Summer Internship Decision: JPM PB vs D&C ER

Hi everyone! :)

I am a Spanish graduate student attending an Ivy League university in the US (think Wharton/Columbia/Yale) studying finance and economics. I know I want to work in the Buy Side but I am still unsure if I should do AM or PB. I appreciate work/life balance and I would like to work in EU (UK/ Spain/ Switzerland) after graduation.

I have two interesting offers for this summer and both have pros and cons, so I am not sure which one to choose, given that both want me to intern with them on July-August. The positions and characteristics are the following:

  1. Dodge & Cox - Macroeconomic Research Intern.
  • Company: The fund is quite prestigious and the Macro team is composed of Harvard PhDs, so the job should be quite interesting and technical (I like macro).
  • Location: San Francisco (but probably will be remote)
  • Future prospects: Full-time return offer very unlikely. Additionally, I am European and have preference to work full-time in EU post-graduation.
  • Pay: Very high for an internship
  1. JP Morgan Private Bank - Investment Analyst Intern.
  • Company: No need to introduce. JPM PB has a good work/life balance and the job is basically asset allocation and portfolio management for UHNWI (€25M+).
  • Location: 1 week in London and rest in Madrid, Spain (on site)
  • Future prospects: Full-time return offer likely. They encourage movement between offices so I could also end up working in London or Geneva.
  • Pay: Average (high for Spain but low for US)

What do you think is the best option given my profile?

Thanks a lot for your help in advance!

Comments (8)

  • Intern in PE - Other
Jan 26, 2021 - 12:23pm

Vamos Rafa!

Jan 26, 2021 - 4:15pm
Big_Muffin, what's your opinion? Comment below:

Mate... it's D&C, that's a rare opportunity.

Based in SF, but you're working remotely? Even better.

Array
  • 1
Jan 26, 2021 - 4:33pm
EddCh, what's your opinion? Comment below:

Thanks mate! :)

I know D&C is a top opportunity, but I worry it might not be that well known in Europe, which could make it difficult to find a job there next year (post-graduation)?

Jan 26, 2021 - 8:27pm
Big_Muffin, what's your opinion? Comment below:

They've been around since the 1930's. Since the funds are US focused, name recognition is a small risk but how much does that really matter? Not something I'd turn them down for. Also if you can get opportunities at D&C and JPM, you'll do fine for FT recruiting. Believe in yourself.

Array
  • 1
Most Helpful
Jan 26, 2021 - 9:01pm
confused_yuppie, what's your opinion? Comment below:

If you do well over summer I'm sure D&C colleagues will be able to refer you to good European funds for FT recruiting. This happens more often than you think. People that I know there are well connected and afaik the fund takes care of everyone. If I were you I'd try to get to know people who do equity research if that's something you're interested in. 

Also UHNW Wealth Management is a totally different beast from macro research. I'd think hard about what it is that you really want to do. 

Jan 26, 2021 - 10:32pm
EddCh, what's your opinion? Comment below:

Thanks for your comment! Both roles are quite appealing for me despite their big differences and I'm not really sure what I want to do. I guess I want to keep as many doors open as possible with my choice.

Jan 30, 2021 - 9:31am
Aimar 21, what's your opinion? Comment below:

Si tienes muy claro que quieres PB y Madrid adelante con JP. Para todo lo demás, D&C aún sin tener posibilidad de convertir a FT. Siempre vas a poder apalancarlo para conseguir algo en ER o directamente en el buy-side. Saludos!

Jan 30, 2021 - 2:31pm
EddCh, what's your opinion? Comment below:

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