Offer Decision Help Part 2.

Hi all,

I recently made a post here soliciting offer decision help between an upstream O&G private equity internship position, a boutique IB position, and a BB sales and trading role. After reading your responses and doing some reflection I was pretty set on the private equity internship. However, a few days ago a regional MM bank that I interviewed with earlier this year and got rejected by ended up offering me an Equity Capital Markets position that has clouded my decision. Once again, I apologize for the length of this post- I just want to make sure I am being thoughtful in describing my options, as I would appreciate any clarifying feedback from those who have more experience an understanding than me.

Recap:

I am a junior at a semi target Ivy League majoring in econ (surprise surprise). My interest has always been in tech after interning at various Bay Area start-ups and actually co-founding and selling my own company while in college. That being said, I have other interests outside of tech, but I am unsure about my interest in pursuing other industries long term largely due to my lack of experience in them.

The offers:

1) O&G PE Internship: opportunity through one of my best friends at a relatively new shop that is growing very quickly. Internship seems to be with the intention of them either placing you into an O&G IB program at a bank they have connections with and then return you as associate or start you off as an analyst internally. Everyone here seems to be doing very well for themselves. Concerns with this is that I'd pigeonhole myself and be stuck in this industry even if I don't truly enjoy it. That being said, the upper level guys are really taking great care of my friend (he is a college senior now and they invite him to meet them places during the school year, they joke around with him and are always calling him to check in to see how he's doing, and I think they genuinely have his best interest in mind) and I think these relationships may be worth the pigeonhole. Another concern with this is the future of oil and gas. Will oil and gas stay relevant enough for the next 30 years that I could make a career out of this if I wanted to? My largest fear with this is that in a sense it feels like I am giving up/selling out on my dream of doing something VC or tech-related to ensure a certain level of success. But I do also like the idea of not having to worry as much about full-time recruiting or future PE recruiting if O&G ends up being something I enjoy.

2) MM ECM internship: as mentioned this is at a smaller MM firm (think BB&T, Raymond James, STRH), but I really clicked well with the team and it seems like they get good deal exposure (frequency that is). My biggest concern with this is the fact that from what I've read on this site, ECM can pigeonhole you potentially worse than O&G could. That being said, in case I don't absolutely love ECM, how possible is it to lateral to a coverage or product group/how hard or smooth is that transition? Also, how hard would it be to go through full-time recruiting at larger banks for a coverage/product group if this is my relevant IB experience. I'm assuming I would not get a ton of modeling exposure, but I am certain I can learn, so how much emphasis is placed on past modeling experience in the full-time interviewing process?

A final question comparing the two more directly would be does one of these internships appear to prepare me for full-time recruiting significantly better than the other? If so, which and why?

This has certainly been a tough decision for me, and I recognized I'm blessed to have this be my "problem". Thank you in advance for any insight you can provide.