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There seems to be a common pattern among public finance firms, whether they be investment banks, regional banks, boutiques, or large and small law firms. That is now creating a gap that is being filled by the non-bulgebrackets for some of the bulgebracket bankers to fill. What’s the pattern? Friedman Search LLC.
Is there one thing that sets them apart from any other candidate – whether they are at a small, boutique law firm or a large, bulge-bracket investment banking firm? Is there one thing they each have in common, so that when I am talking to someone I know I can help them? This simple question was the answer I was seeking.
The firm specializes in high-growth industries, so you will see a lot of investments in spaces like financial services (specifically FinTech), technology, telecommunications, information technology, and early-stage healthcare companies. When it comes to investment banking, there are only so many investment banks that you can choose from.
but less so in civilized places with functional healthcare systems, such as Europe. Meanwhile, some elite boutique banks , such as Centerview, went up to $130K for Year 1 Analysts (!). Again, there were exceptions in both directions, with some elite boutiques paying above that and regional boutiques probably paying below that.
Equity research recruiting tends to be less structured, though the bulgebracket banks and elite boutiques still run traditional processes that start over a year before summer internships. bulgebracket research team to startup PE firm). For example, if you have an M.D.
Industry-wise, oil & gas and power & utilities are huge, but sectors like healthcare , financials , and telecom are quite significant as well: Technology has been growing, but it’s still less developed than in regions like London or NY. bulge-bracket banks , such as JPM, GS, MS, and Citi, always rank well in the league tables.
based bulgebrackets (GS, MS, JPM, Citi, and BofA) are the strongest international banks, and Avendus, Kotak, JM Financial, ICICI, and Axis are the strongest domestic firms. You’ll see deals in industrials , technology , healthcare , power , consumer/retail , real estate , and all the other sectors.
In terms of industry focus , technology (especially “general IT,” Internet, and semiconductors) and healthcare have always accounted for a high percentage of deal activity. Investment Banking Experience at BulgeBracket or Top Domestic Banks – As with PE anywhere, you need a few years of IB experience to be competitive in most cases.
We’ll return to this point later, but in finance, it’s more common to do a pre-MBA internship at a small VC/PE firm or boutique bank rather than a bulgebracket bank. And for boutique banks , find firms that advise on deals worth less than $100 million.
On the other hand, I do not recommend capital markets over something like a private equity mega-fund offer , even if the capital markets offer is at a bulgebracket. If it’s a 5-person regional boutique , take the BB capital markets offer. You also pitch prospective clients on deals and spend time learning your industry.
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