I would say the boutiques are marginally better than those BBs in terms of rep.. There was a perception maybe a couple of years ago that, in London, the BBs had a stronger name than the EBs you mentioned and that buyside recruiters used to be unaware of the talent at those firms.
However, now that the EBs have been around in the UK for a sizeable period of time, there's enough data now to suggest that exit opps are picking up and that these firms are gaining traction to the same level of perception they have in the US here - especially at the more american buyside firms who have are a tad more privvy to the reputation of EBs.
Pay without a doubt is better at EBs. For colour, Centerview paid ~$180-200k all-in to first years in New York, Evercore was a tad below - so if we assume comp practices are consistent across NY and London, these two firms (amongst others) will be paying significantly above street. Add into the calculus the higher cash payouts at the associate and above level vis-a-vis the stock/deferred comp mix at BBs.
Deal flow is pretty good given the size of these firms in the UK (v. small, intakes of 10-20), their placement on m&a league tables is commendable. Some firms however do focus a bit more on MM deals (e.g. Evercore) than the bigger ticket deals.
Ultimately, I would say it boils down to personal preference and how you felt about the culture of the firms whilst interviewing/networking.. Any of these places would give you at least a decent shot at the buyside.
N.B. I've been told by some bankers that if you want a long term career in banking, starting off at an elite boutique is fine, but by the time you reach associate or VP level, it would make more sense to switch to a larger bank to have a greater chance at building a client base.
Posted from TSR Mobile