Goldman Risk Underwriting ABL or Mediobanca ABS Structuring?
As per title. I have an offer from Goldman Risk Underwriting Asset Based Lending (European office), paying 62k year and one from Mediobanca (Italian bank) for ABS Structuring paying 40k + meal vouchers.
These are both analyst positions.
Do I take the money or the front office?
Based on the most helpful WSO content, here's what you need to consider:
Front Office vs. Risk Role: Mediobanca's ABS Structuring role is a front-office position, which typically offers better long-term career prospects in terms of deal exposure, skill development, and exit opportunities. Front-office roles are generally more prestigious and can lead to opportunities in private equity, hedge funds, or other high-profile finance roles.
Compensation: While Goldman’s Risk Underwriting ABL role offers a higher base salary (€62k vs. €40k + meal vouchers), the long-term earning potential and career trajectory in a front-office role like ABS Structuring at Mediobanca could outweigh the immediate salary difference.
Geographic and Cultural Considerations: Mediobanca is known as the top IB in Milan, but the culture can be demanding, with long hours and a traditional work environment. If you're comfortable with this and see value in being part of a leading Italian bank, it could be a strong choice. On the other hand, Goldman’s European office might offer a more global brand and network, even if the role is not front-office.
Exit Opportunities: ABS Structuring at Mediobanca could position you well for roles in structured finance, credit funds, or other front-office opportunities. Goldman’s Risk Underwriting ABL, while a solid role, is more niche and may limit your exit options to risk management or credit-focused roles.
Recommendation:
If your priority is long-term career growth and front-office exposure, Mediobanca ABS Structuring is the better choice despite the lower initial pay. However, if immediate compensation and the Goldman brand are more important to you, the Risk Underwriting ABL role could be appealing.
Sources: Where are all the Structured Finance monkeys?, European IBs & Commercial Banks, https://www.wallstreetoasis.com/forum/investment-banking/structured-finance-outlook-and-exit-opportunities?customgpt=1, Best Investment Banks
serious question how do you guys live in europe with this income? A 20k euro difference is crazy for MO and im assuming its in HCOL.
For help; im in no position to speak on behalf but i would assume the latter is better due to relevant skillset. Id just make sure that the italian banks structuring team is actually what it says it is and not just a commercial bank titled as capital markets
Yeah smart people usually start with a front office and then try to recruit to London at associate level or just do an MBA to move to the US. Life is miserable in Italy, a bit less in the Nordic market. 40k FO vs 60+ MO is crazy, I know. That’s why I was a bit uncertain on my path.
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