Elite boutiques typically focus on one or two areas of expertise (M&A or capital markets) whereas Bulge brackets have many divisions across the bank (e.g. sales & trading, IB, wealth management). Hence, you need to demonstrate that you understand the benefits of a boutique structure (e.g. no conflicts of interests) and ability to work on market definining transactions.
I go through this in my coaching sessions.
From my experience, bulge brackets tend to have larger, more structured recruiting processes, often with clear timelines and HR involvement. Networking can help, but there’s usually a standardized pipeline, especially for analysts.
Elite boutiques are leaner and more selective, often prioritizing direct referrals and strong technical skills.
Let me know if you need help with either!
