How to escape from no-name boutique
Currently doing an OC role at a no-name in London.
Looking to lateral ASAP to MM/EB/BB for OC roles but not having much luck.
Worried that if I don’t get one in January I will not be able to get one at all.
Should I just convert to FT here then lateral to analyst positions, or do most analyst positions get filled by previous interns?
Yes, your best bet is to do 12-18 months of FT there to learn the skills and then lateral. You can do so either via normal applications or through networking.
Would softly recommend against it, if possible. No-names / LMM suck at teaching you the excel skills, with most time spent on email and PPT. "Modeling" is mostly consolidating historical financials and calculating TTM, with senior bankers reluctant to do any projections to such an extent, that I almost think they are preventing analysts from working on these things on purpose, so that they won't lateral up-market. "we do not want to commit on behalf of the client and if something goes wrong the client will throw us under the bus" LMAO.
I build maybe ~1 small model a week (cashflow waterfall / debt waterfall a week) for client management purposes, and there is no way I would let an analyst do it, because: 1) all of the 4 analysts at my shot are 1st years (all prior analysts went upmarket), and have literally never done it, so if I want a quick, correct turnaround, I would do it myself 2) I need the practice.
In terms of modeling this is generally true but not always the case. It really comes down to the firm.
Wow, this is so spot on to my experience - went from a no-name to a small known boutique and was totally unfamiliar with the idea of projections when I moved firms because everything we had done at my previous shop had been historicals and TTM. Our "CIMs" were glorified Executive Summaries too.
Our "modeling" consisted purely of moving the reviewed financials from the accountant to Excel.
I'm exactly and literally in the very same position as you OP. London, OC, no name boutique and no offer lined for January...
When did you start, and what roles are you applying to if you don’t mind me asking?
I started this summer and am applying to OC/FT roles pretty much everywhere. Got dinged by Gleacher at the 2nd round, and just got dinged by William Blair (lol) after the 1st round.
Join Moelis, best EB
Agree with the first suggestion, do at least 12 months FT at your no name boutique and then lateral.
Yeah, you may be behind in modeling skills/deals and will either end up at a slightly larger boutique, or a BB/EB will take a year off your seniority - but it's not like this guy has tons of options to go elsewhere. Being in IB at a no name place is FAR better in terms of exits than doing middle or back office at a BB.
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