Didnt get return at Megafund rofl

Rising senior at top target here who interned in one of the special sits / infra / energy PE groups at a MF. Crushed it all summer, feedback was great, but ended up not getting a return. Associate implied that it wasnt my fault and there were internal politics / etc. Extremely lost and don't even know what's left as an option for full time. Maybe I shouldve just taken the banking offer over buyside lol.

11 Comments
 

You're at a top target with an amazing internship under your belt - this is just a hiccup. You should have plenty of opportunities to interview at all the banks with openings, and the road to PE is not at all closed - you might just have to start on the sell-side if you want to keep your options open, since you will have to cast a wider net for FT recruiting. I would just make sure you start networking as soon as you can, since FT interviews happen very close to the beginning of your senior year. 

 
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Echoing above - top target / MF SA, don't spiral, you can get a sell side gig with smart moves over the next few weeks. Adversity like this is just the beginning, so use it as a learning experience and push through. Clearly sharp enough to get this far, so grind to figure out your options. No return from buyside is getting increasingly common as shops slim down analyst programs so easy to get a clean no return answer - you're marketable

Would also caution against leaning too hard on 'strong feedback,' yes there's internal politics and other angles out of your control, but would raise red flags on buyside. At my shop, we would convert if we have an extremely sharp SA or help place you elsewhere if seats were capped, albeit not direct competitor but they can open doors. Bad look on us if our interns end up downgrading, but also in my experience our summers were sharp enough (with enough EQ) to figure it out irrespective of return outcome. MF returns will always be tight - everyone across the street will know this

Path of least resistance will be sell side coverage that matches deal experience and ideally have bullets to show trust that you worked beyond typical intern work - an edge for you given you can talk granular with bankers on the sub verts. Expand your aperture of gigs and use an offer to accelerate

Reach out to the groups you declined a banking offer from too and talk to staffer asap. Ideally speak to your team and get warm intros. Head up, you've made you're own luck this far - you'll look back in a few years and this will be a bump in the road, not something that derailed you. Capitalize on the experience, be introspective on how to execute better, entitled to nothing, and let your next moves define you - not one summer

 

Interned at a MF a couple years ago in one of the groups mentioned. Every single intern that did not get a RO and is from a target ended up either at another MF or in a EB/BB IB. Gotta network hard the next weeks, interview prep again, and opportunities will come. Hope everything goes well!

 

Not immature. Don’t want to dox myself but the intern who did get a return had special circumstances (take this as you will), and the associate told me that he wouldve given me an offer to come back

 

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