Evercore IB DA or Ares PC PM

When deciding between Evercore's Investment Banking Debt Advisory (IB DA) Graduate Programme and Ares Management's Private Credit (PC) Portfolio Management Summer Internship, here are some key factors to consider based on the most helpful WSO content:

1. Career Progression and Exit Opportunities

• Evercore IB DA:

  • Investment banking roles, especially at a top-tier firm like Evercore, are known for providing strong technical skills, deal experience, and a broad network.
  • Debt advisory specifically offers exposure to leveraged finance, restructuring, and capital markets, which can open doors to private equity, credit funds, or corporate finance roles.
  • Evercore's brand is highly respected globally, and the graduate programme offers a structured path with potential for internal promotions or lateral moves to other IB divisions.

• Ares PC PM:

  • Ares is a leader in private credit, and portfolio management roles provide deep exposure to credit analysis, deal structuring, and asset management.
  • This path is ideal if you're targeting a long-term career in private credit, direct lending, or credit hedge funds.
  • However, summer internships are less structured than graduate programmes, and converting to a full-time role may depend on performance and team needs.

2. Skill Development

• Evercore IB DA:

  • You'll develop strong financial modeling, valuation, and transaction execution skills.
  • The fast-paced environment will also hone your ability to manage multiple stakeholders and work under pressure.

• Ares PC PM:

  • You'll gain expertise in credit underwriting, portfolio monitoring, and risk management.
  • The role is more specialized, focusing on credit rather than broader corporate finance.

3. Long-Term Goals

• If you're aiming for a career in private equity, investment banking, or corporate finance, Evercore's IB DA programme offers broader exit opportunities.
• If you're passionate about credit investing, direct lending, or asset management, Ares provides a more direct path into these fields.

4. Location and Networking

• Both roles are in London, a global financial hub, so you'll have access to excellent networking opportunities.
• Evercore's IB DA programme may provide a larger alumni network and exposure to a wider range of industries and clients.

5. Compensation and Work-Life Balance

• Investment banking roles, especially at Evercore, are known for higher compensation but come with long hours and intense workloads.
• Private credit roles at Ares may offer slightly better work-life balance, though this can vary by team and deal flow.

Recommendation

• If you're undecided about your long-term career path or want to keep your options open, Evercore's IB DA Graduate Programme is the better choice due to its broader skill set and exit opportunities.
• If you're certain about pursuing a career in private credit or direct lending, Ares PC PM aligns more closely with your goals.

Both are excellent opportunities, so you can't go wrong. Think about your long-term aspirations and which role aligns better with your interests and career trajectory. Good luck!

Sources: Allianz Global Investors Graduate Programme vs IB?, The Other Road: Corporate Development Associate Fielding Questions, —, Thoughts on Ares Alternative Credit, Ares Capital Management - Culture, Status, Word on the Street