Renege boutique for another boutique
A friend of mine got a FT analyst offer at a boutique for IBD. He was already in the process with a better boutique (not an EB) but they were not able to decide before the other offer was going to explode, so he accepted the first offer. However, a few days after he accepted, the better boutique extended an offer. He is thinking about reneging but I don't think it's a good idea. It's a small world; why burn bridges for a job for slightly better exit opportunities? What do you guys think?
How much better are the exit opportunities at the other boutique?
Generally, your friend should do what's best for him and renege. The boutique should have plenty of other candidates willing to take his place in that case. You may burn bridges and should consider to what extent do relationships overlap, if they direct competitors (industry, geography) and if the other boutique would support him.
I'm honestly not sure how much the exit opportunities differ. The better boutique has significantly better deal flow and has about 3x as many employees. The boutique he originally was give an offer at is in several different industries while the arguably better boutique specializes in one industry.
Edit: Both companies are in NYC
bump
This is the "friend" speaking. The firm I was given an offer for has headquarters in D.C. but upon request I got an offer for their NY office. The one I just received an offer for is headquartered in NYC and is focused specifically on media. I have decided that the media-focused opportunity is substantially better, I am just dreading that phone call.
EDIT: Original offer is from a bank that is run by alumni of my school (including CEO who extended me the offer)
what kind of boutiques are you talking? can you at least give us like a list of comparable boutiques?
"Friend".
Cry every time.
@"btr17" hey dude, sorry to make it harder for you, but I would really think about how much better the better boutique is. In the scheme of things it sounds like they work on the same size and level of deals. That means that which deals that come in that you get staffed on and what your seniors say about you matters a lot more.
The point is, you might get much better experience at the less good boutique. Your seniors clearly are willing to make your experience good at the first offer as they granted your request to be in NYC and the founder is an alum of your school. That means you might get on the best deals they do, be tasked with the most interesting assignments and get good client interaction. Also, sorry to say but it is very clear that you were not the first choice at the other boutique. You gave them a deadline for another offer, they didn't move, then they move later. So, they had people ahead of you who took their time to not accept that offer. You could still be the go to guy if everyone ahead of you declined the offer and you were their favorite that they got. If, however, they were hiring for more than one spot, it is likely that some people ahead of you did accept the offer. That means that you are coming in not as the favorite. It may matter it may not. But, if they are taking on more than 1 analyst at the better boutique you may not get on the best deals or get the best recommendations from senior bankers. You know the situation better than me, but just another perspective. DO NOT make an emotional decision. DO NOT worry about hurting the alums feelings (I mean worry about it, feel bad, but do not let that make your decision for you). But, DO think about whether the relationship and enthusiasm that the worse boutique has shown might actually make that a better start to your career. Good luck either way and congrats on breaking in!!!
@"humblepie"
They were hiring for two spots - one of the Managing Partners at the "better" boutique called me today just expressing his interest in me and how happy they are to have had me come in. We spoke on the phone for about 30 minutes regarding the situation I'm in and thoughts he had on the matter. He of course then said he and the firm would respect any decision that I would make. They have heavily expressed interest in me and been very upfront with me throughout the whole process. They took their time because they ARE a boutique and are very careful about their hiring process. Also, the other analyst they hired has work experience - whereas I am fresh out of undergrad.
@"kidflash"
I unfortunately cannot disclose the names of the banks - but I will say that one has 3-4 deals per month on their website whereas the other has 3-4 per year. The better boutique is explicitly focused on one industry whereas the other is more of a generalist shop. Both founded at around the same time.
It is also clear to me that one pays bonuses way better than the other. Should that impact my decision substantially or marginally? May sound like a stupid question but I am somewhat new to the space and want to have access to all the information I can get.
My main hesitation with all of this as well is not working in the headquarters of the original boutique. Less exposure to senior management, less deals, etc.
bonuses matter in the sense that they're usually correlated with the type of experience you'll get (in addition to the obvious financial impact).
what type of deals is the better boutique putting up? m&a advisory? ecm comanager roles? it really depends...
if you don't want to put up too much information, you can pm me (if you're comfortable with that). i'm working in TMT so i could help with the one boutique.
hey @"kidflash" they do sell side m&a and private placements. I'm not sure if that swings your opinion on anything.
sounds like it's decent. honestly, i'd probably renege.
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