IB Internship Skills Development
Long story short, I have the opportunity for separate experiences within Fixed Income AM and Tech. I have an opportunity to complete another internship next year, and am wondering whether to choose IB/S&T/AM.
From areas within ‘fundamental’ finance, I am most interested in private infrastructure, but don’t really have an interest in IB or HF. Therefore, when recruiting, I aim to recruit for entry level roles in private infrastructure. These, I assume, would prefer some IB experience. Similarly, I imagine consulting prefers IB internship experience to S&T/AM experience.
However, my concern is that if I choose an IB internship, I miss out on an opportunity to convert a S&T/AM internship to fulltime - this is a problem considering I’m not entirely sure what I want to do yet.
Am I better off studying technicals separately and trying to convert an S&T/AM internship?
TLDR: Are IB internships (without conversion) useful for Private Infrastructure / Consulting? Looking mainly at the technical side of things.
Ah, the classic conundrum of choosing the right internship to pave the way for a future in finance! Let's break this down:
Private Infrastructure Interest: If you're gunning for a role in private infrastructure, it's true that having some IB experience can be beneficial. Investment Banking internships provide a solid foundation in financial modeling, valuation, and understanding of deal structures, which are all relevant to private infrastructure investing.
Consulting Preference for IB Experience: Consulting firms do value the analytical and financial skills honed in IB. The ability to dissect a company's financials and understand market trends is crucial in consulting, where you're often tasked with advising businesses on strategic decisions.
S&T/AM Conversion to Full-Time: It's a valid point that converting an internship to a full-time offer is an attractive path. S&T and AM internships can offer deep insights into market dynamics and investment strategies, which are also valuable skills.
Technical Skills Development: You mentioned studying technicals separately. This is a smart move, as technical skills are essential in finance. However, the immersive experience of an IB internship can often provide a more rigorous and practical learning environment than self-study.
IB Internships for Technical Learning: Absolutely, IB internships are useful for gaining technical knowledge. They're known for their intense learning curve and the breadth of skills they develop, which can be transferred to many areas in finance, including private infrastructure and consulting.
In summary, if you're not entirely sure of your path yet, an IB internship could provide the broadest skill set and keep most doors open for you. However, if you have a strong inclination toward S&T/AM and believe you might want to convert that into a full-time role, following that path could also be wise. Remember, it's not just about the internship itself, but also about how you leverage the experience in your story and interviews for future roles.
Sources: Q&A: Big 4 Consulting to Lower MM IB to MM IB (No MBA)., Q&A - Private Equity Internships, I am not liking my IB summer internship. Is this industry not for me or should I stick it out?, Does having multiple Private Equity internships look bad for IB SA?, Eng major, just did a summer in Consulting, want to switch to IB
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