Current 3rd year Associate at a boutique consulting firm (think FTI/Huron/Navigant) doing client-facing technical/financial consulting work. Planning to apply for my MBA next fall and I'm targeting Tuck, Kellogg, INSEAD and will probably apply to Harvard/Stanford to test my luck. I'm coming from a non-target undergrad and feeling concerned that my current company may not be prestigious enough to help me get into a top MBA program, especially since to my knowledge my company doesn't send many (any?) people to top MBA programs. So I'm thinking of making a job switch and looking at 4 options
09 Jun 2021
I'm going to be finishing freshman year at a target school this spring and wanted to get a start looking for finance-related experience this summer. Right now, I'm a part of finance clubs at my school and have had some non-finance experiences in software and business. From what I've seen so far, corporate finance, small name boutiques, and search funds are opportunities I should be looking into for introductory experience. I'm hoping I can use family network to possibly land a corporate finance gig for the summer, but my family doesn't have any knowledge of IB, so I'm trying to figure this out
26 Nov 2021
WSO obsesses about the BBs and same boutiques like Lazard and Moelis over and over again. For the students that miss out on the top well-known banks, what are some strong MM or boutique shops which pay close to street and have solid exit opps that don't get mentioned much?
16 Apr 2019
Hey monkeys, As I am a rising sophomore at a non-target, I have been trying to position myself as best as possible to land an IB gig. I understand that a very common path is for students to do an internship in PWM or at a local PE shop or HF, etc in the freshman summer (which I have done), and then do an internship at a boutique investment bank during their sophomore summer, and then hopefully get a BB/EB/MM internship for the following summer. I'd imagine that the process of obtaining a sophomore summer internship is much less formal than for the junior summer role, but what IS the process
29 Jul 2019
There has been a lot of discussion on MM banks lately, so I wanted to see if anyone would be willing to give some insight into their experiences working in more of the boutique banks. What are pitching/deal processes like compared to MM/BB banks? Since boutiques are typically more "specialized" do most bankers past the analyst levels tend to have less optionality in moving to other careers? What is typical comp like after the analyst level? I imagine that there is a fair bit more upside, but a lot less cushion on less robust years Would love to hear about everyone's experiences. Thanks!
17 Dec 2020
Would love to hear people's thoughts on the comparison between Wells Fargo IB (platform offer - all divisions and locations) vs. a small tech boutique (think USA/GCA/FTP in NY office) for SA position. Here's what's important to me: Learning experience & responsibility Potential to re-recruit for full time at BB or EB Exit ops - preferable PE or lateral, and the more optionality the better Getting experience in tech/TMT (whether at SA stage or later on) Culture Thank you so much for sharing. This community has been incredibly helpful throughout recruiting.
10 Sep 2020
Mod Note (Andy): #TBT Throwback Thursday - this was originally posted on 3/24/13. So I've seen a few posts lately asking about mutual funds, Asset Management gigs, and alternatives to the sell-side out of college, and hopefully my experience taking the asset management route to hedge fund rather than banking can help people get a better idea of what the expectations will be like. Top Asset Management Firms To Work For I'll be clear early on, I worked at the type of asset management firm that's tough to classify. I like to consider this class of AM firm as a "top asset manager" or a "boutique
22 Oct 2015
What's your thoughts on this in terms of learning opportunities & exit ops into buyside? Looks like, even under this slow RX market, both banks have fair amount of deal flow.
21 Jul 2021
The firm has progressed a lot in terms of revenue and geographical expansion. But it still doesn't enjoy an image of a proper wall street investment bank. I know they are focused mostly on valuation but how about M&A and Restructuring. Can anyone please tell how are D&P analysts being perceived by college grads in US, the PE employers, and other banks? Are they still considered a firm similar to Big 4 or have they earned IB BOUTIQUE, MM level status?
01 Sep 2017
Hey all, just wondering where associates/2nd year analysts typically exit to from shareholder activism type IB groups. I know activism defense advisory is offered by some BB and EB banks and was curious if most stay in IB or eventually try to land at an activist fund or in PE.
26 Jan 2018
About a week ago, I was sitting at my desk at my current PE internship when the partners and the CEO were filling in a questionnaire that an investor (bank) had requested. The specific question that caught my attention was one that asked for the caliber of my firm's current and previous interns. The answer provided by the big guys?
There was no mention of my non-target university. I could tell that they felt bad seeing as this was all done 10 feet away from me and I could hear everything, so what followed was an attempt to make me feel better about myself: We have had Ivy League interns, mostly from Harvard, Stanford, Yale and other top universities such as Oxford, Cambridge and LSE.
...and other universities.
04 Nov 2012
Hey guys, I'm in a bit of a tight spot, and could use some advice. I'm a rising junior at a non-target unranked state school and this past summer I managed to get an internship as a summer analyst at a private equity firm. Fortunately, I knocked it out of the park, and even though they weren't looking to hire, I was able to leverage the connections / recommendations for an internship at a boutique this coming summer. If all goes well, that internship will turn into a full-time offer. My dilemma is that I applied to transfer to a few schools, and was offered delayed admission to an Ivy & as
16 Aug 2017
Hello WSOers - I'm a junior at a semi-target and also an international student. I had a superday back in May with a MM IB (Think HL, Jefferies, Lincoln) and never heard back but the office has made offers so I'm guessing I was dinged. I had another first-round with another MM bank but didn't make it past that. All banks are done recruiting on campus (at least those that sponsor) so I am in a tough spot. For a quick background, I have a 3.65, good amount of IB & PE experience and leadership exp as well. Also I submitted most of the applications with my old gpa 3.80 and I was wondering if I can
12 Sep 2018
Got an offer from one of the first three banks. How do these firms compare in terms of exit ops and long-term prospects to GS/MS and Centerview, which recruit later?
05 May 2021
Hey, I was wondering if anyone takes FBR seriously. They were once considered a pretty good boutique I think, as they handled smaller deals (especially during tech boom and other stuff in D.C. area) They were trading at 0.21 cents as of closing price today, although the group they spun off, FBCM (for FBR Capital Markets), was trading at $3.03. I was just wondering if people still consider it a reputable firm, or if it has lost a lot of its respect and prestige. Any insight would be helpful. Are its executive board considered competent and well respected, or has it become a joke and laughingstock. Thanks again in advance for shedding any light on this.
24 Feb 2009
Hello WSO members, I'm a Junior majoring in finance. My current cumulative GPA is 3.0 and major GPA is 3.7. I know all investment banks have ended their recruiting, so I'm thinking about boutique ib intern or pe intern as alternatives. From what I've researched on the forum, some boutique ib recruit till late spring. I had a pe intern last year outside US so idk if that experience may help. I am very good at excel and self-studied financial modeling and considering the fact that NYC has more opportunities, is there still any chance to get a boutique ib intern for the summer? If so, what should
18 Apr 2017
Hi all - I work in a small boutique that mainly advises on buyside M&A in the middle market. Currently in the midst of PE recruiting, and obviously reviewing my models as a result. I've come to realize that our models are....well kinda shit and all very high-level. For example, when we evaluate CIMs for our clients to give a prelim view of valuation and what to bid, we generally take CIM numbers, make some judgement calls on haircutting revenue and margins, and project everything under the income statement as % of revenue. Literally, the entire football field analysis can be done in ~1-2 hours
23 Apr 2020
Had offers at both. Really disliked the culture at Moelis NY. They are hiring way too many way too fast and several of the current analysts and associates I spoke to are put off by the excessive aggression and hated their lives. Felt the Centerview culture was much more tight knit and boutique like. Both are growing though Centerview focuses a little less on headcount but more on executing deals. In the end I went with the people I liked more at Centerview.
20 Nov 2009
Has the day of the BB finally come and gone? For decades places like GS, JPM, Bear Stearns and Lehmans represented the pinnacle of banking. These giants once stood proud, now out of these only 2 are left. The street is strewn with Drexel Burnham Lamberts and the like. It is becoming increasingly clear that BB is dying. UBS has been laying off analysts. Recruitment is down. It's time to face it, just like in law, big sprawling one stop shops are on the way out. The decline is multi-factorial. Trading, due to draconian regulations is out for most BBs, the era of mega mergers and LBOs is past us. Companies need to be nimbler, small banks can do that better. In addition, the partnership as opposed to LLC model makes people take a much more long term view.
08 Oct 2010
Any advice would be much appreciated: I graduated from a non target this May with a Finance major (3.62 GPA). My internship experience consists of FP&A in a smaller commercial focused bank and a credit analyst at another small commercial bank. I started a 2 year Corp Fin development program at a F500 company in August. I took this offer over two commercial banking offers (after being turned for IB at JPM). I thought that this development program would be challenging enough, but it's not. I am bored. I am determined to break into IB, and I am wondering about 3 courses of action from here: 1. Start networking hard with alumni at boutique firms and try and get hired immediately.
24 Jan 2011
So back in February, I got snubbed by a BB ibank for a SA position in Toronto. I ended up cold-emailing boutique firms in Toronto and joined one here. When I met the guy, he told me the summer post would be unpaid with a bonus and that I would "make more money here than I would in any other internship." Now a month in, I have yet to be paid, even though I have added value (finding (correcting rather) trading multiples for an acquistion, setting up a meeting with a potential client looking to sell etc.) I find it awkward asking about my bonus but frankly, this is starting to piss me off, especially because we just closed one deal and I have yet to be told anything.
23 Jun 2011
If any monkeys are looking for a last minute summer analyst spot, I stumbled upon a job that was posted today for Madison Williams & Company on LinkedIn. Hope this helps anyone still looking. http://www.linkedin.com/jobs?viewJob=&jobId=16471…2_1_I_us_2_1_1_R_true_2_2_2_2_2_2_2_1%2Efjs_1_1_%22Madison+Williams+and+Company%22_Y_1_1_1_1_R_true_2_2_2_2_2_2_2_2 http://www.madisonwilliams.com/index.php Good luck
26 May 2011
Background: I'm a 2nd year analyst at a prominent non-big 4 firm doing TAS (valuation / M&A DD) and I just got an offer for a boutique bank (I'd solely be doing middle market M&A) in a second tier city, which I'm currently working in. FWIW, this is the first banking offer I've gotten. I have a few hesitations: 1. Comp seems low 2. Exit opportunities - I'm hoping to jump to a MM PE firm after my analyst stint but given this is a growing IB (has been doing extremely well), I'm worried about the weight of the name. I met with a good amount of folks and it seems like a solid culture but my main
23 Feb 2017
Hey guys, First time poster here. I was hoping some of you could provide some insight for my situation. I started college at UNC Charlotte this year with the intention of eventually going to medical school along the road. This is a complete non-target and I only went because the grants cover my tuition and I commute from home, which pretty much makes this a free degree. Certain experiences have made me realize that I have no passion for healthcare and I have been looking into finance for a while now.
28 Apr 2013
I have an offer at both firms (NYC) and trying to make the decision. - Both banks have same growth story and are strong in the MM - RBC acts more with their balance sheet and can support larger financing - Jefferies name is stronger than RBC in the U.S. - Both banks have pulled a lot of top MD talent from BB through the financial crisis - RBC is headquartered in Canada, which will always have an effect on perception - Both banks will have smaller groups than BB which will be better for developing skills and having more responsibility With both being a generalist offer, which would you take, and why?
05 Oct 2011
Hi guys, So I've been given this opportunity to intern with a boutique IB in LA this summer. I'm a sophomore and I'm aiming at junior IBD internship in BB next year. If it were not for the job function I got to know from my interviewer, I'd definitely go with the boutique - just that he mentioned they would launch a new website and there'd be much writing work for it. Also I'd be writing a lot for industry research / economic outlook. I'm afraid I might not get enough hands-on modeling stuff, so what do you think I should choose, UBS or boutique given that the job functions are both not much banking-emphasized? Or maybe I'm wrong somewhere in my thought?
19 Apr 2011
I have an opportunity for a paid ops position at a BB or an unpaid trading position at a small, not very well known broker dealer with around 20 traders. I don't want to do anything other than and want to know which will help me move to a FT trading position at a BB. The boutique doesn't seem to hire new graduates and most of the people there have years of experience. Should i take the ops position n network in the bank or the trading position for the trading experience on my resume?
21 Mar 2011
If my goal is to eventually land a PE/HF/VC gig (after an MBA), which of the 2 is better (in terms of exit ops and transferable skills): 1) Analyst at top BB firm doing operations/BO work (reconciling, settlement, P&I, 3rd party clearing, etc) 2) Analyst at boutique investment bank (on-site due diligence, modeling (the financial kind), working with deal structuring team, etc) obviously there are a lot of other factors, but overall, which of these would lead to better b-school and pe/hf prospects??
17 May 2012
Hi yall, I'm half way through my summer internship at a top US BB bank think (JPM, MS, GS). So far i have hated my experience and have no intention of accepting an offer if i get one. I probably wont be offered a place at this rate anyway. During my interview process i got an offer from a boutique think (Greenhill, Moelis, Evercore) but i turned it down in favour of the BB. I parted with the people at the smaller firm and i want to know what the best way of approaching them would be in order to get another summer role or full time position for next year. I have roughly 4 weeks left in my bb internship. Advice much appreciated. RZA
24 Jul 2011
Hey all, Was reading through Flake's ER Q&A posted around the holidays and thought that his thread was fantastic. My experience / background is a little different than his was, so I wanted to start this thread as an opportunity to help provide at least some insight into other ER routes that aren't predicated on being at a BB. Forgive me if it's redundant to some of you, but this was something I wish I would have had when exploring other options. For a bit of background information on me, I went to a very small non-target UG school and studied Finance. It was a writing intensive college, which
02 Jul 2012
Hey guys, I currently work at a boutique Valuation shop in the Northeast, where I do BEV, Intangible Asset and M&E Vals. Long term, I want to work in a healthcare-focused role, be it a healthcare PE fund or Corp. Dev. at a large health system or healthcare services firm. I don't see a path to those roles from my position and experience currently, so I am trying to lateral to put myself on a path to get to where I want to be. My plan has been to lateral to an IB, MC or Big 4 role which would make it easier to then get an MBA and make the pivot to the healthcare space. After a long period of
05 Oct 2018
Hey guy's this is my first post and I'm looking for some advice on how to get into wall street via Boutique Banks. I currently am a transfer student at a non-target school with a very well respected business program (NIU) and major in Finance/Economics. My overall GPA is low because I did horrible at my previous school (around 2.0) so It currently sit's at about a 3.0. Now I have about a 3.7 for my last 60 hours and will have about a 3.9 gpa at my new school and a 4.0 in my finance/economics major. I think I'll graduate with about a 3.4 overall gpa with possibly a 4.0 in my last 60 hours.
23 Dec 2011
Hi, So I've been working as an unpaid intern at a boutique investment banking advisory in west coast for two weeks. I discovered lately that my company does not have a client at the moment - they have been around for several years, completed about a dozen deals in multiple sectors in the past, but are not currently working on deals. I didn't know about this until I get to work there - this sucks, I know, and I think I'm pretty much screwed. So basically, my daily job is meaningless dirty work. What I'm trying to do now is to learn Excel modeling on my own to cover the large blank of time.
20 Jul 2011
Ok to give you some sense of where I am, I am about 10 hours from NYC and 6 hours from Chicago (and according to greyhound, 13hrs and 8 hours by bus, respectively). So not like I can swing by some random afternoon, getting to either city is going to take some planning (I'm a soph and don't have a car, otherwise driving to Chicago wouldn't be that big of a deal). I'm a sophomore at a non-target, 3.65 gpa, working two internships (one is F500 in a kind of corporate finance role), involved in school, yaddy, yadda. Pays pretty well considering I don't do all that much but I would like to leapfrog to something better. Applied to a bunch of different places through my school's career management and different websites.
10 Mar 2013
Received a verbal offer from a boutique PE firm for FT in NYC. Soon to get a written offer with comp info. Firm has under $400 MM in AUM. Team is very lean. 2 Analysts who do the heavy lifting on the modeling and underwriting, and 2 high level MD's/ Partners who speak to clients and bring in new business as well. There's a lot of info on this site for PE Associate comp, but couldn't find much on comp for PE analysts right out of undergrad. What should I be looking for in terms of overall compensation regarding salary, bonus ranges, and possible carried interest, etc..
21 Nov 2014
Can anyone enlighten me on the difficulty of breaking into PE from one of these firms with about 3 years of work experience? I am targeting regional small/mm PE firms and trying to gauge how realistic this proposition is and how much of an uphill battle it will be. And also, I graduated from a decent state school with very high gpa and test scores. For PE recruiting, does it matter what university you attended if it is reasonably well respected and you performed well? Information from anyone who has successfully made the transition or know anyone who has, would be greatly appreciated!
04 Dec 2010
Hey, I'm in my last semester of my undergraduate Finance program at a good business within the state of Illinois (Northern Illinois University), but no where near a target school. My end career goal is to work at or create a private equity firm. I was wondering what are the different ways to break into a private equity firm? I know most of the PE associates and analysts are from an investment bank, public accounting or consulting firm. Are these the only ways of breaking into a private equity firm? Also if I were wanting to go into Investment Banking, in a Boutique or Middle Market, is it
30 Dec 2015
Reading through the forum I recently came across this: PE isn't the only option, nor is buy-side. Go to a hedge fund or a boutique shop. I know of one boutique shop that has less than 90 people, manages 10.5B in assets, and works with numerous other firms (p/e, hedge funds, com. funds, etc). They're really bearish (which is why their current returns are a dismal 2-5%) but even at that, that's 200-500 million they make for clients. They get 15% of that, so 30-75m respectively to split among the small work force. How do you find such a firm? This may be more challenging for me since I want to
11 May 2011
Not much information on this highly successful TMT boutique shop. Anyone have good intel on these guys? Yes I know they work on TMT deals and own the SoftBank relationship and etc. But what about culture, hours for junior employees, leadership and direction of firm, chance to rise thru ranks, etc.? Do associates and above work across advisory and investing? Anyone have first hand experience? Not much info on WSO or online like Glassdoor.
17 Apr 2018
I'm a rising senior right now, and I need some advice regarding my goals/future. I go to a semi-target school with a 3.4 GPA in Finance. Right now, I don't have an internship lined up, but I do have an opportunity to work at a regional boutique investment bank in August for 3 months. Now, this bank is in NYC and I go to school in the midwest. However, they also mentioned I can work from school and communicate over emails/phone/webcam. Here's the tricky part: I might take a semester off and just focus solely on the internship. Has anyone done this in banking? Here's my path planned out in my mind as of now: Take Fall Sem off (internship) ---> Go to school Spring Sem (apply for SUMMER internship) ---> work/intern during summer ---> Go back to school in Fall for FT Recruiting
04 Jul 2011
First part of the title: There are hundreds of small IBs out there focusing on M&A Advisory/Private Placements and I'm just beginning my 2nd year as an Analyst at one of them. We have less than 10 people and I'm the only Analyst, however my deal flow is great and I've been a part of closed deals in Industrials, Food & Beverage and IT, all between $25-$125MM. I graduated from a Top 30 semi-target and worked a year in AM before starting my IB job. I'm happy to answer questions about my experience thus far if anyone is curious about the lifestyle, since there is so much on WSO about BBs and another thread currently going on about life at an Elite Boutique.
02 Jun 2012
I would like to ask some questions about the banking industry in canada, banking compensation, and the banking lifestyle. Here are some of my questions; What are the best firms to work for in Canada (Toronto specifically) ? What is the dealflow like? GoldmanSachs or RBC for a longterm career in TO? Salaries at different firms ? Do you get an office, if so when? And feel free to add as much of your personnal experience as possible!
03 Feb 2018
----Original Message----- From: Me To: [Boutique President] Subject: summer internship Application Hey [First Name], I've attached my resume and cover letter below. Cheers, [My Name] -----His Reply--------- From: [Boutique President] To: Me Subject: RE: Summer Internship Application Hey [First Name]? Is that any way to address a cover note looking for a job? You've got to be kidding me. I didn't even look at your resume because I don't like your attitude. No internship for you sir.
05 Apr 2012
I am Director at a 3bn USD AM boutique shop covering a niche growing sector, located in Europe. I am having a strong quant background (phd). I spent 4 years doing applied research in academia (stochastic modeling with applications to finance) and then joined the shop I am currently working at. We were 6 people in the beginning and there was about 200 m USD AUM. Now. About 40 emploers and USD 3bn. so why the hell did I join this firm whereas I got other quant offers from IB? Because I did not listen to anyone's advises and just followed my intuition. I got a quick promotion after a year and can probably make into a partner in short due course.
31 May 2014
I'm a non-diversity sophomore at a super non-target with a good amount of experience and offers for fall and spring, just need to lock down a sophomore summer internship. Since diversity programs at top banks are a no-go for me, I'd still like to end up with some solid experience next summer as junior summer recruiting kicks off. Are there any LA-based, decently well-known shops that accept sophomore interns with my type of background? Thanks
07 Sep 2021
I went through first round interviews for an associate position at a boutique bank in NYC last Thursday, right before the July 4th weekend, and haven't heard back. Most curiously, my alumni contact at the bank hasn't responded, and he was very communicative leading up to the interviews. I'm thinking he either doesn't want to get tangled in the decision process, he's on vacation, or just plain busy. Any thoughts? I know a one week lapse in time is not usually a good sign.
08 Jul 2010
http://www.razume.com/documents/19356 Junior at non target and will intern at a boutique IB this summer (public finance). I want a shot at FT MM or BB interviews this fall, suggestions and criticism? Other experience I could include: - took this off: Student Activities Judicial Board, Delegate - could get a position with our Finance Society (maybe VP Finance) - could get a spot on our Associated Student Finance Board
23 Mar 2011
Saw a recent post regarding comp in the south (South Florida, Atlanta, Charlotte) for boutique firms but didn't seem to get any responses. Is there a general comp amount (base, bonus, sign-on etc) for some of the smaller boutiques in the south? Firms that are mostly industry specific such as Hyde Park Capital, 7-Mile Advisors, DecisionPoint, etc.. Tobin & Company hard pass
27 Jul 2020
Thank you WSO. I wish I could put it in more words, after months and 70+ applications, cold emails, cold calls, I finally landed an interview with a boutique bank in NYC and they offered me a long term intern analyst position (~6 months) which I believe could materialize into a FT gig. Background: - non-target state school okay GPA (3.6) - non-Finance background - graduated about a year ago (been working in an unrelated field since) - no contacts in the finance industry prior to a few months ago Road to success: I bought the networking, fit interview, and tech interview guides and used them to a T (highly suggested) I was fortunate to network--->cold email---->phone info session my way into an interview.
08 Jan 2011