Potentially choosing an SA b/w elite boutique (think Evercore/Lazard/Moelis/Centerview) or Morgan Stanley's Capital Markets division.
Thoughts in terms of exit opportunities?
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It's a summer internship you idiot.
elite boutique m&a --> BB m&a
To be honest, it depends on where you want to be in the future. If you want to follow the traditional "IBD >> PE >> MBA >> PE/HF >> Greatness" track, then the boutique would probably set you up better. You could summer there, either take the return offer or shop it at an uber-tier BB, then take the attention from headhunters you'll get at either, take the exit opp, and go for an MBA.
If you want to stay sell side for a long time, GCM is the better option. You'll enjoy slightly better quality of life (i.e. work less hours unless you're in ECM and constantly on IPOs like MS has been lately), can progress within the framework of a global market leader like Morgan, and can roll over into a senior role in a coverage group in IBD in the industry you specialized in on the capital markets side.
Exit opportunities in the narrowest sense are not as plentiful in GCM. Sometimes on the debt side you can get into some credit hedge funds, but that isn't common at all. Also from debt you can move into LevFin, then either go to IBD and eventually buy side or straight to buy side after LevFin (often mezzanine funds). All in all, a path in GCM typically promotes upward, laterals over to IBD within the bank, or goes to a role in the industry you cover.
Both have horrible exits ops., it has to be BB M&A NY
Boutique M&A
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