would have a harder time lateraling to an IB role for a marginally better “bank” name. Whereas there are plenty of precedents in the status quo scenario.
Those are two unknowns you eliminated right off the bat. Plus, with your current IB role, it’s significantly easier to lateral for the same position at a more prestigious bank - btw, the list of “boutiques” you named are not “boutiques” - they are credible and reputable middle market investment banks.
This is a no brainer. Good luck bro!
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