GSAM Offcycle vs MM IB Full-time [London]
Hi everyone,
I'm supposed to come back to my MM (Nomura, RBC, Macquarie) next month as an AN1 in their top team, following SA I completed last summer. However I received in the mean time an Offcycle offer for GSAM in one of their teams (Growth, Infra, PC). Do you think it's worthwhile reneging my full-time offer for this experience? HR told me there is a good chance I could convert the off-cycle. I'm an Italian grad and have already completed 1 MM PE internship in London.
Thanks for your help!
I think it really only depends on what you want long-term. Do you envisage staying at GSAM long-term? Are you looking to exit to PE or stay at your MM?
I believe laterals to other UMM PE shops with higher comp down the line is absolutely possible with GSAM. I haven't looked at MF placement but intuitively I would think that you have somewhat of a shot if you took that route - maybe others can chime in on this point.
The MM shops you mentioned are very strong in the UK and I have seen some UMM/MF exits from all of those firms.
I would recommend thinking about the skillset you develop in both options, which you would be OK with staying at long-term (say in the worst case you strike out of PE recruiting if that's what you want), which team you would enjoy your time at more, etc.
Still unsure what I want to do long-term tbh (PE, PC, HF, IR, etc.) so just want to maximise optionality for now. Ideal path would be to join a US BB in the next year or 2 I guess.
If you want optionality, I think the MM is a no-brainer tbh
Personally I wouldn’t. You can easily lateral from the MM banks you mentioned to a good BB within 1-2 years and from there all doors are open. GS AM you have the uncertainty of converting. if you don’t, you will have graduated and be jobless. Even if you do, the teams you mentioned are quite niche. Like sure PC is a strong team but if you don’t like the product it will be difficult to move. Growth fund’s performance has been terrible (negative IRR).
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