Received offers from boutique investment bank and financial services firm – Which is better for breaking into private equity?

Question

Hi,

after months of interviewing, I've been fortunate to receive offers from two firms: a boutique investment bank with a strong focus on deals and a larger financial services company with rotational opportunities. My long-term goal is to break into private equity, but I’m unsure which path would better set me up for that transition. Should I prioritize deal exposure at the boutique or opt for the broader experience at the larger firm?

Happy to hear your suggestions!

Answer 1

Hi Anna,

First off, congrats on landing both offers – that’s a great position to be in!

If your long-term goal is to break into Private Equity, the key things PE firms typically look for are strong transaction experience and solid financial analysis skills.

The boutique investment bank sounds promising if you’re aiming for direct deal exposure. Smaller banks often allow you to get more hands-on experience – from financial modeling to client presentations. These are exactly the skills PE firms value. Plus, you’ll be building a relevant network in the M&A space.

On the other hand, the rotational program at the larger firm could give you broader exposure and demonstrate adaptability – which is also valued in PE. However, you might not get as deep into the transaction details compared to the boutique role.

Here are a few questions that might help you decide:

How strong is the deal flow at the boutique? Lots of exposure is great, but if deals are rare, that could limit your experience.
What do the exit opportunities look like for alumni? Are there examples of people who’ve successfully moved into PE?
How well does the company culture fit you? It’s often overlooked, but job satisfaction and motivation are crucial for success.

There’s no “one right path,” but if PE is your primary goal and the boutique truly offers substantial deal exposure, it might be the more direct route. That said, trust your gut and choose the environment where you think you’ll learn and grow the most.

Good luck with your decision and on your path to Private Equity!

Simon

Answer 2

Great question, Anna! Many private equity firms actually value hands-on experience with transactions more than just the prestige of working at a larger brand. The key is getting solid experience in deal-related valuation and analysis. Personally, I’d recommend going with the boutique bank, as I’ve seen it often lead to a smoother transition into PE. Feel free to reach out if you'd like to dive deeper into this!