Currently I'm a junior and I was fortunate to receive offers for both places. For JPM I would most likely be placed in to the healthcare group and I am aware that Apollo doesn't give full time offers for its summer interns. Any advice would be much appreciated.
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Apollo PE summers I've seen have ended up at Evercore and BX (Advisory) FT (assuming they went through accelerated). I think it would be a great experience leading up to PE recruiting, especially as it starts earlier and earlier. And i'm guessing they were top talent to start with. But it is definitely more risky than going for JPM.
JPM would give you a return offer and if you can impress Apollo PE for an internship, for accelerated FT recruiting you should still be able to attract the same attention from the likes of BX or EVR. And healthcare is a top group within JPM and really has great culture.
I would approach it as Apollo being more risky but can provide a great experience for PE recruiting one you start as a FT IBD analyst (assuming you are still able to secure a FT spot when accelerated is seemingly only getting more competitive and spots going faster), while JPM would provide you with safety. I would just make sure I have my contacts locked down at BBs/EBs if I go to Apollo to have them pull me into the accelerated process when it starts.
How averse to risk I guess. Thats how I would think through it.
The guys who ended up at boutiques and other places from Apollo had to go through recruiting again, which was such a pain. Take the JPM offer, do a good job, and enjoy your senior year.
Depends what you want to do further down the line. Apollo will differentiate you for buyside recruiting, and has the potential to open doors for buyside roles straight out of university if that is of interest. If you decide you'd rather do IBD instead, the Apollo internship doesn't harm you at all, and given that you have offers from JPM and Apollo, you will probably have no problem with FT recruiting. The only downside is that you will have to go through recruiting again, but if you're fine with that, take Apollo for the increased optionality.
Also depends what you want to do. Can't assume you want to eventually go into PE, some bankers end up in corp development roles. If that's the case, IBD is a good way to go. If you want to eventually work in PE, I think Apollo is the obvious choice.
Are you specifically interested in Healthcare (banking and PE)? That would play a large part in my decision.
Yea I'm a healthcare guy, which is the sole reason I'm leaning a little more towards JPM. But it's tough to pass up the opportunity at Apollo.
Take Apollo if you don't mind recruiting again for FT. Better for FT buyside recruiting, especially at other MFs such as KKR and TPG. Take JPM if you don't want to recruit again, aren't 100% certain about finance/buyside long term, still have decent shot at FT buyside recruiting.
Take JPM and don't look back. I know a few people in JPM healthcare and their exits are very impressive if you perform.
Apollo PE (taken with a grain of salt, as I've done neither) - IF you've had some experience with what they would have you doing and are pretty confident you can handle it. I've heard of undergrad -> PE guys not being able to handle the work, since most PE entries have had a bit of IBD experience
Apollo PE (taken with a grain of salt, as I've done neither) - IF you've had some experience with what they would have you doing and are pretty confident you can handle it. I've heard of undergrad -> PE guys not being able to handle the work, since most PE entries have had a bit of IBD experience
I think it's bad advice for people to tell you to go to JPM. You think you couldn't go back to a place like JPM if you interned at Apollo? The upside is so much greater coming from Apollo
I've sort-of been in your shoes and here are my thoughts:
If you want to do PE in the end, Apollo would make sense. However, this is dependent on whether you get a full-time offer. IF the chances of you getting a full-time offer is low to none, then you would be facing FT recruiting as many people have pointed out above. Now it may not seem that big of a deal to go through recruiting again but let me tell you this: it is a huge nuisance... Not only are most IBD classes filled with their interns, some bankers would gladly pick a kid with a IB summer than a PE summer. Part of their (flawed) reason is that a kid who did PE would not want to do and would not be as willing to do grunt work. Kids who did a IB summer had to do grunt/bitch work so bankers know that they will suck it up. This isn't to say it is impossible - rather it is just a risk that you will have to pick in the end.
I would advise you to go to JPM. By going to JPM, you get to 1) build a large network through your analyst class and fellow bankers you meet, 2) you will have another shot a getting into PE, 3) it is always nice to move companies after 2-3 years to expand your knowledge base and network, and 4) has a lower risk. Just my opinion.
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