Full time Offer vs. Potential Hedge Fund Internship

Hey guys - I've been hard on the job hunt the last few months and have landed myself in a somewhat unique predicament. I'm very interested in trading and was able to land a full-time offer from a quantitative trading shop, but on the day of this offer I've received a very attractive opportunity for a hedge fund internship as a junior trader that would lead to a full-time role given I perform up to snuff.

My dilemma is that I received the full time offer while I am still in the midst of the interview process for the hedge fund internship (the offer seems contingent on a data analysis test that I will receive the beginning of next week). My ultimate goal in my financial career is to end up at a hedge fund, so this potential opportunity is like a dream come true.

I'm seeking some advice on how to approach the firm that has an offer on the table and ask for some time to see the other interview process that I am in through to the end without offending the firm or having my offer taken off the table. For what it's worth, the firm that put up the offer was aware that I was in the process of interviewing with some other firms before this came up.

Appreciate any insight, or advice. Thanks!

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