Hello fellow monkeys,
So I have a bit of a dilemma here. I'm a 22-yo guy, BSc Economics from a top flight European B-School with decent, though not awesome grades. After graduating last year, I moved out of town to work for a startup, and after a couple of months I got a job in a very famous incubator / VC fund based as investment mgmt analyst. Salary is really good, though a tad below 1st year IB analyst, hours are more than decent (70ish per week, even less sometimes), and the city is quite cheap.
I've been trying to break in into IB pretty much since my sophomore year, and after countless applications I got pretty much nothing (once RBS said they would do the interview with me, but they filled the position before I actually did it). Last month I got a contact with a middle-sized IB (think Lazard in terms of prestige and size), and they called me to schedule an interview for a six-month internship in a regional office here in Europe (so not London) in FIG.
Now, would it make sense for you to quit my job to go and do an internship there, in terms of future "entry" opportunities? My worry is, it's been so hard to get a chance that passing on this one might mean closing all doors to get a shot to IB (and everything that can potentially follow from it). Consider also that I don't feel like I'm done studying, i.e. next autumn I will apply for MSc (maybe even some MBA) programs.
Thanks y'all.
You work at VC group and want to leave it for IB? The career route is usually IB -> HF/PE/VC
Yes, I know. Consider though that the company I work for is more a mixture between a VC fund and an incubator... My position is similar to ones I could find in VC, but overall the company is more similar to an incubator. The name of the company is really good on the scene, but I don't think I could develop an organic career within my company, as most of the managers come from consulting or IB.
Do you have opportunities to put your own money in and get carry? If so then why leave for shit hours.
Be very wary, and try to find out as much as you can about the role, preferably from people who have done the same internship.
Long-term off-cycle internships are very common (esp. with boutiques and regional offices) in Europe, and a lot of the time, it's just to get cheap labour to do crappy tasks. Also, the rate of getting returning offers is pretty low. Rothschild and Ondra are some of the repeat offenders in London.
Its up to you in the end however I just think its a lot of risk to take for an unknown.
For an internship? No, don't do it. Only maybe if it was a full time analyst position.
Its kind of risky. I suppose there could be other ways to break into IB fulltime if you go down the MBA path you mentioned. And thats if you feel IB is still worth it after completing your mba.
Personally, I think it would be unwise to go for the internship. Unless you had a very probable / secure timeframe for the internship to convert to a FT offer, I think that the internship isn't even an option.
Consider this: if banking is your long-term goal (ie, you want to get on the partner track as a post-MBA Associate), your current job is already a good springboard to prepare you for top MBA programs.
On the flip side, if you want to do IBD only to have that "mark" on your resume for MBA admissions, you should note that your current job is just as good (if not better) at doing that.
I'd stay with VC
Had a similar decision, stayed in my current job. The downside risk of not getting a return offer outweighs the relative upside.
I've been working within a Big 4 Corporate Finance firm and I had a couple of opportunities to move to BB or boutiques for internships in Continental Europe but I've always decided not to move. The market is terrible and I have a lot of friend who have been doing several (up to 3-4) long term internships before they were able to finally get a FT offer. I also have some friend who interned in a couple of banks, including Lazard, Rothschild, Citibank, HSBC, JPM and were not able to convert their internships in FT jobs purely because they were not hiring for FT in that specific country. Also, as someone before said, there are some shops that "use" interns and already know, at the start of the internship, that they are not going to retain the person.
Therefore, since it seems that you like your current job, you are well paid and it is something less common (ie. for MBA adcom), I would not leave it for a banking internship. You also have to consider that you may not like working for 100 hrs a week (very likely in FIG) or don't like the people.
On the other hand, if you are already set on going for a MSc (not MBA) in a year and you are 100% sure you want to do banking (at the analyst level, not associate and above), you should get the internship, smash it and try to get a ft and if you don't get it, start the MSc.
Finally, I also have a friend who is doing your same job in Germany (with 2 previous internship in M&A and 1 in Corporate Banking) who had the chance to move back to banking and decided to stay at the VC firm for the same good reasons you stated before (quality of life, good pay, different things every day, working with very senior people more often, etc.).
Would you mind telling me the bank in PM? Just curious...
In Europe, Banks use the Long Term Interns as Analysts until the summers come by and those are the ones who normally receive the offers.
This isn't even a issue until you get an offer for the internship position.
True. The cycle is designed so that the summers get first pick.
Had a similar opportunity, stayed with what I had after some convincing from friends/co-workers/WSO. Lets be realistic here: IBD is a horrible job to have.
You'd be taking several steps backward taking this internship. Instead, figure out where you want IBD to take you - and apply for that instead. You can get there without the meaningless pitchbook work.
What I meant is that in Europe the long term intership are less structured than those of the Summers and very often they leave before the position opens...
Do not quit your job. Apply to FT, paid IB positions. Use your VC experience and play up your finance skills.
Also, network with alumni.
No way would I leave VC for IB; internship, full-time, whatever... IB sucks (I know, been here 6 years), it's boring... stay where you are, don't chase ill-conceived "prestige" and kill it in a career in VC that could lead to other VC/PE/HF opps (or a spot with a hot tech start-up). Others would kill for where you are right now... as they say, "the grass is always greener..."
Unless you absolutely hate VC. If that is the case, do whatever you feel you would enjoy... but not via internship. You should be able to land a full-time gig given a couple years' experience.
Don't.
I´d stay with VC.
When you say, "Think Lazard in terms of size and prestige" - Is it Lazard?
Pet peeve when people do that. But if it's Lazard and you've dreamed about doing IB, then follow that dream bro.
I guess the VC/Incubator is Rocket Internet. A pretty fun place to be from what I hear, probably would not give it up for an IB internship.
Stay. Too much a risk.
It seems like a bad idea to leave for an internship, I would stay with your current job. If it was a full time offer, then you would have a decision to make. Considering it's just an internship with no guarantee of full time after, I'd pass.
I don't understand the obsession with IB. Every single person I know who worked IB from large BB to small boutique firms has left or is looking to leave. I just don't get it.
rocket internet? press makes the samwers look like jerks to work for
Lol wut.......
Don't do it. Don't give up the opportunity to make something out of your career just because you are a little unsure. I am guessing your current job does not provide a lot of structure, but view it as an opportunity to make it into what you want. If you are the analyst that did the work and funded a company which eventually IPO'ed/sold, the experience is way more valuable than in IB and would open doors to anything you want to do later. Prestige is not currency, experience is.
Rocket a pretty fun place? Let's ask to the people in Malaysia if it is fan to build thing up from scratch (build buldings, facilities, staff room, etc.) for €1.000 a month working till 2 in the morning every day...
Minima est cum porro provident possimus distinctio quisquam. Laudantium hic vel esse temporibus suscipit eaque. Incidunt ducimus corrupti dolor quas distinctio. Mollitia quae quam ut veritatis quam et. Facilis expedita pariatur voluptatum asperiores ut quia quod voluptatem. Aut modi iste aliquam iusto. Dolor corrupti minima nemo enim.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Eius dignissimos sed sunt doloribus iste. Velit facilis aspernatur voluptates accusantium minima sequi. At sunt fugit labore non ut. Repudiandae numquam aut repudiandae consequatur architecto ut nam asperiores. Consequuntur ipsam aliquam a qui porro. Odio cum rem incidunt repellendus facilis. Quod et sit explicabo sit natus nisi est.