Hey WSO,
I've been interviewing for FT positions for post-graduation (this January) and internships for right now, here in NYC. Many of the shops I've interviewed with are very small, and one of the "boutique investment banking" firms I went to even turned out to be a boiler room, stacks of cold-calling numbers and all.
What I'd like to know is whether legitimate boutiques exist? I don't mean shops like Lazard, Qatalyst, etc. - I'm wondering if it's possible for a boutique that no one has heard of to really do investment banking, sell-side research and all the other functions one expects of a real investment advisory firm? And even once I do find them, is it possible to move up to said boutiques or BB firms should I find work at one?
I know I've been told to keep a cool head (and to keep a hold of my ego), but it may be appropriate to say that it's discouraging to not find anything worth spending time on at the lower levels of this industry. I didn't have a 4.0 from HYP (I'm a non-target), but I did work my ass off to find internships and meet people in the field. I know that being unemployed is the most obvious sign that I didn't work my ass off enough, but I would think there has to be something besides unemployment waiting for me at the end (and beginning) of my journey.
Thoughts everyone?
My plan right now is to ace the GMAT (hopefully, after months of study). I'll graduate in January, and if I can't secure a legit job, I'm signing up for Fall 2013 MSF programs. Thanks in advance for your thoughts and opinions.
Plenty of legitimate boutique IB's that do true M&A (sellside and buyside). Granted, a significant portion of the banks revenue may come from capital raises, but no cold-call nonsense. You might be expected to cold call PE firms to forward a pitch book for a capital raise/acquisition, but you're not cold-calling random industry clients in the hopes of getting them to do deals with you. I don't think any boutique has a dedicated trading arm to do an IPO however. Regardless, as cheesy as it sounds, you are much closer to the deals at a boutique than at the BB level, and its not uncommon to have first-year Analysts speak at management presentations. You'll also work a fraction of the hours as your BB counterparts at SOME boutiques. Some banks in the LA area that I'm aware of: Cappello Capital, Montgomery & Co, Greif & Co, Financo, etc.
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