Corpfin vs Wealth and Investment Management for Sophomore Internship
For some background I am a sophomore at a non-target located in ATL, I have recevied two offers for summer 2023 they are both at big banks but not BB (think truist, Wells Fargo). One is corporate finance, during the interview the two people I spoke to were VP of Portfolio Management and the VP of transactions. I think this work would be super relevent to Investment Banking. The second is wealth managemnt but the recruiters and interviewres made a big deal about being able to interact with other sectors of the bank and for jobs for next summer since they know I am a sophomore. I am defeintly leaning towards the corpfin role since I would be able to apply the skills I will learn more directly to investment banking interviews in the future. However, the wealth mangment bank has a bigger presence in New York and I have read of many people who have lateraled from wealth managemnt to IB. Any and all advice is appreciated.
Definitely a tough decision and you're not going to go wrong with either, since you're a sophomore.
You're correct Corp fin is more relevant, but the foot in the door at the WM firm, if it's a firm you want to end up at, is a great opportunity.
Transfers are tough, but if you've made a good impression as a sophomore then work the angle for your junior year. Worst case you're back recruiting junior year.
We know that what you guys do as summer sophomore interns is frankly irrelevant to recruiting, you're not any better prepared to be a full time analyst if you did 8 weeks in Corp banking. But, foot in the door early has value, especially as a soph, to get on the firms internal radar. That said, the comment about interacting with other parts of the bank is kind of bs.. You're not going to touch IB (at least day to day during the internship). But after the internship, yes you'll potentially be able to consider other options.
However if the Corp fin role is at a good shop, that's a great path too..don't get caught up on the name.
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