Hello everyone,
Have two internship offers, one for a MM bank in NYC or a BB bank but in a local European office. Both would be for off-cycle internships.
Debating whether NYC trumps the rest, or whether the fact that it's a BB makes it worth sacrificing on location.
Thank you!
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I would go with MM in NYC. If you still want BB after that, try to network with BB people given the ideal location of NYC
Where do you want to work after the internship and do you have dual citizenship/Visa?
Short to medium term I'm 100%, long term (7+ years) unsure yet but perhaps US.
And yes, I have dual citizenship
I mean, pretty difficult to say anything as it depends on what you want. Which group is the MM for and is that a group you have a strong preference to work in? Are you looking to stay in banking or which exit options are you interested in?
The MM is for fig, and no, not really. Not 100% sure yet, perhaps a fund of some sort. What do you think would open more doors? Thanks a lot by the way. Meant to say earlier that I'm very open regarding geographics short to mid term
No problem. Without knowing the details and based off my (limited) knowledge, I would break it down like this:
BB EU: +: Stronger brand name, likely gives you the possibility to transfer internally in 3rd analyst year or perhaps directly after internship if you're a very strong performer (and want to), opens doors in local country after 2 years (given you speak the local language), likely more senior exposure, wide industry skill set, lower COL (dependent on country - Paris, not so much)
-: Options after 2 years likely limited to local country, likely less modelling exposure (probably group dependent, but my experience is that industry or product teams 'hold the model'), less specific industry knowledge
MM NYC: +: Specific industry knowledge, likely more modelling exposure, better exit opportunities (in the US) after two years (this can be debated but the two-year analyst program is a more proven track in the US), opportunity to lateral in NYC
-: Tough if you aren't interested in FIG, less brand recognition (more relevant if you stay in banking past two years), higher COL
This goes if this is your last internship while in school and you are planning to join after the internship. If you are still in school after and plan on one more internship, I would say the BB brand trumps the networking opportunities of being in NYC (you won't really have time to run around and drink coffee all over the city when you are trying to prove yourself as an intern).
Cannot give too specific advice (probably wouldn't even if I knew the places, as I don't know the various EU offices), but both are good opportunities and the main deciding factor should be where you want to work and where you like the people better.
Agree with a fair amount of this - but be careful assuming you won't have time to network in NYC. I was able to network pretty extensively during my SA (not in NY, but comparable if not worse hours than NYC IB) and moved to a far better bank FT as a direct result of my networking.
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