Graduate Positions: Boutique LMM PE/Advisory vs. Big 4?
Hey WSO,
Looking for some advice on starting out in Australia. I'm torn between two grad offers, and want to position myself well for a long-term career in Corp Dev, MM/Large PE Funds or M&A down the track (not sure exactly what I want to do). Starting salary is similar in both.
Option 1: Boutique LMM PE & M&A Advisory
- Hybrid model: growth equity fund (taking minority stakes in mid-market SMEs) + some M&A / bolt-on advisory. Lots of portfolio monitoring work. Fund has only been around for 5 years and is pretty unknown.
- Exposure to the full deal lifecycle: 3-statement modelling, IC papers, business valuation, and working directly with founders/C-suite on value creation levers.
- Small team environment (4 person fund + support staff) with high autonomy
Option 2: Big 4 Deals (TAS / Corporate Finance)
- Large corporate brand, structured graduate training program, and a big grad cohort.
- Day-to-day work can lean more toward historical accounting diligence rather than investor/growth thinking.
Questions for the sub:
- Is direct buyside/PE experience at a boutique better for jumping into Corp Dev/Strategy/Larger PE Fund than a Big 4 Deals brand?
- How exit-able is the boutique role if the fund itself doesn't scale
Thanks!
