Worked in MM and wanted to share some thoughts. It seems that most people on this forum are obsessed with prestige and exit-ops and see these items as the main reasons to avoid MM. In my experience, you should avoid MM but for completely different reasons.
If you have a few solid years of deal flow experience, know your field, and can network, you shouldn't be too worried about exit-ops no matter where you were an analyst or associate. BB will not necessarily make you a better analyst/associate. I've worked on deals with JPM/MS/GS as the counterparties where the deal teams were absolutely terrible.
With the prestige and exit-op arguments aside, here are 5 reasons to avoid MM: (Please add on your own onto the list)
1. You work just as much as the BB or more
I think that there is a misconception on this forum that MM is sort of taking it easy and BB is real deal. Honestly, reading some of the posts on here, BB might have it easier in certain cases. Sitting around waiting for the staffer and playing around on the internet is something that never happened to me at a MM. I worked 80 to 110 hours per week and every single minute of that time was occupied. MM is smaller; so the deal teams are smaller....aka everyone knows when you're not doing something.
2. No Training
Maybe not true of every MM bank but it seems that a good bit of them don't have formal training processes. You're just thrown straight into the fire. There is no time to study for the Series 7, 63, 79, etc. You just do that on your own time after working 80 hours.
3. "MM pays less"
See above....potentially same amount of work or more....worse pay. Do the math. Enough said.
4. "Lack of MD's influence in the overall bank"
If you're in MM, it's likely that IB is a side business. That means your MD is not that important in the organization as a whole which means less money for bonuses, hiring, etc. Furthermore, the whole thing doesn't run like a well-oiled machine. One year, you might get three new analysts and the next year, you get one analyst just by how the budget shook out. It's not a lot of fun to get promoted to associate and you're still doing analyst work because of internal bank politics. Same goes for VPs doing associate work etc.
5. "Deal flow can be bad"
Some MM banks are just not getting deals. However, that doesn't mean that you'll be doing less work. It just might be more pitchbooks and less live deals. See #1 above. Again, do the math, same workload but less deal experience equals not good.
Feel free to add on: