Last time we looked at this one (early 2008), things were a lot different.

Major banks hadn’t failed yet, most of the “superstars” were still at bulge brackets, and the economy was better… sort of.

Starting with the key question:

“But are there any cases where a boutique would actually be preferable to a bulge bracket?”

We came to this conclusion:

“The only situation where you might want to pick a boutique instead is if you have offers from multiple banks, are reasonably confident the boutique will give you good work, and just like the people or work environment a lot more after thorough investigation.”

After everything that has happened in the past year, is that still true?

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Continuing with the tradition started last year, today we’re going to predict 2009 investment banking bonuses.

Things have changed a lot since we last did this exercise – just one of the fun side effects of financial apocalypse and numerous major banks failing.

Lots of Analysts were complaining about how “low” bonuses were last year (yes, $120K as a 22-year old puts you at the poverty line, doesn’t it?), but with a worsened economy over the past year the key question becomes:

Just how low will 2009 bonuses go?

Read on to find out…

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I was tempted to label this one “The Vagabond” or “The Average Joe,” but those didn’t sound very… flattering.

Last time, we looked at how to set yourself apart in MBA admissions if you’re coming from a finance background.

The main challenge there is “being interesting” – defined as not looking exactly the same as every other person who took the “2 years of banking followed by 2 years of PE” route.

If you’re coming from a non-finance background, though, you face a different set of challenges.

Obstacles for Non-Financiers

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What is Investment Banking?: Ari Gold: What Bankers Actually Do, Why NOT Do Investment Banking

Investment Banking Lifestyle: A Day in the Life - Worst Day and Best Day, How to Stay Fit, Investment Banking Wardrobe for Men, Investment Banking Lingo Part 1 and Part 2, A Week in the Life (Sunday, Monday, Tuesday, Wednesday, Thursday, Friday, Saturday)

Breaking into Finance: How to Get an Investment Banking Job, Networking into Investment Banking, Recruiting in a Tough Market, Breaking in from Engineering, Breaking in from Law, Breaking in from the Back Office

Investment Banking Resumes: How to Write an Investment Banking Resume, How Investment Bankers Read Resumes

Investment Banking Interviews: Investment Banking Interview Guide, The Interview Selection Process, How to Close Your Interviews

Summer Internships: Summer Intern Success Guide, How to Dominate Your Summer Internship, Tips from a Former Summer Analyst, What You Do as a Summer Analyst, 10 Summer Internship "Don't's", How Summer Interns Get Full-Time Offers

Investment Banking Salaries: Investment Banking Salaries vs. McDonald's, Why Investment Bankers Make So Much Money, 2008 Analyst Bonuses

Private Equity / Buyside Jobs: Private Equity Resumes, Private Equity Interviews, The Myth of the Buyside Job, Headhunters: Friend or Foe?

Specific Groups: UBS LA, Boutiques, Restructuring, The Back Office

Quitting Finance: The Conference Room: How You Get Fired, The Farewell Email, A Day in the Life of a Former Investment Banker