Currently in transaction services (Manager) and pursuing investment banking. Have offers to join a boutique M&A firm and PwCs corp finance team. Which is a better stepping stone into IB? Comp at Boutique is c. 30% more

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US?
Canada?
Europe?

The execution/process is largely identical: pitch, IM drafting + financial modelling, market outreach (broad auction vs. Targeted vs. direct with multiple phases or single depending on buyers and competitive tension…), diligence, negotiation, close.

The difference will be in the types of assets you see, mix of deals (capital raises, sell/buy-side, debt advisory, etc.), and the breadth of experience.

B4 is a better training ground than LMM banks because they have processes in place. Europe B4 compete well BB/EBs on the smaller large mid-market deals.

Lastly, I’ve found that many LMM banks do a lot of fairness opinions and random other things because 1) it’s easy work; 2) it keeps the lights on. B4 don’t have the same focus and therefore tend to take on better quality work.

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Big 4 Corp Finance is MM IB is it not? Also is the boutique M&A firm still a FDD firm or is it IB or what?

Both mid-market sell-side M&A execution (e.g. IB related activities, not fdd)

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