And Why?
Also, if you work at a bank now, are you happy with your bank? Or do you wish you were at a different bank or not in ibanking?
I am just wondering because I always hear lame reasons for wanting to work somewhere (ie. prestige). There must be some other reason you would like to work somewhere, right??
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Boutique (although the experience can very widely)
If you get a good one, you will have a chance to get in on companies at the ground level or even some private companies. Our model is lower value, high volume. Also, we don't do any face-time and the MDs are genuine people who care about keeping their employees happy (we have a policy on keeping talent so lateral moves within the firm are easy, MDs will even go to bat for you)
Also if you get to a higher level, there is the opportunity to buy stock in the investment bank.
MM/elite boutique/boutique for me. I wouldn't mind BBs, but I am definitely very satisfied with working at smaller banks. Btw, my internship is awesome (boutique bank)
This is investment banking, not charity work. People are not deeply connected to their work. They at the best firm, in the best group that they could get so they could get the best exit ops possible, or if they are in it for the long haul, so they could earn the biggest comp possible.
If anyone says they are at their bank because of culture, group size, etc etc, I bet all of that would fly out the window if an offer from GS TMT or MS M&A came about. This industry is about making money. Its the reality of the beast.
..
A small advisory practice of not more than 15 people or a small group within a large bank...I find once you fit in and you like the people while the people in the group like you it is enjoyable coming to work.
GJOnes, although you are right for the most part...the question asks for ideal situation and in an ideal situation money or exit ops aren't always priorities.
Boutique...is my first choice although I wouldn't pass up a BB offer...I want to go boutique because of the FT and overall better experience--from I have heard about boutiques
Absolutely disagree with GJones' comment. The way to approach these kinds of situations is what your exit options are and how much you are interested in learning. What I have seen through personal experiences is that in boutiques, you get exposure to a lot more and different kinds of deals- and by exposure, I mean you are working with a team of analysts and associates directly and you are given responsibilities that are beyond editing through the color pallettes and changing fonts. If you are a smart kid, your voice is actually heard and your opinion may matter depending on the associate/vp who's leading the team. These things matter a lot when you go for exit options. I was discussing this with a recruiter the other day and what she told me was that it really comes down to the level of experience and comfort you have with deals. So if you can get that at a BB, then thats good, but at an MM, the prospect of working really closely with the team and on being exposed to a number of different sides of the deal process makes the analyst very lucrative for most PE firms. Hope this helps.
Let's be realistic not idealistic. If "the way to think about these situations is what your exit options are and how much you are interested in learning," your exit ops from a lessser known or smaller bank will not be as good as coming from a BB or elite boutique. Don't pretend brand name does not matter when determining exit ops. KKR, BX, Carlyle, most fuds over $2bn AUM do not recruit at typical MM banks. A JPM kid will absolutely be taken over a kid from a MM, even if the kid has "experience" in smaller transactions. The better the bank, the better the exit ops (which is why analysts want BBs and elite boutiques in the first place).
For this reason, I have never heard of or seen anyone turn down a BB offer to work at a non-elite boutique MM bank, or turn down a GS/MS to work at a BAML/UBS. That wouldn't be a smart move. Like I said before, people go with the best bank and the best group they can get..
Btw, most people in banking are "smart kids". that won't make your MD listen to your suggestions.
Agree with this somewhat. Everyone who goes/wants to go into banking is somewhat influenced by the prestige/money. There's no question about it. But, when you're working 100+ hours, you better fit into the culture. Otherwise those will be the worst two years of your life. I've had a bad experience with a top 3 BB. And I knew I would never work there. Ever. In fact, a couple of MMs were on the top of my list because of the culture and how my interviewers and I clicked. But then again, everyone is different.
But hypothetically if I got offers from a BB and MM and both were great culturally, I'd probably choose the BB. So I do agree with your statement somewhat.
I don't care what type/size of IB I work at I just want the experience.
What he said
Walll and Thekid,
You just want the experience? for what? You gonna be doing it all your life so you'll have plenty of experience...remember Finance is the same in IB, PE or HF...it's just you do it in different formats...I think to really enjoy it, you would need other things to motivate you then the experience.
I go my internship M-F. Get up around 6:30AM and get back around 9PM. I love working there(boutique). Hours aren't bad and the people I work with are best/top notch of wall street. Used to be anyway. But every single day I learn something new. It's unbelievable how much hands on experience I get and it's only been about 1 week.
The current/soon-to-be previous intern is one shitty ass intern though. Can't stand him and glad he'll be leaving. Fucking laziest piece of shit and does not appreciate his opportunity. He fucking wants to work at a top 3 BB too, unbelievable.... some people these days.
Culture is very important, true. I also had a horrible experience in a group at my BB during my summer. I just switched groups / BB banks when I got the offer. I don't think I would switch to a MM from a BB because of cuture though, just because I want to go to BSchool, and its easier to get into an M7 if you work at a place with better name recognition. Plus most groups at BBs / elite boutiques don't suck culturally, so I don't think you have to leave the firm to get a group with a good culture.
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