Micro Boutiques
Does anyone have experience at micro boutiques (<15 people)? If so, do you mind sharing your experience (deal size, flow, comp, lifestyle)?
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I've interned at two my freshman and sophomore years. The first had an asshole MD and the second had seniors who were nice to the SAs but who were also total dicks to the FT analysts. The specific people will matter a lot with small shops.
Work at a micro boutique (~15 people) on the west coast. Our deal size varies from $25M to ~500MM. Strong deal flow because our Senior MDs were well respected at their previous firms and have staked out a niche to operate in.
Comp is ~20% haircut to street for base (this is after the recent raises and we don't have comp discussions until year end), but my full year bonus would've been over 100% last year (was a stub since I started summer 2020).
Hours are slightly better than other banks, I guess, with an average of ~70 hours a week but can get up to 90+ when shit needs to get done.
Hope this helps
+SB, Great info. Are you in LA?
Also, what was the recruiting process like? Are you from a target/semi target? Did you cold email them to get a SA/FT offer or did they have standard recruiting?
In LA and went to a west coast target (UCLA/USC/Stan/UCB). Most LA boutiques and LMM shops recruit after the BB/EBs have wrapped up to scoop up kids who didn't land an SA position and that happened to be the position I found myself in junior year. Found them through a post in the career center and applied through that, then the normal process of interviewing, super day, SA stint, FT return offer.
Work at a micro boutique as you described. Companies we work typically range from $10-$100mm EBITDA. Currently staffed on four live deals. Base comp for 1st year analysts is $75k and bonus is typically 1-2x base. Hours are pretty good - around 70-80 per week.
How are you on 4 deals but only working 70-80 hours per week?
Probably because they are in different phases, or because there are more senior people who can also handle some of the workloads. I'm the youngest and least experienced on some of the deals that I am working on, but since I have associates also making slides we can process decks and produce material quickly. Similarly, you will meet analysts that are staffed on 7-8 deals at once, but that does not necessarily translate into 160-hour weeks.
Work at a lower MM micro boutique (typically $1-$25mm EBITDA) in a tier 2 city. Comp is way below street but everyone at the firm (even the founder/MD) is paid the same. There is high upside for sourcing/leading deals that close, so it sucks for now but I'll still get at least a 50% bonus at the end of the year. Culture and WLB are top notch as it is a great and supportive atmosphere with <50 hours a week.
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