Top MM Boutique vs Bottom BB Firms

thetrilogy8's picture
Rank: Baboon | 113

Looking into investment banking and specifically a summer analyst position.

When comparing a top MM boutique, such as William Blair or Houlihan Lokey, to a bottom BB such as Macquarie, BNP Paribas, or Mizuho, which would be a better option? Speaking in terms of PE/HF placement, compensation, work-life, overall experience.

Comments (17)

Oct 7, 2018

dude macq bnp and miz aren't bb. they're all mediocre mid markets. lower bbs are barclays ubs db rbc

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Oct 7, 2018

Ok, either way that doesn't help.

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Oct 7, 2018

How is Barclays a lower BB? It is at least on par with Citi BAML and CS.

Source: US M&A League Tables

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Oct 7, 2018

League tables are bullsh*t

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Oct 10, 2018

BAML is a cut above but Barclays is on par with Citi and CS. Don't listen to interns, students and people in Operations (???)

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Oct 8, 2018

Where would you say firms like Jeffries, WF, Lazard, etc. fit into those tiers?

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Oct 7, 2018

Bump

Most Helpful
Oct 8, 2018

Top MM boutiques will be much better in terms of experience and exit opps. Caveat being that I assume you are most interested in executing M&A deals. As an analyst at WB or HL you'll likely execute several deals regardless of which team you're on. Mizuho does essentially no M&A advisory work in the US (they primarily issue debt to investment grade companies which often lands them on the financing side of transactions), and I believe BNP does minimal M&A work in the US as well.

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Oct 10, 2018

In terms of exit opps, a top tier MM would be better bet then?

Oct 10, 2018

Dude, a top MM beats a bottom BB nine times out of ten. Everyone I know who went to somewhere like Baird is way happier than my friends who went to some of the sweatier BB's.

MM banks are way better for early exposure to seniors and to client, and for your own personal ownership of a project. At a BB, you're a cog. At a MM, you're part of a team.

Now this isn't true for a mid-tier MM like Piper or Lincoln, those places tend to be hell. My friends have described those places as sweaty, shrinking, and paranoid. But if you get a chance to go to a top tier MM - do it. You'll be happier, you'll have great exit opps, and your girlfriend will actually remember what you look like.

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Jan 2, 2019

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Jan 2, 2019

Arma is in another league compared to those you have mentioned and I would choose it over BNP hands down, but I'd choose BNP over the others because is a better known brand and gives you the opportunity to lateral to top MMs or tier 2 BBs

Jan 2, 2019
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