Major BB equity research or no name boutique IBD?
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...
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.
For a moment there, I thought you were referring to RBC. My bad though.
a lot less prestigious than that lol
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.
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?
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
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.
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?
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).
major BB equity research or no name boutique canadian IBD? (repost from IBD forum) (Originally Posted: 06/03/2018)
I posted this on IBD forum. obviously, the audience is different, so i thought to get a different perspective. so, here's my question below:
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...I am uncertain of ER future due to mifid, asset management fee reduction, etc
JPM ER...no brainer.
and can u share ur rationale?
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
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.
major BB equity research or no name boutique canadian IBD? (Originally Posted: 05/24/2018)
Which one is more desirable? Equity research at a very well respected BB (JPM), or an offer at a canadian bank doing IBD in the USA? the canadian bank isnt even RBC..... Both are associate level (3-5 yrs of work experience)
Canadian bank pays more, but I just am not sure about the overall aspect of this....
p.s. I dont mind the hours, but I want to know which one has a brighter future...
Hi chickensoup, the silence is deafening, sorry about that.... Any of the threads below helpful?
Calling relevant pros to the rescue! Vikas-Maskeri Nael-Shahbaz Bjrannigan
Fingers crossed that one of those helps you.
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