im a sophomore at a target and i have a friend who works at a middle market investment bank in new york who said he'd help me get an internship for the summer. he told me to send him my resume and a cover letter with a specific emphasis on why i would like to work at a middle market bank
Although I can think of a few reasons of my own, can anyone give me some good points as to the benefits of working at an MM bank over a BB?
thanks
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No good reasons.
Don't fool yourself. Analysts that work in MM would jump at the chance to get into a BB. NB: Above statement does not apply for Lazard, Blackstone, etc.
If an analyst at Piper Jaffray prefers his job over the same job at a BB, his name is probably A.J. and he invests heavily in "M&B".
Moneytree has obviously thought about this long and hard and is not biased one bit.
That said:
MM banks offer a ton of advantages over bulge brackets:
1) The number of hours worked is usually less. When you're working 100+hrs, even 5 hours less a week makes a significant difference. You will enjoy life a lot more if you aren't working quite as long. Don't get me wrong though, you'll have all-nighters and it will still suck, just not -quite- as much.
2) Responsibility. People don't quite realize how important this is. The way you learn on this job is by doing. Creating financial models for two years will undoubtedly make you extremely dangerous with financial statements. However, you won't learn jack about many other things. MM banks put a lot more responsibility on their analysts and it results in building a broader skill-set.
3) Senior level exposure. Another often overlooked thing. Part of learning the world of business is listening to the experts. If you're never involved in calls, never invited to pitches, never invited to diligence, or not allowed to run management presentations, you will be missing out on a substantial learning opportunity. People at BBs don't know what they are missing out on because they simply can't imagine the kind of responsibility and access to upper level people that are given at MM banks.
4) Pay (sometimes). I live in a place where the standard of living is uncomparably cheaper and my salary is pretty much equal (although I suspect I will get more than street level as the credit turmoil didn't touch us). While this isn't true for every MM, a lot of them open up the opportunity to work in areas that BBs don't. This is extremely valuable.
5) Attitude. BB bankers are often very full of themselves (which is probably why they all talk about how much MMs suck and each other suck and their bank is best, etc.) You will inevitably find people with attitudes, but at MM banks people there generally -like- their lives and are happy people whom you want to be around. I can't stay this for a many bankers at BBs.
There are many more reasons but I feel my words will continue to fall on deaf ears. Don't listen to the junk thrown about on this web-page about MMs. They are an extremely viable career option.
I always chuckle when people assume their own career choice is the best, and any other choice sucks. I work at a BB, but did seriously consider MM. You need to ask yourself what sort of environment you would thrive in. If you prefer a slightly less structured environment where you are encouraged to step up and do more than number crunching, a MM is a good place to work. however, exit options are more limited. You can argue endlessly about this, but this industry is a lot about brand recognition.
Not sure about whether people at MM is nicer though - it's a double edged sword. BBs are larger and you can always avoid working for that jerk if you want to, but this is harder at a smaller MM.
Calm down fellas. I thought my post was dripping in sarcasm--I guess not enough. Maybe the LXTV reference wasn't enough?
Is it a real MM, or a foreign bank that's big elsewhere but small in the States? Can think of plenty of benefits for the latter.
I had a networked connection for GS FT interview and an offer from a MM bank. I turned down the GS option.
It was a lifestyle choice for me. Working till 2-4am daily != life.
Sure the bonuses and pay are lower at the MM (still a comfortable amount by my standards), but the work environment was alot more managable and people were VERY down to earth.
Ultimately there are pros and cons, you have to weigh it out and decide. Sometimes I think about the superior training programme at GS and the prestige factor, but I have never regretted my decision. Contrary to popular belief, the ultimate currency in life is happiness not $$$. I saw myself "richer" at the MM bank in both the short and long haul.
I doubt this answers your question but yea my 2 cents worth :)
There are certain MM banks that are the best at what they do and operate in a niche. If you know what field you want to work in, it could very well be better for you to choose a middle market/boutique bank that is well-known in that field rather then working in a BB where you could end up getting placed with any of several groups (with little influence in determining which one). Restructuring is a very good example of this. There are no BB banks among the top ranks of restructuring groups. Lazard and Blackstone rank 9th and 10th for restructuring deal flow currently. Houlihan is top of the list.
Benefits of a Middle Market Bank - Specific emphasis (Originally Posted: 11/16/2007)
im a sophomore at a target and i have a friend who works at a middle market investment bank in new york who said he'd help me get an internship for the summer. he told me to send him my resume and a cover letter with a specific emphasis on why i would like to work at a middle market bank
Although I can think of a few reasons of my own, can anyone give me some good points as to the benefits of working at an MM bank over a BB?
thanks
lol are there really no benefits at all?
lol are there really no benefits at all?
Potentially: more responsibility on deals, more interaction with senior bankers and with clients and more dealflow in the current (uncertain credit market) environment. also (though i wouldn't mention in a cover letter) often, though not always, less face time and better lifestyle.
Search through the old records. I am sure this has been discussed before. When I was interviewing with some MM and got that question I would always say I want to work in the MM b/c
more exposure to clients more exposure to senior management overall greater responsibilty it is more fun to work with entrepreneurs who have built their company from the ground up than some CEO who took the job b/c of the perks.
Even if all of this stuff is not true the bank you are talking about will think that it is in their case.
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