Jan 18, 2015

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Jan 18, 2015 - 3:20pm

Why are you dead set on BB over a top MM IBD position? Depending on your ability to network and your current network, I think it would be easier to move from MM IBD to BB IBD rather than trying to lateral different groups.

You would have to seriously network while in the BB to switch over, as they will want someone who's been trained over the summer to start FT and not have to hold your hand if you're coming from ER.

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Jan 18, 2015 - 5:32pm

If you want to do IB FT, go with the MM IB offer. It'll give you the right skill set and prepare you for FT recruiting. Don't focus on the name being something "less" than a BB. Places like Rothschild, HL, Jefferies, will all provide you with a great experience. Each firm has their strengths. HL is #1 for consumer transactions under $1B. Rothschild is known for restructuring.

What you should be more concerned about is getting your pitch down, why IB, being able to articulate your knowledge of the industry, being able to talk about your summer internship - you should be able to sell yourself. This will distinguish you.

AgainstAllOdds
 
Jan 19, 2015 - 10:22am

Agree with the above. The skill set from MM IB and BB IB are the same. In most cases, that's more important than simply having a BB name on your resume

Remember, once you're inside you're on your own. Oh, you mean I can't count on you? No. Good!
 
Jan 19, 2015 - 11:47am

I disagree with the above posters. The 'skill set' you learn as a SA are not extensive at all and they do expect to train you pretty much from the bottom once you start. I believe you can make a much more compelling story as a SA in ER from a BB than from boutique IB, simply because the ER gig is harder to get.

The boutique IB job gives off the impression that you aimed for BB IB but didn't get it. The BB ER job gives the impression that you aimed for BB ER, got it and am now considering BB IB for FT because you were not sold on ER after having tried it. I think that's a better story from a recruiting standpoint.

Of course it depends on which boutique. If it's HL or Rotschild in London then I would probably pick that.

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Jan 19, 2015 - 1:34pm

In my experience, boutiques outside of the elite and good middle market ones are not even acknowledged in interviews or, at best, you're given the chance to elaborate. One interviewer at BNP once said something along the lines of 'I dont know that shop, so I dont trust the skills you might have acquired there'. Therefore, I would go with the brand name. Furthermore, ER is pretty interesting and you can always spin a story out of it to move to IBD like 'I like the fundamental analysis part a lot. However, I would like to not only assess strategic moves after the announcement or suggest possibilities for the company, but be involved in helping the company make that strategic move when it comes to M&A.'

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Jan 19, 2015 - 1:43pm

lewhukie:

In my experience, boutiques outside of the elite and good middle market ones are not even acknowledged in interviews or, at best, you're given the chance to elaborate. One interviewer at BNP once said something along the lines of 'I dont know that shop, so I dont trust the skills you might have acquired there'. Therefore, I would go with the brand name. Furthermore, ER is pretty interesting and you can always spin a story out of it to move to IBD like 'I like the fundamental analysis part a lot. However, I would like to not only assess strategic moves after the announcement or suggest possibilities for the company, but be involved in helping the company make that strategic move when it comes to M&A.'

I don't understand this logic. If you want to do investment banking, do investment banking. If you want to do ER, do ER.

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Jan 20, 2015 - 3:27am

I did an internship at a rather unknown M&A boutique. That internship wasn't even acknowledged in interviews at bigger places. The main argument basically was 'Don't know them, so how can I trust them'. Hence, I conclude that going with the BB due to the brand will give you more validity when it comes to interviews at bigger places. Having said that, as mentioned before, obviously this does not hold for EB. What's so hard to understand about this?

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Jan 20, 2015 - 3:30am

BB Equity Research or Boutique Investment Banking Path? (Originally Posted: 07/02/2013)

Hi all, I'm a recent MBA grad who just finished a one year internship in equity research. I'm actually really interested now in pursuing investment banking in technology & media.

My question is, if I had a chance to do equity research as an associate at a BB firm in SF or work as an IB analyst at boutique firm in LA, which should I choose if I eventually want to get into IB at a BB or MM firm?

Just FYI, my background is in engineering, I have 4 yrs of work experience, just finished MBA program at a school that's not a feeder, and have one year of equity research as an intern under my belt. Any feedback would be greatly appreciated, thanks!

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Jan 20, 2015 - 3:47am

Which Internship to Break into IB? ER or Boutique IB/PE? (Originally Posted: 03/29/2012)

Hey guys,

Need some advice here. I'm right now studying in a target in Singapore and I'm now undecided between 2 possible alternatives:

1) Take 6 months off school to do an internship in a middle market bank ER (Shanghai/Hong Kong)

or

2) Take 6 months off school to an internship with a local boutique IB/PE

or

3) TRY to find a local boutique IB/PE thats willing to let me do a part-time internship (eg. come in twice a week and possibly weekends) for 4-5 months during my semester.

My eventual goal is to break into IB.

Thanks in advance! (:

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Jan 20, 2015 - 3:49am

I had experience dealing with Singapore banks (CIMB, OSK etc etc). I would strongly recommend you try and do something outside of Singapore unless you plan to stay there for FT work. Capital market in Singapore is shit and filled with really conservative funds.

Would taking 6 months off postpone your graduation ? When were you planning to graduate originally ?

I am in favor of option 1 but you should check whether it would affect your FT application later (timing-wise)

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Jan 20, 2015 - 3:50am

@Roamer: well... it wouldnt becus I can overload my academic cirriculum and make up for it. i plan to work in HK next time but my worried is will IB firms value ER as much as the work that I can do in a Boutique IB?

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Jan 20, 2015 - 3:52am

I'm currently a freshman and I have a summer internship as an Equities Sale Intern lined up in NY

Ideal plan is to enter BB IB. Imm asking these questions becus I wna start networking/planning for my next step

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Jan 20, 2015 - 3:55am

I did an internship in SH and will say its tough to network there without hot leads. With leads, networking in SH is a piece of cake though.

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Jan 20, 2015 - 3:56am

eventually I hope to pursue a SA in Hong Kong or Singapore. I'm more cocerned about how potential IB hirers would value my internship experience. ER in SH and HK vs Boutique IB/PE in Singapore

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Jan 20, 2015 - 4:00am

Don't have too much great insight or advice to offer, but did you summer with one of the BBs you mentioned? If you know the firm well and know how internal mobility works, you could try out the ER position and try going through their internal process to move to IBD a couple years in. I know some firms are very big on this but don't know anything about UBS/DB.

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Jan 20, 2015 - 4:01am

Personally it is hard for us to tell you exactly what to do. There is no guarantee that you will be able to pull off this lateral given the current state of the industry(most BB's overstaffed)...however a post MBA move should be shooting fish in a barrel.

My advice would be to simply judge each opportunity based on which one you feel you would enjoy more and what you think you would be good at.

If judging by "prestige" you are kind of in that nebulous gray area where whether being an "investment banker" or whether being in another FO role at a BB will impress people more is a tossup. So don't judge that way. Neither opportunity is bad and either could lead to 7 figures if you are capable, strategically minded, and lucky enough.

Authored by: Certified Consulting Professional - ConsultantCertified Consulting Pro

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