Choosing Between Boutique AM vs Corporate Advisory Offers

Hi WSO,


I've got two offers here in Melbourne between a small boutique long-only AM (approx. A$200m AUM, approx. 5-10 guys - not entirely sure, very limited info) that's been around a while (10+ yrs) and a boutique Corporate Advisory firm (approx. 5-10 guys, does mostly Corp Advisory + ECM) that's quite new (<2 yrs) but with heavy deal flow recently. The AM opportunity is a full-time offer, with the caveat that I will start by doing BO work then transition to more equity analysis responsibilities over time (will still be involved, albeit probably minimally, in the stock picking/research process when starting out; also not 100% clear as to when and how quickly I can evolve to doing solely equity analysis/FO stuff). Meanwhile, the Corp Adv. gig is an unstructured internship that I got through my network which will have me working on deals since day 1 (preparing CIMs, decks, etc.). For context: I am a senior/super-senior with no prior internships, good but amazing grades and subpar ECs.


In terms of future career path, I am not entirely sure what I would want to do long-term but I am currently leaning more towards equities (would like to eventually work at a top AM and hopefully make PM one day). However, primarily given the nature of the role at the AM (BO initially), plus it not being a very big/well-known firm, I am unsure if this would provide the brand name needed for me to lateral to a big AM. On the other hand, the Corp Adv. gig will be contractual/fixed-term (internship) and may open doors to BBs, should I wish to pursue IB or ER, but lacks job security and is on the sell-side.

I am also waiting to complete my study abroad which has been postponed due to COVID, so I won't be able to do that if I opt for the AM route as they would want me to start immediately and work while I complete off my studies here domestically whereas the Corp Adv. gig may allow for more flexibility given the contractual/fixed-term nature.


Would appreciate thoughts & insights from any fellow monkeys!


Cheers,

AndnA

 

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