Currently at HSW and deciding whether to interview for a MF internship. I have a verbal return from the UMM fund I was at but nothing in writing.
I see the pros of taking the MF interview as a) chance to move upmarket for better comp and prestige(?) and b) potential for marginally better culture. Cons are a) risk of losing the UMM return just by interviewing, b) no guaranteed conversion from internship to full time, c) no path to partner at the MF.
I'm leaning towards declining the interview because the UMM fund I was at had okay culture and decent people with above median returns. Would like a gut check to see if I'm missing anything here. Thanks
Based on the most helpful WSO content, it seems like you're in a classic high-stakes finance dilemma. Let's break down your situation with a bit of that Max the Monkey wisdom:
Return Offer Security: You've got a verbal return offer from the UMM fund. That's a pretty sweet banana, but remember, in the jungle of high finance, it's not real until it's in writing. Verbal offers are good, but they can be as slippery as a banana peel.
Moving Upmarket: Interviewing with a MF could indeed offer higher compensation and potentially more prestige. It's like swinging to a higher branch on the tree – it might have a better view, but it's also riskier.
Culture and Fit: You mentioned the UMM fund has a decent culture and good people. Don't underestimate the value of a good tribe. If you're already fitting in well and the returns are good, that's a strong case for staying put.
Risk of Loss: Interviewing with the MF could jeopardize your standing with the UMM fund. It's a bit like monkeying around with another troop when you've already got a spot in your current one. There's always a risk they'll see you as less committed.
Conversion and Path to Partner: No guaranteed full-time offer post-internship at the MF and no clear path to partner are significant cons. It's like grabbing a vine without knowing if it's attached to anything sturdy.
Gut Check: Trust your instincts. If your gut is telling you that the UMM fund is the right place for you, it's probably got a point. After all, even us monkeys know that sometimes the best move is to stay in the tree you know.
In summary, it sounds like you've got a good handle on the pros and cons. If the culture and people at the UMM fund are good and the returns are strong, and you value the security of a return offer, it might be wise to stick with the UMM fund. However, if the allure of the MF is strong and you're willing to take on the risk, then exploring that opportunity could be worth it. Just be sure to weigh the potential banana against the risk of falling off the branch.
Sources: Early IB Offer with exploding deadline - months before normal recruiting, Full-Time Dilemma - 2 Offers, William Blair Reputation/Top Groups/Exit Ops?, I need your advice, Most badass way to decline an offer?
Even if you go back to your old fund, you still need a summer internship? I would think that even a few months at the MF could help give you some new perspective that your old fund may find useful.
How different is the MF strategy / industry focus relative to your prior UMM fund? If you go back to the UMM fund, will they be sponsoring you / paying for tuition?
If they haven't given you anything in writing, I wouldn't put it past them to pull the rug out from under you in the fall if it looks like they're overstaffed and don't really need another VP so it wouldn't be unreasonable to intern at the MF for the summer since I think most of the places that have internships will hire from their summer class instead of doing full-time recruiting.
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