Elite boutiques don't do everything a bulge bracket does. They focus on advice, mainly M&A and restructuring, but on the same size of deals. No lending, usually no big trading floor. Smaller teams, very senior bankers, and small analyst classes.
The elite boutiques
- Centerview Partners
- Evercore
- Lazard
- Moelis & Company
- Perella Weinberg Partners
- PJT Partners, formerly Blackstone's advisory arm
- Qatalyst Partners, tech only
- Guggenheim Securities, mostly US
- Rothschild & Co, an elite boutique in Europe
- Greenhill, now owned by Mizuho
Newer firms that may join this list one day are on the up-and-coming boutiques page.
Why people choose them
- Better deal experience. Smaller teams mean more responsibility and more technical work, less admin.
- More time on live deals and less on pitching.
- A better culture, often. You're more likely to be treated like a human than a cog.
- Strong private equity and hedge fund exits. Seniors are more likely to push for you, and your technical skills tend to be stronger.
- People. A small, selective class means you're surrounded by very sharp colleagues, and in banking your colleagues are most of your life.
The trade-off: less brand recognition outside finance, a smaller alumni network, and an experience that depends more on which team you land in.
What the CV needs
An elite boutique can't afford a passenger. The CV has to say "this person can do real work on day one":
- At least one finance internship with deal content, with sizes. It can be at a tiny firm you've never heard of. What matters is what you did.
- Technical evidence you'd be happy to be grilled on. A model, a valuation, a stock pitch.
- Fewer, better entries. Three strong roles beat seven thin ones.
- A real "why a boutique?". Smaller teams and more responsibility are real reasons. Bonuses are true but the wrong opener.