Michigan Boutiques
Does anyone know of any boutiques in Michigan that pay street? I'm a sophomore in college and want to start looking for internships that might turn into a full time offer but am hoping to work somewhere that pays street.
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No boutiques in Michigan pay street. Period. The closest to street would be Cowen (formerly Quarton International, was acquired by Cowen), but they lag by probably $10-$15k base (compared to what is NOW considered street - $95-$100k base) and that lag translates to bonus as well. Go out of state to a larger platform and come back to MI in PE or as a sr. assoc. / vp at a boutique bank with upward mobility and a good comp package. If you went to a boutique in MI and then later decided to go into PE, your options would be SUPER limited (if you had any at all) without the experience of a formal investment banking analyst program on your resume from a global, full-service investment bank. In my experience, Cowen is not viewed as such if it is their M&A group in Michigan, unfortunately (Cowen doesn't do much M&A as it is anyways in aggregate).
i know cowen birmingham used to pay street for the analyst level (85 base and solid bonus), but they had a flat base model so a1,a2,a3 all had 85 base and increase was in bonus. not sure if that office bumped base to 100? Have heard that cascade will pay 100k base, idk bonus numbers tho. Unsure of other shops, angle comes to mind as the most reputable after cowen.
Show me a pay stub in Birmingham Michigan for NYC pay and I will walk away from my associate promotion at a BB to restart as an analyst lol
I would be, quite frankly, shocked, to find out that Cascade, of all places, pays $100k base to analysts. I would be willing to bet my life savings that is absolutely not the case. I would put the probability of Cascade paying $100k base to analysts at exactly 00.0000%. I am relatively certain that all-in at Cascade is somewhere around ~$55-$65k.
Cowen is 110K. Source: Interning there this summer and was just notified. Bumped from 85 to 100 now at 110
Agreed with the above, from MI originally and the list is pretty short. Cowen, Angle, Finnea, Cascade, a few more automotive-focused boutiques. Best move if your heart is set on the Midwest is just go to Chicago, spend some time on a bigger platform or a more diversified one, and then eventually come back at a more mid-level role.
Couldn't agree more. There's no real work in Michigan and no one will hire you or respect you coming from there. Hate to be the bearer of bad news.
People working in Michigan are there for a very specific reason, usually because they have to stay close to their family for business or personal reasons. Otherwise, why would you work in a place where the hours are the same as Chi/Nyc, the pay is 20-40% less, and the deal flow is 60% less. I mean, the market is a total joke to be honest. Get out while you can.
yep
Having talked to a few people at places like Cowen in Michigan, most of them are either 1) trying to stay close to home or 2) want to realize a higher value for their comp given they have new families etc. The deal flow for example at Cowen is actually not bad in MI but is strictly LMM/MM sell-side M&A. They have a couple bankers who are actual hitters there but also some lower producers. All-in-all, most people who take banking jobs in MI aren't really looking to supercharge their career and have personal reasons for being there.
This is correct. None pay street and they don't have to. Bonuses are depressingly low vs. Chicago or even other Tier 2 or 3 cities.
Cascade Partners in Southfield pays analysts between $85-$135k (idk if that's all in or what) which isn't a bad comp considering Southfield, MI isn't exactly NYC. Plus they're hiring rn
Not sure why I'm getting MS, just trying to be helpful by providing an additional data point/information
They work you like crazy though
Who doesn't tbh
lol. you don't know what working like crazy is.
You're getting MS because this is literally misinformation lmao. Cascade pays analysts like $65k, tops. No way they breach six figures all-in first year.
Except its literally not. They made a post on LinkedIn seeking an investment banking analyst and they stated pay was $85k-$135k. I was quoting material directly from them. That post was active at the time of my comment, I'm not out here just lying about fake numbers for a company in a state I've never been to
No post that I can find. Sounds made up to me.
Obviously not up anymore dipshit that's why I said "that post was active at the time of my comment", but yeah sure man I made it up to give false comp numbers to a midwestern prospect in a state no one cares about
Lol if this man hasn’t seen it it must not exist
It is, I interviewed there, it's closer to 65k-75k
PMCF is fine I guess, but man you really want to start someplace that gets more reps / better brand. DPP seems pretty solid, but obviously boutique as hell. If that's what you want, great, but otherwise again gotta aim higher.
DPP has a very well done internship program. PMCF is shit.
What is the overall safety of Detroit downtown/midtown (near Wayne State)?
I’m from Detroit metro - I’m a male so can only speak from that perspective. Never felt unsafe in that area, have friends who go to Wayne State who feel the same. Just be careful walking alone at night (don’t have AirPods in, wear super flashy stuff), because shit can still happen.
Would agree. Detroit is becoming safer and cooler (ton of new restaurants / bars), concert venues, prof. sports - the social scene is definitely coming back for young adults. That said, it still is a city with high crime potential just gotta be smart...
Downtown / Midtown is fine. No different than any larger city; if you're looking for trouble you'll probably find it.
Echoing what other person said - tons of food options and bars throughout Detroit as well as metro-Detroit (Royal Oak, Ferndale, Birmingham, etc.)
Generally very safe, but it's a city. Just like any other city. Don't be dumb, and you will be fine.
Know the Michigan M&A market very well - here are a few notes:
Feel free to PM with any specific questions.
Any insight into associate or higher comp at angle/other shops. A poster above outlined Cowen’s which was pretty close to street.
I'd say Associates start at ~$180K - $225K all in. Base/bonus composition will vary depending on the firm (i.e., some will have a lower base with higher bonus and vice versa).
Accurate.
Bumping here. Curious about thoughts on PE firms..
Any idea for culture/comp at Angle Advisors at the associate/vp level?
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