Take buyside internship now or wait for IB? - Offer for a top buyside firm
So I'm a junior at a semi-target with a solid GPA (3.7+) and past buyside (7bn+ HF) internship experience.
I have an offer for a top buyside firm (deals with both public and private investments) for an internship this summer. Would be a killer name to have on resume, but will not turn into a full-time gig afterward as they don't hire out of undergrad. I have to make a decision soon, so that obviously would cut me out of the recruiting process for summer analyst at BB IB this summer.
Ultimately I want to be in buyside as I really enjoy the investment process...kinda was figuring I would have to do a 2 year stint in IB first but if I take this gig I figure I might be able to parlay the experience into a buyside job somewhere.
The question is whether it's worth it to take this bird in the hand over the potential for BB summer analyst? And, if I decide I want to do IB/can't find a buyside job after this, how disadvantaged would I be coming back into the recruiting cycle as a senior who didn't do a summer IB gig?
Extremely tough decision. I would try my hardest to get IB offer. Send them emails explaining the situation and that you have an exploding offer. If you can't land an IB offer by your deadline, accept the HF offer. First, if the name is as great as you say it is, it should open doors come FT recruiting season. Also, while I am sure that the firm typically does not hire undergrads, I would not be surprised that if you work your ass off and REALLY make a good impression that they might extend a FT offer to you......You will probably have to give 150% and your soul to over come that no undergrads policy, but it might happen.....something to think about.
Honestly I would be really surprised if banks didn't view that sort of internship as at least as good as an internship at a bank, as long as you're doing front office analysis work.
On top of that remember most people at this buyside shop probably worked at a bank at one point and are 100% certain to know bankers now even if they didn't. I imagine as long as they're not tremendous assholes they'll help you find a banking job after your internship.
Find out a little more about the buyside gig and if it you will be doing front office work, take the buyside gig without looking back. You may be able to make a jump straight to the buyside if you get some solid work, learn a lot and can talk intelligently about what you did over the summer.
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