Major BB equity research or no name boutique IBD?

chickensoup's picture
Rank: Monkey | banana points 42

Which one is more desirable? Equity research at a very well respected BB (JPM), or an offer at a boutique shop doing IBD in the USA? the boutique ibd shop is REALLY boutique, not prestigious..... Both are associate level (3-5 yrs of work experience)

so, which one would you take and under what circumstances?

p.s. I dont mind the hours, but I want to know which one has a brighter future...

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Comments (25)

Jun 2, 2018

Pure desirability, the BB name stands out. In terms of the activities you'll be doing first ask yourself what you want to do in the future.

Jun 2, 2018

For a moment there, I thought you were referring to RBC. My bad though.

    • 3
Jun 2, 2018

a lot less prestigious than that lol

Most Helpful
Jun 2, 2018

I think I have a pretty good idea of which shop you're talking about. I would also be inclined to go with the ER offer because of the brand. It's also not impossible to lateral to IBD from ER within the same bank, even at the associate level.

Two things I would consider, in addition to your future goals as mentioned above:

1) The industry you're covering at the BB. Based on what I've seen, you start becoming siloed in the industry you're covering once you hit the associate level in IB. I would assume this is similar in ER, and should you want to make the switch, either within JPM or at another bank, you'd probably be recruiting for the same industry. Something to consider.

2) How busy the boutique is. There are a lot of Canadian banks and smaller boutiques who are trying to get a piece of the pie in the US. For smaller shops without the relationships, this means a ton of pitching. Has the boutique you're looking at done a lot of deals recently? I would avoid if they don't look like they're doing deals.

    • 3
Jun 2, 2018

Overall: same sector

for IBD: how do i know if they are, or arent doing deals? other than straight out asking?

for IBD: also, the relationship seems to be there, but the brand of the shop is pretty non-existent. So i am not quite sure how to think abt it?

for research: isnt research dying? even at JPM? I understand that if u work for a top tiered firm (top 3), it's fine, but isnt it overall dying?

for research: what if IBD gives me a 30% higher pay?

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Jun 2, 2018

Two very important pieces of advice given to me were not to make career decisions based on immaterial amounts of money (30% premium at the analyst level is nothing), and to always put yourself in a position that gives you optionality.

If you truly don't know what you want to do I would take the BB offer for reasons mentioned by others in this thread. Brand matters more than it should.

To your first point, most places should have a section of their website with tombstones or a press release section that highlight their deals

    • 3
Jun 2, 2018

I think its difficult to give you a great answer without understanding your ambitions or interests. Are you interested in a career in IB? Then perhaps taking the boutique offer would make more sense. At a small firm you have a great opportunity to advance internally and should likely get a more client-facing experience during the deal process (actually speaking with clients during meetings and over the phone about their comments/concerns/inputs into a deal rather than all of that being handled by management).

If you're just focused on exit opps, both opportunities would give you similar exits. The BB name would definitely be superior here, especially in any AM (hedgefunds, pensions, FoFs...etc) job. So basically unless your interested in making a career in IB I would go with the ER offer.

Jun 2, 2018

I am equally interested in research and IBD, deciding factor for me would be upward mobility, and $$ (sorry for being tacky, but i care).

My understanding is that the BB ER gives you client facing time immediately, based on everyone that I've spoken to (license pending of course). Not that it matters really, b/c it takes a while to stand out in both cases?

Jun 2, 2018

I've never worked in ER so can't confirm or deny the how significant client interaction is at the associate level. I think your best bet is go to with the BB gig. Everyone in AM knows the name and you still have option to try to internally lateral to IB if thats what you want (not sure on success rate for things like this).

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Jun 16, 2018

JPM ER...no brainer.

    • 1
Jun 16, 2018

and can u share ur rationale?

Jun 16, 2018

JPM ER....not even close bro

You're in a solid brand name company with a coveted ER position with solid exit opps (corp dev, buyside, etc.)...compare that to a no-name IB

Jun 16, 2018

I think both would give you an opportunity to move to great places thereafter. Where do you want to end up? If you want to be a hedge fund analyst then JPM is a no-brainer. If you want to do MM PE then I might lean toward the banking gig. You could probably lateral up in name after a short time in IB and then be in a position to move to PE.

If you want to go corporate, there are great paths from both.

    • 1
Jun 16, 2018

Hi chickensoup, the silence is deafening, sorry about that.... Any of the threads below helpful?

  • Official Investment Banking Rankings: Boutique and Bulge Bracket Prestige This is for IBD in the US (NYC specifically) and as of November 2014. Bulge Bracket & Large ... much-- will value a bulge bracket experience, because they don't know what some of the ... funds interviews, but not as much prestige and opportunities as above Top Bulge Bracket Rankings ...
  • From <2 GPA, to Bulge Bracket and Hedge Fund a porter, to hedge fund intern, and finally, a bulge bracket intern **Yet after going back to school, ... cold-emailing I have actually landed an equity research internship in an investment bank right after my hedge ... interview for an internship position for a bulge bracket bank. Perceiving it more like a office visit (of ...
  • Bulge bracket or Boutique: which is better? I wanted to know if it would be better to work in BB or boutique. Some people have told me that boutique ... would be a better experience in terms of work life, but after doing some research, I have come to the ... conclusion that the hours are the same and the pay is great at BB. I'm a freshman at a target school for ...
  • Non-Target to Bulge Bracket IBD a summer internship offer at a BB IBD, and will be going back full-time after accepting the return offer. ... interested in pursuing an internship / full-time job on Wall Street. I was an arts and sciences major my ... first year at a non-target school (think top-75 business school), with no intentions of pursuing ...
  • Total Comp for Bulge Bracket Equity Research Have a question here. Am a BB IBD VP and thinking about going to research. Obviously will be pay ... cut in terms of total comp but how much exactly? equity research comp ...
  • BB IBD . Bulge Bracket ...
  • Bulge Bracket vs. Boutique Sales and Trading has any insight would love to hear. Thanks Bulge Bracket BB vs. Boutique ... Hey, so I was wondering if there a major difference working for a bb vs working for a quality ... boutique in regards to sales and trading? I get that on the ib side the deals are bigger and im sure ...
  • Off-cycle Bulge Bracket Internships during the school year NYC appreciated!! I go to a target school in NYC, with previous experience in a small IBD boutique and other no name ... Hi everyone, I know a few friends who had internships at JPM Equity Research, Credit Risk, and ... experiences. I think a stronger brand name would help my resume a lot and was wondering if there were any ...
  • More suggestions...

Calling relevant pros to the rescue! @Vikas-Maskeri @Nael-Shahbaz @Bjrannigan

Fingers crossed that one of those helps you.

Jun 16, 2018

bump