Advice for a bottom feeder

I was hoping a few people could give me some job search advice.

First, I have a GPA of 3.2-3.3 at a top 10 undergrad b-school. I spent last summer at a no-name investment bank in NYC doing M&A. (Think Vault's list of the '30 Best of the Rest' after their top 50). I have a FT offer, which expires in the next 6-8 weeks. I interviewed through my school's on-campus system, and nothing really materialized, largely because I'm competing with kids with 3.7-4.0's, and (as I understand it) hiring levels aren't what they were 12 months ago.

I went to a couple Superdays, and did well, but not well enough. At these superdays, I saw how much better a culture these banks had than what I'd be going back to. Also, if I went back to where I interned, I wouldn't have the formal training that helps when trying to lateral to a larger bank. Also, I'd spend the majority of my time pitching small deals (all less than 500 mm), which isn't how I want to spend the next 2 - 3 years.

So, the big question: do I take my offer, get no formal training, churn out pitch books at a small office (~2 analysts, ~3 associates, ~3 VPs, ~2 MDs), and hope for a miracle lateral hire in a year, or hold out for something better in the winter / spring? (ie, I'd imagine, through cold calling, emailing, etc) Also, is it easier to lateral from a product group or coverage group? (ie, if I'm interested in industrials / real estate / energy, should I be hell bent on getting a position in that group, no matter how small the bank?)

Many thanks for those who have any input

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