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I'll try to cover as much as I can.
Boutiques are fine places to start your career and often times have the best cultures if they are doing well. Those kids with high GPAs probably highly value a strong culture.
Please don't pay attention to the "tiers" on this website. Obviously there are clearly top dog firms in every industry but trying to measure each one in prestige terms is just hilarious. Boutiques are focused on a specific vertical or industry and need to be damn good at what they do to stay in business.
Compensation will normally be the industry average if not higher to ensure top talent still gets attracted to the firm. Unless it's some sort of federal focused boutique.
Hours depend on the project and deadlines on deliverables.
B-school opps are a bit more limited. Top Boutiques obviously will have the brand name for M7 but this where boutiques in general may fall short. However I have tons of friends that went Respected Boutique -> M7.
^This person is pretty much on the ball.
Judging "tiers" in the management consulting industry is, IMO, pretty ridiculous (to a certain point). Yes, there is clearly a top - the MBB firms. After that, you need to decide where YOU will be the most successful. The other big strategy shops are good places to land (Booz & Co., ATK, OW....), the big four have solid programs but frequently have culture issues, and there are a multitude of boutiques all of various quality. Want to know how "prestigious" they are? Go on LinkedIn and look at where former employees have landed and check their websites to see their recent clients/engagements. Many place into b-school almost as well as MBB (may not get into HBS, but you can probably hit Tuck, Columbia, etc.). Boutiques just get derided on this site because most people don't know what they're talking about and have no experience in the industry.
Frankly compensation at lower levels is not vastly different from boutique to MBB (but this depends on boutique - I'm speaking from the POV of mine). Not until you get into post-MBA and you're moving up to leading projects does compensation start to really differ. My boutique pays maybe $7k less than MBB, which is about a 7% difference. Cost of living is frankly a bigger factor salary-wise.
Job satisfaction and culture obviously varies tremendously among boutiques. This is mostly where the firm's practice area(s) lie. My firm specializes in optimization and mathematical modeling so, as you can likely guess, the culture is very nerdy but very friendly, if a bit awkward. Lots of PhD's don't make for intriguing bar discussions unless you love particle accelerators and probability theory, but the opportunity to work with geniuses makes it worth it.
PM me if you have any other questions, I'm happy to help (3 years in the industry).
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