Given the circumstances, what do all you bankers feel would benefit me most? The money situation would suck, but if I could get a good experience I am willing to take it.
The 12k for the non-profit will be nice, but come FT recruiting, I will have nothing banking related to talk about in my interviews.
What are all your thoughts?
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If by non profit you mean the JPM tecm group, then I know for a fact that you will have no problem with full time recruiting on the corporate side. I interned there last summer, and after interviews I had a couple of offers on the corporate side. Also, since you are not being paid for the boutique, I would definitely go with jpm.
Network well with other jpm groups, and I am sure you will get the placement you want.
i'm not sure what the JPM internship is exactly, but if you want to do banking, then i'd go for the banking internship. that advice is contingent on money not being an issue though.
I'm guessing the nonprofit is the "consolation prize" for a revoked Bear offer. I would imagine that next year's FT recruiting would completely understand that you got F'ed over by Bear collapsing... on the other hand, people generally say experience trumps all. I'd go with the boutique if I could live without the money. Tough call though.
If you can afford working for free, go for the boutique. I don't know the details, but will JPM offer you a full-time interview either way?
During FT recruiting, they will be more understanding to rescinded Bear Offers, but by obtaining a relevent internship in a difficult market and under time pressure truely separates you from the rest.
FT recruiting will be tough this year. Make this summer count and make sure you network hard during the fall.
I wouldn't trust anything that JPM says about added advantage from being in that non-profit program.
I agree with eric809e and ideating.
If at all possible go work for the boutique. You can already tell recruiters in the fall about how you got a Bear offer then lost it. That will get you their sympathy. But if you really want to impress them, you need to show how you beat the odds and still managed to go work for a bank. Plus you'll gain far more valuable experience than in some shitty JPM non-profit. Not to mention that it's 100 times easier to answer the "why banking?" question having worked already actually worked in investment banking.
Also, I don't think you should pay attention to board920... I'm pretty sure that non-profit isn't at all the same thing as TECM.
If board920 means this:
http://www.simplyhired.com/job-id/v2hwn7ceba/tax-exempt-jobs/
Tax-Exempt Capital Markets Underwriting Analyst 080011151 Job Description Apply Online Description * Prepare and distribute the competitive and negotiated municipal calendar to the entire TECM Group for the upcoming week * Assisting the underwriter for setting up the competitive deals for the upcoming week. This includes reading the Preliminary Official Statements and Notices of Sale (paying close attention to bidding parameters for competitive deals), calculating expenses for the deal, finding out underlying ratings and insurance premiums. * Processing orders/allotments and deal flow during competitive and negotiated underwritings. * Post-purchase processing: dealing with the Financial Advisor and Bond Counsel on all relevant.........
I'm pretty sure that the JPMorgan "non-profit" is not part of municipal bonds.
Warhawk - you are right. This non-profit is a completely separate entity from JPM.
Just to comment - I know IB is the better option in terms of experience, but shit. How do you justify going from making 12K (minus expenses) to 0 (minus expenses)? I'm in a similar situation, and the thought of working in Pittsburgh and for significantly less money is tough.
Think of that 12K hit as an investment in your FT recruiting success.
I suppose, but how much of a difference will working at a no-name shop with 3 bankers (only two of which are senior bankers) make?
i would say go with the nonprofit, and then on your resume you can write a line about how it was sponsored by JPM after Bear Stearns collapse.
either way, tough call.
I think it could be great for him. He would likely get great exposure.... and also, in the FT interviews, he would probably be able to give more adequate responses given an internship in the field, as opposed to filing for some JPM NPO
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