Two boutique offers? Help with decision

Hello WSO Community,

I have a question on regards with two offers that I received, that frankly I am not happy with. I have two offers with boutique investment banks. One specializes in buy-side advisory, with mainly private equity firms. I would work for at least a minimum 10 months, and my salary would be based on deals completed. This firm does manage to completed a fair amount of deals, since one of their clients only executes transactions through them. Also, this firm is creating a research division. The problem with this firm is that is that one I am compensated once a deal is completed, the second problem is that this firm has 3 partners and very few analysts, and third is that this firm is not registered with FINRA (so no licenses).

The second firm is a internship position, which is likely to result in a 2 year offer, is an investment bank that provides a wide range of services, except S&T, and focuses in emerging markets. This investment bank specializes in M&A and leverage finance. Also, this investment bank has as a separate entity a investment fund that seems to be a pledge fund. The problem with this firm is that compensation is once again based on deals that are completed, two the firm is not registered with FINRA (so no licenses), and finally it is still possible that after I complete the internship I may not receive a full-time offer.

I understand that many people would be happy to receive an offer from any investment bank. In my case I'm a senior at a non-target. Also, my parents live in NYC so costs will be low for me. I am waiting on other full-time offers. However, I was wondering what would be the prudent choice between these two investment banks. So what would you choose, based on employment structure and exit opps? Thank you