Bulge Bracket vs Boutique

Investment banking always changing, fast paced.

Bulge bracket- very large banks, spread out across many divisions (inv.
Banking, research, etc.); larger clients
Boutiques- smaller, focused mostly on one thing (MNA focuses on
advisory), smaller teams
How to narrow down what you wanted to go into?
1. Bulge- trading is done w other groups within banks, more exposure,
more opportunity (you find out more about the actual bank, broader
perspective, larger role)
2. People, how you click with them, you dont know the culture until
you actually work there (firm and group specific), unique
opportunities (writing own research)
3. Though youre at a smaller bank doesnt mean you dont get
exposure
4. Fundamental business model is diffbulge bracket has balance
sheet power, hierarchal system (less approachable seniors?)
boutique leverage senior member relationships, more responsibility,
sense of contributing more
5. Boutique model requires clients to really trust the bank, developed
to provide a purely advisory service, unique relationships
6. Bulge- larger groups, less responsibility, however responsibility is
obviously still there
Dont allow deal size to factor into how you choose bulge bracket or
boutique
Differences arent incredulous, differences mostly lie between banks.
Specializing on a specific industry or productBulge is good if you know
exactly what you want to do, boutiques allow you to be more flexible
Aspects you enjoyed/did not enjoy?
1. (he had opportunity to be in a smaller group and thus shoulder more
responsibility, was given three deals first day) Group- dynamics
were nice, size was manageable in group, responsibility. Hours
sometimes are overwhelming, however most of the time youre
doing work and time goes quick
2. (works at boutique) Responsibility is heavy, time constraint. Close
with CEOs and superiors, unique opportunity to a boutique. Better
hours, never stay later than 8pm, Friday leave by pm (whereas
bulge bracket leave around 11/12 sometimes)
3. Product group, MNA group (technical) split groups in bulge
bracket, whereas in boutique has more broad experience, you are
required to cover more, one group works on everything

4. Different experience at a boutique, more personal experience, more

like family, whereas at bulge bracket seems more like a tool for the
company
Recruiting?
1. Beggars cant be choosersapply for everything, after offers, select
which one is more preferable, benefits, relationships, how
experiences and network can leverage you in the future
2. Networking is tiring, but important. Go to as many as possible- take
the time to think of thoughtful questions and what you really want
to learn. This is how you get to know the firm, but also relationships
and connections are extremely valuable.
3. You are not in a position to be selective
4. Get to know who youre talking to, especially even besides from a
career persepective
Q&A
Do people stay longer in boutiques or BB?
You tend to stay longer in boutiques, whereas bulges have a larger culture
of moving/transcending into a different field or higher position, etc.
However it definitely varies by company.
A lot of people actually move from bulge to boutique, especially senior
workers (people get tired of corporate setting, boutiques give you more
allowance for life outside of work)
Day to day, what is diff between the two?
For bulge: Summer- 9 to 9:30 every day, intense projects, for example live
deal, a lot of work going on. However usually doing research, pitch work,
general work. On average get out at midnight, etc. Also is attributed to
intern life, as impression are important.
For boutique: Pretty similar, in her experience, more training programs.
Average get out at 11 or so, pretty flexible about working from home. For
example working from home on Sundays for a couple hours
For research: Periods of hard work, however also periods of relax
Internships, beggars cant be choosers, however, go get it, try hard. Do
extra things, to give a good impression.
Competitiveness within the workplace?
Bulge: in speakers experience: Selective from the beginning, everyone
has a spot though not necessarily guaranteed. HOWEVER, there are
banks that take a lot of people and landing a spot is much more
competitive

Boutiques generally are more selective, however at the same time, hire
less as they require less people. However in comparison to boutique,
generally less competitive, more of a team environment.
Offer is yours to lose, also yours to grab. Show that youre proactive, seek
out what you want, show you are dedicated. Be open to criticism and
feedback, talk to people, ask people out to chat, etc. Focus on showing
your best self but stay true to yourself as well.
Switching industryworking at bulge is better for pushing your forward in
field (everybody knows of the big companies)
If youre unclear about what you want to do, its better to work at bulge so
you have more mobility within the hiring/job field
Next event on 19th with Macys Corporate