Hi,
My goal is to land an Analyst role at an Investment Bank in a European financial center (London, Zurich, Frankfurt, Paris) after finishing my MSc in Finance.
Currently in BSc program.
Which internship would help me more in the long-run? Big 4 M&A vs 2nd Tier IB M&A?
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Let's connect the dots here.
You want to be an investment banking analyst.
You have two options on the table: 1) INVESTMENT BANKING summer analyst 2) Big 4
Come on man.
Big 4 M&A is WAY different in the EU. I can't speak in detail on this, so I would seek advice from someone working there that can give you some better color on the situation.
Define 2nd tier. Big 4 in Europe have strong deal flow but work on much smaller deals. Having completed internships in a Big 4 firm and a MM IB in Europe, there is not a hope in hell I would consider Big 4 over a normal IB.
Curious, what about a very small BB IB in Europe? My impression from what little I've heard is that Big 4 Corp Fin in the EU is way better than in the US, but still lags behind solid MM IB's in terms of experience and deal flow.
I'd take the very small BB. It is certainly much better than in the US but the vast majority of their deals are on the very low end of MM transactions (country dependent, they advise on higher value deals in some countries). Some can also have odd requirements. The country I live in, all Big 4 make you qualify as an accountant even if in M&A advisory. If I had few other options, I'd certainly take it as an internship, but if I had a proper Tier 2 IB internship it wouldn't even be a debate.
Thank you for your answers.
Yes, I see the point, but the BIG 4 are still much bigger brands than most second tier IBs. And they're in the top 25 in all European League Tables, both deal value and count.
I guess either option will be fine in order to gain some experience before entering grad school.
2nd tier IB:
BIG 4:
Big 4 name really doesn't mean that much in banking, even in Europe. Yes it's a solid place to be but I wouldn't take it over a Tier 2 IB (which you still haven't defined in your view, Tier 2 can mean anything). If it is a proper Tier 2 IB, anyone who is screening your CV will 1) recognise it immediately and 2) realise the significantly better experience involved.
If you don't want to disclose which bank it is, list a few of it's most comparable competitors.
I agree with most of the people here - don't choose Big 4 over Tier 2 (unless it's not really Tier 2). OFC everyone knows EY, PwC, etc., however, in banking circles people laugh about the Big 4 guys applies to Germany (only?)
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