1st year internship in consulting?

Based on the most helpful WSO content, here's what you need to know:

1. Brand Name vs. Relevance:

   • Brand Name: Interning at a T2 consulting firm like Oliver Wyman or Roland Berger can be beneficial due to the strong brand name. This can be advantageous when applying for future roles, as it demonstrates experience at a reputable firm.
   • Relevance: However, if your ultimate goal is to break into London IBD, a finance-focused internship might be more relevant. Banks often value direct finance experience, especially in roles that align closely with investment banking.

2. Internship Experience:

   • Consulting Internship: While the work may be less directly relevant to IBD, consulting internships can still provide valuable skills such as problem-solving, analytical thinking, and client interaction. These skills are transferable and can be highlighted in your applications.
   • Finance Internship: A finance-focused internship, especially in an English-speaking office, would provide more directly relevant experience. This could include exposure to financial modeling, deal analysis, and other core banking activities.

3. Future Opportunities:

   • Return Offers: Even if you receive a return offer from the consulting firm, you mentioned you wouldn't accept it. This means the primary value of the internship would be the experience and brand name rather than a long-term career path in consulting.
   • Networking and Recruiting: Consider the networking opportunities and recruiting advantages of each option. A finance internship might offer better networking opportunities within the banking sector, which could be crucial for securing future roles in London IBD.

4. Personal Interest and Flexibility:

   • Interest in Consulting: While you currently have no particular interest in consulting, it's worth considering if this might change. Consulting can offer a broad skill set and exposure to various industries, which could be valuable in the long run.
   • Flexibility: If you are open to exploring different career paths, the consulting internship could provide a broader perspective. However, if you are set on IBD, a finance-focused internship might be the better choice.

In summary, if your primary goal is to secure a role in London IBD, a finance-focused internship in an English-speaking office would likely be more beneficial. However, if you value the brand name and are open to exploring consulting, the T2 consulting internship could still be a valuable experience.

Sources: Does school name matters in mutual fund/money management careers?, Don't come to Penn/Wharton to work in finance and make money, Freshmen: What to do during your freshman year summer, 20 Most Frequently Asked Questions - London Edition, Not sure if Investment Banking is for me anymore