Hey guys,
Semi-target student here. My goal is to end up in PE (regardless of region).
Currently have offer for a solid BB SA (JPM/BAML/CS) in the M&A team. On the other hand, I also managed to snag a summer offer at the Asia HQ of a top megafund (think Carlyle/TPG/Bain). They said return offers are possible, but it is not as established a program as the BBs, so I can't exactly count on it.
If my goal is to break into PE (Wherever. Asia is perfectly fine for me too since home is there), which should I take? If I take the megafund and don't get a return, could I save myself and get a top bank for FT? Or should I stick with the beaten path and just do the BB SA?
Remember, return offers from BB banks aren't guaranteed either.
This. x1000 this.
Go with the MF, experience will be priceless and you'll kick ass at the BB interviews if you don't get a return offer.
I spent a few months at a credit HF and absolutely killed it in the interview process (I'm at a top group at BX/GS/MS).
Don't think any HK megafunds take summers. Is this the first year for the summer analyst class? If it is, I would be more leaning toward it because the summer roles are not well-definited for new programs and you can do more than any BB interns could have done
PE
Would pick the PE role. Congrats on both offers.
Not sure why your title is a first year analyst for M&A, yet you are taking on a summer analyst position. But let's just leave it at that. (Oh! Or do you mean Associate?)
There are 2 type of return offers: 1. They have headcount, and you are competing for those spots (which is usually what happens in a BB), or 2. They might convert or not, depending on how the program is and whether the have headcount (which probably is the case for the fund)
I honestly would rather pick something that I have more control over, which is the BB, where if you are good, you are more likely to get converted, as compared to something being determined by how the program is.
I am also assuming that the Megafund has a smaller summer analyst class, as compared to the BB, so do not discount the network that you will be building over summer. It also could be a great support system for your summer and analyst stint.
Training-wise, I am not sure what the megafund has to offer, that is probably something you could find out from your contact there, but I would believe that your training in a BB would be more comprehensive and structured. That is something that I would consider as well.
From these points, I am clearly leaning towards the BB offer, which I am guessing is not in Asia. Hence, another point I would consider, is the administrative matters for both conversion, whether it is dependent on getting work permit, etc. (honestly, I am not certain how it works, but you need to check whether it will be a barrier to getting a full time job at either firm).
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