Elite boutiques typically focus on one or two areas of expertise (M&A or capital markets) whereas Bulge brackets have many divisions across the bank (e.g. sales & trading, IB, wealth management). Hence, you need to demonstrate that you understand the benefits of a boutique structure (e.g. no conflicts of interests) and ability to work on market definining transactions.
I go through this in my coaching sessions.
From my experience, bulge brackets tend to have larger, more structured recruiting processes, often with clear timelines and HR involvement. Networking can help, but there’s usually a standardized pipeline, especially for analysts.
Elite boutiques are leaner and more selective, often prioritizing direct referrals and strong technical skills.
Let me know if you need help with either!
Yes, there are some differences. Bulge brackets usually have a more structured, formal recruiting process with set timelines, multiple rounds, and standardized tests or case studies. They often recruit heavily on-campus and have large candidate pools.
Elite boutiques tend to be smaller and more flexible, sometimes with a less formal or shorter process. They may rely more on networking and referrals, and interviews can be more conversational or focused on fit and deal experience. Both expect strong technical skills, but boutiques might place a bit more weight on your passion and cultural fit.
