Internship Offer Assessment : ER vs. Cap.Marks. vs. PF
What's up everyone, long time lurker looking for some solid advice. Background; non-target, BS Econ & Statistics, high GPA, solid internships. Originally planned on pursuing my MS/PhD in economics, but then learned about investment banking earlier this year and thought I was fully capable of handling the work load. I was still able to land a few offers, thankfully.
I currently have three summer offers - low tier IB Public Fin (think Barclays, DB, RBC) or regional (MM?) DCM (think SunTrust, BBVA, KeyBanc), MM equity research (think Raymond James, Baird, Stifel)
Pros: The PubFin opportunity pays better with great perks and is located in NYC, while the regional DCM /ER opportunity will provide more interesting work with debt and, arguably, help me build a better skill set.
Cons: PubFin might pigeon-hold me. ER/ Regional DCM will be hard to network out of due to location and small size of regional makes me feel like its glorified commercial banking.
My take: Leaning towards the PF opportunity due to location and I'm also a junior. Being in NYC might position me better for FT recruiting, plus help my candidacy for a stronger MBA applications if need be. Also, the ER people told me it's cool for me to do an off cycle while in school. I could care less about "exiting" into traditional PE since I'll most likely pursue higher education anyway. That said, I will continue chasing the next big thing. Personally, I think it's BS when people say it's hard to lateral out of places, but then again, I didn't know what investment banking was until this February. I cannot truly know what I'll like, who knows I might enjoy any of those roles once I'm actually there.
Concerns and outlook: I'm concerned of being "pigeon-held" as my long term outlook is to go into portfolio management or international dev. w/ infrastructure. Yes, I know debt isn't deemed as sexy as its equity counterpart, but it's what I enjoy. What do you all think? Which one would you take and why? If I could get some responses from people who've worked or are working at any of the places above that'd be great!
I'd go with the public finance offer. Still has a very decent role/skill set, pay, and networking opportunities. It could also be helpful when crafting a narrative should you decide to go back to the Econ route or international development. Any opportunities with sovereign restructuring, world bank, imf, etc might still value the public finance experience.
Do the DCM role. Public Finance IB is vastly different from regular Corporate IB, but it's great for b-school. Everyone I know who did PF went to M7 programs.
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