Would you leave IB for an internship in PE?IB
I am now on secondment at my top-tier bank’s PE fund from its IB division (after only about 1 year at the job). Life is significantly better here. Both the work itself and the relations between colleagues are a very nice change from the never-ending stream of formatting pitch books in IB. I’ve talked to the PE fund about continuing on after this short 3-month secondment is over, but they said that the could only offer me an internship position, as they couldn’t get approval to increase their headcount this year (it’s a very small team– 4 people and a secretary, and they are already hiring another more senior person to come in before my secondment ends).
Another major advantage of being here is that it is in mainland China, where I can improve my Mandarin. If I would take the internship position, I would even enroll in language courses at a local university every morning and then come in to the office in the afternoon (but, of course, still work until midnight+). I am really keen to improve my Chinese, so this is very important to me.
1) I would take a salary cut, and I would also not be eligible for a bonus. Plus, taxes in mainland China are quite high. I am guessing that I might end up with half of my current total take-home at IB, on an annualized basis.
2) I would be leaving a secure permanent position at a top tier investment bank for an internship that would last for an indefinite time period.
3) As an intern, I also would be giving up a lot of the perks of a full time job, such as health insurance, vacation time, etc.
4) It could be seen as a career back-step to become an intern again
What would you do?
I would have to apply for full time positions at other places during my internship in order to settle into a more secure long-term position – how would other employers view this? Just 1 year at an IB before doing a 3 month secondment in PE, then becoming an intern at the PE while studying language?