Types of Investment Banks
Experiences vary between the types of banks. Bulge bracket firms have higher deal flow and exposure to a broad range of opportunities. Boutique firms, on the other hand, are smaller and usually give interns more ownership of their work. Furthermore, location is also a factor that plays into choosing a type of firm. Most bulge bracket firms are headquartered in New York, which is also a hub for networking. Meanwhile, regional banks are constrained by location.
Hear from the perspective of a couple of interns and analysts:
Bulge Bracket Banks
Higher deal flow and exposure opportunities “I only applied to bulge brackets and two boutique firms. I wanted to focus on a few and spend time networking instead. I preferred the bulge brackets just due to the higher deal flow and exposure opportunities. I also liked the idea of having a large analyst class.”
- Citibank Intern, Harvard Class of 2021
Wide variety of deals “I chose a bulge bracket because I wanted exposure to a wide variety of deals, and I think that's generally something more commonly found at bulge brackets. Boutiques tend to really specialize in a product or an industry. I also chose a bulge over a middle/regional bank because I knew I wanted to be in New York, and most headquarters for bulge brackets are in New York.”
- Intern at elite bulge bracket firm, Harvard Class of 2021
Elite Boutique Banks
Mentorship access and greater ownership over work “I worked at Plexus Solutions, a boutique firm that provides advisory and AM services to sustainable energy companies. It's a very small bank that started not too long ago. Pros: direct relationship with MDs, more responsibilities/ownership of work, etc. Cons: Narrow exposure, less deal flow.”
- Intern at Plexus Solutions, Harvard Class of 2020
Regional Boutique Banks
Accessibility “The Pros: I was able to land a full time IB offer without having ever interned in IB before, was a top hire at Truist, heard back quickly, would be able to get IB experience at what I thought would be a less stressful environment than elite boutiques, living in Charlotte so extremely low cost of living. The Cons: Regional banks have weak deal flow (so you are constantly pitching and not closing any deals). This makes it hard to recruit into the buy-side who prefer more brand name shops. Because of the constant pitching (no fee generation), we were often overworked. Living in Charlotte there isn't a good chance to network or meet head-hunters and recruiters over coffee or in person.”
- Analyst at Truist, Harvard Class of 2019
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