Big 4 FDD vs Boutique IB
Which internship would be better for FT recruiting? Any idea how Big 4 FDD internship experience is looked at during FT recruiting by banks?
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Hey kaviagupta50, I swear if I had a silver banana for every lonely thread I posted too I'd be richer than @compbanker ...
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There is no substitute for "Investment Banking Analyst" on your resume, period. Even if the deals you work on are small and extremely unsexy, your bank is literally called No Name & Co., and you're in the middle of rural Nebraska, real deal experience is something for which there is no true substitute. By actually working in investment banking for a short time you will have relevant experience on your resume and something to talk about in interviews.
I'm sure others will disagree with me, but my experience leads me to believe that even working on a few crappy pitchbooks at a tiny bank as an intern is better than performing FDD at KPMG.
Think about it like this: when the kid who interviews you for FT next year asks what you did last summer, would you rather say "I worked at xyz brand name firm ...... but didn't do any investment banking" or "I worked at a real investment bank ... but it was small."?
I would say depends on what type of boutique you are referring to. If it’s a boutique that has a great deal flow and some brand name (e.g. Leerink/FTP) then I would pick them over Big 4. If it’s a regional boutique with a less known brand, I would prefer Big 4. IMO Big 4 FDD can open some doors for you and it is a safer option. Nowadays everyone has one or two boutique internship so very hard to differentiate.
Deal flow will almost certainly be much stronger and more prestigious at the big 4 FDD. That said, the above comments are right that you could do a few shitty pitch books that amount to nothing at a no name boutique vs being on a handful of massive deals at the big 4 FDD, but the market will probably still give you more credit for that no name boutique. Just the way it is. But a lot of people do still transition from FDD to IB or PE, so either way you'll still have options to build off of. It's all about the network you build and how you message your prior experiences. And what feels like the best fit for you to learn and be successful.
Not OP but would you say both positions have an equal shot of getting you to a top MBA (to then switch into banking)?
MBA admissions are the only area where Big 4 FDD would be advantageous over random no-name IB. Neither give you a great shot at a top MBA, but both would get you into a top ~15ish program which is enough for getting into IB.
I think it’s pretty undisputable that the IB experience will be better for IB recruiting, the question is if it will be enough. Ft recruiting is notoriously difficult, and I’d imagine if the bank is really under the radar you still might not get looks from the banks. If you do, you still might get unlucky and not land the role , etc. So I would just encourage you to also think about “where would I rather work for ft?” when making the decision (which isn’t to say a vote for the big 4, but rather another evaluative criteria to keep in mind)
Very dependent on how you can speak about the boutique experience more than the boutique itself probably. So even if you’re doing small deals, if you can articulate your involvement well then that might be the better choice. If you know you’re going to sit around all summer putting together some bland pitch decks and maybe using Cap IQ/FactSet here or there then prob go Big 4. And if you don’t know what you’ll be doing and end up sitting around, use that summer to network and self school on IB. Big 4 you’ll at least be able to speak about some known clients and get accustomed to a more corporate setting
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