I was/am in the same position as you, and I turned down a MF PE fund's summer analyst offer to accept an offer at an EB (same one as you) for the summer so take my opinion with a grain of salt. I will outline the reasons that I chose banking below.

First off, Apollo doesn't hire PE analysts out of undergrad, and instead places their PE summer analysts at Evercore for FT typically. I think Ares doesn't hire undergrads as well, but I may be mistaken. So I presume you mean SLP.

I think the pros of taking banking include a more established recruiting path to the buy-side if that is what you're after, the larger analyst class experience (I didn't want to be one of two people HF, or stay in banking for the long term. Taking PE out of undergrad puts you directly on one path. Additionally, most PE firms hire full time as opposed to almost exclusively out of their summers like banks do, so if you spend a summer in banking and want to switch to PE, the opportunity is certainly there.

On the PE side, objectively, most would say the work is more interesting. You probably will get paid similarly if not slightly more for roughly 5-10 fewer hours of work per week. From what I've heard in my conversation with senior people, since more PE firms / HFs are hiring out of undergrad, there is an increased perception that the best talent goes straight to the buyside (at least at HW) so "prestige" is certainly higher. If you are really interested in PE long-term, you should definitely start there.

For me, I wanted the optionality that banking gave me and the experience of being part of an analyst class, and that was more important to me than "losing two years" if I decide to end up doing PE long term.

 

This has been discussed to death on these forums. My opinion: If it's an offer from one of those firms you mentioned, take the PE offer. I don't agree that banking offers more optionality than PE as a first job, especially if it's at a reputable place. For the record, I went straight to PE from undergrad and didn't have trouble finding opportunities in other areas.

 
Best Response

Congrats on the interviews. Networking pays off big time.

See how these interviews go first (kick ass/land offers) then reevaluate. Keep in mind doing PE out of college for 2 years, a lateral to another PE firm will be difficult without IB experience. Obviously if you have nothing else take the PE gig. But if you are landing interviews through networking, I don't see why you wouldn't be able to get atleast a couple IB interviews.

I'd say, no-name boutique/MM IB MM PE MM IB MM/boutique/BB IB

From kids I know at 5-10 man PE shops all in pay is 85K+ for first year analysts (these positions are rare), hours are 9-6pm on avg with the occasional 9,10,11pm,12ams once you get closer to a deal. Then again it's all dependent on the firm. I'm in the southeast and there is a 4ish man firm here paying 65K all in for a first year.

good luck.

 

Traditional, IBD -> PE. But if you want to do buy-side, why go to a bank? Might as well get your foot in the door asap.

[quote]The HBS guys have MAD SWAGGER. They frequently wear their class jackets to boston bars, strutting and acting like they own the joint. They just ooze success, confidence, swagger, basically attributes of alpha males.[/quote]
 
BTbanker:
You're a non-target, so I wouldn't worry about getting an offer.

Wow, what a dick. If he was able to get a BB IBD offer as well as an interview for the PE fund, it's not that huge of a stretch if he does well. Why would they have given the interview in the first place if they cared so much about him being at a non-target?

 
BTbanker:
You're a non-target, so I wouldn't worry about getting an offer.
Regardless if this is true or not, I don't really see they point in being hostile. Let's instead discuss any reasons for choosing IBD over PE as a first step.
 

mfs regularly filter out bb candidates from non-targets in their recruiting fwiw.

bb ibd offer and megafund offer is not even in the same ballpark, its an entirely different game. any idiot can do m&a (and many do), mf pe is a different ball game.

these gus give out 1-2offers per year and there frankly is no reason to take a chance on someone when you can be as selective as you like.

 

yo, that's TPG SF, right?

Kind of had the same situation... figured BB first might still be better...

Ask the dude gave you interview that how long he spent in GS...

 

Nobis impedit in doloribus similique necessitatibus placeat quas. Debitis id distinctio similique libero. Adipisci voluptatem aut harum. Dolores nihil quisquam maxime et et.

Omnis cupiditate ad in adipisci quae quia. Aut dolores voluptatem vero numquam. Amet incidunt nostrum provident sed. A nostrum voluptate fugiat rerum asperiores quidem. Ducimus et quis sint culpa. Ab occaecati molestias ipsam voluptatem in delectus.

Sunt aut maxime quisquam consequatur. Explicabo earum reiciendis a non placeat veniam similique. Ipsam ratione culpa qui laudantium illo et. Animi saepe error esse consectetur quia.

Aut eos non et. Omnis vero sint facilis eligendi. Voluptatem odit occaecati ut distinctio cupiditate commodi esse.

 

Praesentium dolorum magni at. Minima ipsam nesciunt debitis qui fuga. Odio cupiditate a quaerat sit.

Tempore exercitationem voluptates porro facere corporis qui repellendus. Quia rerum doloribus et fugit porro officiis. Placeat optio dolor recusandae iure neque et est hic. Eos autem praesentium nostrum ipsum molestias consequatur. Ut rerum aut quia ut nihil dicta. Consequatur iste cum sunt magnam.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
kanon's picture
kanon
98.9
6
CompBanker's picture
CompBanker
98.9
7
dosk17's picture
dosk17
98.9
8
DrApeman's picture
DrApeman
98.9
9
GameTheory's picture
GameTheory
98.9
10
bolo up's picture
bolo up
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”