Boutique IB or Bulge Bracket AM

If your main goal after graduating was to break into IB at a BB, but your options for your sophomore summer or junior summer are limited to the following two options which would you choose?

  1. Unpaid investment banking internship at a boutique or unknown investment bank
  2. Paid Asset Management internship at a bb or well known bank

Comments (17)

Jan 19, 2011

I'd probably take the AM role and try to network with the IBD guys.

I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing.

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Jan 19, 2011

I'd do the same, if its an unknown investment bank, you dont really know what kind of experience youll get as an SA. On the other hand, it is putting IB experience on your resume...

Jan 19, 2011

Are you at a target? If so, boutique IB may be better since you'll get a more relevant experience and you should still be able to get interviews through your school. If you're at a non-target though, I might go BB just because of the brand name and networking opportunities.

Jan 19, 2011

Completely agree with what downtown says. If you're at a target, then a boutique IB experience will help you get interviews in junior year for IB. If at a non-target, it would help to put a brand name on your resume and do more networking.

Jan 19, 2011

What's wrong with the AM role if he's at a target? It shows interest in the field even if it's not banking, and if he's at a target, then the difference in help for recruiting is marginal IMO. Plus, he'd be making $$

Jan 19, 2011

Even at a semi-target, I think if you want to do banking, then do banking. If you work your ass off you'll be fine. AM is the wrong path. You'll go into it only thinking about IB and you'll regret the decision. Bankers would rather you went for a no-name boutique. It shows how passionate you are about IB.

  • Network with BB's during summer, let them know what you're doing
  • Work hard and learn as much as you can at the no-name boutique

--
"Those who say don't know, and those who know don't say."

Jan 19, 2011

Non-Target. I could definitely leverage the a boutique ib internship as experience and it definitely shows passion/strong interest as nutsaboutWS said. I'll have my feet wet, even if it is just a little - some experience with valuation and what not. But then again, if I do take a BB internship in AM and excel like no other, it'll be a good look, and if I do apply for an IB position that'll know I am comptent. Now is that a risk worth taking?

Which would have more weight come time to apply for full time positions?

Jan 19, 2011

Sophomore: BB AM
Junior: Boutique IB
Not many opportunities for sophomores to get an internship in IB at least from a semi-target viewpoint.

Jan 19, 2011

I know what I would do. Take advice from people who have signed / are already analysts. Which accounts for about 2 of us on this thread.

--
"Those who say don't know, and those who know don't say."

Jan 19, 2011

its all dependant on your end goal...do you want to do IB fulltime?

I eat success for breakfast...with skim milk

Jan 19, 2011

Brand name is much more important imo. Plus, it's paid.. I'd take the AM.

Jan 19, 2011

As Im sure many would say, try to find out more about the IB one. See if you can reach out to previous interns (check linkedin). If you are not just binding books, then should probably just go for that.

Jan 19, 2011

Yup, if you get to do proper IB work (i.e. help with analysis on deals) then go for the IB one if you're looking to do IB next year.

Jan 19, 2011

As an update, I went to visit the boutique IB mentioned in option 2. While the CEO claims that I'll be doing substantial work, the managing director and analyst I met with said I wouldn't be doing much. I'm just a little unsure about the situation as a whole.

Jan 19, 2011
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