PWM or PE
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PE
The search fund after the PWM is a good idea. I am assuming the search fund internship isn't paid, however you will be exposed to the whole deal process from sourcing to initial phone screening, and from meeting/modeling to deal structuring/closing (if the search fund find a good target); I interned at a search fund in the past.
I am meeting the managing director a week from now. Anything I should be aware of? I read over stanford's report on search funds but I still feel so unprepared for this meeting. I don't want them thinking I'm an idiot haha
It depends on your personality. PWM is the easiest finance job if you already have a good book of business, but a struggle if you don't. I work in PWM and its just too boring for me. I'd take PE/IB/HF over PWM any day.
For your situation specifically, you can always get an IA gig. The license exams are super easy. An opportunity to break into PE is something that don't come by often. If you go with PE and decide you don't like it, you can always come back to PWM.
Thanks for your help. Yeah I decided to pursue the search fund for a significantly less wage but I think it'll pay off in the end.
Small PE Internship or BB PWM over summer (Originally Posted: 05/05/2010)
Hi, I'm a current sophomore at a top public and I want to use this summer to position myself to land a BB IBD internship next summer. For this summer, I have two choices:
One is a business development intern position at a $700M PE fund focused on buying distressed divisions of large companies. The firm is very small with about 8 people in the office and I would mainly be researching the market and scouting possible acquisitions.
The second is a PWM internship at a local ML branch. I would be doing the traditional PWM internship.
Which one would give me better experience and positioning to get an i-banking internship next year?
Thanks
i'd take the PE fund....
I did a PWM internship with ML when I was in school though and the name was great to have on the resume though
When I was helping interview for FT BB analysts, people with small PE fund experience were much more likely to make the cut than someone with BB PWM experience (in terms of getting selected for the interview).
PE no question
Without a doubt, take the PE internship.
I feel like most of the people I met running the interview circuit had BB PWM on their resume. At the same time, analysts recognize PWM is worthless as it only shows you aren't socially inept.
Many people will have the PWM thing - few will have PE internships though. Go for that, no question. I know the name-value of the BB might hold weight with some, but most will look past it and focus on the actual experience.
While, I'm not a big fan of PWM, I'm pretty sure business development at a PE won't teach you much either.
PE bro. Just make sure to try and learn as much as you can and get actual work to put on the resume.
Ok so I am doing the PE internship. How should I talk about switching from PE to IB during interviews next year? I know many people go from i-banking to PE but what points can I bring up for the reverse?
I completely agree - go with the PE internship for sure. Regarding making the switch to IBD from PE - give the usual answers for IBD - the broad skill set, transaction experience, etc. Then, instead of mentioning your interest in P/E going forward, point to your interest (whether true or not) in in pursuing IB going forward or simply not knowing exactly what path you want to take after the analyst program. The skill set and opportunities you'll build and earn as a BB IBD analyst will outweigh those of your boutique P/E shop without boxing you into one specific path several years down the line (this is not necessarily true 100% of the time by any means, but it's what you can say).
Essentially, you just want to sell your interest in IB without selling a LT goal of P/E - leaving your options open will definitely help you here, especially if the sell side is of a strong interest to you in terms of client interaction and transaction experience (more points to use).
is it still considered a "PE" internship if its business development?
yes it is, i'm doing a PE internship in the business development group, specifically in m&a...
I did a PE internship instead of the traditional IBD internship during undergrad. I actually think that it made me stand out a little more, my interviewers for FT IBD at the bulge brackets seemed to find it interesting and attractive. I got IBD offers for all of them and I am in my ideal group. I'm actually hoping that my boutique PE internship makes me more valuable for PE recruitment post-IBD.
Can you do both? I was in a similar situation and since both opportunities were part-time I was able to negotiate a schedule that worked.
Sophomore year Fall Internship: UBS pwm or boutique PE firm? (Originally Posted: 07/01/2016)
PE
What are your thoughts on the fact that it is a business development internship? Would the fact that it is a PE firm still make it better than the pwm?
PWM
UBS - the brand name will carry you, and it sounds better than biz dev at a boutique PE firm. This is assuming you want to enter IBD/other FO roles.
Agreed.
Thank you, that is what friends have been telling me. The Private Equity internship seems more interesting, but its all about preparing myself for the future.
pe advisory firm vs ml pwm (Originally Posted: 02/04/2010)
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1st one would usually be better but based on your description it sounds like HR, so ML at least has a better name so I would go with that unless you think you will be able to later do substantive work in your internship at the PE advisory firm
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