I would love a video about what "financing" is and how bulge brackets give you better opportunities on that! It seems like if you can get a top group at a BB, there's no better place to be unless you know you're destined for IB partnership, in which case, the purist boutique route may make sense.
Haha, I didn't realize people would actually be interested in that! I'll definitely put that on the list. I studied at Ivey then went to Evercore and then Providence Equity. I summered at Silver Lake back when I was in school.
Informative video. It seems like, basically, the benefits of the elite boutiques vs. bulge brackets accrue in proportion to how long you stay. That's consistent with what I've heard about some boutique shops asking for a 3 year committment and clawing back bonuses if you leave early. It seems like a place to go if you really want to be there, whereas GS / MS / JPM etc your breadth of experience is wider and so its easier to leave early.
I think only Centerview does the clawback of the top boutiques. I would say it's as easy to leave places like Moelis / Evercore / Lazard for top exit opps as it is for GS / MS / JPM. Some elite boutiques are actually more supportive of recruiting.
i think it depends.A PE firm that specializes in tech and growth equity will prefer a TMT analyst from evercore over a JPM industrials analyst. A PE firm could have most of the workers coming from an EB so the connection is strong. With all else equal, they will prob prefer the BB tho
I personally think GS / MS > Top EBs > Other BBs. JPM isn't quite on the same level. Honestly, the advantage is really slim on the margin and changes on a year by year basis, so it's hard to speak in pure absolutes. If you're at any top 10 BB or EB in a group that does deals, you'll get interviews and your school / other factors will matter more.
Hey great video, very informative and helpful! I am an incoming freshman into SDSU (San Diego state) for an undergrad major in finance. Given that SDSU isn’t a target school, would it be better for me to try to transfer to an investment banking target school going into my junior year or just stay at SDSU and try to stand out among my other peers as much as possible? Why or why not?
Great video as always, do you think elite boutique recruiting is more condensed to a specific group of people (due to its low profile style) or the opportunities are standardized?
Let me know if this answers your question or feel free to re-ask. There's a big variance among different elite boutique firms (like PJT and Evercore vs. Houlihan). I would say there's less variance among groups at each elite boutique. Groups at elite boutiques don't have as well known reputations. I don't think group placement matters too much at elite boutiques (e.g. TMT vs. consumer) because some groups only have 1 or 2 analysts. Group placement matters a ton at BBs and the opportunities are way less standardized.
hey matt, u talked about not being exposed to debt tends to be a problem when u move to a PE firm. Do corporate banking have a good chance in PE because the work with debt ?
I would still rather do IB instead of corporate banking. Corporate banking in general tends to have much worse exits. They typically don't get tapped for on-cycle recruiting. Even if they get marginally more exposure to debt, I think it tends to be in a lending capacity and not deal structuring / investing.
Sure, we'll add that to the list! Most important thing is getting any finance related internships and having good extra-curriculars. After that, it'd be having relevant finance stock pitches / case competitions. I don't think there are any pure technical skills that are too coveted for banking and private equity.
I think pretty good. I would still prefer to be in SF or NY for pure TMT, but I think Lazard Boston still does some deals and exits fine. There are enough Boston specific PE firms that they should consistently get looks.
Don't know much about that specific group personally. I don't think they're a huge TMT bank though. I also don't think PWP is that great of an EB, would prefer the majority of other EBs over it personally.
I would guess high $100k at least, like $180-$190k. It starts to really scale in your second in 3rd year though. I think top 3rd year analysts make more than most PE associates.
That is true! I've still never seen an EB lead an underwriting and I can't think of any EBs that have it as a meaningful part of their business. When I was at Evercore, I saw that they were sometimes on IPOs, but I think it was mostly distributing shares to investors and not actually buying large quantities of shares.
I would say EB marginally. Both are tough, but EB you tend to rise faster and get paid more. Hard to say which is "better", BBs have better brands and GS / MS are still going to have better exits at the associate+ level.
Good question, depends on what you mean by boutique. Elite boutique that I've mentioned here? Definitely not. If you mean a small regional firm that does like sub
Blair is pretty good and excellent at what they do (MM software deals), but I'd still take these other EBs over Blair as a first job. If you discover that you want to do MM software or something else, you should be able to easily move to it afterwards. RJ I would say does not have as much of an imprint.
Not sure if you’re trolling but none of those are elite boutiques. They all have balance sheets and do a ton of lending. JPM and Citi are bulge brackets and have tons of other divisions. Jefferies is a huge lender.
@@PeakFrameworks not trolling given you named BBs at the start but happened to forget JPM & Opted for Barclays instead which is smaller than JPM and Citi. Also was just trying to show some love to Jefferies, they are obviously not a Boutique
@@PeakFrameworks the fact that I am marking up an Escrow Agreement rn instead of sleeping got me triggered I guess. I am at the tail end of a 72 hour work binge. My apologies for coming off hostile, should probably get some sleep soon lol
I'm debating between management consulting and investing associate. I have about a decade of experiences working in healthcare, more on patient care side (EMT/Hospital Dispatcher/Psyward/Behavior) in CA, US. No exp on finance besides being part-time home trader w/ focus on VIX/blue chips. Doing my MHA atm, how strict are the boutiques and bulge brackets with their hiring requirements for an associate in the US?
I think consulting is probably more achievable from your background. If you don't have any finance background, you generally need an MBA to break into banking if you're already a decade out of school.
IMO, the exits at good groups at GS/MS are still better than any other elite boutique. Group placement matters a lot more at BBs. You'll get more non-finance opportunities (like product or strategy in tech companies) and the brand is stronger.
Really enjoy watching this guy, he seems so happy!
I would love a video about what "financing" is and how bulge brackets give you better opportunities on that! It seems like if you can get a top group at a BB, there's no better place to be unless you know you're destined for IB partnership, in which case, the purist boutique route may make sense.
can you make a video about your own education and career path?
Haha, I didn't realize people would actually be interested in that! I'll definitely put that on the list. I studied at Ivey then went to Evercore and then Providence Equity. I summered at Silver Lake back when I was in school.
great videos man!
Informative video. It seems like, basically, the benefits of the elite boutiques vs. bulge brackets accrue in proportion to how long you stay. That's consistent with what I've heard about some boutique shops asking for a 3 year committment and clawing back bonuses if you leave early. It seems like a place to go if you really want to be there, whereas GS / MS / JPM etc your breadth of experience is wider and so its easier to leave early.
I think only Centerview does the clawback of the top boutiques. I would say it's as easy to leave places like Moelis / Evercore / Lazard for top exit opps as it is for GS / MS / JPM. Some elite boutiques are actually more supportive of recruiting.
Great vido. Why is rothschild not on the list?
Would most PE firms still favor Goldman/JPM over the top elite boutiques?
i think it depends.A PE firm that specializes in tech and growth equity will prefer a TMT analyst from evercore over a JPM industrials analyst. A PE firm could have most of the workers coming from an EB so the connection is strong. With all else equal, they will prob prefer the BB tho
I personally think GS / MS > Top EBs > Other BBs. JPM isn't quite on the same level. Honestly, the advantage is really slim on the margin and changes on a year by year basis, so it's hard to speak in pure absolutes. If you're at any top 10 BB or EB in a group that does deals, you'll get interviews and your school / other factors will matter more.
Evercore/centerview is better than GS/MS/JPM. A lot of my friends who made it in gs and jpm eventually transitioned to elite boutiques.
@@PeakFrameworks what do you mean JPM isn't quite on the same level?
It seem JPM isn’t in the same tier with top BB according to Peak Frameworks! He even put BA and Barclays alongside GS/MS let alone EB’s! Wonder why?
Hey great video, very informative and helpful!
I am an incoming freshman into SDSU (San Diego state) for an undergrad major in finance. Given that SDSU isn’t a target school, would it be better for me to try to transfer to an investment banking target school going into my junior year or just stay at SDSU and try to stand out among my other peers as much as possible? Why or why not?
Great video as always, do you think elite boutique recruiting is more condensed to a specific group of people (due to its low profile style) or the opportunities are standardized?
Let me know if this answers your question or feel free to re-ask. There's a big variance among different elite boutique firms (like PJT and Evercore vs. Houlihan). I would say there's less variance among groups at each elite boutique. Groups at elite boutiques don't have as well known reputations. I don't think group placement matters too much at elite boutiques (e.g. TMT vs. consumer) because some groups only have 1 or 2 analysts.
Group placement matters a ton at BBs and the opportunities are way less standardized.
Can you please do a video on why investment bankers work so many hours and why it’s acceptable to have that kinda environment
This is pretty close th-cam.com/video/xZTUVdS9sUQ/w-d-xo.html
Is there a list of books you would recommend reading to prep yourself for a post-MBA job at an EB?
hey matt, u talked about not being exposed to debt tends to be a problem when u move to a PE firm. Do corporate banking have a good chance in PE because the work with debt ?
I would still rather do IB instead of corporate banking. Corporate banking in general tends to have much worse exits. They typically don't get tapped for on-cycle recruiting. Even if they get marginally more exposure to debt, I think it tends to be in a lending capacity and not deal structuring / investing.
Can you make a video about technical skills that would be beneficial and make your resume looks better for investment banking jobs. Thanks!
Sure, we'll add that to the list! Most important thing is getting any finance related internships and having good extra-curriculars. After that, it'd be having relevant finance stock pitches / case competitions. I don't think there are any pure technical skills that are too coveted for banking and private equity.
Do you know how good TMT at Lazard is in Boston?
I think pretty good. I would still prefer to be in SF or NY for pure TMT, but I think Lazard Boston still does some deals and exits fine. There are enough Boston specific PE firms that they should consistently get looks.
can you also make videos about investment banking during Corona virus and after?
Yes, we can also put that on the list!
Thoughts on the different groups at PWP? I'm interested in tech banking, but their SF TMT group seems meh.
Don't know much about that specific group personally. I don't think they're a huge TMT bank though. I also don't think PWP is that great of an EB, would prefer the majority of other EBs over it personally.
You said Centerview pays an insane amount of money compared to the other EBs, but how much does it pay a first year analyst, all-in?
I would guess high $100k at least, like $180-$190k. It starts to really scale in your second in 3rd year though. I think top 3rd year analysts make more than most PE associates.
@@PeakFrameworks gotcha, thanks for the info and high-quality content, much appreciated!
Love the video! But slightly incorrect as some elite boutiques do do underwriting!
That is true! I've still never seen an EB lead an underwriting and I can't think of any EBs that have it as a meaningful part of their business. When I was at Evercore, I saw that they were sometimes on IPOs, but I think it was mostly distributing shares to investors and not actually buying large quantities of shares.
I know this video is from a while ago, but in your opinion, is career banking more feasible at an EB or a BB? Which one would you say is better?
I would say EB marginally. Both are tough, but EB you tend to rise faster and get paid more. Hard to say which is "better", BBs have better brands and GS / MS are still going to have better exits at the associate+ level.
@@PeakFrameworks hey man thanks for the response really appreciate it!
Great video! Do you think these pros/cons hold steady for someone going into IB after an MBA as an associate?
Yes generally. I think the pay gap is even wider between EBs and BBs beyond the analyst level.
How do u think the diffs between big 4 M&A vs boutique IB?
Good question, depends on what you mean by boutique. Elite boutique that I've mentioned here? Definitely not. If you mean a small regional firm that does like sub
How about MMs like Blair / RJ?
Blair is pretty good and excellent at what they do (MM software deals), but I'd still take these other EBs over Blair as a first job. If you discover that you want to do MM software or something else, you should be able to easily move to it afterwards. RJ I would say does not have as much of an imprint.
No offense but how was Citigroup, JP Morgan and Jefferies not included?
Not sure if you’re trolling but none of those are elite boutiques. They all have balance sheets and do a ton of lending. JPM and Citi are bulge brackets and have tons of other divisions. Jefferies is a huge lender.
@@PeakFrameworks not trolling given you named BBs at the start but happened to forget JPM & Opted for Barclays instead which is smaller than JPM and Citi. Also was just trying to show some love to Jefferies, they are obviously not a Boutique
@@PeakFrameworks the fact that I am marking up an Escrow Agreement rn instead of sleeping got me triggered I guess. I am at the tail end of a 72 hour work binge. My apologies for coming off hostile, should probably get some sleep soon lol
I'm debating between management consulting and investing associate. I have about a decade of experiences working in healthcare, more on patient care side (EMT/Hospital Dispatcher/Psyward/Behavior) in CA, US. No exp on finance besides being part-time home trader w/ focus on VIX/blue chips. Doing my MHA atm, how strict are the boutiques and bulge brackets with their hiring requirements for an associate in the US?
I think consulting is probably more achievable from your background. If you don't have any finance background, you generally need an MBA to break into banking if you're already a decade out of school.
@@PeakFrameworks thanks! really appreciate the advice. So, no chance at all for junior IB analyst either?
Are the cons you mention the reasons why you’d prefer to have been at a top group at GS/MS over EVR?
Or were there other reasons?
IMO, the exits at good groups at GS/MS are still better than any other elite boutique. Group placement matters a lot more at BBs. You'll get more non-finance opportunities (like product or strategy in tech companies) and the brand is stronger.
Any idea what center view pays their 1st and 2nd year IB analysts?
Elite Boutiques pay more
Is Rothschild considered elite boutique?
Great reputation in EU, but not much of a presence in NA.