Looking For Advice on Decision between Boutique IB in Boston vs. CIB in NYC
I'm looking for some guidance on deciding between two summer internships for the summer post my Junior Year.
I go to a non-target school where very few people enter IB, but I have networked and researched heavily to get some opportunities for a summer internship. My main decision is between two firms: One is a lower middle market tech focused IB boutique in Boston, and the other is a larger CIB division of an international bank in NYC. I find both roles interesting and am curious on which would provide for better growth and career opportunities.
The Boutique is directly involved with M&A transactions where I would get a decent amount of exposure to deals, and the CIB is a strong leader in renewables financing, which is an interest of mine that I would be excited to learn more about, but I'm less familiar with how a CIB functions and the exit opportunities presented by it.
I'm also on a bit of a short timeline, with only a week to decide. Thoughts?
Your Q is way too broad to give you an educated opinion, it’s fine to name the banks as long as you don’t name ur school.. may be then we could give you a decent answer
In this specific case I would decide based on industry interest. Are you more interested in building a career in tech finance or renewable power finance? From an industry or PE exits perspective, would you be more interested in working at a tech corporate or a renewable power corporate? More interested in tech investing or power and renewables investing?
If more interested in tech overall, go to LMM tech IB and get some reps and exposure to the field. If more interested in renewables, do the CIB role and get some exposure to the industry and the specialized modeling and language associated with it. I think you’ll have a much easier time lateraling to a brand name Tech IB role or a proper Renewables M&A role if you come from that industry background.
In renewables there’s a LOT of translatable skills between M&A and financing. These functions are very closely linked in this industry so spending time in one almost definitely makes you better and more credible at the other (at least up to a few years). I can tell you that in my power utilities renewables IB group we have never once considered a lateral hire that didn’t come from a relevant industry background, even if it was a different function. We prefer proper renewables investment banking resumes, would interview a renewables project finance or developer or corporate banking guy, but an industrials or tech IB guy resume goes straight in the garbage no matter how good he might seem. It’s just not relevant to what we do. This also applies to investing and corporate roles; I think there is a preference to hire candidates from a power, utilities, renewables investment banking type background UNLESS they’re from a truly exceptional firm like a evercore, then maybe they’ll overlook that he’s in industrials or something.
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