Boutiques can be a really good place to be, especially as you get more senior. Recognize though that there are different kinds of boutiques. They can be industry or product specific. Some call themselves boutiques because they are small, but really are generalists but in fewer areas of coverage. The risk of boutiques is often they are reliant on a small group of rainmakers or a narrow band of clients. This creates greater possibility for volatility in the business. Also, the tendency is to have less comprehensive formal training for entry level professionals (assuming they even hire entry level employees). While a firm like GS is going to put analysists and associates through the wringer, when they look to move on, whether to another IB, including boutiques, PE, VC, hedge fund, etc… the well trained box will be ticked off.
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