PE Summer - M&A Fall?
Through some interviews, I have the opportunity to work during the summer at a Real Estate Private Equity firm in Boston (I gladly offered to be unpaid for the chance to sit), and I landed a Fall internship at a boutique M&A firm. I am graduating in the Fall, but I was wondering if this is a good decision to do both.
Basically, last summer I took an IB 4 week course, which I understand that many people dislike, but it really got my juices flowing, I have a 3.3 GPA at a non-target school in Finance.
A couple of questions: Although I would eventually like to get into private equity, I really enjoy what I've read about IB from being an outsider, the long working hours and getting deals done, I'm a bit masochistic in the sense that I work harder and better when things get laid on me thick. Should I leave the opportunity for the PE firm open and not fully commit to the Fall internship as a result of the difficulty in opportunities in this market and the ideal stance of PE? Or should I kind of throw the dice and get both experiences hoping to leverage it for when I graduate?
Also, I haven't been successful at garnering any successful response from bulge bracket firms, so I am wondering if there is a possibility that doing both of these may put me in the headlights. And lastly, are there junior analyst programs for January? Or do they all begin in the summer?
Thanks in advance, I'm really excited about these opportunities and I am trying not to make any excessive foolish mistakes.
Dude-
Youre not going to get into a BB.
You mad bro?
I'd advise to try and get both internships under your belt. It definitely couldn't hurt to have experience from both sell and buy side seeing as how you have BB aspirations.
Both internships sound pretty good. I would see if you could manage both. And don't let idiots tell you that you can't do something.
Props for being able to land both positions.
While I don't agree with the first poster's method of getting his point across, he is probably right. The OP did ask if he has a chance at getting a full time position at a BB, and the answer is unfortunately most likely not.
I'm not saying you shouldn't go for it, but realistically, it's probably not going to happen at least initially. The number of people who get hired full time without internships is very small, and I'd be willing to bet that most of those lucky few are not from non targets with low gpas and unpaid internships at unknown companies. There are plenty of great jobs outside BB IBD.
This is not accurate at ALL. worst case OP, you can network over the summer with bulge banks near where you live, do MM or boutique banking for 3-6months to even a year and recruit for full time 2013.
I have seen PLENTY of people on linkedin that work somewhere else full time after college (even duff and phelps or consulting or valuation, not even MM or boutique banking) and then recruit as like a 23year old into BB banks and get it. you will be more mature, proven that you can do well at your current work and have a solid story.
best of luck to you! dont let haters on here that probably are still in high school tell you otherwise :)
You say you seek challenges and a high workload, so what speaks against taking both internships? I'd go for it.
Both internships will be valuable experiences and while you might not have a shot at top-tier firms due to your school and grades, it will definitely improve your chances.
For info about analyst programs starting early you'll have to rely on some fellow Americans.
Thanks for the insights. Although I realize the distant reach of BB ,I was curious about the possibilities, and I understand that the market today creates a much more competitive landscape for IB.
With that said, I'll take the advice and do both, I was told a little while back that it was best (coming out of college) to pick one direction and stick with it, but these were both opportunities I am incredibly hesitant to turn away. I am also wish to move back to my home state of California, and I was thinking that these might benefit me in LA where there is a large presence for RE IB.
I appreciate the encouragement. I have a 3.3 GPA but I think that I can probably bring it up to 3.5 (or so, I haven't done a sensitivity for it) after this semester, the summer, and the fall. I have some wiggle room to move myself up. I have been working the alumnis a bit which is what landed me the two internships, and it is a benefit that they are both in the Boston area. The biggest issue I had was that I wasn't really sure where and what I would do during my lower division and so I didn't work as hard as I should have with the direction I have now. It is what it is. But I am humble in my approaches and I will take opportunities as I get them.
Edit: [BB would be awesome as I said before, but I wouldn't be discouraged at all with sticking to MM] and one of my methods of approaching firms was to mention that I had some experience doing clerical work so I would be willing to work for free and to do clerical work, but just to be in the environment I would be able to learn more than what I can read about either here or in books like Monkey Business, Liar's Poker, Barbarians at the Gate, etc. Although I had offered to do clerical work, I was lucky enough to have the opportunity to do analysis, which I understand is more of a burden on a firm than a benefit, as shrewd as one may think they are. I tend to look have the opinion that in this market, any experience offered is a blessing, especially coming from a non-target (perhaps semi-target, that has been suggested on WSO, but the only recruiters I have seen from BB were specifically for BO work, that had mentioned that they couldn't do much for people interested in IB or other FO).
BTW, in the IB program I took, one of the instructors was a professor (and retired banker) from USC, do you know Julia Plotts?
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